4 Important Questions to Ask Before Selling a Timeshare

by Legal S. Real Estate Attorneys in CA and NV

Timeshare attorneys say there's at least 3 critical questions to ask when trying to sell a timeshare unit on the resale marker.

Is there a right place to sell your timeshare?
How and where to sell a timeshare without losing money?
How do you decide that you want to get out of your timeshare membership?
If you cannot sell your timeshare, what other option is there?

All of these questions are significant to answer if you are trying to decide whether it is time to sell your timeshare or not. If you are tired of paying timeshare fees on a unit that you are not even using, ask yourself the following critical questions when determining the right time to sell your timeshare at the highest price.

Is there a right time to sell your timeshare?

This is the first thing one needs to keep in mind. There are various websites that provide minimal benefit while charging large fees, as they want to make a commission from listing a timeshare at the highest price. These resale companies are typically not real estate agents, but they simply list the unit and get paid for a job halfway done on behalf of the timeshare owner.

A timeshare owner named Janice reported a rattling experience to her timeshare lawyer, "We have owned our deeded property/timeshares since 2014. Last year we we duped into (lied to) upgrading our membership under the promise of additional available perks (cruises, motor home rentals, pay fees with points, etc..) and with the implication that since we were buying points at a special, one-time deal reduced rate, they would have considerable value on the resale market.

Questions to Ask Before Selling a Timeshare

Just recently we attended another owner's meeting, and were asked why we bought the number of points we bought, as the numbers we bought didn't get us anything. When we inquired about that comment, we were told that none of the perks we were promised were permanently available to us because we didn't buy enough points. After we expressed shock and anger that we had been lied to, mislead, (The salesman this time actually asked us rhetorically, who would buy your points knowing that the maintenance fees are essentially uncontrollable?

He was very candid. I told him I intended to contact an attorney, they still had the audacity to ask us if we wanted to buy MORE so we could get the benefits that we were previously promised. It was crazy. They held our driver's licenses hostage and would not return them, despite multiple requests and threats to contact an attorney. We nearly had to raise a fuss with all of the other attendees to get them back.

How and where to sell a timeshare without losing money?

Once you know the actual value of your timeshare, you can start by listing your unit for great prices online. Go through the real estate websites and vet the estimated timeshare fees to strike the best resale company. This target price will give you a basis for considering what other timeshares are going for.

How do you decide that you want to get out of your timeshare membership?

If you sell the timeshare yourself then it takes a lot of time and effort. Hiring a attorney turns out to be a smart option as the law firm will help you exit your timeshare, legitimately. Legal Experts are there to assist you at each and every step during the entire procedure. Timeshare attorneys go about the whole exit process under a strategic approach while adhering to the legal norms.

If you cannot sell your timeshare, what other option is there?

It is said that timeshares are hard to sell, which is a huge understatement. Preowned timeshare units are listed at steep discounted prices because there are thousands if not millions of timeshares on the resale secondary market. And the Better Business Bureau has been warning about timeshare reselling schemes that con timeshare owners out of their hard-earned money.

Even if you manage to find a buyer, there's a a high probability that you will sell your timeshare at a loss. The IRS doesn’t allow a capital loss as you would with other investments and real estate. The wise choice for timeshare owners is to find a full-service legal team of timeshare attorneys to provide the specific legal tools necessary to negotiate with the largest timeshare resort developers, and a law firm with a solid track record to prove its success rate.