Looking to sell my timeshare

We have a timeshare we purchased a good 5 years ago, and we've decided it best financially to try and sell it. I know nothing about this process, but have done some research lately and have better insight, especially not caving into those upfront fee companies!

Having said all of that, realistically, what should I expect loss wise? We paid just over 30K for it, and its in Maui at the Westin. Should I be listing it for like 20? Is it safe to pay the $60 on here and list it on redweek?

Thanks!

Redweek is the number one timeshare ad site on the internet .... if someone is looking for a timeshare in Maui at your resort then this is where they'd come. As far as pricing it .... you won't get nearly what you paid for it initially on the resale market.

By looking at Ebay closed auctions it looks like a timeshare at your resort sold for $8,200 with 148,000 Staroptions BUT it was a lockoff (the ad didn't say what kind of view).

With timeshares that have a fair to significant value, you may want to check with a broker to see what they can offer and at what cost. 95-99% timeshares are worth less than $5000 so the brokers commission which I am guessing are in the minimum of $1500-$2500 range are not worth it for most owners. Platinum ownerships at resorts with mandatory membership in SVN definately have some value and there are brokers who specialize in these Starwood properties. There are also individuals who are fairly knowledgeable and have made enough buy/sell transactions dealing with high end properties that can sell on a listing site without a broker. Since you have no idea where to start I suggest the Starwood forum on tugbbs.com (timeshare users group). They can point you in the right direction. They also have a few brokers who regularly publish sale prices noting whether Starwood exercised ROFR or not. Redweek is definitely a "safe" place to list but before listing I think you need to do a little more research to make sure you will maximize your chances to sell for the highest amount possible.

Judging by the price you paid to the developer, I am guessing you own an annual island view or an every other year ocean view. I doubt either would sell for $20,000. My guess is the value is closer to 50% of your original purchase priced give or take.

Someone on another forum highly recommended Syed Sarmad here: http://advantagevacation.com/

Has anyone used the full service timeshare resale that red week offers? what has been your experience?

I've started looking to purchase a Westin unit in Maui. This site and TUG seem to have positive buying/selling information.

Timeshares need to be looked up as a purchase and not an investment. Regardless of how timeshares are presented, they don´t perform as well as a house or stock investment. If you look around the resale market for timeshares on websites like EBay, Redweek, or TUGBBS will find that you can buy a timeshare for far less money than what the first owner purchased it for.

Would you care to share with us how much they charge, at what point in the transaction they collect their commission, and any other points how these guys work?

hello, I am looking to buy a timeshare in Galveston, Texas. This is my first time doing so and I am new to process. Any advice? Thanks.

joet272 wrote:

hello, I am looking to buy a timeshare.... Any advice? Thanks.

Buy resale. Don't buy from the developer at one of those sales presentations.

Peruse various resale websites such as here on RedWeek, My Resort Network, E-bay, Timeshare Users Group (aka "TUG"), or Craigslist.

Also, when checking the sale prices, look at what the annual maintenance fees are and compare those with what some current owners are offering to rent for. If you see that the rental rate is at about (or lower) than what the maintenance fees are, you should probably consider just renting.

Some of these resale websites also have a wish list. If you advertise that you are looking for a timeshare in Galveston, some owners might just take you up on that offer.

There are many beautiful resorts and they don't need to be the over priced hotel chains like Marriott and others. I have always said if you buy into a nice vacation area and well run resort the best time and place to sell is when your on vacation at your resort and this cost you nothing.

If you have a resale department they will sell or rent for you but you probably get less than most owners think they should and even less if the resort now selling points only. If you get to know the people in the sales it can help you later as a owner. We sold our summer units two years ago without wasting money for ad on some timeshare forum that new people never heard of. We sold our odd year Tower last year while up there and just sold our last unit even year. Family staying there e-mailed me through Tug site and said they had followed my posts about our resort and wanted to buy our last unit and with the resale office helping with the paper work they bought it the next weekend. All three buyers live within four hours of the resort like us. We sold all three without trying and not even sure we were ready to sell. Two of the sales came from conversations at the resort and third from someone just following my post trying to help others about our resort by answering their questions.

Using terms like dump it, worthless and more on these forums doesn't make someone want to buy your unit. We bought into same resort two different times over last thirty years and have owned a total of five units over this time. We use the property and know the staff and always getting first class service if its our week or bonus time there. These are the kind of timeshare resorts people should buy.

PHILL12

I hate to be the bearer of bad news but your timeshare's resale value is very close to zero. Westgate has a very negative reputation in most timeshare circles. Also, the Orlando area is saturated with timeshares that can't even be given away right now.

The first rule to remember is to never, ever pay anyone a large, upfront fee to sell, rent out, market, or "cancel" your timeshare as those "deals" are all scams.

Secondly, remember the resale value. Don't nurture any fantasies about getting thousands of dollars for something like this as that will only lead to frustration and making yourself an easy target for scam artists.

If you're serious about getting rid of it just to shed the annual maintenance fees, then try listing it here in RedWeek's Bargain Basement section. Also try other recommended websites such as E-Bay, Craigslist, My Resort Network, or Timeshare Users Group (aka "TUG"). TUG has a Bargain Deals section where, for free, you can advertise that you want to give away your timeshare. Just follow the directions at the top of that page.

Remember too, in order to get rid of timeshares (especially in the Orlando area) many owners are offering to pay closing costs as well as the following year's maintenance fees so be realistic in your expectations.

Quick question, If I buy a resale property from Redweek (say a Marriott property) do I still have to pay the annual maintainance dues as well? I'm not familar with the process. Appreciate your insights.

garyt110 wrote:

Quick question, If I buy a resale property from Redweek (say a Marriott property) do I still have to pay the annual maintainance dues as well? I'm not familar with the process. Appreciate your insights.

I assume you mean buying from a member of Redweek .... yes you still have to pay yearly maintenance fees even if you got the week for free.

Hi, I recently sold my timeshare thru red week and had a very positive experience. We paid $13,000 back in 1997 for a waterfront prime week (week 32) in Falmouth, Cape Cod Mass. We listed at 7500 and sold for 4500. As you might have noticed timeshares never sell for what you paid, and often sell for the cost of your yearly maintenance. Good luck

we have a timeshare in grand Cayman at the Morrits Tortuga. it is a 2 bedroom town home, pool side. Any suggestions on what the asking price would be to sell?

Good luck trying to give a timeshare away in this market. Most people would just be happy to get it out of their name and not pay fees anymore. Some even offer to pay the closing costs just to have someone take it over.

It depends on the resort and location. Many resorts still selling very well depending on the resort and location. Yes the price isn't what it was but all timeshares are not worthless. There are many in demand high on exchanging list. This is what 's wrong with these timeshare forums. People say they come on to help others and all they do is insult timesharing and turn new families off to buying into timeshares. The timeshare world is still great for families if buying what and where they want to vacation.

I'm seeing the families that haven't listen to these complainers on these forums are very happy with timeshare resorts.

Timeshares are good for people to use but my point is that there is relatively no resale market. Rule #1..... NEVER buy from a developer. There are much better deals on the resale market. Actually most people are just trying to give them away to get out of the annual fees. Rule # 2....... NEVER pay anyone money upfront to sell or rent your timeshare. Rule #3..... timeshares are not an investment. They should only be purchased to use or trade.

People should realize that when you purchase a timeshare you made a lifetime commitment to pay forever increasing maintenance fees and assessments. You can only get out of your obligation by selling or giving it away to someone else.

Most people purchase from a developer during a high pressure presentation when they are enjoying a vacation and don't know that they agreed to the lifetime commitment.

These forums are to share information and the reality is that after many years your life changes and the commitment doesn't. You will always be obligated to pay your fees unless you transfer title to another party.

I will continue to inform people about the down side of ownership to help them make an educated decisssion. Just read the forums and the ads for people trying to sell their properties and make up your own mind.

phill12 wrote:

It depends on the resort and location. Many resorts still selling very well depending on the resort and location. Yes the price isn't what it was but all timeshares are not worthless. There are many in demand high on exchanging list. This is what 's wrong with these timeshare forums. People say they come on to help others and all they do is insult timesharing and turn new families off to buying into timeshares. The timeshare world is still great for families if buying what and where they want to vacation.

I'm seeing the families that haven't listen to these complainers on these forums are very happy with timeshare resorts.

Your point that all timeshares are not worthless is well taken (ex. some Marriotts, 4Seasons, Hyatt's, Hilton etc.) still have some value if they are in popular locations during popular seasons.

Ocean/gulf front timeshares in summer still have (some) value and popular ski resorts in winter still have (some) value during ski season .... Disney resorts will always hold (some) value.

The point that many regular posters try to make on Redweek's forums is that even if you buy a timeshare at low cost or take one for free then you're responsible for ongoing and rising yearly maintenance fees and possible special assessments forever or until it changes ownership ..... this is the reason you see so many free or low cost timeshares.

People's lives change .... what you may have desired in a timeshare when you're in your 20s (you mention families) compared to what you may desire in a timeshare when you're in your 50s (much older) can change drastically, BUT you're still stuck with that timeshare for the rest of your life or until it changes ownership.

With so many timeshare rentals on the market, I would much rather rent from an owner than be beholden to a resort for the rest of my life paying yearly fees.

And yes, we regular posters post on the forums to help people ..... just how many people have you seen posting that they want to get out from under their timeshare monetary responsibilities = millions.

(to donp) sorry i didn't read your post above before posting, however we both posted practically the same thing :o).