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Selling my timeshare (by Lance C.):

scotts1023 wrote:

I am attempting to sell my studio unit in the Poconos and considering using Redweek, but have no idea what to ask for selling price We need to sell our initial property to offset costs of new property. In this market is it likely and how much should we list unit for?

My resort agent conjured up the Name Cheryl Moats and I too am leary and considering other selling options.

The first rule of selling that you're probably aware of is to never, ever pay anyone a large, upfront fee to sell your property. That is a scam.

The second rule is to get a realistic idea of what your unit is worth on the resale market. The hard reality is that most units out there have a resale value of about zero dollars. Many owners are paying (unwisely, I might add) post card companies, charities, questionable law firms, and viking ship companies thousands of dollars just to get them out of timeshare ownership. One recommendation to find the approximate resale value of your unit is to log into E-Bay and check what similar properties at that resort have sold for. So remember to look for completed listings as opposed to active listings. It's possible that similar listings have closed without attracting any bids.

Once you determine the approximated resale value, list it here on RedWeek or other reputable resale websites such as My Resort Network, E-Bay, Timeshare Users Group (aka "TUG), or even Craigslist. Just keep in mind that, although free, Craigslist can attract a lot of spammers and scam attempts.

If you find that your unit is worth about zero dollars (most studios are) and you simply want to give it away to escape the maintenance fees, advertise that you are giving it away. If you're really serious about it, you might want to give the new taker an incentive such as offering to pay the closing costs (about $200-$300) and even the next year's maintenance fee.

As for Cheryl Moats, I've never heard of her but if she's a legitimate, licensed resale broker, she will take any commission out of the sale of the unit. However, if she's worth her weight in salt, she will also be honest with you about the realistic resale value of your unit. If she determines that your unit is worth about zero dollars, she will let you know so that you're not paying her to list and try to sell a worthless unit.