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Timeshare resales; advertising and transfer... (by KC):

maureent70 wrote:

ok. has anyone used Red Week and actually successfully sold their timeshare? I see several listed for my same timeshare resort, but I wonder if the sale listing just expires- or the timeshare actually gets sold. They don't seem to list the sold date for these listings that just "disappear" from the list of timeshares for sale. It would be nice to see what they sold for and on what date. How does Red Week demonstrate or indicate that their "sales service" works for these owners? Where are the sales for the month indicated? Red Week does want a fee upfront to list/help you sell /close on the sale your timeshare. Does anyone have a positive experience selling a timeshare with Red Week? What about closing arrangements? I am out of state and making sure the title sure title transfer was properly completed and other details of the closing went through properly would be difficult. How is proof provided?

I have successfully used RedWeek as an advertising venue FIVE separate times since late 2009 to sell off most of our timeshare weeks as we drastically reduced our ownerships. We have never made any money on a resale (which was never our objective anyhow) and have usually about broken even; in two instances we lost money compared to purchase price ---- but after years of use and enjoyment. We have never purchased (and would never consider purchasing) directly from any developer at their obscene prices; we have only purchased in the resale market. Accordingly, our "losses" have not been huge (the worst was a $1,500 "loss" on our most recent transaction). That most recent transaction (...yes, our buyer was found by posting a RedWeek ad) "closed" about two weeks ago.

It's important to be realistic and acknowledge, however painful it may be, that wherever you choose to advertise, the resale market value simply "is what it is". No one cares even one little bit what a seller may have originally overpaid to a developer. That stratospheric figure has absolutely no bearing on current value or demand in the open resale marketplace. Sadly, people who paid inflated developer prices are fortunate if they can manage to recover even 5-10% of their original purchase price (high end products like Disney VC or Hyatt RC are noteworthy exceptions that will always do considerably better). Westgates might not even be able to be given away FOR FREE, since onerous Westgate reservation policy constraints greatly (and very deliberately on Westgate's part) devalue all Westgate resales.

Yes, you must pay to advertise on RedWeek, but I personally believe that RedWeek is the best timeshare resale site around by far for resale sellers, particular since ONLY paid RW members can even respond at all to RW ads. That membership requirement virtually eliminates any contacts from scammers, spammers and / or insincere tire kickers, since people in those groups will very rarely "pay to play". You can always advertise for free on craigslist, but that's an open invitation to receive all kinds of inquiries, only some of them even remotely legitimate in the first place. When it comes to advertising, I think that in general "you get what you pay for" (just my personal opinion).

I have never chosen to utilize RedWeek's "full service" option. I've personally never felt any need for the "third party" assistance (or the additional cost), so I cannot intelligently comment on the success or merits of the "full service" option --- we've used RedWeek only for the advertising platform. For the record, in case you think I am waving RedWeek's flag here, I have absolutely no affiliation with RedWeek other than being a long time paid member and a voluntary participant in these RedWeek discussion forums.

I paid the additional fee to be "RedWeek verified" only on our most recent resale ad. This means that (for a fee) RedWeek independently confirms that you OWN exactly what you are advertising and that posted details (unit identification, week, maintenance fees, usage frequency, etc.) are accurate in the ad. I cannot and do not claim to know how beneficial or influential an ad being "RedWeek verified" might be to potential buyers. As the seller, you must provide RedWeek with backup documentation (i.e., deed copy, maintenance fee bill copy) for RW to then independently "verify" all claimed ownership details directly with the resort before RW "verifies" your posted ad.

Except for "closed auctions" on eBay, it is always very difficult (almost impossible, actually) to conclusively determine selling price vs. asking / advertised price. No seller is ever obligated to openly (or accurately) disclose their actual final selling price to others in any private timeshare transaction. Even when using "closed auction" figures on eBay for comparison purposes, you must find sales very nearly identical to what YOU are selling for any such retrieved "selling price" information to be truly meaningful. Deeds are of course public records, but deeds frequently do not reveal the selling price at all, sometimes making only vague reference to "ten dollars or other valuable consideration". Also, you need to know a grantor or grantee name, correctly spelled, in order to even FIND deeds online in the first place in County records.

There are numerous third party closing entities which handle timeshare transfers and all of the transaction related details (new deed preparation, escrow of funds, deed signatures, official recording, later resort notification of ownership change) at relatively low cost. Only some of these "closing / transfer" entities are consistently competent, reliable and reasonably priced. My personal favorite for many years was JRA Services, but the principal in that business (Janet A.) closed it down a year or so ago to pursue a new career in real estate. Since then, I have twice utilized (and have been entirely satisfied with) LT Transfers in Cleveland, GA; they are competent, experienced and trustworthy --- and the least expensive closing / transfer service around. They are also very nice people. I believe that if you opt to utilize RedWeek's "full service" option, you get locked in to using First American Title for closing (there is nothing wrong with First American Title). Whichever closing / transfer entity you utilize, you must of course FIRST find a willing, legitimate buyer, by advertising wherever you see fit. Deed work, closing and transfer procedures are all relatively simple and straightforward matters --- FINDING a willing, sincere and legitimate new "grantee" to successfully get to the closing "finish line" is ALWAYS the hardest part of the whole timeshare resale process. Good luck.