resales
davidc440 wrote:if purchased how do i resell a timeshare
David; It, in part depends on what you purchase. For example, deeded or non-deeded, etc.
But primarily, you sell it the way you sell any real estate property. You set a price and advertise it. Then, you sit back and wait. Overall, with a few exceptions, Timeshares are difficult to sell.
Why, you ask? Two big reasons, there are a zillion timeshares for sale, and, most sellers overvalue their property. "Well, that's what I paid for it!" Makes no difference what you paid. There are alot of people who have lost alot of money on timeshares.
One of the Redweek posters, Jayjay, made the comment about buying: "You are going to pay alot of money (alot, being a relative term) for one week of vacation for the next XXX years." Plus your annual maintainance fees, plus any assessments made. So you really need to think about it. Remember life changes, so are you still going to be in love with it in 5 or ten years, or 20 years.
And, when you are no longer in love with it, are you willing to sell it for less than you paid. Are you willing to wait for offers.
Some people do fine, others get way in over their heads.
My best suggestion is to throughly research the resort, along with all fees and resale record. How many units are for sale and for how long. What are their asking prices. You normally won't find the selling prices, but you can bet the asking $ is not the selling $. My other best suggestion is to read though ALL of the Forums, here at RedWeek. You will learn alot. Also check out the For Sale ads here.
Good Luck.
Jon S.
davidc440 wrote:if purchased how do i resell a timeshare
PS: My personal opinion on reales is to list it with the resort. A person interested in buying at your resort will normally contact the resort first. Also, the resorts usually do not charge a commission to list/sell the unit and they can and will handle the closing. You can and should also list it on one of the Timeshare sites, LIKE REDWEEK!!
Always, Always, Always have the purchase and the resale handled by a reputable Title Company. This is not an area that you want to bypass and besides it's not expensive.
Jon S.