Cut my price on timeshare...what else to sell it?

Okay, I have cut our asking price to less than half what we paid for it. I really want to sell this timeshare...what else can I do to encourage someone to buy it?

TIA,

Sarah

sarahc93 wrote:

Okay, I have cut our asking price to less than half what we paid for it. I really want to sell this timeshare...what else can I do to encourage someone to buy it?

TIA,

Sarah

I think you did the moost important step. You might need to put it up on some other websites beyond Redweek. Are you also on www.myresortnetwork.com ? Both Redweek & My resort Net are the most frequently positive mentioned on the tug & forums websites.

Another you might want to check is the timeshare today magazine. It would be in a hard copy format. Many price there TOO HIGH...so your low price might get some good interest.

sarahc93 wrote:

Okay, I have cut our asking price to less than half what we paid for it. I really want to sell this timeshare...what else can I do to encourage someone to buy it?

TIA,

Sarah

Resales typically sell for 1/3 - 1/4 of what was paid the developer, that is if anyone would even be interested. It all depends on supply and demand of your resort and season designation owned. Some timeshares can't even be given away as is evidenced on Ebay.

sarahc93 wrote:

Okay, I have cut our asking price to less than half what we paid for it. I really want to sell this timeshare...what else can I do to encourage someone to buy it?

TIA,

Sarah

Timeshares rarely sell quickly. Very few T/S worldwide have a waiting list for resales, out of the million or so that are for resale. $$ is the biggest seller and you seem to have handled that end. But it still isn't a quick process. Have you checked with your resort? Do they handle resales? Have you listed it for rent in the meantime, until you sell? That usually covers your m/f. Meanwhile, also list it on RedWeek.com

sarahc93 wrote:

Okay, I have cut our asking price to less than half what we paid for it. I really want to sell this timeshare...what else can I do to encourage someone to buy it?

TIA,

Sarah

Sarah many owners have your same problem. I feel right now the best idea is keep your timeshare and remember why you bought it! To enjoy family vacations there and around the world!

If you really need to get rid of it then hopefully you did not buy from a developer because unless its one of the top name companies you will probably only get 1/3 to 1/4 of your money back!

One thing you might try and I posted this on How to sell your unit is one you could look at.

We sold our first condo in PV Mexico mainly because back then (1986) there were not other options to getting away from dealing with RCI.

We told friends about this and they also sold this way back in 2006.

Rent with option to buy your unit and have all the numbers agreed on with the renters!

The family rented our unit and after going on the tour of Los Tules and seeing their price called us and bought our three bedroom unit. They called within four days of getting there and we had deal finished within two weeks! Down side they had to pay in cash but save thousands of dollars.

Best time and the resort and developers understand this to sell is after you have had couple days of enjoying your resort and then they get their hooks into the people!

Here is a sample of things you can have for a agreed contract to be completed at time of sale!

MR/MRS America are renting my unit at the timeshare HAPPYLAND AMERICA!

The rent is $1500.00 with option to purchase unit from me within two weeks of vacation for $5000.00 minus the rental fee of $1500 which comes to $3500.

Now you can list it that they pay closing cost and will owe next years maintance fee's of $===. You can negotiate these fee's with the family!

I found this works great for a family that wants to go to your resort and find they love it and how much money they can save.

You can tell the people to go to the tour and if they like the resort and see how much money buying your unit will save them.

I would rent for decent price and not a cheap price because you will end up with people renting your unit with no thought of buying it!

This is a no lose for you because you might sell but worse thing to happen would be your maintance fee is covered for that year,hope you do own the unit and don't still owe money onit because this makes it harder to sell!

Go to Craigs list and run free ads in different area's and have all e-mails go through CL. This way you can weed out the junk and only talk to the people of your choice.

This cost you nothing but couple minutes and you can list in as many area's as you like.

GOOD LUCK! PHILL12

sarahc93 states, quoted in pertinent part:

>>Okay, I have cut our asking price to less than half what we paid for it. I really want to sell this timeshare..... << ======================================

I don't mean to seem harsh on this point, but it's an indisputable fact that the "marketplace" couldn't care less what you paid for your timeshare.

ALL that matters in the "marketplace" is what your timeshare is worth to others today, right now, in the resale market, today. If you look at listings for your resort in all the sites and places you can find (particularly sites which include "SOLD" listings), you might get a better feel for what your timeshare is REALLY worth in the "marketplace". You might be disappointed by the reality, but the fact remains that no one cares what you paid --- buyers (understandably and rightly) only care what it's worth today among the thousands of other similar offerings out there. That's the reality of the situation. Price it competitively and you'll have a much better chance of selling. Take "what you paid for it" right of the equation because it simply does not matter one bit.

Good luck.

You are getting good advice. The first thought that came to my mind was find a better market in which to advertise.

Church (or whatever) newsletters are usually free and have a respectable readership. Local newspapers are also good. Craig's List gets you coverage in that list, plus coverage in oodle.

I personnally like the WSJ for real estate, but it can be pricey.

Add photos. You should be able to bootleg a few from the timeshare's website with a right click. If you have your own photos showing people having fun, all the better. If you mention something in your add, like the pool, be sure to include a picture.

Whenever you pay for an ad, be sure to check whether an online ad is included.

If you have a website for the ad, just put a link in a paid ad to the website. Saves on the word count.

sarahc93 wrote:

Okay, I have cut our asking price to less than half what we paid for it. I really want to sell this timeshare...what else can I do to encourage someone to buy it?

TIA,

Sarah

Lookup "Timeshares" on eBay, click on the "Completed Listings" box and look for the prices shown in green (the ones in red did not sell - either because the starting price was too high, the reserve wasn't reached or nobody wanted to bid on them at all). That will give you an idea of how much your week might be worth. High Season weeks (that usually means during the school vacation period - not whether or not they are called Red) will sell. Other weeks may not even attract a bid of $1 (even if the transfer fees are paid by the seller and the maintenance fees have been paid for the next year).

The question shouldn't be what you're willing to accept. It should be what you're willing to do to get the best price you can.

Here's an idea I wrote in a lot more detail on my blog, http://donatetimeshare.blogspot.com/. You can go there for the details. You might find it interesting.

Consider this. If you decided to take just one more vacation at your resort and used that vacation to sell your timeshare to people coming in for the tour presentation, do you think you might be able to get a little better price? It's a lot easier than you think.

In a nutshell, prepare in advance. Take your week at your resort. Rent a car. Have permission from the police (not the resort) to park across the street with a "Timeshare for Sale $1,000 less than your best price" in the window or on top of the car. As people stop to ask what it's about, tell them to make the best deal they can, sign the contract if they are going to buy, bring it back to you and you'll sell yours for $1,000 less to them. They can buy from you and cancel their contract.

What can the resort do to you? Nothing! They can't even hassle you where your staying. That would be grounds for a good law suit. Be a little aggressive, a little bold, plan ahead, and you can easily make thousands of more dollars on your sale than the normal heavy discount, post and wish system too many people use.

kenr86 wrote:

The question shouldn't be what you're willing to accept. It should be what you're willing to do to get the best price you can.

Here's an idea I wrote in a lot more detail on my blog, http://donatetimeshare.blogspot.com/. You can go there for the details. You might find it interesting.

Consider this. If you decided to take just one more vacation at your resort and used that vacation to sell your timeshare to people coming in for the tour presentation, do you think you might be able to get a little better price? It's a lot easier than you think.

In a nutshell, prepare in advance. Take your week at your resort. Rent a car. Have permission from the police (not the resort) to park across the street with a "Timeshare for Sale $1,000 less than your best price" in the window or on top of the car. As people stop to ask what it's about, tell them to make the best deal they can, sign the contract if they are going to buy, bring it back to you and you'll sell yours for $1,000 less to them. They can buy from you and cancel their contract.

What can the resort do to you? Nothing! They can't even hassle you where your staying. That would be grounds for a good law suit. Be a little aggressive, a little bold, plan ahead, and you can easily make thousands of more dollars on your sale than the normal heavy discount, post and wish system too many people use.

Ken; Not sure what state you are referring to, but, to my knowledge the only time you can cancel a contract, within three days, is when the "seller" comes to you. If you go to the seller, it's binding when you sign it.

I might be wrong in that some jurisdictions might allow a cancellation. In any case, worth looking into.

Dr Ken Rich

Welcome back! Those CPAs are still waitng on the www.tugbbs.com site to answer how you respond to the tax plan you explained in the thread you posted on the tug site.

When you went to the TSForums site, you took a lot of time explaining your ideas:

http://www.timeshareforums.com/forums/timeshare-economics/49198-timeshare-donation-dirty-little-secrets-9.html Is the blog you providing the same info....that is the charity that wants $500 to start the process to 'get rid' of the T/S?

Our CPAs note that the IRS would not look favorible on the methods you present.

But maybe your CPA might be able to shed more light on the issue?

When the T/S owner gets called to the IRS to explain....does your charity come to help them?

kenr86 wrote:

The question shouldn't be what you're willing to accept. It should be what you're willing to do to get the best price you can.

Here's an idea I wrote in a lot more detail on my blog, http://donatetimeshare.blogspot.com/. You can go there for the details. You might find it interesting.

Consider this. If you decided to take just one more vacation at your resort and used that vacation to sell your timeshare to people coming in for the tour presentation, do you think you might be able to get a little better price? It's a lot easier than you think.

In a nutshell, prepare in advance. Take your week at your resort. Rent a car. Have permission from the police (not the resort) to park across the street with a "Timeshare for Sale $1,000 less than your best price" in the window or on top of the car. As people stop to ask what it's about, tell them to make the best deal they can, sign the contract if they are going to buy, bring it back to you and you'll sell yours for $1,000 less to them. They can buy from you and cancel their contract.

What can the resort do to you? Nothing! They can't even hassle you where your staying. That would be grounds for a good law suit. Be a little aggressive, a little bold, plan ahead, and you can easily make thousands of more dollars on your sale than the normal heavy discount, post and wish system too many people use.

Marty....How can I find Dr Richs past redweeks comments? I can never find the search function.

kekouri wrote:

Marty....How can I find Dr Richs past redweeks comments? I can never find the search function.

Go to "I want to ...." at the upper right hand corner of this page and click on search, then enter Dr. Rich's Redweek screen name.

Thanks, Gin ! Ken already beat me to the posts!

kekouri wrote:

Dr Ken Rich

Welcome back! Those CPAs are still waitng on the www.tugbbs.com site to answer how you respond to the tax plan you explained in the thread you posted on the tug site. . . . Is the blog you providing the same info....that is the charity that wants $500 to start the process to 'get rid' of the T/S?

Our CPAs note that the IRS would not look favorible on the methods you present.

When the T/S owner gets called to the IRS to explain....does your charity come to help them?

kekouri,

Thank you for the update and question. I have called the IRS agent (actually a supervisor in the NPO section) several times for a follow up but have not received any word from her as yet. It has been since October 1st that I submitted my questions. If you wish to contact her yourself, contact me privately and I'll be happy to have you lend you support in getting an answer from her.

In the meantime, those people that were questioning the process were not CPAs. I've had a couple of accountants and CPAs mentioned and the implication is that they wouldn't like what I say, but I have yet to actually hear from one that has read what I say and the IRS regulations and publications I quote and reference. I'd be more than happy to hear from them. If you know them personally please send them to me.

The blog I provide actually gives more detail and quotes more IRS direct information, but it's way too long for here. That's why I suggested people read it and study the IRS regs on their own, not here in this forum. I wouldn't mind giving the full text here if this site would be willing to publish it in full. They can go to the blog to see how long it is and if it would fit in their space.

Let me make one thing clear. The charity doesn't take $500 up front to start the process. Unlike other charities that essentially 1. only take the better timeshares; 2. won't touch the less than prime ones; 3. have the seller continue to own it in their name; 4. have the owner pay all the fees involved until the charity finds an actual buyer; and 5. then keeps the actual sales proceeds as their profit, we take it now and don't resell it for 36+ months because of IRS regulations for what we do. That $500 is not paid to us. It is paid to the closing company of the owner's choice (not ours) and ONLY paid to the charity when the timeshare actually transfers out of the owner's name and into the charities name. That's taking payment after the fact, not up front and it's the owner that starts the process. A very big difference.

This isn't meant for everyone, only those that have not been able to do anything else successfully. If someone can sell it on the same basis as a charity, why don't they do that and donate the cash or keep it at their choice. It's when they can't that we become an option for them.

As for your final question, would we be willing to appear if the IRS came calling. Yes, if we were asked. What we do is expressly according to IRS regulations, publications and guidelines. We do not suggest or advise anyone to do anything the IRS would not accept. I would suggest you go to the blog and read the particular article titled "Timeshare Donations and IRS Regulations". It should be very clear for you and anyone else with an interest.

Please understand one thing of me personally. I do not take kindly to or accept unsubstantiated and biased attacks of opinions. I will spend whatever time is necessary to help an open mind learn but no more once it's apparent that it's closed and only wants to be argumentative. I will gladly read and answer documented and referenced challenges to what I write. I answer your questions here in this light.

If I can be of further service or if you would be willing to help me get the IRS to quicken their responses to my queries or send me the CPAs you mention to evaluate what I write, I'd very much appreciate it.

Dr. Ken Rich

Ken I'm afraid of the IRS. I don't think they are intentionally after us, but if I don't make an appearance, maybe they will keep my files on the bottom of the pack.

kekouri wrote:

Ken I'm afraid of the IRS. I don't think they are intentionally after us, but if I don't make an appearance, maybe they will keep my files on the bottom of the pack.

Thank you for the thought. I have worked with the IRS for many years on several different issues (not just paying my own taxes) and have generally found them to be decent and helpful. I've found your comment to be true - they're not out to get us.

One good way to deal with them is to keep a low profile. Another is to make sure you get everything covered in IRS documentation before you do anything you consider different. You'd be amazed at how helpful many of the agents can actually be when they are hit with something "different". My experience is that they've seen it all before and often help a person with a work around by using regulations, rulings, publications, and common sense to get out of messes we often get into before we even know it. That's why I generally trust what they provide in either writing or verbally, as long as I can back it up with the documentation.

I've been to an audit once due to a wife's actions before we were married (about 1976). I've worked with them on changing status of businesses and individual filings. I've worked in the real estate market long before becoming a doctor and am still active in it and find them reasonable with things most investors never see or consider.

What I've found interesting is that several times I've had accountants (even CPAs) try to explain that something I was doing wouldn't fly, only to find out that the IRS actually has it set up to do what I needed. No one knows it all. If a person can't get a direct answer from the IRS, I've found that a good tax attorney is far better than a CPA in knowing what and how something should be done. It's their specialty - the law of taxes. That's why I try to provide information and tell people to read and research it on their own.

Good luck to you in your life.

Dr. Ken Rich

jons29 [Ken; Not sure what state you are referring to, but, to my knowledge the only time you can cancel a contract, within three days, is when the "seller" comes to you. If you go to the seller, it's binding when you sign it.

I might be wrong in that some jurisdictions might allow a cancellation. In any case, worth looking into.[/Q]

If you check with any state attorney general you will find there is a period of time the "BUYER" can rescind a contract unilaterally (by themselves without any permission from the seller - we're talking resort here). Each state is different and foreign countries have the same type of laws with different time periods as well.

Each sales contract, especially if it involves financing, is required by law to inform the buyer of this right.

Please check with any attorney in your area and he or she will confirm this for you.

Dr. Ken Rich

phill12 wrote:

Go to Craigs list and run free ads in different area's and have all e-mails go through CL. This way you can weed out the junk and only talk to the people of your choice.

This cost you nothing but couple minutes and you can list in as many area's as you like.

DO NOT GET FED-UP AND GO TO UP FRONT FEE COMPANY BECAUSE YOU AND YOUR MONEY WILL GO DIFFERENT DIRECTIONS AND YOU WILL STILL OWN YOUR TIMESHARE!

GOOD LUCK! PHILL12

Phill12

I have tried listing things on Craig's List in the past (not timeshares) and found that there is a limit to how many areas you can list on. If you know how to get past this limitation please advise. In addition, the prime areas would be to list it around the location of the timeshare NOT in your hometown as many people do. When people are looking for a TS they generally will go go Florida sites for one there, not to the Denver site.

I also support your advice to NOT pay upfront for a listing. If someone is going to pay, it should only be at the time of title transfer as a commission, sevice fee or whatever. That way they know it's a done deal.

Personal note to Phill12

The idea of Option to Sell is a great idea! I use it in real estate for finding buyers of residential properties I deal with. I like your twist.

I don't know how to contact you directly so this is the only way I can for now. If you want to contact me you can do it through my blog which is found on one of these postings. I would like your permission of writing this up in greater detail and posting the idea on my blog. May I?

Dr. Ken Rich

{PHILL12} You would be shocked how many people do check their area CL first then check the resort area they have interest in. Might be a safety factor or something but most people would rather deal with someone closer to their home area when possible! Some people will just surf locally and when they find something of interest will then go to the resort area list and check it out!

As far as how many locations you can use at same time,I have no idea but have never been stopped by Craigslist.

I don't know if you signed on each location at same time but this would cause a problem.

You do one ad at a time and after finished and it shows you then do your next ad somewhere and I doubt Craigslist would even notice.

Remember large cities list for seven days then you need to start new ad if you want. Small towns do forty- five days because they just don't get that many.

I listed in the Bay Area and after three days my ad was about fifteen pages down and I found people doing their ad every four days to keep it up front on the list.

I have seen ads on the Fresno Ca list and after four days its still on the first page so there is a big difference in areas and size cities! ===================================================

Personal note to Phill12

The idea of Option to Sell is a great idea! I use it in real estate for finding buyers of residential properties I deal with. I like your twist.

I would like your permission of writing this up in greater detail and posting the idea on my blog. May I? Dr. Ken Rich ================================================== [PHILL12] Go for it! If it helps and saves other timeshare owners money and stress its what we try and do on these forums! =================================================== [PHILL12] I listed some top fastpitch softball pitching tools like the Jennie Finch practice tool her father invented and sells. It is great for young girls and older girls to as a pitching tool.

I listed on sites in Ca and Nevada the first week and had about seven fathers e-mail Craigslist who forward to me. I found one in Dublin Ca about 20 miles from us. After talking to the father and he wanted it for his 12 year old daughter to help her gain speed and help with learning the arm rotation. I invited them to come out and my daughter would spend time with her and teach how to use it.

They came out and loved it and even wanted to pay more for the training. Of coarse we didn't take money for lessons.

We also sold bats to a high school fastpitch coach in LA, Ca from the list in that area..

To show how well it works we also sold two bats that cost us $250.00 each at one of the fastpitch tournaments in LA when daughter played 12 and under.

One of the best bats and hard to find and a lady in Texas found my ad on the San Jose Ca list and bought both bats.

As I have stated before we gave our daughter a new Toyota Salara when she Graduted high school and sold her car.

We listed her car on CA, Nevada forums.

Within two weeks we had more then ten e-mails but only answered four that seemed not to be playing games.

We had nine pictures of the car at our house on the ad. The family that bought it found it on the Sacramento Ca listing. They lived in Nevada close to Arizona and flew out and bought the car.

We have e-mails couple times last 1 1/2 year telling us how much she loves the car and thanking us.

Listing a timeshare for rent with option to buy is so easy on Craigslist and its FREE!