Time Share Resale Pitfalls Part 2

By
Real Estate Agent with Keller Williams Classic Group

So you find yourself in a situation where you don't use your timeshare and you want to get out....Now what to you do? Well for most people they really don't know what options are out there. Here in Central Florida we have a large amount of time shares and often the owners who need to sell their will first try the Developer that they bought the unit from. The soon find out that the Developer does not deal in resale, only new time share sales. The developer is only concentrating on selling there new units and they don't want to compete with the resales time shares.  

The next stop is to call a local Real Estate agent. This is where these owners find out that selling there time share will be much more difficult than they thought. The vast majority of Realtors won't even talk to someone looking to unload their time share as there is just no big rewards in it for them. Time share is looked at as a used product, like a car it depreciates in value.

The best bet for someone looking to sell their time share unit is to look on line. By doing a google search on "time share resales" you will find many online services that sell time share. Sites such as sellmytimesharenow.com offers a large list of units for sale and will top the list of most search engines out there.  To sell these units be prepared to take a deep discount as many of these units sell for a third of what they sold for.

Also be careful that you do not give money up front. If a company is asking for a large deposit or up front fee you may want to look at other resellers. Often these upfront fees are paid and you never hear back from them. E-bay also has a section for time share resales. It may be in your best interest to start here and see what kind of response you get on your own.

The bottom line on time shares is that it is not and investment but a pre-paid vacation. If you find that you no longer want to use this time share and you need to get out, take a page from the developers sales book and walk over to your neighbor and say "Hi Fred, how would you like to own a piece of Paradise, I can make this dream happen and the cost is too good to be true. Remember im your friend".

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Rainmaker
278,022
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &
Steve- I had one of those calls this week. I pretty much told the gentleman the same thing.
January 06, 2008 01:42 PM #1
Rainer
28,341
Jen Hudson
Windermere Real Estate/M2, LLC - Stanwood, WA
Stanwood, Camano & Arlington, WA
Great advice Steve.  Thanks for the tips.
January 06, 2008 01:45 PM #2
Rainmaker
261,430
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI
We have time shares out here also. They are not investments and drop in value very fast. I would never buy one from the developer. There are huge price reductions on the resale market.
January 06, 2008 01:50 PM #3
Anonymous
Anonymous
Anonymous

Great blog, Steve.

Have a great 2008!

Richard Ives

RE/MAX At Home

www.RichardIves.ismyagent.net

 

January 29, 2008 10:23 AM #4
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Rainmaker
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Steve Glose

TRC, CIPS, 407-616-7286, Orlando Real Estate, Orlando Medical City
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