Summary: You may have bought a timeshare with the intention of using it every year when you take your vacation. But what if you can no longer afford your timeshare? Can you sell a timeshare? What's the best way to sell a timeshare? Should you sell a timeshare on your own or with the help of the timeshare company?
Q: I purchased a timeshare in Las Vegas in August 2007. Now, due to my own grave financial problems, I would like to divest myself of this timeshare. Short of defaulting, are there any options?
A: One of the problems with buying a timeshare is that in many situations it's extremely difficult to get rid of it if you no longer want it. The management companies of some of the newer timeshares that have been built recently will try to sell it for you to preserve market value. You can also go online and try to sell your timeshare (or just give it away) online. At least you won't have the monthly responsibility for it.
It's a double-whammy that the timeshare you've got happens to be in Las Vegas, which is ground zero for foreclosures. That doesn't bode well for timeshares.
I suggest you try advertising it in your community, and speaking to the management company about what their resale policy is. You might also list it on eBay and on places like Vacation Rental By Owner (VRBO.com). You should also list it on Zillow.com and Craig's List. You can also go to the many web sites that list timeshares for sale and work with them to get the timeshare sold.
Short of giving it away for charity (if you can find a charity that would take it), I don't have any groundbreaking suggestions. Just a warning - stay away from predatory salespeople who offer to list your timeshare for an upfront fee. You shouldn't have to pay anyone upfront. If they sell it, they can collect a commission - one I'm sure you'd be all too happy to pay.
May 21, 2009
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Comments
Mary says
I'm not sure all would be happy to pay a hefty commission upon the sale of their timeshare. Maybe if they were led to believe it was almost impossible and set up to think there is no hope. In actuality, buyers are finding owners selling their timeshares and making offers at www.TimeshareAdventures.com. Interested buyers are motivated by the owners' ads which don't obligate them to pay a commission or a closing cost. Their in-house attorney also makes doing business with them considerably more safe for both sellers and buyers.
ethan rowling says
Selling on your own is nearly impossible. That's the testimony of most timeshare owners. Why not work it out with the Timeshare Relief Inc. This is current market leader in timeshare transfer industry. Check out their services.