In this first of a three part series the writer says he’s making three points about the subject:
1) Understand What You Own
2) Search online for ads of comparable timeshares that are for sale
3)Request a comparative market analysis from a respected real estate broker specializing in timeshare and vacation resorts.
His first point is the most relevant. When you get ready to sell your timeshare you really need to know what you own. Some folks think they own an annual use timeshare. But when they read their deed they discover they can use it only every other year. Or, sometimes you may be sitting at one resort when you sign the original paperwork but actually bought a timeshare in another state or country! So, read the deed or your purchase agreement before you take the next step. Good advice.
In fact the Federal Trade Commission gives owners of timeshares a checklist to follow when preparing to sell their timeshare:
Selling a timeshare is a lot like selling any other piece of real estate. But you also should check with the resort to determine restrictions, limits, or fees that could affect your ability to resell or transfer ownership. Then, make sure that your paperwork is in order. You’ll need:
- the name, address, and phone number of the resort
- the deed and the contract or membership agreement
- the financing agreement, if you’re still paying for the property
- information to identify your interest or membership
- the exchange company affiliation
- the amount and due date of your maintenance fee
- the amount of real estate taxes, if billed separately
I’m going to jump ahead to his third point. Where would a real estate broker find ANY information on sales (through a MLS) that have been closed on timeshares? You cannot request a comparative market analysis if there is no data to compare it to. I’ll get to that issue later when he publishes Part 3.
The first task at hand when selling your timeshare is to make sure you know what you have to sell.
But don’t worry, the next step will be challenging as well – Figuring out your asking price!
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