So, you’ve paid off your ownership. Congratulations! However, now you’re looking to sell. But where do you start? Navigating the timeshare resale market can feel daunting, and there are certainly a fair share of scammers and pitfalls in the industry. But when you sell smarter and with a reliable company, the process becomes seamless. So, stop searching, “How to sell a timeshare that is paid off,” and reach out to Fidelity Real Estate. We can help you make this complex process smoother and avoid extra losses with our safe and secure resale market. Continue reading to learn about selling your paid-off timeshare.
Saying Goodbye to Timeshare Ownership
Whether your timeshare is paid off or not, selling your timeshare is possible. Of course, it’s important to note that it is unlikely you will get back what you paid for your timeshare property or points. Similar to a car, a timeshare’s worth very rarely goes up after their purchase (excluding Disney Vacation Club ownerships). So, while you may get some money back, it’s rare you’ll get all of it. However, selling your timeshare will save you money in maintenance fees and annual club dues. With this being said, it’s important to consider whether you’ve fully taken advantage of owning a timeshare before selling your timeshare. This way, you can ensure you’ve gotten your bang for your buck.
Have You Gotten All You Can Out of Ownership?
Again, timeshare owners may want to make sure they’ve gotten everything they can out of ownership. First, consider whether you’ve fully explored your vacation club’s resort portfolio. If there is still a resort or two you have yet to visit but would like to, you may want to hold off on selling until you do. Also, if your ownership follows the points-system, consider banking and borrowing points from future years to take that long-awaited Christmas vacation, Mother’s Day vacation, island getaway, and more, sooner than later.
Yet, if you’re tired of your home resort and feel that you’ve seen everything your club has to offer, consider vacation exchange! The two most popular vacation exchange companies are RCI and II. Membership with either of these companies unlocks a whole new catalogue of resorts all over the world that you absolutely must see before retiring your timeshare purchase. If traveling simply just isn’t for you anymore, or you can’t afford your annual maintenance fees anymore, we’ll dive into how to sell a timeshare that is paid off below.
How to Sell a Timeshare That Is Paid Off
Now, let’s explore the selling process. There are two main ways to sell your timeshare. If allowed, you may sell your timeshare back to the resort developer. Or, you can sell it on the resale market! Of course, a third option is paying a transfer fee and gifting your ownership to a family member or friend. But if you’re looking to make some money back on your ownership, the first two options are the way to go when selling a timeshare.
Talk to Your Resort Developer
First, it’s crucial that you talk to your timeshare developer. Since you signed a timeshare contract at the time of purchase, there are a handful of legalities you have to consider for a successful sale. To begin, look into the rescission period for the sale. This is the amount of time you have to give your ownership back after purchasing it, and this is usually only a few days to a week or so of signing. If you’ve passed this deadline, then asking your timeshare company directly about any deed-back programs they offer is the next step.
Many vacation club brands extend in-house solutions for owners looking to sell. A good example would be Wyndham Destinations’ Wyndham Cares program. Even if your developer doesn’t have a buy-back program, they can surely point you in the right direction and even recommend a reliable resale company, such as Fidelity Real Estate. These companies will have a proven track record for successfully selling timeshares.
How to Sell a Timeshare That Is Paid Off on the Resale Market
Your second option for how to sell a timeshare that is paid off is the resale market. When searching for a dependable timeshare resale company, it’s essential you reference the American Resort Development Association (ARDA) website, as well as the Better Business Bureau (BBB). Timeshare resale companies with a high BBB rating and who are a part of ARDA are considered safe and reliable, as they have to adhere to a strict set of ethics in both the buying and selling of timeshares.
Of course, Fidelity Real Estate exceeds the mark for both these organizations. Contrary to what many believe, there are thousands of potential buyers looking to the timeshare resale market to either add to their ownership or become an owner. We have thousands of timeshare listings from all the major vacation club brands, as well as standalone resorts. What’s more, our resale process offers zero upfront fees for listing your ownership. In fact, we don’t get paid until you do! Not only do you set the price for your listing, but you have the power to accept or refuse an offer.
Unlike your typical real estate agent, our agents are skilled in timeshares specifically, which adhere to different laws and guidelines. With a professional timeshare brokerage like Fidelity by your side, selling has never felt easier. Call us at at 1-800-410-8326 or email us at [email protected] for a free consultation. A licensed real estate agent will be in contact with you soon.
How to Sell a Timeshare That Is Paid Off with No Upfront Fees
Want a better breakdown? Check out our video on how to sell a timeshare without upfront fees here, and become a savvy seller!
Navigating the Closing Process
Figuring out how to sell a timeshare that is paid off is a breeze with Fidelity by your side to help facilitate the sale. So, once you’ve received an offer on your timeshare listing that you simply can’t refuse, it’s up to you and the buyer to negotiate all the associated costs. Typically, the buyer pays the closing costs, but this is dependent on the circumstances of the sale.
However, before the sale can move forward, you must navigate the Right of First Refusal (ROFR). The ROFR provides the resort developer with the opportunity to step in and buy the ownership back. Yet, if the developer refuses the ROFR, the sale can go on as planned. Fidelity will then recommend a reliable title transfer agency to hold the buyer’s funds in escrow and send all the needed documents to the necessary parties, including the county records office and resort and/or HOA. This may take a bit, but it’s crucial you continue paying any fees and dues in the meantime. Do not stop paying your fees until the ownership has been successfully transferred into the new owner’s name by the resort developer.
Once closing documents are signed, carefully reviewed, and processed, the title insurance company will disburse funds in escrow, including the sales price, closing fees, and commissions. Sound easy enough? That’s because it is!
Be Wary of Timeshare Exit Companies
If you’re looking into other avenues of selling, such as timeshare exit companies, please be wary. Many timeshare exit companies insist they can “cancel” timeshare contracts. Yet, it just isn’t that simple. In fact, these companies are likely to do more harm than good for the average timeshare owner. Any timeshare exit company that guarantees timeshare cancellation should not be trusted. Like a house, timeshares are deeded properties/interests. And you can’t simply “cancel” the deed to your house, can you?
Timeshare cancellation companies are likely to send a letter to your developer, insisting they stop communicating with you, which does little to help your cause. They’ll also likely tell you to stop paying your timeshare maintenance fees and dues, which in turn may damage your credit and cause you to default on your ownership. Not to mention, these companies often charge outrageous upfront fees, only to do little to nothing to help your situation.
Beware of Scammers!
Moreover, there are a number of other timeshare resale scams you’ll want to avoid. From out-of-the-blue buyers to fake timeshare companies and agents, there’s a lot to beware of. Check out this video for more information on resale scams to avoid with paid-off timeshares.
Sell Your Timeshare that Is Paid Off with Fidelity
Feeling confident on how to sell a timeshare that is paid off? You should be! Fidelity Real Estate agents are licensed real estate agents with a skill for timeshare resales. From start to finish, we are your go-to for any questions and concerns you have on the selling process. With over 20 years of experience helping owners like you sell timeshare, our system is safe, secure, and honest. We have an A+ rating by the BBB and are devoted members of ARDA. So, we act in your best interest as an owner. To get started with your listing, simply fill out the form below. One of our licensed professionals with get in contact with you soon.
