A timeshare is a type of property in which different owners pay for the right to use it. This means a single property has multiple owners. The timeshare property is divided among the owners to use for a certain time like weekly, annually, biennially, etc. When it comes to timeshare resales, there are some charges that sellers have to pay when they contact any company or a contractor. In this blog, we will see how you can sell your timeshare without spending extra money.
Review Your Agreement
The first step for free timeshares for sale is reviewing your agreement. The agreement has the details about the type of ownership.
- If it is stated in the agreement that you have a deeded ownership, you can sell it by yourself. A deeded ownership means you are the exclusive owner of the timeshare property.
- If you have a leased timeshare, you do not have the right to sell it.
Contact Your Property Manager
The next step is to call your property manager and ask him about in-house options. Some timeshare companies have plans in which the owners looking for timeshare resales, USA, are provided with the company’s potential buyers. This is the easiest way to sell timeshare property because the companies deal with all the negotiations. Hence, it might be a good option for the owners looking for free timeshares for sale.
If you are looking for free timeshares for sale, you have to advertise the timeshare property yourself. Search on the internet to find the reputed groups for timeshare resales in the USA, which allow you to post your advertisements for free. Another way which you can try is listing your timeshare on eCommerce websites like eBay. But beware of timeshare scams.
Moreover, you can also post your ad for timeshare resales in the USA in newspapers. Newspaper agencies charge a small amount of money from you. However, this cost is far lower than the price you pay to the third parties to sell your timeshare.
Upfront fee is the money that an owner pays to a company for selling his timeshare. Some companies do nothing other than posting your timeshare property online. The same you can do by yourself.
If a particular company charges you high upfront fees, this may be a sign of a scam. Therefore, it is suggested that you check the company’s license or the broker involved in the selling of your timeshare property.
Writing up A Contract
When a buyer agrees to buy the timeshare ownership from you, you need to draft a contract. It is not suggested to prepare a contract on your own because the contract is a legal document. It is better to involve your lawyer in this process. He knows all rules and regulations better than you. Moreover, by doing this, you will not face any legal issues in the future.
Close Your Loan
If you have an active loan on your timeshare property, you have to close it before selling your timeshare property. If the amount required to close the loan exceeds the amount that you are getting from the buyer, you cannot sell it. In such a case, you have to put a hold on timeshare resales in the USA.
Close the Sale
After completing all the above-listed steps, it is time to close the sale. It is suggested to contact a lawyer or a real estate company at the time of closing if you do not know about the real estate deals.