Wednesday, April 28, 2010
Monday, April 26, 2010
Saturday, April 24, 2010
Tuesday, April 20, 2010
How To Sell a Time-Share
Time-Share Resale Tips
A fixed week unit was convenient when you purchased your Time-Share, but doesn't fit in with your current lifestyle. Your family has grown or matured, and the destination no longer provides activities to suit everyone. Or perhaps the mortgage, taxes, and maintenance fees are a burden.
No matter what the reason, if you've decided to sell your Time-Share you no doubt want top dollar and a quick closing. For most sellers, those two events do not go hand-in-hand. In fact, owners who purchased a new time-share typically recover very little of the original sales price when they decide to sell.
Realistic Pricing
Price is the driving force for Time-Share resales.
A sale can be difficult to achieve if your unit is a studio, or usage dates are in an off season. The same is true for units in resorts that have not been properly maintained.
Even larger time-share units with in-season or flexible weeks typically sell for only 30%-55% of their original price.
If your Time-Share is part of a chain, where credits can be used for airline tickets or other accommodations, you may be able to recover a higher percentage of the unit's original price.
If you're in a real hurry to sell, keep the price low. Buyers are usually shown a list of time-shares grouped by resort. If other, similar units are priced lower, you can guess which one's they'll pursue.
You're the only one who can decide if holding out for a higher price outweighs the burden of paying ongoing maintenance fees and other expenses.
Know What You Own
Make sure you understand exactly what you are selling before you begin to market the Time-Share.
Do you have a deeded ownership in the property, or do you have a Right To Use (RTU) the Time-Share for a specified number of years? RTU agreements decrease dramatically in value as they near the expiration date.
Find all documents that pertain to the Time-Share, including mortgage information, tax records, and maintenance details.
A knowledgeable seller tackles a transaction in a confident manner. Be prepared to answer any (reasonable) question a potential buyer may have.
Listing With a Real Estate Agency
You'll find many online and offline agencies that will list your time-share. Some charge an upfront fee, then a commission at the time of sale. Others work strictly on commission.
Fees and commissions vary, and are typically higher than those charged for a traditional real estate transaction. Interview several agencies before signing an agreement.
Check each company's complaint records with the Better Business Bureau, and with their State Attorney General's office.
Find out if the company a member of the American Resort Development Association, ARDA, a trade organization that expects its members to abide by a set of ethical guidelines when selling time-shares.
Become familiar with the Time-Share laws for the state involved. Upfront fees are illegal in some states, but agencies work around the laws by giving them other names--would you trust the ethics of a company that does that?
Check with state real estate commissions to verify that the company and its salespeople are licensed to practice real estate in the states they operate in.
Ask each office to tell you--in writing--exactly how they plan to market your Time-Share.
Developer Resales
Resort developers sometimes offer resale programs. Salespeople working on-site do have easy access to buyers who are interested in that specific resort or chain, but their main focus may be selling new units.
Before you sign a contract, compare their fees and marketing practices with those of other agencies.
False Promises
The Time-Share resale market has attracted numerous scam artists. Be wary of anyone who promises you a quick sale. No one can guarantee that. Other Resale Options
Auctions
Include your Time-Share listing on an auction service such as eBay. Browse current and past auctions before you list your property. Note sales prices, and which descriptions sound most appealing. Incorporate the best marketing ideas into your own ad.
Classifieds
Time-Share owner clubs offer several member services, including classified ads. This type of classified reaches the right target audience for your Time-Share.
Exchanges
A one-time exchange isn't the answer if you wish to sell a time-share, but it might be the perfect solution if you simply want to change dates or locations.
Other Owners
If you have a fixed unit and time, find out who owns the Time-Share for the weeks just before and just after you. They might be interested in increasing their time.
Financing a Time-Share Resale
Developers offer programs to finance new Time-Shares, but it's difficult to finance a resale. The majority of sales are cash transactions.
A fixed week unit was convenient when you purchased your Time-Share, but doesn't fit in with your current lifestyle. Your family has grown or matured, and the destination no longer provides activities to suit everyone. Or perhaps the mortgage, taxes, and maintenance fees are a burden.
No matter what the reason, if you've decided to sell your Time-Share you no doubt want top dollar and a quick closing. For most sellers, those two events do not go hand-in-hand. In fact, owners who purchased a new time-share typically recover very little of the original sales price when they decide to sell.
Realistic Pricing
Price is the driving force for Time-Share resales.
A sale can be difficult to achieve if your unit is a studio, or usage dates are in an off season. The same is true for units in resorts that have not been properly maintained.
Even larger time-share units with in-season or flexible weeks typically sell for only 30%-55% of their original price.
If your Time-Share is part of a chain, where credits can be used for airline tickets or other accommodations, you may be able to recover a higher percentage of the unit's original price.
If you're in a real hurry to sell, keep the price low. Buyers are usually shown a list of time-shares grouped by resort. If other, similar units are priced lower, you can guess which one's they'll pursue.
You're the only one who can decide if holding out for a higher price outweighs the burden of paying ongoing maintenance fees and other expenses.
Know What You Own
Make sure you understand exactly what you are selling before you begin to market the Time-Share.
Do you have a deeded ownership in the property, or do you have a Right To Use (RTU) the Time-Share for a specified number of years? RTU agreements decrease dramatically in value as they near the expiration date.
Find all documents that pertain to the Time-Share, including mortgage information, tax records, and maintenance details.
A knowledgeable seller tackles a transaction in a confident manner. Be prepared to answer any (reasonable) question a potential buyer may have.
Listing With a Real Estate Agency
You'll find many online and offline agencies that will list your time-share. Some charge an upfront fee, then a commission at the time of sale. Others work strictly on commission.
Fees and commissions vary, and are typically higher than those charged for a traditional real estate transaction. Interview several agencies before signing an agreement.
Check each company's complaint records with the Better Business Bureau, and with their State Attorney General's office.
Find out if the company a member of the American Resort Development Association, ARDA, a trade organization that expects its members to abide by a set of ethical guidelines when selling time-shares.
Become familiar with the Time-Share laws for the state involved. Upfront fees are illegal in some states, but agencies work around the laws by giving them other names--would you trust the ethics of a company that does that?
Check with state real estate commissions to verify that the company and its salespeople are licensed to practice real estate in the states they operate in.
Ask each office to tell you--in writing--exactly how they plan to market your Time-Share.
Developer Resales
Resort developers sometimes offer resale programs. Salespeople working on-site do have easy access to buyers who are interested in that specific resort or chain, but their main focus may be selling new units.
Before you sign a contract, compare their fees and marketing practices with those of other agencies.
False Promises
The Time-Share resale market has attracted numerous scam artists. Be wary of anyone who promises you a quick sale. No one can guarantee that. Other Resale Options
Auctions
Include your Time-Share listing on an auction service such as eBay. Browse current and past auctions before you list your property. Note sales prices, and which descriptions sound most appealing. Incorporate the best marketing ideas into your own ad.
Classifieds
Time-Share owner clubs offer several member services, including classified ads. This type of classified reaches the right target audience for your Time-Share.
Exchanges
A one-time exchange isn't the answer if you wish to sell a time-share, but it might be the perfect solution if you simply want to change dates or locations.
Other Owners
If you have a fixed unit and time, find out who owns the Time-Share for the weeks just before and just after you. They might be interested in increasing their time.
Financing a Time-Share Resale
Developers offer programs to finance new Time-Shares, but it's difficult to finance a resale. The majority of sales are cash transactions.
Thursday, April 15, 2010
I finally sold my Wyndham Bonnet Creek Timeshare
Alright! So about 5 years ago my grandparents gave me and my new wife their Wyndham Bonnet Creek Timeshare that they had owned for a few years. apparently in those past few years of owning the Timeshare they had never actually used. It all seemed pretty simple It was a unit that they had paid $17000 for and they got 1 week every year, in other words they got 77000 Wyndham Points. The only thing we were responsible for was the maintenance fee which was $30/month.
Anyway long story short in 2008 we decided that since we're never able to use the timeshare we should put it up for sale. I went online found a few companies that seem to specialize in selling timeshare on a resale market. The one odd thing that i saw about all the companies that were online was that everyone of them seemed to charge for their service before the timeshare was actually sold. So of course against my better judgment i signed up with www.resortstransfer.com I paid Adam Edwards $899 to sell my timeshare which was supposed to have been sold within 90 days, I tried calling the company repeatedly with no response. 6 months later i even spoke with the Manager at their Tampa Florida office who assured me that my unit is just in the process of being sold, that they have very interested buyers and Resorts Transfer is in the middle of getting them qualified for financing. Its now been well over 1.5 yrs and i still havn't heard anything from that company.
My reason to write this blog is to inform the other unsuspecting timeshare sellers of the scam that's going around the internet. I can do that now because I have now finally Found my light at the end of the tunnel. 3 months ago a friend of mine referred me to www.paradiseresale.com their services are completely free to use to market your timeshare for Sale or Rent. I went on their website called their customer service number where the agent walked me through the entire website and helped me sign up. I had offers within 2 weeks and closed on my timeshare within 4 weeks of signing up with Paradise Resale
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Anyway long story short in 2008 we decided that since we're never able to use the timeshare we should put it up for sale. I went online found a few companies that seem to specialize in selling timeshare on a resale market. The one odd thing that i saw about all the companies that were online was that everyone of them seemed to charge for their service before the timeshare was actually sold. So of course against my better judgment i signed up with www.resortstransfer.com I paid Adam Edwards $899 to sell my timeshare which was supposed to have been sold within 90 days, I tried calling the company repeatedly with no response. 6 months later i even spoke with the Manager at their Tampa Florida office who assured me that my unit is just in the process of being sold, that they have very interested buyers and Resorts Transfer is in the middle of getting them qualified for financing. Its now been well over 1.5 yrs and i still havn't heard anything from that company.
My reason to write this blog is to inform the other unsuspecting timeshare sellers of the scam that's going around the internet. I can do that now because I have now finally Found my light at the end of the tunnel. 3 months ago a friend of mine referred me to www.paradiseresale.com their services are completely free to use to market your timeshare for Sale or Rent. I went on their website called their customer service number where the agent walked me through the entire website and helped me sign up. I had offers within 2 weeks and closed on my timeshare within 4 weeks of signing up with Paradise Resale
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