A timeshare is a type of ownership where different people pay for the right to use the property during certain weeks of the year.Trying to sell your weeks at a timeshare property for free is a challenge.You can sell your timeshare without spending a lot of money.
Step 1: Take a second to review your agreement.
Take some time to review your agreement.This will make you aware of your rights.You will know if you can sell the timeshare.You are an exclusive owner of the property if you have a deeded timeshare.You are able to sell your timeshare.If you have a leased timeshare, you can't sell it.You have to keep paying for your timeshare until the lease is up.
Step 2: Ask your property manager if there are in-house options.
You can ask the property manager about in-house options.Some companies offer services in which potential buyers are matched with those who are interested in selling their timeshare.The easiest way to sell a timeshare is through contracts and negotiations with the original company.This might not be a good option for you if you want to sell a timeshare for free.Fees are charged by some companies for in-house sales.
Step 3: The property can be advertised.
You need to advertise if you decided you can sell your timeshare and don't want to use an in-house option.You can use this to find potential buyers for your timeshare.It's the easiest way to advertise.You can find a group like the Timeshare Users Group.Fees are charged by some users groups.You can use free sites to advertise your timeshare.It's a good idea to use precautions when dealing with strangers online.Poor English and a willingness to pay without seeing the property are telltale signs of a scam.You can also advertise in the newspaper.This is a great way to sell your timeshare if you live in an area where people are interested in buying it.This may cost a small amount of money.
Step 4: Don't pay upfront fees.
There are many companies that can help you sell your timeshare.They will offer fast money and fast sales.You could do yourself a disservice if you didn't do much more than post your timeshare online.The upfront fee to sell your timeshare will be pricey.A listing fee, appraisal, or title fee are some of the ways it is listed.Any upfront fee is usually a sign of a scam.If you want to sell your timeshare on your own, you should only go through your original company.This is the easiest way to sell a timeshare.
Step 5: Write a new contract.
You will have to draft a new contract once you find a buyer.This will shift responsibility to a new owner.When and how much money the buyer owes you should be specified in a contract.How payments should be made should also be specified.It's possible to write a contract on your own.There are many contract templates you can download.Some companies can close a contract for you.If you want to sell for free, these should not be used.You should talk to a lawyer if you don't have any experience with contracts.If you want an affordable business lawyer for a onetime consultation, there will be a cost.A lawyer can answer a few questions for free over the phone.
Step 6: If you have a loan, deal with it.
Don't expect a new buyer to take over your loan if you still have one.You need to figure out how to deal with your loan before you can sell your timeshare.If you have a personal loan instead of a secured loan, you don't need to pay off the timeshare before you sell it.If you have a personal loan, the best course of action is to simply sell the timeshare and use the money to pay off your loan.If you don't have a personal loan, you have to make a decision about how to deal with the loan.If your loan amount is too high, you may want to hold off on selling until you can get a reasonable amount.If you're struggling to keep up with your bills, you can talk to your property manager about refinancing the loan.Your lender may allow you to do a short sale.If the cost of the mortgage is greater than the time share, this is usually offered.You would not have to pay the remaining loan after you sell the time share.
Step 7: The sale needs to be closed.
When you decide to sell a time share, you need to go through the same process as if you were selling a house.If you're not familiar with real estate deals, use a one time closing company.There will be a fee of around $300, but it might be worth it.If you want to save money, you can buy software that walks you through the process of closing a timeshare.It's a good idea to have an attorney look over any documents related to the closing of a time share.
Step 8: Consider renting.
Renting can be a viable option if you can't sell your timeshare.If you know you won't be able to use your timeshare, offer to rent the space to someone else.If you rent your timeshare, you will still be responsible for maintenance costs.
Step 9: Donate.
You can donate your timeshare if you're unable to sell it.You can either allow a friend to use the time share or donate it to charity.You can let a friend or family member use the timeshare if you can't make it.It won't be a complete waste because you'll still be stuck with an unwanted timeshare.You can donate your timeshare to a charity if it's allowed in your contract.Fees associated with the donation process make this process somewhat expensive.There are no tax benefits associated with donating a timeshare.If you can't find a buyer for your timeshare, you will not have to pay annual fees.
Step 10: You should make sure that any alternative options are allowed in your contract.
When making decisions about your timeshare, you should always defer to the original contract.Make sure there are no restrictions on how you can use your timeshare.