At Paradise Timeshare Resale we often field inquiries from timeshare owners who are new to the resale market. This primer is meant as a general overview to aid the potential timeshare seller in understanding the resale process, avoiding the pitfalls of unscrupulous companies, and making an informed decision of which company to best represent them in the market. The first step in the timeshare resale process is to take stock of what you own. Here are the things you need to be able to provide a potential resale company:
1) resort name
2) deeded week or points ownership
3) fixed week or floating
4) season designation of usage
5) view from the unit
6) current status of HOA fees and property taxes
7) usage availability and reservation status of your unit.
Collectively these factors will determine the pricing and marketability of the unit.
The next step is the most important one – selecting a timeshare resale company to be your selling agent. The best way to accomplish this is via internet research. Do not consider any company that charges an upfront fee to sell your unit as they are fraudulent scam operators that are giving the timeshare resale industry a huge black eye. Instead focus only on licensed real estate brokerage firms that have an A + rating from the United States Better Business Bureau.
Once you have done your preliminary research and narrowed down your potential reseller candidates, go to their websites and see if they have listings comparable to your unit. This will not only give you an idea of what your unit is worth, it will also show you how the company will present your listing to the internet marketplace. After the website evaluation it’s time to turn to the phone. Call the company that you feel is the best fit for your property and ask them to provide;
a) the marketing tools they will employ
b) the proposed pricing
c) the commission they will earn after completion of the sale.
A top flight licensed timeshare brokerage company is characterized not only by a strong internet presence, but also by a high-traffic physical office location, and most importantly of all, a strong team of licensed real estate professionals that know their market.
Once you have selected the resale company, you will be provided with a listing agreement to sign which spells out the terms and conditions of the agency relationship and then it’s time for them to go to work and find you a buyer. In this market environment buyers are looking for the best deal and will frequently lowball an offer. As in any real estate transaction, you as the seller can reject, counter, or accept the offer presented by the agent. Once the price has been agreed to, a deposit will be taken from the buyer, typically in the $750-$1,000 range, and an escrow will be opened with a licensed escrow company. The escrow process usually takes 30-45 days and will include the following;
1) title search
2) first right of refusal (for some hotel properties)
3) transfer of the unit to the new owner
4) estoppel letter from the resort
5) collection of the balance of the purchase price from the buyer and finally,
6) recording the new deed with the appropriate county recorder’s office.
Once the escrow has been successfully completed, the seller’s proceeds (net of the timeshare resale company’s commission) are delivered and the transaction is complete.
Paradise Timeshare Resale strongly surpasses all of the above criteria and would welcome the opportunity to be your selling agent. We have been in business since 1989 with our office in the high traffic Heavenly Village in the heart of South Lake Tahoe. In addition to a strong internet presence at www.timeshare-resale.com, the Paradise team of licensed real estate professionals and timeshare consultants is second to none. The company specializes in Lake Tahoe and Hawaiian properties as well as luxury nationwide hotel resort properties.
Give us a call at 800-996-2001 or contact us online and put us to work for you.