How to Get Out of a Timeshare - Seller FAQ
Every year owners search for ways of getting out of a timeshare, so if you are asking yourself how to get out of a timeshare, you’re not alone. According to a University of Central Florida (UCF) study, estimates are that as many as 85% of timeshare owners regret their ownership.
That’s a lot of timeshare owners. Fortunately, you’ve come to the right place. We have provided the answers below to the most common questions a timeshare seller asks when looking to get out of their timeshare.
Q. If I want to get out of a timeshare, do I really need to sell my timeshare?
A. The first decision to make is deciding to sell your timeshare. That sounds simple, but some owners are hesitant and are just “dipping their toe” into the process to check it out. Because of negative publicity surrounding the timeshare resale marketplace, some owners wait to see how the market develops for their product, but other owners just want to get out of their commitment as soon as they can.
Your motivation to sell a timeshare can affect several aspects of the process, such as your asking price and the time it takes to sell. The more motivated you are, the quicker the sales process can be. Once a decision has been made to sell, the next step is to find out how to accomplish the sale.
Q. How do i get out of my timeshare?
A. There are generally two ways to sell a timeshare as a timeshare owner. Like any other product, it needs to be promoted to let prospective buyers know it is available for sale, so finding a method to sell is the most important decision you can make.
Using an industry-specific online advertising company that targets timeshare buyers such as BuyaTimeshare.com allows you to advertise your timeshare for sale online to thousands of consumers interested in the vacation ownership product.
You would take out an ad with us, similar to taking out a classified ad in the newspaper but with far more reach and effectiveness. Then you would field offers from prospective timeshare buyers, negotiate the deal yourself and handle the closing process on your own. We can recommend good closing companies to you once you get to that point.
You’ll want to do your research regarding the resale value of your timeshare, perhaps by searching to see what other sellers are asking for timeshares in the same resort with a similar unit configuration during the same usage season. Have an idea of what your asking price will be, as online advertisers are often prohibited by state law to provide specific pricing advice.
There are also licensed real estate brokers who specialize in timeshare resales, called timeshare brokers, who can handle the negotiation and closing for you, for a price. In this case, we would recommend Timeshare Broker Associates (1-877-624-6889).
Q. If I sell my timeshare, is anyone really looking online to buy a timeshare?
Our platform attracts unique visitors per week across a large spectrum of search queries from multiple sources such as Google, Yahoo and Bing search engines, as well as partner sites and online marketing efforts. Rest assured that a significant amount of people are interested in a timeshare.
Q. Can I sell my Timeshare online safely?
Yes. BuyaTimeshare.com protects our customers by utilizing captcha security software on our "Make Offer" registration forms to protect consumers from fraudulent buyer offers. We've also created Timeshare Pulse, which is a free secure login account to help both buyers and sellers communicate back and forth electronically without sharing critical personal information that could potentially be used for fraudulent activity.
If you try to respond to a potential buyer from an offer placed onto your ad and you cannot make contact with them, then they are probably not a legitimate buyer or have changed their mind about the offer. It's essential to respond to buyer requests immediately; otherwise, they'll be tempted to make offers on other competitively priced properties.
Remember that some offers are just buyer inquiries, which is why the negotiation process is so important to the success of a sale. Our data security systems ensure that your discussions take place in a protected environment.
Q. What exactly is Timeshare Pulse?
A. Timeshare Pulse was designed to allow online communication between a seller and buyer, while protecting all parties from the potential for fraudulent activity. When an offer has been placed onto your ad, you would be notified through your email account and subsequently need to login to your Timeshare Pulse account in order to review and respond to the offer.
This free account also allows you to manage your advertisement, including adjusting your price, adding specific comments about your particular timeshare to set it apart from others, and write an enticing resort review. Through your account, you can see the specifics of the offers placed onto your ad and either accept, decline, or counter the offer as you work through the negotiation process.
Q. Do you really generate sales through BuyaTimeshare.com?
A. We show timeshare sales on our website at https://www.buyatimeshare.com/Timeshare-Sold.asp for which we have documentation and you can see which timeshares have sold and the price for which it sold.
Please keep in mind that, because we are an online advertising company similar to a newspaper classified section, advertisers are not obligated to share their sales information with us. Therefore, we only show the sold timeshares for which we have sales documentation provided to us by the seller.
Q. What happens if someone other than BuyaTimeshare.com asks for my information?
A. As a customer of BuyaTimeshare.com, you would not need to give out your personal information to anyone unless you've hired a licensed timeshare resale broker or a legitimate title company to consummate the sale transaction. It is not necessary for a buyer to have information such as your account number, social security number, address or any other personal information when they are submitting an offer.
The title company or brokerage firm, who you may have hired to help with the purchase and sales agreement or to transfer the ownership, would be the only parties that would need your personal information.
If unusual activity is detected, the agent or broker will report it to the appropriate regulatory agencies. If you are contacted by someone looking to buy your timeshare outside of our online system, please let us know. Especially if they are asking you to pay any type of transfer fee to complete a sale.
Q. What documents do I need to get out of my timeshare?
A. When you’re looking to sell or get out of your timeshare, you should have your owner documents ready, such as the deed and the original purchase and sales agreement, to verify your ownership information. We will need details such as the specific week owned, usage, unit location, unit configuration, view, and building location in order to build the most effective advertisement possible to promote your timeshare.
We also encourage you to send in photos of your timeshare - to display the wonderful aspects of your resort and inspire buyer activity.
If a buyer has questions, you’ll want to have the answers ready before you give out potentially incorrect information. Buyers can be very particular about what they are looking for, so advertising your property correctly will save you time and money – especially when it's time to transfer your timeshare ownership. If you accidentally misrepresent your ownership information, it could cost you around $300.00 in closing fees with the closing company if the sale falls through.
Q. What is the BuyaTimeshare.com Owner Verified Program?
A. Our Owner Verified Program is our seal of approval that the information included in an advertisement is as accurate as possible and verified through owner documentation.
Timeshare owners are asked to send copies of original documents such as purchase and sales agreement, deed, lease, right to use agreement, most recent maintenance fee bill and any other relevant documentation to deeds(at)buyatimeshare.com. Our staff has been trained to review the documents and verify that the information advertised for your vacation ownership property is included correctly.
Once reviewed and confirmed, we will place a special seal onto your ad showing that the ad is Owner Verified in an area that is more visible to potential buyers. If there are discrepancies, we will make the necessary adjustments to your advertisement.
Q. What happens to the documents that I send you?
A. We place the owner documents in a safe and secure electronic vault. Once you've negotiated a sale and decided on a title company, we will be able to provide them with the owner documents so the transfer of ownership is expedited.
Q. Are there additional fees involved to sell my timeshare?
A. If you are willing to do the negotiating, complete the purchase and sales agreement and the buyer is willing to pay the closing costs, there will be no additional fees to sell your timeshare. At that point, you have already paid your advertising costs and we do not charge a commission to you.
You must be current with all fees with the resort (including but not limited to mortgage, maintenance fees, taxes, assessments, etc.). If you are not current with these fees, the amount you owe to the timeshare resort will be deducted from your sale price and paid directly by the title company or escrow agent of your choice to the resort.
We've found that typically the buyer pays for the closing costs, but this is part of the negotiating process. The average fee for closing is around $500.00, depending on transfer fees, recording fees, and whether title insurance is purchased. If you are negotiating with the buyer, it is important to keep in mind that the buyer will have to pay approximately $500.00 in addition to their offer to purchase your timeshare.
Q. What happens when I have a buyer willing to buy my timeshare?
A. If you have come to an agreement with a buyer to sell your timeshare, the first step is to put everything in writing with a purchase and sales agreement. If you are unable to put your own purchase and sales agreement together, these services can also be completed through our affiliated licensed broker, Timeshare Broker Associates (1-877-624-6889). Keep in mind they will charge a nominal document preparation fee, but they will follow the transaction all the way through the closing process.
Once the purchase and sales agreement has been completed, you'll need to hire a genuine title company. We've spent years vetting companies and recommend both Fidelity National Timeshare and First American Title Insurance Company. Once they receive your purchase and sales agreement, they will be your point of contact through the rest of the closing process.
Get out of your timeshare today with BuyaTimeshare.com
If you’ve read this far, you really must want to find out how to get out of a timeshare. As the most-trusted resale company in the country, our online marketing programs have proven over the decades that our timeshare sellers find buyers. We give you the best chance of getting out of a timeshare, so give us a call on 800-640-6886 or contact us here to learn more about the programs on offer at buyatimeshare.com.