When selling your timeshare, there are a lot of important factors to take into account. As a seller, you have to be sure to cover your bases and have confidence that you are not only getting the best possible return for your property, but are also selling through a legitimate company. There are a few common mistakes when choosing to sell your timeshare, but even the number one mistake timeshare sellers make can be avoided with proper foresight and knowledge.
The Mistake
The biggest mistake sellers tend to make is going headlong into a deal without proper research, and without making sure they are protected. Speaking to a broker who can offer you more money than what you paid for the property can sound incredibly appealing, and this can rush sellers into making rash business decisions with their ownership. Illegitimate brokers will attempt to quote outlandish returns on your property that they will not be able to follow up on, and will likely ask for an up-front fee in order to put up your property listing on their site. Not asking for a contract drawn up with all transaction details and instead working off of a verbal agreement is a mistake that people can make when hearing such an enticing price, and it can lead to fairly heavy fallout.
The Solution
Verifying your broker’s real estate license is good practice to be sure you are dealing with a fully legitimized resale company. It is also imperative to find a resale company that does not charge up-front fees for listings, as you are not immediately paying out of pocket for a sale that is not guaranteed. Independent research prior to any purchase or sale is important, and selling your timeshare is no different. Looking into your property type and seeing an average price it sells for on the current market is good to use as a reference when speaking to a resale broker. Additionally, always be sure to have all details for your sale drawn up in a written contract so that you have the ability to have a lawyer review it and be sure of the authenticity.
Keeping these things in mind, you can sell your property comfortably knowing you can get a good price and are putting up a listing with a trustworthy resale company. If you have any additional questions on selling your timeshare, feel free to contact us to speak with one of our licensed agents.
