Selling a Timeshare: The Sale
When it does come time to sell a timeshare, it is possible to avoid broker fees and post it "for sale by owner." There are timeshare newsletters and Web sites frequented by people who are looking to buy. Placing an ad in one or more of these places is a good first step.
If you do go through a broker, make sure you check his or her credentials thoroughly. Try to avoid brokers who ask for an upfront fee, and be wary of resellers that approach you first. The FTC recommends checking with the Better Business Bureau and state real-estate licensing agencies. You can also ask for references from the broker. Find out exactly what the broker will do to promote your property and how often he or she will report to you.
It can be difficult to set the price of your timeshare at the correct market rate. There are timeshare-appraisal services available to help with this.
Finally, remember that a timeshare resale is a large real-estate transaction. All agreements should be made in writing. The buyer's address and phone number should be available. You'll also need all the proper paperwork regarding the fees, rights and limitations of use associated with the property and the resort that it belongs to.
Next, we'll find out how to avoid timeshare scams.