Selling a nonDVC timeshare on your own, how easy/hard is it?

[Disney1fan2002]

We own a Timeshare on Cape Cod. We have owned it for 8 years, and usually use it to trade out. NEVER have we gotten Disney, which is why we bought in the 1st place (promises of many a Disney vacation with II). It was in about the 4th year of having no luck with Disney availability, when I realized it had low trading power, because of the room sizes. It only sleeps 4, the entire resort.

Having the cash from the sale, plus not having to pay the yearly maintenance fee AND no longer having to pay the II processing fee everytime we trade, will help us get our debt under control.

Sooooo, any advice on where we can learn how to sell this on our own? TIA

 

[dianeschlicht]

Sad to say, but if it is low trading power, it is also probably low sale power as well, and you will likely take a loss on it. Most timeshares (except the very highly rated ones) do not retain their sale price when it comes resale time. I think that is the unusual thing about DVC. It DOES not only retain it's value, but at least so far, seems to increase in resale value. I would probably go through a resaler rather than try to sell it on your own.

 

[bwvBound]

I'd suggest monitoring eBay's timeshare sales for a period. Gather information such as:

• which closing companies are frequently used in private transactions?
• what kinds of costs are involved in the transfer process? (deed prep, resort transfer fees, escrow accounts, title insurance, etc.)
• how well are similar timeshares selling?
• what selling strategies seem to work best? (ad content, listing styles, starting bid level, use of reserve pricing or buy-it-now, payment methods, etc.)
• how do sellers describe the process ("what happens next after you win this auction?")

Simultaneously, spend time writing your ad. Write and re-write the content as you witness techniques used in successful eBay sales. Move on to developing your ad as a web page so that is it is easy to read, places emphasis on the key benefits of ownership, tells a story and creates desire.

Contact the closing companies you've now seen frequently used by others to determine costs, process and work performed. Choose one company to recommend and work the specifics (price, process and work performed) into your ad. (A "newby" buyer will likely accept your suggested closing company by default -- but more experienced buyers may have other ideas. Either way -- I'd recommend using a closing company to be certain the transfer is performed correctly and thoroughly.)

Contact your resort to learn what aspects of the transfer process they require. Do they charge a resort transfer fee? Will they provide an estoppel letter if requested? May a prospective buyer contact them to inquire status of your account?

Several weeks or months later -- fully armed with your new education on successful timeshare selling (yes, you CAN do this!) -- post your listing on eBay or elsewhere ... and be prepared to answer questions during the selling period.

Once you have a successful sale -- engage the transfer plan you described in your ad.

 

[Chuck S]

Just a thought, since I don't know how your Cape Cod timeshare is set up. If you have a floating week or point type system where you can easily make ressies, have you tried renting your unit out? You should be able to at least cover your maintenance and some of your note, and in the long run you may be able to rent for more than you can get from an outright sale, if it isn't a resort with a lot of resale value. Otherwise, most timeshares, except the popular upscale properties, take a big loss on the resale market

 

[RobDoc]

In addition to the great suggestions you have already received, you should visit the Timeshare Users Group ( www.tug2.net ) and Timesharing Today ( www.tstoday.com ) and take a look at the resale listings there. TSToday has contracts available for resales which may help. You may even find some listings for your resort and can get a feel for what prices are prevalent.

Especially if you purchased from the developer, you should be prepared to sell for less than you paid (very likely MUCH less than you paid).

Good luck!

 

[Disney1fan2002]

Just a thought, since I don't know how your Cape Cod timeshare is set up. If you have a floating week or point type system where you can easily make ressies, have you tried renting your unit out? You should be able to at least cover your maintenance and some of your note, and in the long run you may be able to rent for more than you can get from an outright sale, if it isn't a resort with a lot of resale value. Otherwise, most timeshares, except the popular upscale properties, take a big loss on the resale market

We don't owe a mortgage, it was paid off a few years ago. Renting it is not something I considered. I was just thinking of getting a few thousnads dollars, and not having a maintenance bill every year.

 

[rinkwide]

Having (a few thousand dollars) from the sale, plus not having to pay the yearly maintenance fee AND no longer having to pay the II processing fee...

Two out of three ain't bad.

 

[bwvBound]

Two out of three ain't bad.

Umm -- I agree. Looking this morning through eBay listings in the Cape Cod area -- it appears the sellers may clear their listing/selling costs but the sale will likely be a zero sum game. However -- if the unit is fixed summer week, at an ocean-front property, or has other highly marketable qualities -- the story might be different.

Additional thoughts for OP:

• Don't assume poor trade power just because the unit can't snag "Disney."
  From my experiences: I have two different timeshare properties sitting in my II account: one that does pull DVC and one that does not. My non-DVC-pulling-propery never fails to impress me with more options in HI, New Orleans, Italy, England, France and other desirable locations. The good news for me: it can't pull DVC -- but sees a wider variety of other options.
• Be especially careful of timeshare reseller companies charging an "upfront listing fee." It is highly likely that you'll spend ~$500 for no service what-so-ever.
• Learn and tout every benefit of owning this unit. Does the property exchange through both II and RCI? Does it have internal exchange advantages such as those offered by VRI-managed properties? Can the buyer use "day use" or "bonus time"? Sell the benefits!

 

[Dean]

In general I'd agree with the above. Ebay, TUG, redweeks, TST, broker listings are all good places to get info. Check with the resort to see if they do resales. Don't do an upfront fee, most are scams and not are good for the seller. I'd also agree that it's likely you will not net much or anything for it. One issue is whether keeping it will work better for you. Why not explore why you're not getting decent trades and see if there are ways to improve your chances. If so, you may do far better just riding along. Is it floating, if so make sure you get the best week for deposit. If you deposit AND request a full year out, and can accept a 1 BR or smaller outside March, April, Summer and Xmas; you may find you will do better. If you're already doing all these things, your trade power must be truly bad as DVC is not difficult in Jan and Sept esp.

 

[Sherri]

I would try word of mouth at first. Maybe give someone who may be interested in it a good deal to stay there. Maybe rent it for a low rate and that way they may fall in love with it.