Trying to sell...so confusing!

[gcasa]

Hi,
I'm new to this forum but thought I'd register to throw a question out to you all. You seem to know WAY more than me!

I've been researching how to sell my timeshare for weeks now. And though I have more information than when I started, I'm way more confused! I've talked to a few 'up front fee' companies and even looked into charity donations. I'm reading conflicting information from websites all over the net. Some say selling is great right now, others are saying they can't even get a buck for their timeshare. And to top it off, I don't know the first thing about real estate transfers, closings, etc...

I'm thoroughly disgusted with the fact that there seems to be no way out of these timeshare commitments...other than walking away and losing everything you have OR, getting scammed by ruthless meanies!

Sorry if this question has been posted but I'm having a hard time finding info anymore....

Any advice on how to successfully sell my timeshare? Or even get out from under it? I have the Shell Vacations Club point package - 4500 points annual, $83 maintenance fee/month.

One of the companies I checked into was sell my timeshare now, but they have 97 listings for shell points. They tell me that not all listings are available since sold listings don't get pulled unless the owner requests it. Any feedback on this company? I keep finding mixed reviews out on the web.

I could use all the help I can get! Thanks!

[odaddy]

Never pay a company to sell, if they charge a fee, RUN! Most of the time those listings are there because they do not sell or market your timeshare,they take your money, thats all.

[Dave H]

I just looked on ebay... depending on the resort you are looking at getting a few hundred dollars for your points. I am no resale expert by any means, so I sure others will follow along.

I agree, I would not pay an upfront fee to "get rid" of my timeshare. While there are some upfront companies that I would consider, the vast many get you to pay up front never to be heard from again, or tell you your points are worth $20,000 never to be sold.

You have to watch the donation side as many times, and I am hearing about more and more are getting you to pay them a fee of up wards of $3,000 to get rid of your timeshare, then never transfer the deed to the charity, and a year from now, you start getting those nice collection calls about YOUR late payments and then over time, they will foreclose the timeshare and you get a big ugly mark all over your credit report.

I am sorry to hear you are disgusted that there is no way out of the timeshare contract. Timeshares are like houses, just smaller dollars, in other words, they are real property. Just like my upside down house, I have no safe way of "walking" from it, the timeshare is the same way.

If you were going to pay an upfront company to list it, then run it on ebay, take whatever you can get and then use a reputable closing company that is properly licensed to walk you through the closing.

The bigger issue is do you owe any money on your points as that will have to be paid off at time of closing.

[JLB]

If you want to find out what is true without forking over a bundle to an upfront company, try some free listing services, like craigslist and oodle.

craigslist is very well read, so if you don't get any response on it, chances are there's no market.

Look for other free ads websites in your resort's area.

I suppose you have tried through your resort, to see if they have a newsletter or a For Sale/For Rent Board, or any sort of resale assistance.

Google what you are trying to sell, i. e. X Resort Timeshare For Sale, to educate yourself specifically.

JMHO, but many who want to sell are totally clueless . . . when stuff on eBay can't even get $1 and they have their's listed with an opening bid of $14,500, or even $500, the stick out like a sore thumb.

[rikkis_playpen]

First, you need to learn the resale value of your ownership. Proper pricing is vital.. If you don't price properly, it won't matter where you advertise or how much exposure you can buy...

Shell hawaii contracts are currently selling for less than $1.00 per annual point. Arizona or California contracts only around $.50 per annual point.

Check pricing on various venues, or pay a broker to provide you with a CMA valuation to confirm the current market. If a broker sells it, you'll pay at least $1,500. in commission at closing. If you sell it on a by-owner site- just try to get as much exposure as possible for your advertising dollar- and look for a long duration on the ad you purchase. It's taking longer than ever to find a buyer in this economy.

If it's a company you've heard of- that's a good start. That means that chances are your prospect buyers have also heard of it! Cost varies depending on marketing, but most of your by-owner sites will range from about $150. to $700.

A 30 day eBay ad costs me about $160. but you'll find a ton of super cheap shell points there from the PCC's, so it may not be the best venue unless you are looking to give them away- and it may take a few tries before you actually find a buyer- so be prepared to pay for a few ads if you go that route. I generally only advertise high end properties on eBay now- since that venue has just become flooded with $1. ads for lower end timeshares.

Good luck!

Rich

[gcasa]

Thanks for the replies. It looks like I'm on my own then. I was so hoping (with fingers crossed even) that someone could recommend an honest and successful timeshare reseller.

I had an icky feeling about the upfront fee companies but I'm glad you confirmed my suspicions.

Timeshare ownership isn't like owning real estate. It only offers a place to stay (if available) at a pre-paid cost. Then does it seem right that the maintenance fees go up but the point value stays the same?

And yes, I think thats disgusting. The increase in maintenance fees keeps going up but the point value stays the same. It actually decreases in some resorts where you need more points to stay at the same hotel over the years. I'm actaully upside down...paying more in maintenance fees than the resort week is even worth. That sucks! And unlike the housing market, timeshare value always goes down. Something they didn't tell me when signing up. In fact they told me it would increase in value...just like real estate. I wouldn't mind if I was paying for what I was getting. But I'm not...I'm paying WAY more.

So, has anyone heard of any success resale stories they can share???

I've heard personal stories of companies taking over people's timeshares (they swear its true) but I can't seem to find these companies.

thanks again
genifer

[klynn]

Why not sell it yourself? I just sold one today and that is the 5th one I've sold on my own in the last couple of years. I have had good luck on craigslist and ebay.

[rikkis_playpen]

I'll be happy to provide you with several possible broker referrals, but I would need to know which club you own - HI, AZ, or CA. Please send a private message to avoid turning this thread into a complete advertisment.

As long as you price correctly, you should be fine if you have a little patience. You can even create a classified ad in this venue. You have numerous options, you've simply got to make a decision and then follow through..

You've gotten quite a bit of advice- now its up to you to act on some of it. Keep it and learn how to better use the ownership, sell it yourself or give it away, sell it via a broker, or pay a PCC to take it.

You aren't alone. Many individuals buy timeshares and don't really use them. A timeshare has value- but that value is only found in the usage and enjoyment. Someone else may obtain this ownership from you and get years of great vacations from it!

Good luck.

[Dave H]

Originally Posted by gcasa

Thanks for the replies. It looks like I'm on my own then. I was so hoping (with fingers crossed even) that someone could recommend an honest and successful timeshare reseller.

I had an icky feeling about the upfront fee companies but I'm glad you confirmed my suspicions.

Timeshare ownership isn't like owning real estate. It only offers a place to stay (if available) at a pre-paid cost. Then does it seem right that the maintenance fees go up but the point value stays the same?

And yes, I think thats disgusting. The increase in maintenance fees keeps going up but the point value stays the same. It actually decreases in some resorts where you need more points to stay at the same hotel over the years. I'm actaully upside down...paying more in maintenance fees than the resort week is even worth. That sucks! And unlike the housing market, timeshare value always goes down. Something they didn't tell me when signing up. In fact they told me it would increase in value...just like real estate. I wouldn't mind if I was paying for what I was getting. But I'm not...I'm paying WAY more.

So, has anyone heard of any success resale stories they can share???

I've heard personal stories of companies taking over people's timeshares (they swear its true) but I can't seem to find these companies.

thanks again
genifer

Sounds like condominium ownership in the US in general. Prices decrease and the cost of owning a condo goes up every year as costs go up.... wonder if that is why many of the deeds reference the Declaration of Condominium in it... hmmm...

All kidding aside, but think of timesharing as owning 1 week in 1 unit at a condominium complex, because THAT is what you really own. Yes, it is real property and as many are experiencing right now, owning any kind of real property, people are seeing a decrease in value.

Not that timeshares increase in value generally, but look at the market in general. If you bought from the developer, then yes, the price drop was swift and severe, that is like buying a new car at the car dealer.

Rich and others have given really good advise. Do you still owe on it? That might be where the issue is especially if it has not been a long time ago that you purchased.

[JLB]

Originally Posted by Dave H

All kidding aside, but think of timesharing as owning 1 week in 1 unit at a condominium complex, because THAT is what you really own. Yes, it is real property and as many are experiencing right now, owning any kind of real property, people are seeing a decrease in value.

Add to that description disproportionate fees, much higher than full-ownership.

You can see that in private developments that have both TS and full-ownership. In the one we own in, 2-bedroom full-ownership condos pay $1300/year in COA fees and $1200/year in POA fees, for a total of $2500.

A 2-bedroom timeshare unit pays $28,500!!!!