TIMESHARE RESALE IN A NUTSHELL by:Robert J. Howells
Should you decide that you would like to sell your timeshare
, it is very important to be as informed as possible about the process. The process for timeshare resellers is similar in concept to the sale of any property, so if you have sold property before, the terminology used will be familiar to you. However, if you are not familiar with selling properties, the information below will help you get a clearer picture regarding what is involved in timeshare resale.Right of First Refusal or ROFR
This means that the resort where your timeshare exists has the option to buy it first before you sell it to a private buyer. In this case, the timeshare reseller you are working with will be the middleman between you and the resort. If the resort declines ROFR, then you are allowed to proceed with your timeshare resale to a private buyer.
Property Appraisal
It is most likely that your timeshare was not appraised before you made the purchase. This means that it does not need to be appraised when you sell it. The commonly held belief in the industry is that appraisals are a way for less than honest organizations to get money out of you. In this case, it is best to have a reputable professional timeshare reseller to work with.
Comparative Market Analysis or CMA
This information is valuable to set the best price to sell your timeshare. A figure is produced from the average recent selling price of units comparable to yours in the same resort where your timeshare is located.
FREQUENTLY ASKED QUESTIONS:
Is it possible to avoid using a lawyer when I close on my timeshare resale?
It is wise to have legal counsel involved in the final details. A licensed attorney will review the details of your sale and represent your best interests. Legal counsel will handle the following; deed preparation (not necessary if the timeshare is a non deeded Right To Use Membership), escrow of funds, estoppel certificate, closing statements, recording fees and transfer of funds to you.
Can you close on a timeshare resale without your deed in hand? Contrary to what you might think, yes you can. If you have misplaced your deed, a replacement can be obtained for you by your reseller from the local authorities.
Can I sell my timeshare on my own?
While this is certainly possible, unless you have a lot of experience and want to handle all of the legwork yourself, it is probably not a good use of your time. The details involved in marketing and selling a timeshare are sizeable and better handled by a professional timeshare reseller with experience. A good timeshare reseller has access to a great deal of information that the general public does not have access to. It is a good idea to ask some smart and pointed questions when you are interviewing for someone to handle your timeshare resale so you will feel confident with using them. Wise questions to ask are for example; 'how extensive is your inventory?', 'what is the average time of sale from listing to closing from your office?', 'how do people that are looking to buy find out about you?'
So there you have it, the nuts and bolts of timeshare reselling.
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About the author
I am an internet marketer specializing in the timeshare and real estate field.
I develop internet marketing campaigns utilizing pay per click marketing with the major search engines. I create keyword optimized landing pages for organic search traffic. My goal is to create compelling offers and strong calls to action to maximize results from the traffic I generate. I have over 28 years in the timeshare sales and marketing field.
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