Timeshare resale? What to look for

Timeshare resale

Owning a timeshare is a pretty common thing today. And sometimes one feels the need to sell it off. With the ever-increasing demand for timeshares, selling one is not much of a problem. In fact, it can be sold like any other real estate one owns.

If you can find a customer directly, nothing like it. But if you need the services of a middleman, and a company approaches you, you must be inquisitive! Be careful not to agree to anything on the telephone, no matter how good and convincing it may sound. You should contact the Better Business Bureau or any such other agency in the state where the company is located and find out if any complaint has been lodged against them.

Get all assurances and promises in writing. Deal only with licensed real estate agents. Don't hesitate to ask to see their license and even to confirm with the Real Estate Commission.

Ask the agent if he can provide references of customers for whom he has closed deals. Then go right ahead and call some of them to be sure.

Ask them for the time frame they have in mind for selling off your timeshare. Ask them how they propose to find a customer, viz. whether by advertising in newspapers or some other means. Tell them you'd like to be constantly updated on the progress made by them in the matter.

Then get a clear undersatnding of their fees. There should be no hidden charges, nor should there be any ambiguity in this matter. As far as possible, go for an agent who charges his commission after the deal is closed. If you have to pay him in advance, take a proper receipt. Ask them about their refund policies in case the deal does not go through for some reason.

Once you have decided to sell, sell at the best available price. Don't wait to recoup your cost price, especially if you have held the timeshare for less than 4-5 years. If the timeshare is in a location that is not very popular, the prices may actually have gone down. If you are not sure about the value to be expected, take the services of a licensed appraiser in the place where the timeshare is located.

Go through the terms of the contract very carefully. Consult a lawyer if necessary. The contract must contain (explicitly), clauses regarding whether it prohibits you from trying to sell or hire the timeshare while the contract is on.

When buying a timeshare that is for resale, the same care must be taken. Make sure to deal with a reputed broker. Ensure that all taxes payable on the property have been duly paid. Check out the affiliation, as this is likely to affect its resale price should you need to resell it. If the reseller is still repaying the loan taken for the timeshare, work out how and by whom future liabilities are to be paid.

If you have the slightest of doubts, just stop further negotiations and start looking for another timeshare or another agent!

Article Source: http://www.propertymagnate.com/articles

Tyler J Stevenson is an owner of a timeshare & has experience in timeshare resales. His website is located at www.compare-time-share-resale.info A further resource is www.hubbuh.info

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