My dad’s in the UK. He has a Hilton timeshare in Orlando, Florida, which he wants to sell. He had contacted a company called SellMyTimeshareNow which charges an upfront fee with no guarantee of a sale.
I understand that selling timeshares is harder than selling regular homes because there’s little or no “equity,” but I don’t believe an upfront fee is legit. Am I off base? And can anyone recommend a timeshare seller?
My gf has owned a Caribbean timeshare for a long time. Despite all the negative things you hear, she (and I) has been very happy with it. She has received feelers from people wanting to buy it from people who already own week(s).
Does your father’s timeshare location have a Facebook owner’s group?
I know a number of people in the US with timeshares and a few of them have looked at selling them and weren’t happy with what they found out. There is a secondary market for timeshares, but you’re only going to get pennies on the dollar. In the case of the company your father found I would talk to their references to understand what they are doing for your upfront fee. It might be legit, but that’s sure not how things work in the US residential real estate market. I would suggest he shop around and see who else he can find to sell his timeshare before agreeing to anything… this websitemight be useful.
True. The reason for selling a timeshare isn’t really to make money, but rather to get out of future expenses (maintenance fees, etc).
Depending on the season, he may be able to get $1000 for it. If it’s not high season, I’d recommend placing an ad to give it away for just the cost of transfer/closing costs on either Redweek.com or TUG2.com. Both require you to be a member, but the fee is nominal (~$15). Redweek offers a service where you can download their forms and use their escrow service for a few hundred bucks (which you can ask the buyer to pay for).
^This. The resort where I have my timeshare has a book of owners who want to give up their unit. Most are offered on a “take over maintenance fee” basis. I would be leery of paying anyone up front to sell an item that may not have much, if any, resale value.