Insider tips on how to navigate the resale process:
1. Gather Your Ownership Documents - You’ll need to understand exactly what you own before you're ready to sell it. Review any paperwork from the initial purchase and make note of relevant details such as the assigned week or unit number, number of points, exact amount of maintenance fees, and whether your usage is deeded annually, biennially, or triennially.
2. What is Your Resort Charging for Similar Ownerships? - Since timeshare resales cannot be appraised, the most important factor in determining value is current developer pricing. If timeshares are being sold at your resort for retail prices, then there is sure to be someone shopping for a better deal. If your resort has ‘sold out’ already (and is not part of a multi-site offering,) selling your timeshare will be a challenge, and Bay Tree Solutions won’t be able to help you. We suggest owners at these legacy resorts either use the onsite broker, or work with your HOA directly for a long term solution.
3. Be Aware of any Deed Restrictions Affecting Your Sale - Some timeshare deeds include a 'first right of refusal' for the developer, which means once you've found a buyer the resort must be given the opportunity to purchase your timeshare at the price you've agreed upon. (Unless the sale price is substantially under market value, the resort will likely not exercise this right.) Also, some vacation clubs and points based ownerships do not transfer all benefits to the new owner at time of sale. If you are selling a points-based timeshare, our timeshare points search is the only place buyers can locate properties by points value!
4. Determine Asking Price and Your Bottom Line - Once you know what retail pricing is for your timeshare, check the resale prices of comparable listings in our inventory and set your asking price. Expect buyers may offer substantially less than they are willing to pay, and decide on your bottom line price ahead of time. This way you can avoid making an impulse decision on a low-ball offer.
5. Advertise Your Timeshare - Resort developers use persuasion experts, and physical access to your unit, to sell new timeshares. You won’t be able to sell yours using the same techniques – and you don't need to. Many families like what they see on tour at the resort, but are turned off by some aspect of the process. Shopping online at your own pace, in a private, comfortable environment is a much better way to buy timeshare. Advertising on baytreesolutions.com will give you exposure to people who already want what you are selling.
6. Have Patience - If you've followed the steps above, your timeshare is fairly priced and effectively marketed. Be prepared to wait for a qualified buyer. Remember, less than 6% of American households own timeshare, so it's still a niche market. Since the value of a timeshare is almost entirely subjective, don't undermine your goal by participating in negative online forums.
7. Use a Reputable Title Company - Though the buyer is typically responsible for closing costs, as the seller, you should make sure the title company is legitimate, and that they are experienced in closing on timeshare properties. When you sell your timeshare with Bay Tree Solutions, we will gladly provide you with a list of reputable title companies upon request.