Selling Timeshare
Pitfalls
5 Traps to Look
Out For
Unfortunately, the timeshare industry
is one that is filled with traps for the unwary.
Beware of the companies that promise high sales prices,
existing buyers, and guarantees. Know upfront that
selling a timeshare can be a difficult process because
most buyers are not even aware that there is a resale
market.
The
properties themselves are motivated to sell their new
timeshares and resales by enticing buyers with free
meals, entertainment, and lots of expensive
advertising.
Here is a list of the 5
biggest Pitfalls:
| 1. |
Long Term Contracts.
Entering into an exclusive listing for a
long period of time. Do not let any broker
or listing service tie up your property for
a long period of time. Some listing
companies will let you just advertise or
they allow selling timeshares on a
non-exclusive basis.
If you agree to exclusivity,
agree to no longer than 30-45 days as you
can always renew.
|
| 2. |
Guarantees. Do not allow a
company to entice you with a guarantee of
sale. These guarantees are wrought with
fraud. Check the details and no matter what,
do not sign any binding paperwork, agree to
pay any significant upfront fees or to
exclusivity in exchange for a
guarantee. |
| 3. |
Property Agents. Choosing to
List with the Property Agent When the
Property is Still Selling New Timeshares.
These agents are there to sell new timeshare
units and they get paid much more for that.
Resales in these cases get very little
attention. |
| 4. |
Appraisal Fees. There
are many scams out there that will try to
charge you to obtain an appraisal of your
timeshare. This is not needed. A good broker
or online listing company should have plenty
of data to arrive at a fair
price. |
| 5. |
Inadequate
Documentation. Whether you are
entering into an arrangement with a broker or
a listing service, placing an ad, or ready to
enter into a sale transaction with a buyer,
make sure you document all your terms and
agreements in writing. |
| 
