Trying to sell...so confusing!

[gcasa Junior Member Find all posts View Profile Close gcasa]

Hi,
I'm new to this forum but thought I'd register to throw a question out to you all. You seem to know WAY more than me!

I've been researching how to sell my timeshare for weeks now. And though I have more information than when I started, I'm way more confused! I've talked to a few 'up front fee' companies and even looked into charity donations. I'm reading conflicting information from websites all over the net. Some say selling is great right now, others are saying they can't even get a buck for their timeshare. And to top it off, I don't know the first thing about real estate transfers, closings, etc...

I'm thoroughly disgusted with the fact that there seems to be no way out of these timeshare commitments...other than walking away and losing everything you have OR, getting scammed by ruthless meanies!

Sorry if this question has been posted but I'm having a hard time finding info anymore....

Any advice on how to successfully sell my timeshare? Or even get out from under it? I have the Shell Vacations Club point package - 4500 points annual, $83 maintenance fee/month.

One of the companies I checked into was sell my timeshare now, but they have 97 listings for shell points. They tell me that not all listings are available since sold listings don't get pulled unless the owner requests it. Any feedback on this company? I keep finding mixed reviews out on the web.

I could use all the help I can get! Thanks!

[odaddy Gold Contributor Find all posts View Profile Close odaddy]

Never pay a company to sell, if they charge a fee, RUN! Most of the time those listings are there because they do not sell or market your timeshare,they take your money, thats all.

[Dave H Member Find all posts View Profile Close Dave H]

I just looked on ebay... depending on the resort you are looking at getting a few hundred dollars for your points. I am no resale expert by any means, so I sure others will follow along.

I agree, I would not pay an upfront fee to "get rid" of my timeshare. While there are some upfront companies that I would consider, the vast many get you to pay up front never to be heard from again, or tell you your points are worth $20,000 never to be sold.

You have to watch the donation side as many times, and I am hearing about more and more are getting you to pay them a fee of up wards of $3,000 to get rid of your timeshare, then never transfer the deed to the charity, and a year from now, you start getting those nice collection calls about YOUR late payments and then over time, they will foreclose the timeshare and you get a big ugly mark all over your credit report.

I am sorry to hear you are disgusted that there is no way out of the timeshare contract. Timeshares are like houses, just smaller dollars, in other words, they are real property. Just like my upside down house, I have no safe way of "walking" from it, the timeshare is the same way.

If you were going to pay an upfront company to list it, then run it on ebay, take whatever you can get and then use a reputable closing company that is properly licensed to walk you through the closing.

The bigger issue is do you owe any money on your points as that will have to be paid off at time of closing.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

If you want to find out what is true without forking over a bundle to an upfront company, try some free listing services, like craigslist and oodle.

craigslist is very well read, so if you don't get any response on it, chances are there's no market.

Look for other free ads websites in your resort's area.

I suppose you have tried through your resort, to see if they have a newsletter or a For Sale/For Rent Board, or any sort of resale assistance.

Google what you are trying to sell, i. e. X Resort Timeshare For Sale, to educate yourself specifically.

JMHO, but many who want to sell are totally clueless . . . when stuff on eBay can't even get $1 and they have their's listed with an opening bid of $14,500, or even $500, the stick out like a sore thumb.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Know the resale value of your ownership..

First, you need to learn the resale value of your ownership. Proper pricing is vital.. If you don't price properly, it won't matter where you advertise or how much exposure you can buy...

Shell hawaii contracts are currently selling for less than $1.00 per annual point. Arizona or California contracts only around $.50 per annual point.

Check pricing on various venues, or pay a broker to provide you with a CMA valuation to confirm the current market. If a broker sells it, you'll pay at least $1,500. in commission at closing. If you sell it on a by-owner site- just try to get as much exposure as possible for your advertising dollar- and look for a long duration on the ad you purchase. It's taking longer than ever to find a buyer in this economy.

If it's a company you've heard of- that's a good start. That means that chances are your prospect buyers have also heard of it! Cost varies depending on marketing, but most of your by-owner sites will range from about $150. to $700.

A 30 day eBay ad costs me about $160. but you'll find a ton of super cheap shell points there from the PCC's, so it may not be the best venue unless you are looking to give them away- and it may take a few tries before you actually find a buyer- so be prepared to pay for a few ads if you go that route. I generally only advertise high end properties on eBay now- since that venue has just become flooded with $1. ads for lower end timeshares.

Good luck!

Rich

[gcasa Junior Member Find all posts View Profile Close gcasa]

Thanks for the replies. It looks like I'm on my own then. I was so hoping (with fingers crossed even) that someone could recommend an honest and successful timeshare reseller.

I had an icky feeling about the upfront fee companies but I'm glad you confirmed my suspicions.

Timeshare ownership isn't like owning real estate. It only offers a place to stay (if available) at a pre-paid cost. Then does it seem right that the maintenance fees go up but the point value stays the same?

And yes, I think thats disgusting. The increase in maintenance fees keeps going up but the point value stays the same. It actually decreases in some resorts where you need more points to stay at the same hotel over the years. I'm actaully upside down...paying more in maintenance fees than the resort week is even worth. That sucks! And unlike the housing market, timeshare value always goes down. Something they didn't tell me when signing up. In fact they told me it would increase in value...just like real estate. I wouldn't mind if I was paying for what I was getting. But I'm not...I'm paying WAY more.

So, has anyone heard of any success resale stories they can share???

I've heard personal stories of companies taking over people's timeshares (they swear its true) but I can't seem to find these companies.

thanks again
genifer

[klynn Senior Member Find all posts View Profile Close klynn]

Why not sell it yourself? I just sold one today and that is the 5th one I've sold on my own in the last couple of years. I have had good luck on craigslist and ebay.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

I'll be happy to provide you with several possible broker referrals, but I would need to know which club you own - HI, AZ, or CA. Please send a private message to avoid turning this thread into a complete advertisment.

As long as you price correctly, you should be fine if you have a little patience. You can even create a classified ad in this venue. You have numerous options, you've simply got to make a decision and then follow through..

You've gotten quite a bit of advice- now its up to you to act on some of it. Keep it and learn how to better use the ownership, sell it yourself or give it away, sell it via a broker, or pay a PCC to take it.

You aren't alone. Many individuals buy timeshares and don't really use them. A timeshare has value- but that value is only found in the usage and enjoyment. Someone else may obtain this ownership from you and get years of great vacations from it!

Good luck.

[Dave H Member Find all posts View Profile Close Dave H]

Thanks for the replies. It looks like I'm on my own then. I was so hoping (with fingers crossed even) that someone could recommend an honest and successful timeshare reseller.

I had an icky feeling about the upfront fee companies but I'm glad you confirmed my suspicions.

Timeshare ownership isn't like owning real estate. It only offers a place to stay (if available) at a pre-paid cost. Then does it seem right that the maintenance fees go up but the point value stays the same?

And yes, I think thats disgusting. The increase in maintenance fees keeps going up but the point value stays the same. It actually decreases in some resorts where you need more points to stay at the same hotel over the years. I'm actaully upside down...paying more in maintenance fees than the resort week is even worth. That sucks! And unlike the housing market, timeshare value always goes down. Something they didn't tell me when signing up. In fact they told me it would increase in value...just like real estate. I wouldn't mind if I was paying for what I was getting. But I'm not...I'm paying WAY more.

So, has anyone heard of any success resale stories they can share???

I've heard personal stories of companies taking over people's timeshares (they swear its true) but I can't seem to find these companies.

thanks again
genifer

Sounds like condominium ownership in the US in general. Prices decrease and the cost of owning a condo goes up every year as costs go up.... wonder if that is why many of the deeds reference the Declaration of Condominium in it... hmmm...

All kidding aside, but think of timesharing as owning 1 week in 1 unit at a condominium complex, because THAT is what you really own. Yes, it is real property and as many are experiencing right now, owning any kind of real property, people are seeing a decrease in value.

Not that timeshares increase in value generally, but look at the market in general. If you bought from the developer, then yes, the price drop was swift and severe, that is like buying a new car at the car dealer.

Rich and others have given really good advise. Do you still owe on it? That might be where the issue is especially if it has not been a long time ago that you purchased.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

All kidding aside, but think of timesharing as owning 1 week in 1 unit at a condominium complex, because THAT is what you really own. Yes, it is real property and as many are experiencing right now, owning any kind of real property, people are seeing a decrease in value.

Add to that description disproportionate fees, much higher than full-ownership.

You can see that in private developments that have both TS and full-ownership. In the one we own in, 2-bedroom full-ownership condos pay $1300/year in COA fees and $1200/year in POA fees, for a total of $2500.

A 2-bedroom timeshare unit pays $28,500!!!!

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Yesterday I came back to act a caveat to my suggestion to try craigslist and other free ad opportunities, to test the market. Then, someone had bally-hooed them, so I didn't post.

Now I will say what I was going to say and that is that it is that you are more likely to find interest from those who are already familiar with timeshares, and, more specifically, those who already own what you have. 99.999999% of the general population cares even less than less about timeshares, so pick sites/opportunities to target a specific market.

[chriskre Super Moderator Find all posts View Profile Close chriskre]

I recommend trying redweek. Although there are only a website I know that I posted my timeshare on there and almost sold it but then changed my mind because decided it was working as a great trader for me instead of selling it. I think they were charging $15 for a 6 month ad. I haven't listed anything in a while there but I think they give you a free ad with new membership. I've also used this site to get nice rentals at hard to find places that I couldn't trade into with RCI like Riverside suites in San Antonio and other places like Manhattan Club.

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

At some point if you put up an ad you are likely to get contacted by one or more companies that charge an up-front fee, most of whom will also "assure" you that they can sell the unit for much more than you have it listed for. It's not uncommon for these outfits to say they have a buyer lined up, waiting to buy for unit $10,000 or $20,000 or some such sky high price. (Though the price might not seem sky high to you as it will probably somewhat close to what you paid for it initially.) All you need to do is pay them some amount of money (usually $500 to $1000) to cover their marketing expenses and they will complete the sale.

Invariably people who do this find that the deal falls through for some reason. At some point they may realize there never was a buyer; it was all a ruse to get them to pay that advertising fee.

*****

Don't get suckered in by one of those outfits.

[chriskre Super Moderator Find all posts View Profile Close chriskre]

Also if you advertise on Craigslist for sure you are going to get the Nigerian scammers to want to send you more than your asking price in a certified check which they want you to cash for them and then send them the leftover. It's ridiculous after a while but I think it must work because everytime I post an ad on Craigslist I get inundated with this crap. Very few legit buyers. And I'm not just talking about timeshares but anything you list on Craigslist. I love Craigslist but be ready to weed out lots of spam & scams.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I have six ads right now on craigslist and have for a couple of years. Surprisingly I have never gotten any scam/spam. I have from another regional site doing stuff similar to CL.

What I do have a problem with with CL, is people flagging, and CL not being polite enough to tell you why they deleted an ad. I recently had one expire. When I renewed it . . . the identical ad in the identical category . . . it got flagged.

That and being limited to just one craigslist when an ad would be appropriate to several locations. I have stuff for sale in Branson that would be appropriate to lots of markets, but I have to pick one, so I pick Springfield, MO, one of the smaller ones, because it is closest.

Also if you advertise on Craigslist for sure you are going to get the Nigerian scammers to want to send you more than your asking price in a certified check which they want you to cash for them and then send them the leftover.