Seller FAQ
- How do companies decide upon pricing for timeshare properties?
- Can I sell my timeshare if I still owe money on it?
- What happens to my “banked” weeks when I sell my timeshare?
- Do I need a real estate agent to help facilitate a sale?
- When selling, do I need an appraisal for my timeshare property?
- How quickly might I expect to sell (or rent) a timeshare?
- How long does an actual timeshare closing take, and who takes care of the closing paperwork?
- Do I need my deed to close?
- What does Right of First Refusal mean?
Q. How do companies decide upon pricing for timeshare properties?
A. Market trends, the property’s location, popularity and amenities, the time of year, and the size of the unit all factor into the pricing process.
Q. Can I sell my timeshare if I still owe money on it?
A. You can sell your timeshare as long as all the debts are discharged before the property is transferred to the new owner. The deed cannot be transferred until all debts relating to the property are cleared.
Q. What happens to my “banked” weeks when I sell my timeshare?
A. Any weeks that have been “banked” with an exchange company are no longer affiliated with the resort. You can use them elsewhere or offer them in the negotiating process to increase the value of the package you are presenting to the buyer.
Q. Do I need a real estate agent to help facilitate a sale?
A. You can choose use the services of a real estate agent, but the sale of a timeshare is different from the sale of a single family residence – the field in which real estate agents are experts. Instead, partnering with an experienced timeshare resale company when you are ready to sell can be a wiser choice.
Q. When selling, do I need an appraisal for my timeshare property?
A. Was your timeshare property appraised when you bought it? If the answer is “No”, it does not need an appraisal when you resell it. A timeshare property has what is known as “a perceived value.” We will provide you with an “estimated market value” for your property, so you don’t have to pay the unnecessary cost of an appraisal.
Q. How quickly might I expect to sell (or rent) a timeshare?
A. A variety of factors influences the time it takes to sell or rent, including the property’s popularity, quality and location, the season/flexibility of your week(s) and, most importantly, the price. Offering your property at below the current market rate compared with similar properties will generate more interest and increase the likelihood of attracting a buyer more quickly. ExclusiveSales.com tries to ensure you receive some initial inquiries on your property in about 2-4 weeks.
Q. How long does an actual timeshare closing take, and who takes care of the closing paperwork?
A. The majority of closings are completed in four to 12 weeks. Because the paperwork can be complex and confusing, we advise you to use the services of a licensed, bonded title company that guarantees its work. While you are free to choose your own, we can provide you with details of several highly reputable companies.
Q. Do I need my deed in order to close?
A. Absolutely! Contact the appropriate county courthouse to recover the deed if you don’t have it. The fee for this ranges from about $25 - $40.
Q. What does Right of First Refusal mean?
A. When a buyer makes an offer on a timeshare property and the seller accepts, the developer has the right to purchase the property at the same price as the other buyer. If the developer decides to do this, the sale between buyer and seller is voided, and the property must be sold to the developer. If the developer decides not to invoke his Right of First Refusal, the original sale can go ahead at the negotiated price.
