Frequently Asked Questions
No. Appraisals are not required to sell your timeshare. However, it's important to learn your timeshare's true market value before placing it for sale.
Although no one can predict how long it will take to sell your timeshare, time on market depends on your resort's location, amenities, unit size, type of ownership, season of ownership, general appeal in the marketplace, and price.
Put simply, the best time to place your timeshare for sale is when you are ready to sell it. There is no particular time of year that will benefit the owner more over another time of year. Every day your timeshare is not on the market is a day your buyer could surface. Don't hold off. If you want your timeshare sold, don't waste time - SELL your timeshare now.
At the time you deposit time or points with your exchange company, the deposited time/weeks are removed from the resort, and placed with your exchange company for your use. However, if your exchange company membership is included in your annual maintenance fees, it is important to inquire with your resort's owner services department, to learn ahead of time, of the disposition of your deposited time, once a sale has occurred. If you pay your exchange company membership separate from your maintenance fees, your membership will not expire at the time of sale, and any deposited time will remain in your possession for your use, even after the sale has been completed, as long as you stay current with your membership fees.
It is not a requirement for you to use a real estate broker in the sale of your timeshare. For those who don't want to be involved with the details of the transaction, it is perfectly acceptable to enlist the services of a licensed broker to represent the transaction. For those who want broker representation, Preferred Timeshare Resales (an affiliate of Timeshare Giant), is a licensed real estate brokerage, specializing in timeshare resales, with an A+ Rating from the Better Business Bureau.
Yes, your timeshare is sellable if you have a loan on it. If the loan is attached to the timeshare itself, the loan must be paid off prior to transferring the timeshare to the purchaser. If you have a loan balance on your timeshare, and wish to sell, contact Timeshare Giant today, for suggestions on strategizing the sale of your timeshare, although you have a loan balance.
To protect you and your buyer from legal liability, we recommend the use of a title and escrow company or attorney specializing in timeshare escrow, to assist in completing the transaction. Once you have located a buyer, Timeshare Giant can recommend the use of a reputable title and escrow company to handle your transfer process. Title & Escrow companies will conduct the entire closing process, which includes, collecting transfer fees, obtaining estoppels, preparing closing statements, collecting funds, and any completing any other procedures in connection with safely transferring ownership of your timeshare.
To protect you and your buyer from legal liability, we recommend the use of a title and escrow company or attorney specializing in timeshare escrow, to assist in completing the transaction. Once you have located a buyer, Timeshare Giant can recommend the use of a reputable title and escrow company to handle your transfer process. Title & Escrow companies will conduct the entire closing process, including collecting transfer fees, obtaining estoppels, preparing closing statements, collecting funds from the buyer, and any other procedures in connection with safely transferring ownership of your timeshare.
Your resort developer may have a 'Right of First Refusal' policy, which means resort reserves the right to purchase your timeshare, under the same terms and conditions in which the buyer and seller have agreed. If the developer opts to exercise its Right of First Refusal, the developer will step into the Buyer's position, and finish out the transaction. Alternatively, the developer can waive its right of first refusal, allowing the buyer and seller to continue consummating their transaction. In a Right of First Refusal situation, the developer requires the timeshare owner to produce a buyer and have a signed contract, before the developer will consider exercising its Right of First Refusal. If you engage an escrow or title company to handle the escrow, they will submit the request for waiver of Right of First Refusal.
Yes. In most cases, the escrow company can obtain a copy of your deed from the county in which your deed was recorded.
Timeshares are fractional ownership interests in vacation condominiums, typically for one-week increments. Other timeshare concepts include a points-based ownership, in which the owner is awarded an allotment of points each year, which acts as a currency to spend toward vacation time in the developer's collection of various timeshare resorts. The timeshare concept has gained popularity over recent years, due to the low cost to purchase and low maintenance costs, in comparison to full second home ownership, or upscale hotel rooms.
Yes, Timeshare Giant can recommend reputable timeshare lenders who finance timeshares.
The main difference is price. When purchasing directly from the resort itself, the buyer will pay a much higher price, due to the cost of marketing, promotional gifts, sales staff, developer profit, and more. When buying on the resale market, the buyer is simply paying the open market value of the timeshare. Buying directly from an existing owner offers many of the same major benefits as if you made your purchase directly from the resort, including the ability to exchange your timeshare to other resorts affiliated with your resort's timeshare exchange company.
Annual maintenance fees cover the costs involved in the operation and maintenance of your timeshare resort, including property insurance, staff salaries, repairs, upkeep, etc.. Each year, the Board of Directors (a group of timeshare owners, who are elected by their fellow timeshare owners) will hold a meeting, at which time the following year's budget is determined. The amount of maintenance fees are billed proportionate to the resort's amenities and features, and divided among all the owners at the resort.
Both are timeshare exchange companies, which allow their members the ability to experience other luxury timeshare resorts around the world. As a member of an exchange company, you, the owner, can 'deposit' your 'home' timeshare week or points, and 'withdraw' another week to use at a different resort. Although R.C.I. and Interval International are completely separate companies, both have adopted very similar procedures, practices, and features. As a timeshare owner, membership in RCI or Interval International is optional.
Although most timeshare owners love to have the ability to exchange their timeshare, membership is optional. There are no initiation fees to become a member. A nominal annual membership fee is charged. At the time an exchange is requested, a nominal administrative exchange fee is charged. Most timeshare exchange companies offer additional benefits, including discounted travel arrangements, and more. Some timeshare developers include exchange company membership in the annual maintenance fee.
Yes, right down to the bed linens, towels, kitchenware, and more. Just set down your suitcase, and start enjoying your vacation condo.
Points-Based timeshares offer an annual allotment of points, which act as a type of currency to use within the timeshare developer’s collection of resorts. Deeded 'Fee Simple' timeshares are ownership for an indefinite period of time, like home ownership, but in one-week increments. Right-to-Use timeshares (also known as leasehold timeshares), typically have a year in the future in which the timeshare ownership expires. Memberships in Perpetuity, while not deeded, are memberships for an indefinite period of time.