If you decide to sell your timeshare, learn how to proceed with care and caution in the marketplace.
Step 1: Gather all documents for the sale Gather all documents needed for the timeshare sale such as the resort's name and contact information, the property deed, and the membership agreement.
TIP: Other information includes any timeshare exchange company affiliation, and the amounts of maintenance fees and real estate taxes.
Step 2: Establish an asking price Establish an asking price. Join the Timeshare Users Group (TUG) and check their database for going asking prices and get your resort's resale asking prices.
TIP: Check current and completed online timeshare auctions for going asking prices.
Step 3: Decide where to advertise Decide where to advertise. Post with your resort's bulletin board or newsletter for free, or list for a nominal fee in timeshare-related publications.
Step 4: Create an online auction seller's account Create a seller's account at an online auction site. If there are opportunities to pay extra that could increase the number of looks at your timeshare, they're worth it.
Step 5: Sell your timeshare condo yourself Sell your timeshare condo yourself, or hire a real estate agent to assist with the sales contract, negotiate with buyers, and help with the closing.
Step 6: Hire an attorney or title company Hire an attorney or title company to help you draw up a sales contract, or use a timeshare closing service such as Timeshare Transfer or JRA Services.
FACT: Bought by billionaire Warren Buffett in 1998, NetJets is a service offering executives private jet fractional ownerships -- a system similar to timeshares.