Can You Refinance Your Timeshare or Timeshare Resale? Part 2 of 3

This is Part 2 in a three-part series on refinancing timeshare and related timeshare opportunities. Part 1 dealt with how timeshare owners can refinance timeshare on which they are still making payments. Today’s post looks at how timeshare owners can sell timeshare on which they still owe money.

While yesterday’s timeshare blog on refinancing timeshare could only offer a few suggestions, today’s topic offers brighter news … yes, you can resell timeshare, even if you have not fully paid for it. In the same way that you can resell a house or car on which you still owe money, you can also sell timeshare on which you owe debt. But – and this is critical – you must be able to pay off your original debt in the process.

The holder of your existing lien on your timeshare will not release the deed to the new owner until you have satisfied any outstanding debt on the loan. If you owe $5000 on your timeshare, for example, you will need to sell it for at least $5000 in order to break even on the transaction, and to walk away free of the debt and free of the timeshare. If you sell timeshare on which you owe $5000 for an amount greater than the outstanding debt, then the balance above $5000 is yours to keep. Typically, this money is held in escrow during the timeshare sales transaction and is released to you when the timeshare sale is finalized.

It could even make sense for you to pay off part of the debt yourself in order to get your timeshare sold. Perhaps you owe $5000, and the best offer you receive for your timeshare is $4000. You might decide it is worth it to pitch in the additional $1000 needed to retire the debt in order to sell your timeshare. After all, you probably have timeshare maintenance fees coming up each year that mean if you turn down the sale, you will still be paying on your existing timeshare loan plus you will be paying those annual fees and taxes. If your timeshare annual fees are near the average (around $600) then it soon becomes worthwhile to contribute to the sale by paying down any difference in your debt and your selling price, get your timeshare sold, and eliminate timeshare annual fees from your future.

How Much is Your Timeshare Resale Worth?

Knowing how much your timeshare resale is worth and how much you can expect to sell it for are important first steps in preparing to sell timeshare you no longer want to own. You can get a general idea about the value of your timeshare by looking at the median price people are asking for their timeshare resales. Don’t try to average the asking prices to come up with your target price because some timeshare owners ask a price that is much too high while others ask too little. Instead of looking at the average, look at the median price (the number that falls directly in the middle of the range of prices asked) or the mode, which is the price that occurs most frequently.

An even easier and more reliable way to find out what your timeshare is worth on the timeshare resale market today is to contact Sell My Timeshare NOW by visiting this page. Complete the short questionnaire about your timeshare and we will send you a free Timeshare Value Report. Now you can compare your timeshare against other properties of similar size and amenities and that are during a comparable season.

Part 3 of this series (tomorrow’s The Timeshare Authority blog) will address the possibilities of borrowing money against a timeshare you own in full.