What to Keep in Mind When you Put Up Florida Timeshares for Sale

What to Keep in Mind When you Put Up Florida Timeshares for Sale

As a Florida timeshare owner, if you are looking to sell your timeshare property, you have to keep a few things in mind. When you sell your timeshare, you are essentially transferring all privileges and benefits given to you by the resort to the buyer. The resale price will largely depend on how impressive your timeshare is, how well you are able to sell it, as well as its current market value. Here are a few guidelines that will help you when you put up your Florida timeshares for sale.

Pay your mortgage before selling

If you have taken a mortgage to purchase your timeshares and a certain amount of the mortgage remains to be paid off, then you will have to clear the mortgage before selling the timeshare. In the event that the loan is not cleared, you will not be able to transfer your property to the new buyer. Sometimes, timeshare owners use the amount that they recover from selling their timeshare property to close their loan. However, if you are not confident that this will be possible in your situation, then it is best to clear the loan beforehand.

Decide on the right resale price

To decide the resale price of your timeshare, you will have to research the prices in and around the location of your timeshare property. You can also make enquiries at the county courthouse where your property is located. This will give you an idea about the prices at which timeshare properties have been sold in the recent past.

Create a timeshare sale advertisement

You will have to create an appropriate advertisement to tell prospective buyers all they need to know about your Florida timeshares. The advertisement will have to carry information about the location, price and annual maintenance fee of the timeshares. Also, provide information on the number of weeks or days that the new owners will be entitled to at the timeshare resort. Include details about additional amenities - a swimming pool or a health club- as this can grab the attention of a prospective buyer. Place your advertisement in newspapers and local magazines. You can also put up the ad in the resort's bulletin board as prospective timeshare buyers are likely to look there.

Draw up an agreement

Once you and the buyer have reached a mutual agreement about the terms of sale, it is best to have this agreement on paper. Seek the assistance of a real estate lawyer when you draw up a formal sale agreement. Once the sale agreement has been drawn up, you will have to approach the timeshare resort owners and present the agreement to them, along with giving them the option to buy your timeshares. If the resort owners relinquish their right (also called Right to First Refusal) to buy the timeshare from you, you can proceed to sell the timeshare to the chosen buyer.

Some owners consider their timeshares as an investment. But keep in mind that when you put up your Florida timeshares for sale, you stand to get only a fraction of the money you bought the timeshare for.

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