Need to Sell a Timeshare

We have a Banyan suite in the Imperial Hawaiian on Oahu. We purchased it back around 1986 & have never used the unit. Did rent it out twice, as I recall. In addition to our yearly maintenance fee of $500 we just rec'd an assessment for an additional $800. This assessment was the straw that broke the camels' back. After I rec'd this asssessment, we decided to get rid of the unit rather than keep dumping money into it. Was really surprised at the cost involved in selling the unit. Island Realty wants approx $2,000 in commission plus approx $400-500 in closing fees, plus 4% state tax, plus my $500+ for 07 maintenance, plus $800+ for assessment. Approx, $3,800 in fees. Per Island Realty, most Banyan units are listed from $3,800 up. So much for any profit! The only one with any profit, is the Realty! In searching the internet, "Sell my Timeshare" had a free appraisal listing. Within 30 minutes of filling out the form, I rec'd a phone call & like many of the other selling companies they want an upfront advertising fee. From what I read in the forum, this is not the way to go. We're well aware of the fact that we're going to take a loss on the unit, but I find it tough putting $3,800 into someone else's pocket & coming up with a big zero myself! Does anybody know of a quick way to get rid of a timeshare or any Realtors which are good?

Am I reading your post right? You bought this timeshare 20 years ago and have never used it! I would hope you mean you never stayed there but have traded to other resorts!

You can list on Redweek or Tug and many other sites and some are free. Try Craigs list free!

If your trying to just dump it then list it some where for a dollar and see what happens and make sure you list all this information for buyers to see.

Your lucky if you found a company working on a commission and not wanting up front fee's. Never pay up front fee's.

If you have kept this 20 years without using then money must not be important to you so if every thing is paid up to date and you own your unit try donation. There are many places you can make this donation.

Since you are already on Redweek you can surf around and get most of the information you need. Even better site is Tug and you can sign on as a guest free to look.

Never pay a timeshare reseller an upfront fee to sell your timeshare. The vast majority of upfront fee resellers are scams.

Find a company that charges a commission after the sell, not before, and even then make sure you know the percentage they will charge after they sell your week.

You can google 'no upfront fee timeshare resale companies' to find this information.

I, also, hope that you have many successful trades over the last 20 years. If not, I am shocked. My BIL bought a timeshare about 20 years ago and never did anything with it (trade, rent, occupy). No wonder timesharing got a bad reputation!

denise1130 wrote:

I, also, hope that you have many successful trades over the last 20 years. If not, I am shocked. My BIL bought a timeshare about 20 years ago and never did anything with it (trade, rent, occupy). No wonder timesharing got a bad reputation!

Denise it sounds like your husband did same thing in buying 20 years ago and getting no use out of it.

Sorry but as I said in my earlier post here this just doesn't make since. Back 20 years ago we bought our first timeshare and it was drilled in your head that you can use it or trade it every year.

This was the only reason to buy a timeshare back then and I feel its the same today. All though some try and own much more than one and rent them nows days!

This really isn't timeshare resorts or any other companies fault that owner does nothing with their unit though! This is the owners fault if he didn't use or rent or trade each year.

First I can not understand how anyone buying wouldn't understand this. Also for the very few that did nothing with their units and not try an sell it or something just doesn't make since. I know we don't get the whole story on here but 20 years is really unbelievable for anyone to waste this much time and money!

$2000 commission is VERY high. I know of some that only charge about $500 to sell it for you.

And as others have already stated NEVER PAY ANY UP FRONT FEES for them to advertise, etc...

Joe

darlenep30

denise1130 wrote:

I, also, hope that you have many successful trades over the last 20 years. If not, I am shocked. My BIL bought a timeshare about 20 years ago and never did anything with it (trade, rent, occupy). No wonder timesharing got a bad reputation!

Denise it sounds like your husband did same thing in buying 20 years ago and getting no use out of it./Q]

Darlene, if you read it again I said my BIL (brother-in-law) bought a timeshare and never used it. My husband and I have had one for about 15 years and use it, or trade it every single year.

I am saying that timesharing got a bad reputation because people did not use them, then complained about it. If a person lets their unit sit empty and doesn't bank it, they can't get an exchange. It's a waste. Yes, you must pay the maintenance fee ahead of time to bank it. That's not an excuse.

I work in an office where people complain because they have to pay their medical bill before turning it in for re-imbursement. It's kind of the same principal. Yes, you pay up front first.

My last two exchanges were to Kauai, Hawaii and a premier Latin American resort (Mayan Palace) in Playa del Carmen. I banked a not-so-valuable little resort in Florida (a year ahead of times, fees paid) and have been consistently pulling some top quality resorts.

Is there a reason you couldn't bank your week in Hawaii? You know, they don't send you reminder notices it is just something you have to take the initiative.

It is time consuming to sell timeshares. But if we are patient they will sell. I sold one though a real estate agent, and have one listed on redweek. I also am planning on buying another one in a different location. My hubby and I love the timeshare lifestyle. We have traded our's through RCI and have had some wonderful vacation memories. We are ready to retire this year so we are selling our other timeshare in new england and buying one in south carolina. We like to own a timeshare around where we live that way we get to stay at our home timeshare. It really is a lot of fun. The assessments are a real expense. I do not like them, but have had to pay plenty. It is like a condo we have to pay assessments also in addition the the condo fee every month. I think you can sell if your price is low and be patient. You have waiting this long, give yourself another year, it will sell if the price is right.