4 Tips to Sell More Timeshare and Make More Money
How to Sell a Timeshare for Free
Finding A Buyer
Ensuring a Legal Transaction
Write up a new contract.Once you find a buyer, you'll have to draft a new contract. This will shift payment and responsibility onto a new owner.
- A contract should specify when the buyer can use the timeshare and how much money the buyer owes you. It should also specify how payments should be made. You can try writing a contract on your own. There are many contract templates you can download online that deal with timeshare sales.
- There are some companies that can deal with closing a contract for you. However, these are costly and should be avoided if you're looking to sell for free.
- If you don't have experience in contracts, you may want to talk to a lawyer. While there will be a cost for consulting a lawyer, if you look for an affordable business lawyer for a onetime consultation. This should not cost too much and a lawyer may even answer a few questions for free over the phone.
Deal with your loan.If you still have a loan on a timeshare, don't expect a new buyer to take over your loan. Before you can sell your timeshare, you'll need to figure out how to deal with your loan.
- If you have a personal loan rather than a secured loan, you do not need to pay the timeshare off before selling it. If you have a personal loan, the best course of action may be to simply sell the timeshare and put the money you sold it for towards paying off your loan.
- If you don't have a personal loan, you have to make a decision about how to deal with the loan prior to selling your timeshare. If your loan amount exceeds how much you can sell the timeshare for, you may want to hold off on selling until the loan is down to a reasonable amount. You can talk to your property manager about refinancing the loan to make payments more manageable if you're struggling to keep up with your bills.
- Your lender may allow you to do a short sale of your timeshare. This is usually offered if the cost of the mortgage is greater than the cost of the time share. You would still have to pay the remaining loan after selling the time share but would be free of other financial obligations regarding the timeshare.
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Date: 07.12.2018, 16:36 / Views: 75155