How to Sell a Timeshare that is Paid off: Guide to Resale & Deed-backs
If you’re a timeshare owner looking to get rid of your property, you’re probably aware that it’s easier to exit ownership once you’ve paid off your timeshare. But just because it’s easier doesn’t make it easy or even possible through most timeshare companies.
Like in real estate, selling a timeshare property you’ve paid off makes it so you don’t have to pay your lender any money made from the sale. However, there are many factors that make selling a paid off timeshare much harder than selling a regular property — the main one being the strict policies of timeshare companies.
Timeshare developers want you to keep your timeshare for life. They want to continue getting money from you even after your property is paid off. Far after you’ve made the last of your timeshare mortgage payments, they want to continue profiting off your annual maintenance fees and other costs associated with owning a timeshare. Since timeshare companies make it so challenging, here’s your guide on how to sell a timeshare that is paid off.
How to Sell a Timeshare That Is Paid Off
If you are looking to pursue timeshare cancellation with a paid-off timeshare, we have some good news for you. Selling a timeshare is much easier when you no longer have mortgage payments with high interest rates to worry about — but it’s still no easy feat.
Before we tell you how to sell a timeshare that is paid off, be warned that the process is very challenging. You can’t just go to your timeshare company and tell them you want to sell your timeshare back. If it was that easy, the American Resort Development Association (ARDA) would not report the timeshare industry to be worth $10.5 billion. Developers make it hard to get out of a timeshare contract even when it’s paid off.
If you want to face the challenge and try to sell your timeshare, here are your options.
Deedback Programs
A deedback program is a service offered by some timeshare companies where you can sell your paid-off timeshare back to them. But it’s not as simple as it seems. Companies aren’t very vocal about buyback programs because they don’t want to stop making money off their customers.
Even after you’ve paid off your property’s mortgage, you still have ongoing timeshare fees that you must pay to your developer. This includes timeshare maintenance fees for resort upkeep and membership fees if you belong to a timeshare exchange program.
Not only do developers have an incentive to keep these programs quiet, but very few even offer them. To see if your resort might buy back your property, check your timeshare contract. If there is no mention of a deedback option or if your company doesn’t offer buybacks for deeded timeshares, chances are the resort won’t repurchase it.
If unsure, start by calling your Homeowners Association (HOA). They can confirm whether a deedback program exists and if you’re eligible.
Resorts often initially deny buyback requests. Some require major life changes—like a family member’s death or a drastic income loss. Fees can range in the thousands, and the process may drag out for months or even years.
If your timeshare developer has a deedback program you can use, begin by completing a timeshare transfer form. You’ll also need a quitclaim deed, proving your ownership interest. Additional documents typically required include:
Copy of your original deed
Waiver of right of first refusal
Proof that mortgage is paid off
Timeshare transfer fees
Additional deedback documents
Closing payments ranging from $3,000-$5,000
The Problem With Deedbacks
If your timeshare developer offers a deedback program, why isn’t it always the solution? Because it usually doesn’t work in the seller’s favor.
For one, you aren’t really selling your property. When you tell your timeshare developer, “I want to sell my timeshare back to you,” you’re essentially giving the timeshare away. Most timeshare owners earn no money from deedbacks.
When you transfer your timeshare property back, you rarely make a profit and often pay a transfer fee. The main benefit is that you’re no longer obligated to pay maintenance fees. In effect, the resort is doing you a favor by accepting the unit.
Consider this: developers constantly build new units. Their salespeople target first-time buyers willing to pay high sale prices on new units. Why would they buy a used unit with lower resale value when new sales bring them much more profit through upfront fees?
Timeshare Resales
If deeding back your timeshare isn’t an option, another solution for how to sell a timeshare that is paid off is pursuing a timeshare resale. To do this, you can hire a real estate agent to evaluate the value of your property and help you sell your timeshare weeks on the resale market. You can also list your timeshare property on eBay or Craigslist.
The problem with these options is that real estate agents cost money, and there are thousands of incredibly cheap timeshare listings to compete with on these websites. Plus, neither option will guarantee you a sale since the resale market is so saturated with timeshare owners looking to get rid of their properties for free.
You must also keep in mind that the resale route is not an option for all timeshare owners. Many timeshare companies do not allow their customers to sell their timeshares to a third-party buyer or resale company. Checking your timeshare contract will determine whether selling your timeshare is even an option for you.
Getting Out of Your Timeshare Once and for All
When seeking a solution for how to sell a timeshare that is paid off, you’ll often be advised to sell your property to a deedback program or put it on the resale market. But both of these options have limitations and do not work for timeshare owners.
Deedbacks require you to submit a long series of documents and payments to your developer and never make a profit. The resale market is fraught with competition from other people who are desperate to escape timeshare ownership.
Plus, it’s likely that your timeshare contract doesn’t allow you to use either of these options for selling a timeshare, even when it’s paid off. If you’ve found yourself in this situation, it’s time to reach out to Centerstone Group.
Centerstone Group is a full-service advocacy group that specializes in resolving timeshare contracts for clients seeking cancellation. With a 4.76 rating on Better Business Bureau, Centerstone Group delivers quicker resolutions than any other timeshare exit company or law firm. You may qualify for our services if your mortgage is paid off and your timeshare is eligible for our transfer services. Contact us today for a free consultation to get started.
If you’re a timeshare owner looking to get rid of your property, you’re probably aware that it’s easier to exit ownership once you’ve paid off your timeshare. But just because it’s easier doesn’t make it easy or even possible through most timeshare companies.
Like in real estate, selling a timeshare property you’ve paid off makes it so you don’t have to pay your lender any money made from the sale. However, there are many factors that make selling a paid off timeshare much harder than selling a regular property — the main one being the strict policies of timeshare companies.
Timeshare developers want you to keep your timeshare for life. They want to continue getting money from you even after your property is paid off. Far after you’ve made the last of your timeshare mortgage payments, they want to continue profiting off your annual maintenance fees and other costs associated with owning a timeshare. Since timeshare companies make it so challenging, here’s your guide on how to sell a timeshare that is paid off.
How to Sell a Timeshare That Is Paid Off
If you are looking to pursue timeshare cancellation with a paid-off timeshare, we have some good news for you. Selling a timeshare is much easier when you no longer have mortgage payments with high interest rates to worry about — but it’s still no easy feat.
Before we tell you how to sell a timeshare that is paid off, be warned that the process is very challenging. You can’t just go to your timeshare company and tell them you want to sell your timeshare back. If it was that easy, the American Resort Development Association (ARDA) would not report the timeshare industry to be worth $10.5 billion. Developers make it hard to get out of a timeshare contract even when it’s paid off.
If you want to face the challenge and try to sell your timeshare, here are your options.
Deedback Programs
A deedback program is a service offered by some timeshare companies where you can sell your paid-off timeshare back to them. But it’s not as simple as it seems. Companies aren’t very vocal about buyback programs because they don’t want to stop making money off their customers.
Even after you’ve paid off your property’s mortgage, you still have ongoing timeshare fees that you must pay to your developer. This includes timeshare maintenance fees for resort upkeep and membership fees if you belong to a timeshare exchange program.
Not only do developers have an incentive to keep these programs quiet, but very few even offer them. To see if your resort might buy back your property, check your timeshare contract. If there is no mention of a deedback option or if your company doesn’t offer buybacks for deeded timeshares, chances are the resort won’t repurchase it.
If unsure, start by calling your Homeowners Association (HOA). They can confirm whether a deedback program exists and if you’re eligible.
Resorts often initially deny buyback requests. Some require major life changes—like a family member’s death or a drastic income loss. Fees can range in the thousands, and the process may drag out for months or even years.
If your timeshare developer has a deedback program you can use, begin by completing a timeshare transfer form. You’ll also need a quitclaim deed, proving your ownership interest. Additional documents typically required include:
The Problem With Deedbacks
If your timeshare developer offers a deedback program, why isn’t it always the solution? Because it usually doesn’t work in the seller’s favor.
For one, you aren’t really selling your property. When you tell your timeshare developer, “I want to sell my timeshare back to you,” you’re essentially giving the timeshare away. Most timeshare owners earn no money from deedbacks.
When you transfer your timeshare property back, you rarely make a profit and often pay a transfer fee. The main benefit is that you’re no longer obligated to pay maintenance fees. In effect, the resort is doing you a favor by accepting the unit.
Consider this: developers constantly build new units. Their salespeople target first-time buyers willing to pay high sale prices on new units. Why would they buy a used unit with lower resale value when new sales bring them much more profit through upfront fees?
Timeshare Resales
If deeding back your timeshare isn’t an option, another solution for how to sell a timeshare that is paid off is pursuing a timeshare resale. To do this, you can hire a real estate agent to evaluate the value of your property and help you sell your timeshare weeks on the resale market. You can also list your timeshare property on eBay or Craigslist.
The problem with these options is that real estate agents cost money, and there are thousands of incredibly cheap timeshare listings to compete with on these websites. Plus, neither option will guarantee you a sale since the resale market is so saturated with timeshare owners looking to get rid of their properties for free.
You must also keep in mind that the resale route is not an option for all timeshare owners. Many timeshare companies do not allow their customers to sell their timeshares to a third-party buyer or resale company. Checking your timeshare contract will determine whether selling your timeshare is even an option for you.
Getting Out of Your Timeshare Once and for All
When seeking a solution for how to sell a timeshare that is paid off, you’ll often be advised to sell your property to a deedback program or put it on the resale market. But both of these options have limitations and do not work for timeshare owners.
Deedbacks require you to submit a long series of documents and payments to your developer and never make a profit. The resale market is fraught with competition from other people who are desperate to escape timeshare ownership.
Plus, it’s likely that your timeshare contract doesn’t allow you to use either of these options for selling a timeshare, even when it’s paid off. If you’ve found yourself in this situation, it’s time to reach out to Centerstone Group.
Centerstone Group is a full-service advocacy group that specializes in resolving timeshare contracts for clients seeking cancellation. With a 4.76 rating on Better Business Bureau, Centerstone Group delivers quicker resolutions than any other timeshare exit company or law firm. You may qualify for our services if your mortgage is paid off and your timeshare is eligible for our transfer services. Contact us today for a free consultation to get started.