When it comes to selling your timeshare, unless you do your homework properly you can end up losing money to unscrupulous companies, so our advice is well worth following. And in the meantime, don’t be rushed into making any decisions you will later regret – a cold call could leave you significantly out of pocket!
Your first step should be to check to see if your resort or developer offers a resale service or uses a recommended resale agent.
If it does not, you have a number of options available, including selling your timeshare privately or using a resale company to sell it on your behalf. Resale companies are now converned by the new (introduced 2011) Timeshare Directive and must provide a 14 day cooling off period and are banned from taking deposits. We recommend you only use resale agents that are RDO members as they also sign up to a code of conduct that protects you.
The resale company will take you through the selling process and will give you an idea of the price you might expect to obtain for your timeshare, the time it may take to sell and the costs involved.
- Never respond to cold calls –your number has probably been obtained illegally
- Don’t be taken in if you’re offered an unusually high price for your timeshare – this is usually a con, a way of getting you to part with your money
- Walk away if you’re asked to pay a registration fee – this is illegal and you probably won’t see this money again
- Don’t be pushed into travelling to a company’s offices to discuss ways of getting rid of your timeshare – you may well find you’re persuaded to sign up to a holiday club/cashback deal you never wanted in the first place
- If you’re not sure of a company’s credentials, check it out with RDO on firstname.lastname@example.org or TATOC, the timeshare owners’ association, on 0845 230 2430
- Only deal with RDO members as they are bound by the organisation’s rules
The good news!
From February 2011, legislation was brought in throughout Europe that protects resale clients. It is illegal to take any form of upfront payment and a 14 day cooling off period must be provided.