A valuable aid can be a timeshare closing service; selling timeshare can be a daunting experience. A reputable closing service can make the transfer process an easy and accurate one, giving you peace of mind. Several steps are involved in the transferring of the timeshare, including:
- The placement of the funds;
- Researching the title and timeshare property;
- Confirming the status of the account of the owners, such as the unit size and weeks;
- Preparing the documentation for signing;
- Distributing the funds; and
- Confirming the records agree with the transfer.
Registered with the Better Business Bureau
Be sure the timeshare closing service is registered with the Better Business Bureau and is licensed and bonded, as many scams are out there. If the right timeshare closing service is not chosen, unpleasant circumstances can develop, including:
- Stealing Your Money: It's not difficult to set up a professional looking website along with names, an address and phone number. These frauds will take your money.
- Large Fee: A reputable company will charge you no fee to a small flat-rate fee, not taking advantage of you selling timeshare. Fraudulent timeshare closing services often have hidden fees, which surface towards the end of the transaction and contract process. Other unworthy services may ask you to attend a meeting for free to sell your timeshare and then charge you a large price for selling. Be sure to read all the fine print of the contract or, better yet, consult a lawyer if possible requesting him to read the documents.
- New Property: Many individuals, who are requested to attend a presentation to sell, end up leaving with another new expensive timeshare, rather than selling.
- Inability to Handle International Transactions: If the closing service is not licensed and bonded, it may not be able to complete the transfer process for more complicated international dealings.
Specializing in Timeshares
It is important to choose a timeshare closing service that specializes exclusively with selling timeshare. If the closing company deals with many types of real estate, rather than only timeshares, errors and omissions can occur.
A Large Database
Look for a company that offers a large data base of buyers, specializing in timeshare selling for the following reasons:
- Shorter Turnaround Time: By using the services of a company with a large database, the turnaround time to sell will be shorter, as there will be several potential deals to make.
- True Worth: The company will have a better idea of the true worth value of your timeshare, as it is more familiar with the market. Pricing is important. If you charge too little for your timeshare, someone else will make a profit instead of you, but if you charge too much you may not be able to sell. Companies that are reputable will normally offer to give a free appraisal of your timeshare property.
Whenever possible, select a timeshare closing service that can handle some of the aspects of the process through the Internet in order to speed up the transfer process. As documents can be transferred more readily online, the complete transfer process will process more quickly.