|Q. Do I need a Real Estate Agent to Sell My Timeshare? |
A. No, you do not need an agent to represent you. It is an option to hire an agent, however since a timeshare is not a traditional piece of real estate, you are better off working with timeshare professionals that know the market.
|Q. Do I need an Appraisal to Sell My Vacation Property? |
A. Timeshare properties have estimated values, not appraisals. If you were not given an appraisal when you bought the property, then you do not need to hire an appraiser. Our professional staff is able to give an estimated market value for any timeshare by using our marketing analysis software.
|Q. Who handles closing paperwork? |
A. ICM Group recommends using a licensed and bonded title company. The title company executes the entire closing procedure, which includes deed preparation, escrow of funds, timeshare estoppels certificate, closing statements and recording fees for one flat price. Any work done to the title is reviewed by an attorney and guaranteed to be precise. ICM Group is partnered with multiple title companies and would be happy to provide a referral when the negotiated price is ready for sale.
|Q. I still owe on my unit, can I still sell? |
YES! Just like any other luxury items, it can be sold with a balance still left to pay. However, the pay off balance needs to be cleared before the property can change hands to the new owner. Before the deed can change hands, all debts must be cleared relating to the timeshare property.
|Q. How long will it take to Rent or Sell my Timeshare?|
There are many factors that influence the process of selling. The most important of factors are: location, resort quality, flexibility, season, and price. If you set your price lower than the current market rate for a comparable market, it will move quicker. On the contrary, if you set prices high to try and recoup your initial investment, the process may take longer due to other owners looking to liquidate their vacation properties. ICM Group will start marketing your property immediately and you should receive the first inquires on your property in about 3 weeks. In some cases it may take longer.
|Q. What is Right of First Refusal (ROFR)?|
When a seller and buyer come to a purchase agreement, the resort at which the property is located has the first right to purchase the property for the agreed terms. If the resort enforces their right they will buy back the timeshare. If they waive their ROFR then you can proceed with the buyer for the negotiated price. If the resort enforces ROFR, then the agreed terms between the seller and buyer are null and void.
|Q. Do I need my DEED to close? |
YES! In case you don’t have it , you can contact the county courthouse and recover the deed. The fee for this is usually around $25 - $40.
|Q. How long is the closing process for a Timeshare? |
Closing will vary based upon all parties involved. The closing could be as soon as 4 weeks to as long as 12 weeks to complete the process.
|Q. What happens to my Banked Weeks when I sell? |
Once you deposit your week with the affiliated exchange company, the week is no longer affiliated with the resort. You can use the banked time or include it in the negotiated sale price to raise the price of your vacation property!