Often described as the world's largest garage sale, eBay is a popular platform for buying and selling both new and used items. Although it puts the seller at risk in a number of ways, selling timeshares on eBay has become a more common practice in recent years. However, selling a timeshare on eBay is vastly different from selling a textbook or an unwanted iPad. Read on to find out what you should keep in mind before you eBay your timeshare.
NAVIGATING EBAY'S COMPLEX PROCEDURES AND POLICIES
eBay functions as a large, online garage sale and is in no way exclusively devoted to promoting and selling your timeshare like a legitimate timeshare resale company would be. eBay has extensive rules and regulations for sellers, particularly when listing large items like timeshares. There is also a long list of fees to pay when putting your timeshare on eBay, such as Listing Fees, Final Value Fees, PayPal Fees, and Title Transfer Fees among others.
EVALUATING YOUR FINANCIAL RISK AS AN EBAY SELLER
On eBay, sellers generally put themselves at greater risk than buyers. In the event of a disputed transaction, the site tends to side with the buyer. In 2013, eBay launched a “Money Back Guarantee” that promises to refund the buyer in some situations. Unfortunately, some buyers have been known to take advantage of this policy if they decide they no longer want an item. Moral of the story: don't expect a resolution in your favor if someone buys your timeshare and the transaction goes awry.
UNDERSTANDING GUIDELINES FOR TIMESHARE SALES RELATED TO EBAY
Before placing your timeshare for sale on eBay, review your timeshare contract to ensure there are no contractual obligations to your timeshare company. Many timeshare companies place a right of first refusal clause into their contracts, meaning that the timeshare company has the first right to buy your timeshare if you are looking to sell. This complication in the timeshare resale process can be avoided by simply communicating with your timeshare company if you decide you're ready to sell your vacation ownership.
INVESTIGATING ALTERNATIVES TO EBAY TIMESHARE RESALES
Before listing your timeshare on eBay, thoroughly research your alternatives. Contacting your timeshare company will give you further insight into all the benefits your timeshare provides to you. Often times, owners looking to sell have simply just forgotten about all the perks and amenities available to them through vacation ownership or may need a deep-dive refresh into how transfers and rentals work so they can fully take advantage of all the options available to them.
When looking to sell your timeshare, it's important to thoroughly examine all your options before losing money in a timeshare exit scam or by listing it for sale on eBay. Know that there are other options out there such as renting out your timeshare or simply enjoy what you already have paid for and try something new with an exchange program.
To read more about what you should know before putting your timeshare on eBay, click here.