Is your Marriott timeshare gathering dust, costing you annual maintenance fees, and no longer aligning with your vacation dreams? You're not alone! Many timeshare owners reach a point where selling becomes the most logical step. While the timeshare resale market can seem daunting, with the right approach and information, you can navigate it successfully. This comprehensive guide will walk you through every step of selling your Marriott timeshare, helping you make an informed and confident decision.
A Comprehensive Guide to Selling Your Marriott Timeshare
Step 1: Understanding Your Marriott Timeshare Ownership
Before you even think about listing your timeshare, the absolute first step is to fully understand what you own. This knowledge is crucial for accurate pricing and effective communication with potential buyers.
Sub-heading: Gathering Your Documents
Go on, head to your files! Dig out all those important papers related to your Marriott timeshare. You'll want to find:
Your Deed or Purchase Contract Agreement: This is the most vital document, confirming your ownership type (deeded week or points-based).
Latest Maintenance Fee Bill: This will show your current annual fees, which are a significant factor for buyers.
Last Tax Bill (if applicable): Some timeshares have separate property tax bills.
Any Other Assessments: Have there been any special assessments recently? Buyers will want to know.
Sub-heading: Deciphering Your Ownership Details
Once you have your documents, identify the following key details:
Resort Name and Unit Number: Where exactly is your timeshare located?
Usage Type: Do you own a fixed week (the same week every year) or a floating week (a block of weeks within a season)? If it's a floating week, what is your season?
Usage Frequency: Is it annual (every year) or biennial (every other year)?
Points Allotment (if applicable): If you own Marriott Vacation Club Destinations points, know your annual point allocation. This is a common form of Marriott ownership.
Current Availability: Have you used your vacation time or points for the current year or the upcoming year? Are there any existing reservations? Be honest and accurate about what's available for a new owner.
Any Deposits or Conversions: Have you deposited your week or points into Interval International, or converted them into Marriott Reward Points? These details are important for a buyer to know what they are getting.
If you're unsure about any of these details, don't hesitate to contact Marriott Owner Services directly. They can provide a clear overview of your ownership. Be prepared to take detailed notes!
Step 2: Assessing the Resale Market and Pricing Your Timeshare
The timeshare resale market operates differently from traditional real estate. Don't expect to recoup your original purchase price. Timeshares, much like cars, depreciate significantly once purchased from the developer due to the high marketing and sales costs built into the initial price.
Sub-heading: Researching Market Value
This is a critical step in setting a realistic price.
Online Resale Marketplaces: Websites like RedWeek.com, SellMyTimeshareNow.com, and TimesharesOnly.com are excellent resources. Look for similar Marriott timeshares at your resort or with comparable point values. Pay attention to their asking prices and, if available, their sold prices.
Demand Analysis: Consider the popularity of your resort and the specific week or point value you own. Peak season weeks or highly sought-after destinations will generally command a better price.
Condition of Your Unit: While you can't typically renovate your specific timeshare unit, the overall condition and recent renovations of the resort can impact its desirability.
Maintenance Fees: Higher annual maintenance fees can deter buyers, so factor this into your pricing strategy.
Sub-heading: Setting a Competitive Price
Once you've done your research, it's time to determine your asking price.
Be Realistic: As mentioned, resale values are significantly lower than developer prices. Pricing competitively is key to attracting a buyer.
Consider "Motivated Seller" Pricing: If you need to sell quickly, being flexible on price will help.
Seek Professional Advice: Some reputable timeshare resale brokers offer a free market analysis or valuation. This can provide valuable insight into a fair asking price.
Remember: The best price is often one that balances your desire to recover some value with the reality of the market and a buyer's willingness to pay.
Step 3: Choosing Your Selling Method: DIY vs. Professional Assistance
You have a couple of primary paths to take when selling your Marriott timeshare. Each has its pros and cons.
Sub-heading: Selling It Yourself (For Sale By Owner - FSBO)
This option gives you the most control but requires significant effort.
Pros: You save on broker commissions, potentially increasing your net return.
Cons:
Time Commitment: You're responsible for marketing, fielding inquiries, negotiating, and handling all paperwork.
Market Reach: Your reach will likely be limited compared to professional platforms.
Legal Complexities: Navigating closing documents, transfer of ownership, and right of first refusal (ROFR) can be tricky without expertise.
Scams: The timeshare resale market is unfortunately prone to scams. You'll need to be extremely vigilant against upfront fee scams or fake buyers.
Sub-heading: Engaging a Licensed Timeshare Resale Broker
This is often the recommended path for a smoother and more secure transaction.
Pros:
Expertise: Brokers specialize in timeshare transactions and understand the intricacies of Marriott's system, including ROFR.
Wider Reach: Reputable brokers have established marketing platforms and networks of potential buyers.
Security: They typically use escrow services to protect both buyer and seller funds.
Reduced Stress: They handle most of the paperwork, negotiations, and closing procedures.
Legitimacy: Licensed brokers operate under state regulations, offering a layer of protection. Always verify a broker's license and check their reviews.
Cons: You will pay a commission, usually a percentage of the sales price, which reduces your net profit. Be wary of any company that demands large upfront fees for advertising or "guaranteed" sales. Reputable brokers typically work on commission paid after the sale is complete.
Sub-heading: Marriott's Official Resale Program
Marriott does have its own resale program, often called Marriott Vacation Club Resales.
Pros: Direct access to Marriott's network, potentially a simpler process if they have a buyer.
Cons: Historically, Marriott's own resale program has charged significantly higher commissions (sometimes as much as 40%) compared to third-party brokers (typically 15-20%). This can drastically reduce your net proceeds. It's often worth exploring third-party licensed brokers first.
Step 4: Marketing Your Timeshare Effectively
If you choose to sell it yourself or work with a broker, effective marketing is key.
Sub-heading: Creating an Appealing Listing
High-Quality Photos: Showcase your timeshare unit and the resort's amenities with clear, well-lit photos. Highlight features like views, kitchens, and living spaces.
Detailed Description: Write a compelling and honest description. Include:
Your ownership details (week, points, resort, unit size).
The resort's amenities (pools, restaurants, activities, golf, etc.).
Nearby attractions and activities.
Any recent renovations or upgrades at the resort.
Clearly state the annual maintenance fees.
Sub-heading: Where to List
Reputable Resale Websites: As mentioned, RedWeek.com, SellMyTimeshareNow.com, and TimesharesOnly.com are popular choices.
Timeshare Forums and Social Media Groups: Platforms like the Timeshare Users Group (TUG) forums or Facebook groups dedicated to Marriott timeshares can connect you with potential buyers.
Local Advertising (if applicable): If your timeshare is in a highly sought-after local market, consider local real estate agents who specialize in timeshares.
Step 5: Negotiation and Accepting an Offer
Once your listing is out there, be prepared for inquiries and offers.
Sub-heading: Handling Inquiries
Be Responsive: Promptly answer any questions from potential buyers.
Be Transparent: Provide accurate information about your ownership, fees, and usage history. Honesty builds trust.
Sub-heading: Negotiating the Price
Be Prepared to Negotiate: Buyers will likely offer less than your asking price. Have a bottom line in mind.
Consider Concessions: You might offer to cover a portion of closing costs or outstanding maintenance fees to sweeten the deal.
Don't Rush: Don't feel pressured into accepting a lowball offer immediately.
Sub-heading: Accepting an Offer and Due Diligence
Get it in Writing: Once you agree on a price, ensure all terms are clearly laid out in a written offer or purchase agreement.
Verify the Buyer: If selling FSBO, conduct some due diligence on the buyer. If using a broker, they will handle this.
Escrow: Always use a licensed and independent escrow company to handle the funds. This protects both parties by ensuring money isn't released until all conditions of the sale are met and the ownership transfer is complete.
Step 6: Navigating the Closing Process, Including Right of First Refusal (ROFR)
This is where the legalities and paperwork come into play.
Sub-heading: Marriott's Right of First Refusal (ROFR)
Understanding ROFR: Many Marriott timeshare contracts include a Right of First Refusal (ROFR) clause. This means that once you have a bona fide (legitimate) offer from a buyer, Marriott has the right to step in and purchase the timeshare themselves on the same terms and conditions as the buyer's offer.
The Process: Your broker (or you, if FSBO) will submit the accepted offer to Marriott for review. Marriott typically has a set period (e.g., 10-30 days) to exercise their ROFR.
Outcomes:
Marriott Exercises ROFR: Marriott buys your timeshare, and the sale proceeds as if it were the original buyer.
Marriott Waives ROFR: Marriott declines to purchase, and the sale can proceed with your original buyer.
Sub-heading: Closing Documents and Transfer of Ownership
Title Company/Closing Attorney: A licensed title company or real estate attorney (often recommended by your broker) will handle the preparation of all necessary documents, including the new deed (for deeded properties) or transfer of membership documents (for points-based).
Signing Documents: Both you and the buyer will sign the closing documents.
Recording the Deed: For deeded properties, the new deed will be recorded with the appropriate county.
Notification to Marriott: Marriott will be formally notified of the transfer of ownership.
Funds Disbursement: Once all conditions are met and ownership is legally transferred, the escrow company will disburse the funds to you, minus any agreed-upon fees or commissions.
The entire resale transfer process can take approximately 8 weeks or longer, depending on the complexity and responsiveness of all parties involved. Patience is key!
Step 7: Post-Sale Considerations
Even after the sale, there are a few things to keep in mind.
Confirm Transfer: Ensure you receive official confirmation from Marriott that the ownership has been transferred out of your name. This is crucial to avoid future liability for maintenance fees.
Cancel Associated Memberships: If you have any associated memberships like Interval International, remember to cancel them once the transfer is complete.
Tax Implications: Consult with a tax professional regarding any potential tax implications of selling your timeshare.
Selling your Marriott timeshare can be a straightforward process when you approach it with knowledge and realistic expectations. By following these steps, you'll be well on your way to a successful sale!
Frequently Asked Questions about Selling Your Marriott Timeshare
How to price my Marriott timeshare for resale?
You should research recent sales of similar Marriott timeshares at your resort or with comparable point values on reputable resale websites like RedWeek.com, SellMyTimeshareNow.com, and TimesharesOnly.com. Be realistic, as resale prices are significantly lower than developer prices due to high initial marketing costs.
How to find a trustworthy timeshare resale broker for Marriott?
Look for brokers who are licensed in their state, have an A+ rating with the Better Business Bureau (BBB), and are members of industry associations like the American Resort Development Association (ARDA). Crucially, avoid any company that demands large upfront fees for advertising or guarantees a sale. Reputable brokers typically work on commission paid after the sale.
How to deal with Marriott's Right of First Refusal (ROFR)?
Once you have a legitimate buyer and an accepted offer, your broker (or you, if selling independently) will submit the offer to Marriott. Marriott then has a specified period (typically 10-30 days) to decide if they want to buy the timeshare themselves at the same price and terms. If they waive their right, the sale proceeds with your buyer.
How to prepare my Marriott timeshare for listing?
Gather all your ownership documents (deed, purchase agreement, maintenance fee bills). Take high-quality photos of your unit and the resort amenities. Write a detailed and honest description including your specific ownership details, resort features, nearby attractions, and current annual maintenance fees.
How to transfer ownership of my Marriott timeshare?
A licensed title company or real estate attorney will handle the legal transfer of ownership. This typically involves preparing a new deed (for deeded properties) or transfer documents, which both you and the buyer will sign. The deed is then recorded, and Marriott is notified of the transfer.
How to avoid scams when selling my Marriott timeshare?
Be extremely cautious of any company that asks for large upfront fees, promises quick sales at inflated prices, or guarantees a buyer. Never pay money to a company that claims to have a buyer ready before you even list your timeshare. Always use a licensed escrow company for all financial transactions.
How to determine if my Marriott timeshare is a deeded week or points-based?
Your original purchase contract or deed will clearly state your ownership type. Marriott Vacation Club Destinations is a points-based program, while older Marriott timeshares often involve deeded weeks at a specific resort. You can also contact Marriott Owner Services to confirm.
How to manage outstanding maintenance fees or assessments during the sale?
It's generally expected that the seller will pay all outstanding maintenance fees and special assessments up to the date of closing. Any unpaid fees can be deducted from the sales proceeds during the escrow process.
How to handle reservations or points for the current and upcoming years?
Be completely transparent with potential buyers about any used weeks or points for the current or upcoming usage years. If you've already used your allocation, the buyer will likely only get usage for the next available year. Banked points typically do not transfer to a new owner.
How to calculate the closing costs and commissions I will pay?
Closing costs usually include title transfer fees, recording fees, and escrow fees. Broker commissions vary but are typically a percentage of the sales price (e.g., 15-20%). Ensure all fees are clearly outlined in your agreement with the broker and the closing company before proceeding.
