Individuals and families are drawn to Worldmark timeshares because of their flexibility and reputation for quality properties. Unfortunately, some owners subsequently find themselves unable to pay off their loan or keep up with their dues, leaving them with no choice but to sell their Worldmark timeshare. When you own a Worldmark timeshare, however, you own a certain amount of credits, not an actual piece of property. This is why selling your Worldmark timeshare is not like selling a traditional piece of real estate.
Instructions
1. Gather your information and request transfer documents. Contact Worldmark's loan services by phone at 1 (800) 779-0760 or by email at loanservicing@trendwest.com. A Worldmark representative will have access to all of your owner information and can provide you with the proper transfer documents.
It can take Worldmark from 10 to 12 days to provide you with the transfer documents you need. There is a $150 fee to transfer your Worldmark timeshare ownership.
2. Determine an asking price. The amount you owe on your Worldmark timeshare will not determine how much you can sell it for. The best way to set an asking price for your Worldmark timeshare is to look at similar timeshares that have recently sold; this will give you a good idea of what people are willing to pay for your credits. EBay and online timeshare brokers, such as Vacation Credits Unlimited or Timeshare Angels, are good starting points to gauge the current selling price for Worldmark timeshare credits.
Unfortunately, the resale value for a Worldmark timeshare is almost never as much as you paid. For example: As of April 2009, the average Worldmark timeshare sold for $1.80 per credit. On the resale market, however, the same credits were available for as little as 50 cents per credit. This means that if you bought a Worldmark timeshare and want to sell shortly after, you should expect to take a considerable loss. And remember: If you sell your Worldmark timeshare at a loss, you will be responsible for the difference that is owed.
3. Choose a selling method. There is more than one way to sell a Worldmark timeshare. You can sell your credits on your own using eBay or print and online classifieds, or you can use an online timeshare broker. Online brokers will charge a fee for their services, but can often reach a broader audience than you can on your own.
4. Get a contract. If you are selling your Worldmark timeshare on your own, have a lawyer write up an contract that fully discloses the terms of sale. Do not accept a verbal confirmation from a buyer; your sale will only be complete once a contract is signed.
If you are selling your Worldmark timeshare through a broker, your broker will contact you with a buyer's information and provide you with the necessary contracts.
5. Attend the closing.Though not required by Worldmark, it is in the best interests of both you and your buyer to have a closing. Once you have located a buyer for your Worldmark timeshare and you have a contract, a closing will ensure that all documentation is correct and that both you and the buyer understand the terms of the contract.
If you are selling your Worldmark timeshare on your own, it is your responsibility to set up a closing. If you are selling your timeshare through a broker, this will be taken care of for you.
6. Complete transfer. Once the contract and transfer documents are sent to Worldmark, it can take an additional 10 to 12 days for the transfer to be complete.
Tips Warnings
Do not give anyone any money upfront to sell your Worldmark timeshare; only pay for a service after your credits are sold. Travelshare membership cannot be transferred to another owner. If you can't sell your Worldmark timeshare, you can try to rent it yourself or through an online service.
Once you have signed a contract for a Worldmark timeshare and the period of rescission has passed, you are bound to the terms of the contract. The period of rescission will vary depending on your state's law. For example, in Utah there is a 5-day period of rescission, meaning that you have 5 days from signing until the contract is legal and binding. During that 5-day period, you can legally dissolve the contract with no penalties. After that period, however, Worldmark will hold you to your contract and the only way to get out of that contract is to sell your Worldmark timeshare. This is why it is imperative to review your Worldmark contract before signing to make sure that you understand the terms and conditions. It is not uncommon for timeshare owners to have a lawyer review a contract before signing, and this precaution is highly recommended.
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