Selling a timeshare in Florida is challenging even under the best circumstances. If you had to do this as part of your duties as the executor of an estate, there could be even more for you to consider. This goes beyond whether you want to keep the property.
When you review the details of your timeshare, you may find that you do indeed want to sell. Here are a few guidelines during this process.
Beware of easy fixes. As mentioned on CNBC, somewhere around seven percent of all American households have at least one timeshare. That means your vacation property probably would have an excessive amount of competition when it goes on the market. If a company or individual approaches you on this matter and offers a quick sale or a high price, it would be wise to examine the offer and reputation of the party extending it in great detail.
Take advantage of the market. Even with the large supply, timeshares are beginning to experience an uptick in price. While you would still probably not receive anything close to the original purchase value for these properties, you could have some opportunities to sell at average prices in current market conditions.
Understand what you have. Vacation properties come in many types, but none of them behave much like real estate. They tend to lose value very quickly after purchase. The existing timeshares also often receive heavy competition from new developments.
Know the impact on the estate. You may have heard that you would not have to inherit the timeshare as a beneficiary of a will. While this may be true in some situations, it also may not be the best idea to allow the timeshare to remain in the estate. Doing so could allow creditors to come after other assets.
Dealing with a timeshare in a Florida will is often requires knowledge of the probate and real estate systems in the state. With the proper legal procedures and market information, it could be possible to preserve the assets in your estate receive an acceptable market price for your vacation rental. Please do not use any of the information in this article as legal advice pursuant to an actual situation.