I Listed a Timeshare that Haunted Me For Years
So I got a call from a family who had bought a timeshare in the height of the market and it was worth about a seventh of what they paid. But even at the seventh….it still wouldn’t sell. It was in a great location, great building that rented easily and for the most part was always full. I knew when I listed it that the sale would be tough.
Once the listing went live my phone rang off the hook. I got calls from all over the United States. I would get people so excited that they were willing to make a cash offer over the phone! Now, that might sound great…but these folks thought that they were making an offer on a purchase. Like a condo for pennies that they owned full time. I stated in the listing on the FIRST line in capital letters the fact that it was a TIMESHARE and the week it was listed for. I happen to live in a resort market where there is not a condo under 200K that isn’t a studio around 500 sq/ft.
I could not believe how many calls from people who believed they were going to get a 2000 sq/ft luxury condo for under 10,000. It was ridiculous. I have never fielded so many calls for nothing. So, like the other listings before it, the time expired on the contract and still…..no buyer. I now get others who call me to list in the same building and tell me how their unit is worth at least 3 times what this one was worth. It is unfortunate because when you tell a seller that condos have been listed and at what price they are beside themselves.
Sometimes, sellers think that we the agents are just making things up to try to swindle them out of a better price on their property. In some cases that could be true but a seller HAS to know the local market. They just have to pay attention to what neighboring homes are selling for and why theirs is likely to do the same. Then a rational decision can be made on which agent to use and why. Find an agent who will take the time to not only give you comps but is willing to work with you over time if you are unsure about pricing. After you watch the market, you will know….
Trust me….not having a real estate agent is like not knowing your rights when you get pulled over.