Posted on November 12, 2020
Capital Vacations is the latest brand name to emerge on the timeshare market, but with years of experience behind it. The name has only been around for a couple of years, but the company is actually a new entity created from the combination of the former Defender Resorts, SPM Resorts, Surrey Vacation Resorts and Summer Winds Resorts. These resorts have been operating timeshares for over 20 years, so with this new branding and momentum behind it, owners should be confident in selling a Capital Vacations timeshare.
Sellers should focus on the benefits and advantages of the program when creating a strategy to sell. Capital Vacations boasts 66 resorts in its network in the U.S. and Caribbean, providing numerous options for owners looking to vacation. Destinations stretch from Maine to Florida and west to Branson, plus locations in St. Maarten, St. Thomas and Grand Cayman. In the current COVID era, this type of program offers numerous domestic travel options along with enough Caribbean stops to provide the type of tropical getaway vacationers crave.
Because there are several types of Capital Vacations ownership, make sure you understand what you own before you engage in the selling process. Capital has assumed the ownership models of these resorts, so you may own a fixed or floating week in a specific resort, a week that gives you multiple option across several resorts or a points product in the Capital Vacations Club. Define exactly what you own before promoting it, since you don’t want an unhappy prospect pulling out of the deal at the last minute.
The best way of doing this is by referring to your deed or original sales documents. If in doubt, contact your resort and ask for a verification of your ownership so there can be no question about it. Don’t rely on just a maintenance fee bill to define what you own, since many statements don’t contain enough information. Depending on when you purchased, even your deed may contain outdated information. Best to check with your resort for verification.
Once you decide to sell, there are a number of ways you can go about it:
Licensed Timeshare Broker. This tried and true real estate model is offered through a licensed timeshare resale brokerage. This involves a licensed agent working on behalf of the seller to promote the ownership and find a buyer. The agent handles negotiations, presents offers, handles the purchase and sale paperwork, collects deposits to be held in escrow and facilitates the deal with the closing company. The best part for sellers – no upfront fees since the agents work on commission. Payment is made after the deal is closed and ownership is transferred to the new owner.
Advertising Company. If you are confident in your ability in selling a Capital Vacations timeshare, you could take out advertising and negotiate the sale yourself. Keep in mind that this involves an advertising fee in advance at the beginning of the process, similar to paying for a classified ad in a newspaper in order to sell merchandise. In this scenario you would be responsible for every stage of the sales process, from negotiation to handling the paperwork.
Contacting the Resort. Capital Vacations has a program called Vacation Restoration where they work with owners on a case-by-case basis. However, this program is designed for owners who just want to leave their timeshare behind rather than sell it. Ownership needs to be mortgage-free and all fees need to be up to date. But don’t assume you'll receive proceeds in return for you timeshare.
Timeshare Exit Companies. These companies are not interested in selling your timeshare. They base their business model on supposedly being able to get you out of your ownership. Understand that the only authorized entity that can release you from your ownership is the resort or management company, unless there is a court ruling involved such as in a bankruptcy case.
Exit companies making these claims charge upwards of $5,000 for their services. Many have run into legal problems, had court rulings against them and are under Attorney General investigations. Best to steer clear of them if you intend to sell your timeshare.
Respond to Cold Callers. Rogue resale companies have been around as long as the internet, claiming they have a buyer waiting for your timeshare. In these situations, they usually require an upfront payment from the seller in the form of a transfer fee or some type of processing fee to secure the deal. The reality is that there is no prospective buyer and the company is only out for your money.
If you get a call from a company asking for money that you have not first contacted, don’t even bother listening to them.
Should you receive a call from a number that you do not recognize, a good practice is to send it to your voicemail and let them leave you a message. Look up the number on the internet to track down the name and location of the business, then do your research. You could call the number back to make sure it is a legitimate business, but only after you have checked it out first.
There are a number of reasons why owners decide to sell, but understand that this is often a marathon and not a sprint. Patience is often required, so try to take emotion and urgency out of the process and work the system to your advantage. This is why using a third-party timeshare broker is the best way to go about selling a Capital Vacations timeshare. Agents are professionally trained to find buyers and close deals, working within the market to create the best opportunity possible to sell.
If you have any questions, you can call one of our agents at 877-624-6889 for a no cost consultation to find out what your timeshare is worth and how to sell it.