While buying a timeshare for the vacation seemed like a good idea at the time, some of you back home might deeply regret it. However, simply walking away from your timeshare will eventually result in foreclosure and significant damage to your credit, so it is best to be proactive. Do not automatically believe it when you are told that you cannot cancel our termination of your timeshare contract at all; it is possible to get rid of it forever.
Some of you may have owned a timeshare for years, have rarely used it, and are tired of spending tons of money on fees. You are not alone. Thousands of people encounter these scenarios, but getting out of a timeshare can seem almost impossible. No matter how rigid the agreement is, there may still be a way to legally break it.
Here are some ways to get out of a timeshare agreement.
If you have a timeshare slot in a highly desirable area or high-end resort, selling it is a good option. Even if your timeshare is not very commercial, you can try to sell it, but be prepared to take a loss. Sites like RedWeek and Sharket will give you an idea of the price range to expect.
You can also sell your timeshare as an owner by placing ads on eBay, Craigslist, or RedWeek. If you prefer to have an expert navigate the sale of your timeshare, find a real estate agent who is part of the Association of Licensed Timeshare Resale Brokers. Your timeshare company may also be able to recommend brokers who have had successful sales intervals at your specific resort. The agent will list your interval, manage the sale, and then you will be paid on commission. Keep in mind that the commission for selling a timeshare property is usually much higher than selling a residential property; It is not strange that the commissions reach 25%. However, the cost will be worth it if you are determined to get out of your timeshare contract and eliminate having to pay maintenance fees every year.
One important thing to remember when selling your timeshare through a broker is that you should never pay an upfront fee. Legitimate agents earn a commission after the sale is made, they don’t take money before the deal closes. Most of the widespread scams that target timeshare owners are companies that claim to sell timeshares, but charge an upfront fee of several hundred dollars. If you take the risk and give your money to such a company, chances are you will never hear from them again, never get your money back, and still have to pay for a timeshare you don’t want.
As you try to sell your timeshare, consider renting it out to cover maintenance fees. Property management companies near the complex may be willing to manage the rental of your property for a reasonable fee.
Few timeshare owners realize that it is possible to return a unit through what is called a deed. You will sign your timeshare deed back to the resort and then you will be free from hassle and annual fees. The caveat: the resort has to be willing to withdraw it and they are not obligated to do so.
To see if a write-back is possible in your situation, call your timeshare company and ask to speak to a higher-level manager or operations manager. Lower-level management and customer service reps may not be able to help, and many don’t even know what a return deed is.
Some of the best timeshare resorts have established buyback programs that do not advertise to owners, while others may be willing to withdraw the interval rather than have the timeshare unit go into foreclosure. There are typically fees associated with deed and transfer of ownership to the resort, but those fees will be lower than paying for the timeshare for years.
If a return deed is not an option, your timeshare company may have an exit program. Also known as exit solutions and property transfers, this will involve someone else taking over your timeshare and the responsibility of paying maintenance fees. You won’t get paid for the timeshare transfer, and you’re essentially giving it away to ditch your contract. However, follow this …