Owning a timeshare is what financial expert Dave Ramsay has described as a “stupid tax”. If you’re reading this because you’re thinking about getting one, don’t! Unfortunately, the truth of the matter is if you’re reading this it’s already likely too late.
Timeshares are a notoriously poor investment with hidden costs, maintenance fees, and lack of use seeing many customers frantically trying to get rid of them once they realize the truth. But what is the best way to get rid of a timeshare legally? Knowing what you know, it would be neither moral nor legal to sell it off to another unwitting buyer, so what are your options?
In this article, we’re going to look into a few of the ways to get rid of a timeshare legally and some of the options you’ll want to avoid. Read on if you need some advice in getting rid of an unwanted timeshare.
In most states, the quickest, easiest, and best legal action to take to is to cancel your timeshare while you’re still in the rescission period. The length of time the rescission period will last will vary from state to state so this should be the first thing you check, although the average is usually only 5-10 days after purchase. If you’re lucky enough to have realized as early as within the 5-10 days after purchase, then you need to send the resort a letter via certified mail that you bought the timeshare and tell them that you would like to rescind your contract as you are still in the rescission period.
There might be slight variances in the proper procedure but it should all be detailed in whatever literature or contract you were given when you were sold the timeshare. This method of canceling your timeshare is legal, safe, and effective, but only available to those who came to their senses in a fairly quick fashion. It was put into law to help combat the overly pushy and scary sales pitches that have unfortunately become commonplace in the industry and provide customers with a clean way out even if they were bullied into a contract. It isn’t for those who have realized the timeshares lack of worth later down the line, so how can they get rid of their timeshares?
Contact a Timeshare Exit Expert
Here at Timeshare Exit Pros, we know that the only legal and proper way to get rid of your timeshare is to have it canceled directly and mutually with whomever you purchased it from. We have a team of experts who excel at getting that contract canceled as quickly and cleanly as possible. We have built a reputation for ourselves and most companies we deal with know that we won’t quit until we’ve gotten our customers free of the timeshare and so most fold fairly early in negotiations.
There are several laws put into place to protect customers from shady timeshare deals and contracts that are fairly iron-bound, we leverage these rules and regulations to negotiate a cancellation of the contract on your behalf. Whereas resale sites require maintenance fees for the listing or further investment on top of the money pit that is the timeshare itself, we show results and achieve resolution quickly and at an affordable cost.
Give It Back Direct To the Hotel or Resort You Bought It From
As the industry is slowly shifting towards more safeguards and regulations regarding timeshares there has been a shift from some of the hotels and resorts selling them to save face. This means that a growing number of those hotels and resorts now have their buy-back schemes or exit programs advertised. If you’re lucky (or unlucky as the case may be) enough to have a timeshare with a hotel or resort that is offering a scheme like this whilst you might not make money or even recoup your losses, it’s a clean exit at least.
The process, reimbursement, and stipulations for these programs will differ from resort to resort but you should explore them fully before you turn to less trustworthy or potentially illegitimate dealers or websites found on Craigslist. The internet is rife with deals and offers by companies and customers claiming they will buy your timeshare for you relying on the desperation and lack of good information available to panicked customers. So what shouldn’t you do to try and get rid of your timeshare?
How Not To Get Rid Of Your Timeshare
Believe it or not, but if you look through the contract you were given when you first purchased your timeshare you’re likely to find out that the only legal way for the owner to transfer the timeshare is through a quitclaim deed. Now the quitclaim deed transfers the title but not the obligation to pay the monthly mortgage or annual maintenance fees. This means if the new owner decides to stop paying, it reverts right back to you to legally cover those costs.
So selling, renting, or even just giving the deed away, even if you do manage to find someone willing to take it off your hands, doesn’t get rid of the legal tie to the timeshare at all. Some sites that claim to do the work on your behalf know this information fully well and maybe looking to illegitimately profit off of two misinformed parties at once whilst not taking any of the risks themselves.
There are many sites and scams that claim they can sell your timeshare or rent it out for a profit. When customers first come to the realization of just what a poor choice the timeshare was, any promise of recouping that loss or even turning a tidy sum in profit is going to seem incredibly appealing. Unfortunately, that is precisely how scams work and if it sounds too good to be true it probably is. Most of these sites will tell you they have buyers lined up and that it will be a quick and easy process they just need a membership fee or some money upfront to list it. This is when you quickly turn the other way.
It is one of the most distressing and painful truths that human beings will happily profit off of the misfortune of others and just the same as overdraft fees those who are already hurting seem to have the target squarely on their back. If you want to get rid of your timeshare because of the hurt it provides financially, the last thing you want to do is pay more fees and more monthly memberships to try and alleviate it.
Give It Away
You shouldn’t and wouldn’t give away a timeshare for all the reasons listed above. Not only would you still be ultimately liable for monthly mortgage or any potential maintenance fees, but you would also be burdening another human being with something that you know isn’t worth the money it costs. There are many different reasons why you would want to get rid of your timeshare, and they don’t all apply to everyone, but think very carefully if the investment would be worth it for them? Even if you gave it to them for “free”.
Timeshares are unfortunately targeted at those that cannot afford them and so even if you think you can, you can’t. Unless you’re the type of person who can pay the timeshare off in cash up front, it’s never going to be worth taking out a loan or the interest on that loan. Most timeshare sellers even sell you their credit line so that they can extract gain from you two ways.
Is A Timeshare A Good Investment?
A timeshare shouldn’t be labeled an investment at all. An investment implies that you will make your money back at some point or that you might even make a profit out of the deal. This might be true for a holiday home or investing in property portfolios, but that’s not what you’re doing with a timeshare.
Essentially you are pre-paying for a stay at a resort or a hotel. On top of what you would pay to stay there, you now have to factor in the loan interest, the maintenance fees, and a monthly mortgage. So when they “treat” you to a “free” week at the hotel or resort you should do the math and figure out if it would have been cheaper to buy the room direct. More often than not… it is.
Contact a member of our helpful and expert team today to talk to us about how we can get your timeshare canceled legally and quickly. Canceling is the only legitimate way to do so outside of the rescission period and we can make that happen for you.