June 14, 2018

Buyer’s Remorse? Here’s How to Cancel a Timeshare Contract

We’ve all been there; we’ve all walked out of a store, or opened a package, or signed on a dotted line only to realize that what we thought we couldn’t live without –– we really could. Sometimes you can return the item for a refund. Sometimes you can get a credit for it. And sometimes, you’re stuck with it. If you’ve purchased a timeshare, you have similar options should you wake up the next day wondering what you’ve just done. The key is realizing your mistake and taking action quickly. Step One: Act Within the Right of Rescission Period Most timeshare companies will allow for a cooling off period during which a new owner can decide to rescind (or cancel) his or her contract. This is usually offered for a few days or up to a week after closing and written in specific language within the contract. If your paperwork makes no mention of such an option, you may also check your local consumer protection laws. Most states have a rescission period for timeshare purchases when a new owner is able to cancel his or her timeshare contract and receive a full refund regardless of individual contract stipulations. Step Two: Cancel in Writing Whether you are utilizing a way out as specified by your contract or by local state law, it’s paramount that you send notice to the timeshare company that exactly follows the guidelines you’re using. Typically, you must include your name as it appears on your documents, as well as your contact details, the name of the company from which you purchased the timeshare with the date of the transaction and a full description of the location/unit in question. You will also need to fully outline your intent to “cancel the timeshare contract” in words that are clearly […]
June 13, 2018

It’s Never Too Late to Get Out of a Timeshare Mortgage

Buying a timeshare property can be the exciting culmination of a whirlwind courtship. But such unions rarely end happily. With earnest promises of enduring excitement and limitless fun, timeshare resorts lure prospective vacation owners in to commitments that frequently end up costing said owners way more than the union is worth. Unrealistic expectations coupled with rising community fees and maintenance costs make most timeshare owners question whether or not their eyes were truly open when they signed on the dotted line. Like a newlywed who might have jumped into a relationship too soon, it’s important to understand your mistake so you don’t further compound the problem. Now’s not the time to “grin and bear it” or “soldier on” or make the best of a bad situation.” Instead, make a beeline for the first available exit and get out before things get worse! Even if you took out a loan to finance your purchase, there are ways to stop timeshare fees and get out of a timeshare mortgage. Here are our top three suggestions: Consult a Professional Like any contractual union, timeshare ownership is based on the assumption that both parties entering the contract are willing participants and possess all the necessary information needed to make sound decisions. There is a chance that the timeshare resort from which you purchased your property failed to disclose pertinent facts regarding the property and/or terms of the contract. If this is the case, you may be able to invalidate your contract based on terms of fraud. While it’s probably not likely, it may still be worth checking with a reputable attorney. Sell The Property Like any piece of property, most timeshares can be sold. You can choose to use a realtor or try to sell it yourself, and bypass listing and commission fees. Either […]
May 9, 2018

How to Get Rid of a Timeshare

Buying a timeshare can seem like a great idea at the time. Often bought on a whim during a particularly wonderful vacation in an effort to recreate its magic year after year, timeshares seemingly offer every traveler’s dream: great amenities at a lower cost. But after the rush of excitement recedes, reality sinks in, and you realize that sharing a property with people you don’t know isn’t really that great of a deal. Throw in the fact that you’ve become too busy, too bored or too broke to visit the same place year after year, and it quickly becomes apparent that you need out! It’s not a hopeless situation. Despite what resorts might say to you or write in their contracts, there are ways to legally get out of timeshare obligations and ownership. Take a look at a few of your options and within a few months you could be saying “adios” to your tired, two-week stay at a worn-out resort and “Well, hello there, you” to an exciting adventure somewhere new! Check Your Contract If you’re within a few days (or sometimes weeks) of purchase and already know you’ve made a bad decision, you may be able to cancel your contract without penalty and receive a full refund. And even if you’re past the rescission period as stated in your contract, most U.S. states provide a similar “exit strategy” for timeshare purchases. Check with your state’s Attorney General to see if this could be an option for you. Sell It While it’s an obvious solution, it’s not usually easy to sell a timeshare privately. A high supply of properties means people don’t need to come to you to buy timeshare; they can go directly to a resort. If you want to give it a whirl, pick a high demand […]
May 4, 2018

Free Lunch or Scam? 4 Timeshare Presentation Red Flags

You’ve heard the saying: “There’s no such thing as a free lunch.” In the world of timeshare properties, it’s always true. That’s not to say there aren’t good deals to be had; a timeshare vacation can be a great, affordable way to spend a week or two each year. But if it sounds too good to be true, it probably is, and frequently, a “great deal” can actually be a solid, old-fashioned scam. Before you sign on the dotted line, be on the lookout for the following four red flags during a timeshare presentation: Pressure To a certain extent, all timeshare sales pitches are heavy-handed. They have to be to grab your attention. There is a difference, however, in the tactics of legitimate timeshare companies and those just looking for a sucker. Be on the lookout for promises of big-ticket items. While it’s standard practice for companies to offer incentives to prospective buyers for sitting through a presentation about a timeshare program (like free lodging for a night or a gift card), less scrupulous companies will try to entice you with promises of bigger rewards (like an entire vacation package or a car). Reputable companies don’t promise what they won’t and often can’t deliver. Urgency If a company says that you have to sign a contract before you leave a presentation to secure the terms described, walk away. A credible timeshare company will allow you the opportunity to sleep on things and/or give you time to have a lawyer review documents for timeshare contract loopholes. Upfront Fees Companies with ethical practices don’t ask for money upfront. Period. If someone asks you for a deposit to “hold” a property or demands any other type of “sales” or “legal” fee or even simply tries to charge you tax to receive your free […]
April 7, 2018

Five Signs It’s Time to Get Rid of Your Timeshare

The first commercial timeshare opportunities debuted in the 1960s in France and Switzerland and moved across the pond to North America quickly thereafter. Sharing vacation ownership allowed consumers the ability to travel regularly and at a fixed price, features that appealed to hardworking folks looking to escape their regular lives at a guaranteed place and for a guaranteed cost each year. Today’s timeshare market includes a more sophisticated point-based system with options to exchange, upgrade and extend vacations, but the benefits are perceived the same – at least for the timeshare owners who remain happily committed to the shared ownership model. For others, the timeshare experience can quickly become stale, cumbersome and downright fiscally detrimental. Here are five signs that it’s time to get rid of your timeshare: You Can’t Afford It Circumstances change. The job and good health that once enabled you to afford a yearly escape might now be diminished. Unemployment, lowered salaries and ongoing medical issues can affect priorities, especially where money is concerned. Even retirement, perhaps a time when you thought you might use your timeshare the most, can cause anxiety when traveling on a fixed income becomes more worrisome than relaxing. The Increasing Fees are Killing You Even if you have the money, it doesn’t mean you want to be spending it on maintenance fees that inevitably rise 2-3% or more each year. Increasing yearly timeshare costs can eat away at the budget you have for other things, like educating children, donating to philanthropic interests or funding your retirement. You Want to Travel Differently Being locked in to one type of resort and/or one location can feel like a prison. When you were younger or had small kids or were interested in trekking around the great outdoors, maybe it made sense to have a timeshare […]