Getting rid of a timeshare isn’t nearly as easy as buying one. There are few (legitimate) agents clamoring to assist you. There’s no free food or over-eager attempts to please – or appease – you. There’s little fanfare and even less recognition. And if you can’t find any contract loopholes and have failed to rent it out, you might be faced with having to sell it as your only available option. Selling a timeshare can be a tedious and disheartening process with the loss of money and time threatening to overshadow any lingering memories of happy vacations. But the threat of hard work and perhaps painful loss doesn’t mean you shouldn’t attempt to get out of a bad deal while you still can (and before you lose any more cash to maintenance and upkeep)! Take a look at a few quick tips to help you pick up the pieces after the luster of travel wears off and you find yourself looking in to a dark and endless pit of wasted money:
Make sure you understand exactly what kind of timeshare you own, as well as any restrictions your contract might have regarding the reselling of it. For instance, timeshares are usually sold either as “Deeded” or “Right to Use.” With a deeded timeshare, you will own a specific unit in a specific resort for a specific time (either fixed or floating) each year for the length of your life or until you sell it, bequeath it or give it away. A deeded timeshare is considered real property and selling it more closely resembles a real estate transaction.
With a right-to-use property, you will own a specific number of intervals (you can choose those intervals in weeks or points) for a specific number of years, which can be traded in at one or more resorts. A right-to-use timeshare is considered personal property and selling it more closely resembles a sales transaction for a car or other moveable piece of property.
You need to correctly identify the specifics of your timeshare, including its type and the amenities, maintenance fees and upkeep costs that go along with it, before you can list it with an agent or post it on a timeshare-resale site.
Unfortunately, the timeshare resale market is rife with opportunists and scam artists. Verify agent licenses and credentials by checking with the consumer protection office and the Real Estate Commission of the state in which he or she is located. Request and review written information only and never pay upfront fees.
If you decide to try to sell your property yourself, choose a website that has high visibility and traffic with international populations. You can also run ads in newspapers and on Craigslist or eBay.
Now’s not the time to be expecting a windfall, even if the economy is doing well. Timeshares do not typically appreciate in value, and most sales will result in a loss since there are more properties available than there is demand for them.
Our team at Step Zero knows how to help clients get rid of a timeshare. We can stop timeshare fees, cancel timeshare contracts and give you back piece of mind. Contact us to see how we can assist you.