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May 25, 2023 · To get out of a timeshare legally, consider these options: Use the rescission period. Call the timeshare developer. Rent your timeshare out. Sell your timeshare on the resale market (but expect to ...
- Emma Kerr
- Editor
- The Problem. En español | "My parents purchased a timeshare more than 30 years ago,” began the email from Kim Seney, a recent retiree from Northern California.
- The Advice. The very first move, experts agree, is to check with the resort itself. When you call them up, don't talk to just anyone. Ask specifically for the person who handles “deed-backs” or “surrenders” — which is when you return your property to the company, maybe for a fee of a couple hundred dollars or so.
- The Outcome. To Seney's delight, she didn't have to jump through any of those hoops. She called the resort company, explained the situation and was told that, although there was no formal deed-back program, as long as she could send them her father's death certificate, they'd take it back.
Research the company. Search online for the company's name, plus the words "scam" or "complaint." Study the paperwork on your own. Get all promises in writing. It’s your right. Ask about your ability to cancel the contract. In certain circumstances you have the right to a cooling-off period — a time when you can cancel the deal after you ...
People also ask
How do I get Out of a timeshare?
Can you cancel a timeshare?
Should I rent out my timeshare?
How do I exit a timeshare property?
- Why Timeshares Can Be A Bad Idea
- Some Statistics on Timeshares
- Why You Might Want to Get Out of Your Timeshare
- Summary
You may be wondering what’s so bad about timeshares. After all, they cost much less than owning a vacation home. And much less than paying for a full vacation every year. While that may be true, there are several downsides to timeshares. Consider these negatives before you buy one.
Despite their oft-bad rap, timeshares are still selling in the U.S. Some facts regarding timeshare sales: 1. There were $10.5 billion in sales 2. The average price was $22,942 3. Annual maintenance fees averaged roughly $1,112 Source: ARDA As you can see, timeshare sales are booming. However, that doesn’t necessarily mean you’ll want to keep one if...
Becoming a timeshare owner may have seemed like a good idea at the time. However, things can change. Here are some reasons you may want to get rid of your timeshare.
Timeshares are a depreciating asset. There are always more sellers than buyers. And they don’t appreciate in value. Maybe it is time for a timeshare exit strategy. The sooner you get rid of it, the more money you’ll save. You may not get your money back on the sale price. But you’ll get out of the annual fees.
- Checking the Rescission Period. If your second thoughts occur within several days of your purchase, you may be able to rescind the transaction if you’re still within the “rescission period.”
- Contacting the Timeshare Resort. If rescission isn’t possible because too much time has passed, another option you may be able to take advantage of is a “deed back” program.
- Reselling The Timeshare Yourself. If you’re considering reselling your timeshare, it’s probably best if you don’t go into it with hopes of making a killing.
- Reselling the Timeshare Through a Broker. If you opt to resell your timeshare, another option is to hire a real estate broker or agent who specializes in reselling timeshares.
Rent Out Your Timeshare. Renting out your timeshare is a good option if you are unable to use it every year, but are unsure about ending your ownership. Renting can help offset the costs, such as maintenance fees. Contact your HOA or timeshare company to learn about the rental opportunities available for your specific ownership.
Jul 2, 2020 · Buyers can cancel a timeshare purchase if they do so within the “recission period,” which varies by state and ranges from three to 15 days. After that, for most owners there’s no easy way to ...
