What Options Do I Have To Get Rid Of My Timeshare?
You may have noticed, there is no easy way to get ride of a timeshare and the sad truth is, you may have very few options.
Selling a timeshare property
We have talked with hundreds of timeshare owners. While most stories we hear are very similar, we still run into some that are quite unique. Usually, if you own a timeshare it went something like this…Maybe you were seeking a better vacation lifestyle or you were promised gifts and a great vacation to attend a “brief 90-minute timeshare presentation”. Even though you looked at each other and said “I don’t care if they are offering buckets of gold for $1, we are not buying anything” you somehow left that presentation as the proud new owners of a timeshare. The salesperson probably explained that you were making a great investment with that timeshare purchase and told you that you could travel anywhere you wanted to go whenever you wanted, and with that, you went back home with a timeshare contract and a new mortgage payment.
You might have enjoyed your timeshare for many years, but at one point, maybe because of raising annual maintenance fees or after several years of trying to use it and not being able to, whether it be due to scheduling conflicts, availability issues, or other changes in your lives, you have found yourselves asking the question “Why are we paying all these crazy fees and not even using it? It’s time to get rid of my timeshare”
Why is it so hard to sell a timeshare?
By now you probably know that when you bought your timeshare, besides buying the right to use “your” property during a specific time of the year and maybe even the right to trade points to use other properties, you really bought an ongoing obligation to pay real estate taxes, insurance and annual maintenance fees for a very lengthy period of time (sometimes for many many generations). As timeshare owners, your payment obligations won’t stop whether you enjoy your timeshare or not.
This is a hard sell. And you’ll quickly find out that it won’t be easy to unload your timeshare, or vacation ownership, as some in the timeshare industry like to call it.
Here are the options that are usually available to timeshare owners when it comes to getting rid of one.
What options do I have to get rid of a timeshare?
First, we should point out that, in the worst situation you won’t be able to sell your timeshare, simply because no one wants your timeshare contract, even for free. But we can still help you (see number 6). Nevertheless, these are the most common options to sell a timeshare property (and note that in most, if not all, of these options you will have to pay a transfer fee or a commission)
Ask the timeshare company
Ask the developer or the hotel if they can resell your timeshare for you. Hilton resort, for example, will take resales once its own units are gone. Same for a Marriott when it runs out of inventory to sell. Other developers have similar secondary markets in order to help owners resell their timeshares. Of course, this remains the exception rather than the rule but it should be your first option before looking at the resale market.
Ask the timeshare company
Ask the developer or the hotel if they can resell your timeshare for you. Hilton resort, for example, will take resales once its own units are gone. Same for a Marriott when it runs out of inventory to sell. Other developers have similar secondary markets in order to help owners resell their timeshares. Of course, this remains the exception rather than the rule but it should be your first option before looking at the resale market.
Sell at auction
Sell at auction, you can even consider sites such as eBay. You might not make anything close to what you’d like, but at least you won’t be legally responsible for the financial obligations of timeshare ownership.
Sell at auction
Sell at auction, you can even consider sites such as eBay. You might not make anything close to what you’d like, but at least you won’t be legally responsible for the financial obligations of timeshare ownership.
Give it back
If all options above have failed, try giving the property back to the developer. You won’t get anything back, mone wise, but at least you won’t be responsible for the never-ending annual maintenance fees. Many developers will refuse but some might accept if you can prove hardship and if they figure out they can easily resell. Make sure the timeshare management releases you from any further liability to pay future expenses.
Use a timeshare exit company
Last resort, contact an honest timeshare exit company (sometimes also called timeshare cancellation attorneys). Many will require an upfront fee so understand that you’ll lose this fee if your timeshare doesn’t sell and do your due diligence before signing with anyone at this stage. Also make sure you have the right to sell your timeshare, that might not always be the case. This is where Timeshare Ninjas can help. Contact us and we’ll put you in touch with the best in the industry. You don’t have to pay anything upfront and there is absolutely no obligation.
What if you stop paying your Timeshare contracts?
So what happens, you might ask, if you, the timeshare owner, decide to just stop paying your timeshare fees and pretend like you don’t want it anymore?
If you default on your financial obligation and/or your mortgage payments, the management company can sue you, send your debt to a collection agency, or/and take over your timeshare. This should not be considered a viable way to get rid of a timeshare legally.
Taking Action
“We set up the necessary dialogue to ensure the resort is cooperative”
By initiating a formal dialogue with your timeshare resort, our partners are able to correspond with the proper representative that handles the timeshare contract. No matter big or small, their process ensures the timeshare companies respond and appropriately handle your dispute. As they go through the process, our recommend timeshare attorneys handle everything on your behalf, keeping the case as stress-free as possible and with one goal in mind, getting rid of your timeshare and the associated maintenance fees as fast as possible. With every update, your timeshare exit case manager will keep in touch and will be available for any questions the client might have. If at any point the case requires interaction from the client, they will do their best to make the process as easy as possible.