How to Get Rid of a Timeshare
A report by the U.S. Shared Vacation Ownership Consolidated Owners shows that 9.2 million Americans own a timeshare property. However, as time goes by, maintenance fees for timeshare properties continue to rise, making more people want to get rid of them. If you want to sell your timeshare, seek the advice of a reputable timeshare lawyer.
If you feel financial constraints about paying maintenance or mortgage fees, you can rent out your timeshare. Most contracts allow subletting. Check on the internet which sites you can list your affordable timeshare rentals. You can ask your lawyer for more guidance. If you can no longer pay the timeshare maintenance fees, you can list it for free or donate it to charity. Ask around where available timeshares are listed for free. You can also put your timeshare for sale on various websites, and the realtors will sell the property to you.
However, if you bought the timeshare through misrepresentation, you can take legal action and require the seller to return it. If you cannot pay the average cost of timeshare maintenance fees, a lawyer can assist you with the legal proceedings. If the average monthly cost of a timeshare is too much, you can contact the management company and cancel the contract.
How can you get rid of a timeshare? If you’re wondering about how to get out the timeshare or even need help to cancel timeshare after grace period, you’re definitely not alone. A U.S. Shared Vacation Ownership Consolidated Owners Report produced in 2016 found that 9.2 million American households own a shared vacation product. The timeshare industry is currently worth $70 billion and 25% of all timeshare resorts are located in the state of Florida. As economic realities make it difficult for people to keep their timeshare, maintenance fees on these properties seem to skyrocket continually and many people are looking to offload these vacation properties. It can be very difficult to get rid of a timeshare, even when financial hardship strikes. Here are some tips to help you figure out the best way of selling a timeshare or otherwise getting out of a contract legally.
- How to get rid of a timeshare: check the recission period. This is the simplest way of getting out of a timeshare contract. Most states require a grace period after a timeshare sale in which buyers have an opportunity to change their minds without penalty. The precise amount of time differs by location, but this is the first thing you should check. If you’re still within the grace period, contact the resort immediately and send them a notarized letter. Track the letter for extra assurance, and if you have any concerns at all talk to a timeshare attorney.
- How to get rid of a timeshare: contact the management company. If you have no legal way of simply canceling the contract, some management companies have a service to help owners sell their timeshares. There really is no second market for used timeshares, which is something the timeshare resorts have strong financial interest in blocking. Instead, some of them offer help in selling your timeshare. Just be aware that they will take a large percentage of the sales price. This can be a good option for you if you find yourself unable to keep up with the fees and cannot find a ready buyer or even someone to give it away to.
- How to get rid of a timeshare: put it up for sale by yourself. There are websites where you can put your timeshare up for sale, such as eBay or Craigslist. There are also websites dedicated to the sale of timeshares in particular. There are also some realtors who specialize in selling timeshares. None of these are really an ideal option, but they might be worth a try if you are finding yourself in financial straits.
- How to get rid of a timeshare: rent your property. If your timeshare is located in a desirable place you can attempt to rent it out. There are some sites where you can list your timeshare for rent, but be sure to check that you’re not in violation of any part of your contract by doing so. Check with a timeshare lawyer if you have any questions about this.
- How to get rid of a timeshare: list it for free. If you’re getting desperate and need to be rid of the fees, there are some places where you can simply list your timeshare as a free giveaway or you can attempt to donate the timeshare to a charity.
- How to get rid of a timeshare: get legal help. If none of these things are working, or if you think there is any chance the timeshare was misrepresented to you, you may have a legal case to require the seller to take it back. You may also need legal help if you are unable to make payments and the timeshare company is threatening to sue. Timeshare attorneys can help you navigate these tricky waters.
Getting out of a timeshare can be difficult, but there are some options. If you’re unsure what to do, contacting a timeshare lawyer might be a good place to start.