Your timeshare was a wonderful gift to you and your family when you were using it. But your life has changed, and it's become a drain on your finances. Money goes out, but no pleasure comes in. You want to sell your timeshare place — but is that even possible? Are there legitimate companies that buy timeshare properties? How can you avoid timeshare resale scams? What practical steps can you follow to sell your timeshare or vacation club?
The good news is that, yes, it is possible for timeshare owners to sell their timeshare in an easy and legit way. Keep reading to learn answers to all your questions about selling your timeshare.
Selling a timeshare can be a daunting task, but with the right information and preparation, it can be a relatively straightforward process. First, it is important to understand the value of your timeshare. Research the current market value of similar timeshares in order to get an accurate idea of what your timeshare is worth. You can do this by looking at websites such as RedWeek or Timeshare Users Group (TUG), which provide information on timeshare resale values.
There are numerous resources and personal views on selling timeshares, so caution should be taken. When considering what to do with an unwanted timeshare, it is advised to first consult with the developer that sold it to you. They may provide options and advice as well as steer you toward a trustworthy timeshare real estate agent or resale company.
One way to sell a timeshare is to contact a real estate agent specializing in timeshare resales. Real estate agents can provide a comprehensive assessment of a timeshare's value. They take into account factors such as the age of the timeshare, its location, and the amenities it offers, all of which are essential for potential buyers. Using a professional, licensed real estate broker with a proven track record of successful timeshare transactions is an ideal option for individuals who are limited in their choices for selling their timeshare.
Another option is to opt for reputable resale companies. Just know that even the most reliable companies will still require some upfront fees. These charges typically come from a resale advertising company and not a real estate firm. Sellers might pick this path if they are delinquent on their maintenance fees or aim to take charge of the sale of their timeshare themselves without the use of a real estate agent.
The sale of a timeshare can take a significant amount of time, from weeks to months, depending on the features and how one goes about it. The amenities and location of the resort properties for sale are significant deciding factors. For instance, a beach-front timeshare unit in Florida will likely sell faster than one in the state of Virginia. Nonetheless, once an offer is received and the details are settled upon, the finalization of the purchase generally takes between two and three months.
If you bought your timeshare recently, you may find that your agreement includes a "deed-back" or "buy-back" clause that makes it easy to return your timeshare to the developer or resort. Older timeshare agreements are less likely to contain these clauses.
Start by talking to your timeshare's sales office to see if they'll take your timeshare ownership back without any money changing hands. Another option would be for your timeshare sales office to take over the sale of your timeshare for you. But keep your eyes open. Sometimes a timeshare sales office will try to coax you into paying for upgrades to make your timeshare "easier to sell." The last thing you need is a second agreement that also has to be sold.
Considering how challenging it can be to get rid of a timeshare, you may be wondering what other options you have besides selling it. Fortunately, there are a few alternatives that do not put people at risk of timeshare resale scams.
One option is to rent out your timeshare, which can be a great way to make some extra money and offset the cost of your timeshare. However, it is important to make sure you understand the local laws and regulations regarding renting out your timeshare.
Recently, donating timeshares to charities is another option that has proved to be a hassle-free process for many owners. If you’re lucky enough to find a charity willing to accept a timeshare donation, you may even qualify for a charitable tax deduction. There is no guarantee you will receive a deduction, but you should contact your tax specialist for more information to find out.
Another option is to outright terminate the timeshare agreement with the developer that sold it to you. If the purchase is still within the "cooling-off" period, then the process of rescinding it and receiving a refund is pretty straightforward. However, if you wait too late, it becomes more difficult.
Depending on the type of timeshare ownership you have (fixed-week, floating-week, or points system), you may be able to cancel it — or take steps that essentially amount to canceling your ownership interest, even if the word "cancel" isn't used. Canceling your timeshare involves turning your ownership back to the developer that sold you the timeshare. Not everyone is eligible to do this.
The bare minimum requirement for timeshare cancellation is that you can't owe any balance on your timeshare loan. You should also be current on the maintenance fee and HOA fees. This is essential in order to ensure that you are not in violation of any agreements that you have made with the timeshare company.
You may feel that if you stop paying your timeshare maintenance fees, you're washing your hands of your timeshare. However, this is a risky and unadvised move. Failure to pay your maintenance fees will result in you defaulting on your ownership, which will harm your credit for years to come. You shouldn't do business with any timeshare resale company that advises you to stop paying maintenance fees. Keep paying those fees until you've been notified that your timeshare has been transferred to another owner.
Understanding how to write a timeshare cancellation letter is a specialized skill. In some cases, you may not want to do this yourself and will be better off working with an experienced timeshare exit company. If you try to write your own timeshare cancellation letter, here are a few tips to follow:
You should send your cancellation letter by certified mail with a return receipt requested, so you can prove the letter was delivered. Be prepared to wait a significant period of time for a response, despite your request for a speedy reply.
While you can easily find legitimate timeshare resale companies to help you, unfortunately, there are a lot of suspect companies ready to scam you as well. Take a look at some of the warning signs that indicate that you may be dealing with a timeshare scam:
In general, if you feel uncomfortable with the high-pressure sales tactics a company uses, there's probably a reason for your discomfort. There are enough legitimate timeshare exit companies around that you shouldn't have to put up with come-ons and scams.
Yes, there are legitimate companies that buy timeshares. While most real estate brokers choose not to handle these resorts, legitimate companies exist that specialize in terminating timeshare agreements, such as Wesley Financial Group, LLC.
These companies, sometimes called timeshare cancellation services, aren't necessarily the same as the companies that listed and sold you your timeshare initially. They will typically charge some upfront fees, but a legitimate timeshare cancellation company will offer a money-back guarantee. Rather than focusing on selling your timeshare, these companies look for simple, legal ways to cancel your timeshare agreement, and they know and protect your rights as a consumer.
Yes, Wesley Financial Group, LLC* reviews each client thoroughly before agreeing to work with them, and it doesn't take on any client unless it knows it can help them exit their timeshare agreement successfully. In addition, Wesley Financial Group, LLC offers a written guarantee regarding their timeshare exit services.
At Wesley Financial Group, LLC*, we can answer all your questions about the timeshare resale market and help you determine whether it's possible to get out of your timeshare agreement. Read more articles on timeshare cancellation here. Or, take the first step toward financial freedom when you contact us by calling (800) 425-4081 and scheduling a free consultation today.