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 — but is that even possible? Are there legitimate companies that buy timeshares? How can you avoid timeshare scams? What practical steps can you follow to sell your timeshare?
The good news is that, yes, it is possible to sell your timeshare in an easy and legit way. Keep reading our articles to learn tips and answers to all your questions about selling your timeshare.
According to the American Resort Development Association report, there are approximately nine million timeshare owners in the United States. Still, what exactly is a timeshare?
A timeshare is a type of vacation ownership that allows you to purchase a certain amount of time on a specific resort property. You can purchase a timeshare and have a reserved week every year at the resort that can last for even a lifetime. Timeshare advertising claims them to be vacation homes without all of the hassle and expense of regular ownership. Yet, that does not explain why so many timeshare owners are unhappy enough to resell.
It is no secret that many timeshare owners are unhappy with their purchases. In fact, many timeshare owners are so displeased that they resell their timeshare. So, is there an upside to owning a timeshare?
There can be a few benefits to owning a timeshare. One is that you can vacation at luxurious resorts for a supposed fraction of the cost. Another is that you have the option to trade your timeshare for a stay in other properties. Timeshare salespeople claim this to be a great way to see different destinations around the world without spending a lot of money on accommodation.
While a timeshare may seem like a great idea at first, there are quite a few liabilities that you should be aware of before making such a purchase. For one, a timeshare can be an expensive investment, and if you're not careful, you could end up spending more money than you intended.
From the mortgage costs to the maintenance fees, timeshares do not come cheap. According to ARDA, the average price of a timeshare in the U.S. is about $20,000, while the average maintenance fee for a timeshare is about $700 per year.
In addition, timeshares often come with many restrictions and rules, so it's important to ensure that you're comfortable with those before you commit to anything. One such restriction is the limited rescission period, which is a big reason why so many owners feel trapped. Finally, it's important to be aware of the potential consequences of breaking the rules before you make a purchase decision.
Depending on the type of timeshare experience you have had, you may be able to cancel your timeshare — or take steps that essentially amount to canceling your ownership interest, even if the word "cancel" isn't used. Canceling involves turning your ownership back to the timeshare 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 all maintenance and HOA fees.
If you bought your timeshare recently, you might 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 timeshare sellers 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.
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 almost all cases, you won't 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's a basic guideline for the steps you should follow:
You should send your cancellation letter by certified mail with a return receipt requested to 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, many people pose as these companies and are 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 don't handle timeshares, legitimate companies exist that specialize in the resale of timeshares, such as Wesley Financial Group, LLC.
These companies, sometimes called timeshare cancellation services, aren't necessarily the same as those that initially listed and sold you your timeshare. They typically charge some upfront fees, but a legitimate timeshare cancellation company offers a money-back guarantee.
Rather than focusing on selling your timeshare to other buyers, 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 ("WFG") reviews each client thoroughly before agreeing to work with them and doesn't take on any client unless it knows it can help them exit their timeshare agreement successfully. In addition, WFG offers a written guarantee regarding their timeshare exit services.
Wesley Financial Group, LLC* (WFG) is an excellent example of a reputable exit company. As a pioneer of the timeshare cancellation industry, WFG’s track record speaks for itself and surpasses the qualifications outlined above. With more than a decade of experience, they have canceled 16,000 timeshares and counting. One can find many reviews online from people who have used WFG's timeshare exit programs and have been very satisfied with the results. If you are interested in learning more about such resources, do not hesitate to contact a WFG representative today.
*Wesley Financial Group, LLC, and its affiliates, successors, or assigns are not lawyers or a law firm and do not engage in the practice of law or provide legal advice or legal representation. All information, software, services, and comments provided on this site are for informational and self-help purposes only and not intended to substitute for professional advice, legal or otherwise.