Owning a timeshare can be expensive. The salespeople often do a great job hiding most expenses before purchasing. Yet, there's no denying that the cost of timeshare ownership has led many to consider reselling theirs.
According to American Resort Development Association studies, roughly 85% of timeshare owners regret purchasing one. Ironically, that aligns perfectly with the average rate of rescission period cancellations in the timeshare industry, which is 15%. Whether owners gradually lose interest in their vacation ownership or feel deceived into the initial purchase, they eventually look to get rid of it.
Can you sell a timeshare? This guide will walk you through the steps you need to take to sell your timeshare ownership. We'll also look at how to sell it back to the resort and a few alternative selling methods if that doesn't work.
One of the first questions timeshare owners ask when they decide to get rid of their timeshare property is whether they can sell it back to the resort. They can, but the process is tricky. See, timeshare salespeople often use the resale possibility as a selling point to potential buyers. However, this assurance is not always reliable.
Deed-back programs allow you to sell your timeshare interest back to your resort developer. Technically, you don't receive any money in return for a deed back, but it can deliver you some future savings with your mortgage payment and maintenance fee. The first step to deed the property back to the resort is finding out if it is an option.
There's a high chance your timeshare agreement doesn't have a deed-back clause, or you may not qualify for your resort's buyback program. When that's the case, it's still worth reaching out to resort management to see if any options are available to you.
If they refuse to accept your timeshare return, it's time to consider alternative options.
When the timeshare company declines to assist you, finding reputable help can be daunting. Resorts typically give owners two alternative options. Owners can rent their timeshare to other vacation-goers to cover their annual maintenance fees. Or they can attempt to sell the timeshare on their own or with real estate agents in the secondary market.
The resorts don't tell you how difficult achieving either of these alternatives is. Timeshare owners have consistently found it challenging to rent out their units. Even though the salespeople bragged about how easy renting out the timeshare unit would be, it's much easier said than done. The chances of recouping enough money from renting to cover the annual fees are slim.
Unfortunately, selling your timeshare is no easier. The timeshare resale market overflows with listings due to the always-increasing number of owners looking to offload their timeshare. When maneuvering through the resale market, move with extreme caution. Timeshare resale scams are rampant, and many resellers are not who they say they are.
While you should be wary of timeshare resale companies, timeshare exit companies are often an excellent exit option for a timeshare owner. Exit teams represent you as they negotiate directly with the resort to cancel your timeshare agreement.
Find a well-respected timeshare exit team within the industry with a strong history of timeshare cancellation. Positive recommendations and testimonials from past clients signify a company can be trusted to help you. With a custom strategy from industry professionals, these companies make timeshare exit look easy - even though it often isn't.
You don't want to stop paying for the timeshare, even if you can't transfer the property back to the timeshare developers. You can risk foreclosure and heavily damage your credit score by refusing to pay. Many timeshare owners still try to sell their units independently.
Here are three steps for selling your unit if you go that route:
First, look back at your original timeshare agreement and thoroughly review it. If you plan to sell your timeshare, you need all this document's vital information. You will also likely need to receive a physical copy of the deed from the resort developers.
Next, you need to accurately understand how much your timeshare is worth to get realistic resale expectations. Despite what the salespeople told you, your timeshare is not an investment, so do not be surprised that its value does not appreciate. Sadly, a timeshare's value depreciates as soon as you sign on the dotted line.
The last step is to list it for sale. However, there is usually a challenge to selling these properties like they are mortgages. Unfortunately, hundreds of timeshares get listed for proceeds of as little as one dollar. That is because owners desperately want out of their agreement, but hardly anyone is interested in making an offer. Most owners are simply happy enough to give their timeshare away if it rids them of the recurring timeshare maintenance fees.
Timeshare scams are also heavily prevalent in the resale market, so beware of those with fraudulent motives. If you are in a situation where you were dishonestly misled into a timeshare purchase, working with a professional timeshare exit company may help.
Can you return your timeshare obligation to the resort? Yes, under certain circumstances. However, most people in an unwanted timeshare deal are on their own if they want a way out. Your final solution is selling it to someone else or receiving help from a trusted timeshare cancellation company.
Contact Wesley Financial Group, LLC* to learn about such cancellation services. They have been standing as a leader in the timeshare exit industry for over a decade, with no signs of slowing down.
*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.