When you purchase a timeshare, you’re getting a dream vacation when you need it. It’s cheap, easy and relaxing. However, sometimes things don’t go as planned, and you could end up with a property you don’t want or need.
If you find yourself in this situation, you may wonder, “what can I do about unwanted timeshare property? It’s a common dilemma – you regretfully purchased a timeshare but now find yourself in a bit of a bind.
You’re stuck with unwanted timeshare property and a hefty maintenance fee. Don’t worry! With some research, knowledge, and expert advice, you can overcome this issue.
We have put together a few tips on what you can do when you aren’t happy with your timeshare purchase. Let’s look at everything you need to know.
Use The Recession Period
When faced with unwanted timeshare property, the recession period is a great opportunity. Make sure to act on relinquishing and selling timeshare property. The current buyer’s market gives more negotiating power as timeshare units are not selling as quickly.
A great place to start when trying to get rid of a timeshare property is to contact the resort management. Find out what their policies are around reimbursement and cancellation penalties.
Every state has different recession periods, which usually range from 3-15 days long. During this time, the buyer can legally cancel the timeshare purchase and receive a full refund of any money already paid.
The buyer should carefully read their contract and look into all additional financial responsibilities. Discuss their decision with a lawyer should they have any doubts. The rescission period allows a buyer to take time to discover all information. It helps them fully understand their purchase, which can avoid problems down the road.
Ask the Resort to Take It Back
You may be able to ask the resort to take it back. This can be done by contacting the resort’s management. You have to express your desire to have them take back ownership. Many resorts may be willing to accept the property back, as it can often be sold and used again to generate revenue for the resort.
You should make sure to have valid reasons for wanting to be rid of the timeshare, such as not being able to afford the maintenance fees, having little time to use it, or not being able to access the property.
It may take some time for the resort to respond, but it may be worth it if they are willing to accept the property back and relieve you from its ownership.
Sell Your Timeshare Property
If you own a timeshare that you no longer want or need, there are various options for you to explore to get rid of it. Selling your timeshare will most likely be the best option for a fast, hassle-free solution.
You may be able to resell your timeshare through online marketplaces, dedicated timeshare reselling websites, or even by advertising it yourself in local papers or on social media.
You might also find a willing buyer by directly approaching the timeshare property owner or resort. This can be a bit of a drawn-out process, though, and you may not get the desired price.
Use an Attorney
It is important to consider hiring an attorney to help you through the process. A good attorney will be able to provide you with representation in any legal matters that may arise.
They may review your timeshare agreement and documents to ensure that you are taking the best route possible for terminating your timeshare. They can also assist in renegotiating any existing agreements as well as help you and your family through the process of de-deeding any and all ownership interests.
Additionally, an experienced attorney can help to research and identify any possible rescission or cancellation options that may be available to you and can assist with preparing any filings or paperwork. In the end, an attorney can be the key to ensuring that you get the most out of the termination and sale of your timeshare.
Use a Timeshare Exit Company
The use of a timeshare exit company can be an effective solution. These companies specialize in relieving clients of their timeshare debt and obligations, helping to maximize value of the property and free homeowners from unwanted contracts.
They may provide a variety of services such as consumer advocacy, offering debt resolution solutions and legal advice. In addition, they may work to dispose of a client’s timeshare in either a direct sale or through a trading system.
Utilizing the services of a timeshare exit company can help to reduce the burden of ownership while still enabling clients to realize the maximum value of the property. Exploring the various options available can help to facilitate an effective solution.
Give Your Timeshare Away to Family or Friends
If you’ve found yourself stuck with unwanted timeshare property and don’t know what to do next, giving your timeshare away to family or friends could be a great starting point.
It gives you the chance to pass on your unwanted timeshare property without having to incur the costs typically associated with selling your timeshare.
It’s important to note that you should get everything in writing and have all parties involved sign a document stating that they don’t owe anything for taking over the timeshare.
You should also consider cancelling any remaining points, weeks, or other related contracts that you may have.
If you need help navigating the transfer process, look for reputable companies that specialize in timeshare transfers and can answer any questions you may have.
Get Rid of Your Timeshare Property
Getting rid of unwanted timeshare property can be a difficult and stressful situation. However, you can explore options, like transferring, subleasing, or donating the timeshare.
Contacting the timeshare company directly to discuss the situation is always a good first step. If a resolution doesn’t seem possible, it’s best to contact a licensed attorney to explore other options. No matter what, taking the initiative to handle this issue is the best way to get results.
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