Seriously Simple Ways To Get Rid Of Timeshare
Get Rid Of Timeshare: At first glance, purchasing a timeshare may be the best idea ever. After all, you can relive your wonderful vacation experiences over and over again on a regular basis. Of course, no one can begin to guess what their lives are going to be like in the future, and whether or not a coveted vacation spot will always be the perfect place to relax. In a momentary lapse of sanity, you may have purchased the timeshare and now you’re looking to get rid of it, but you’re in for a rude surprise!
What most people often find out is that purchasing a timeshare is easy, but getting rid of it is another story. The location of the timeshare does actually play an integral role in whether you can sell it or you’ll have trouble even giving it away for free. If there is no demand for your timeshare, then it’s going to be extremely hard to sell, but there are options for you out there. Here are some of the top ideas to get rid of timeshare:
Find out if your timeshare is marketable.
The Internet has several websites you can look to see if anyone is even going to be interested in your timeshare. RedWeek.com is one of just many places you can use to determine the marketability of your timeshare. Such websites can help you see how different units are priced at certain resorts. Once again, however, this information shouldn’t be the only way you determine if your timeshare is even worth selling. Just because resorts are asking a certain amount for their timeshares doesn’t necessarily mean they’re highly desirable or highly valued in a secondary market.
Get in touch with a trusted real estate agent.
If you have the belief that your timeshare is sellable and you need help finding a buyer, make sure to get in touch with a real estate agent. You’ll need a real estate agent that’s a timeshare specialist as he or she will need to market your timeshare to the right client. It’s also preferred to choose a real estate agent who is familiar with your particular resort.
Try listing it for sale yourself.
For sale by owner is another approach that you can take to get rid of timeshare. You may not come across a real estate agent willing to take on the task of listing your timeshare, but that’s something that you can do yourself. RedWeek.com or eBay are platforms that you can choose to use in order to find a buyer. Make sure to provide an in-depth description of your timeshare as well as quality photographs to hook interest.
Consider giving it away.
If you’re at your wit’s end and you want to get rid of timeshare, consider giving it away for free. There is a possibility that you may find someone who’s willing to take it off your hands, and even though you won’t get your money back, at least you’ll be able to save plenty on annual maintenance fees. If you have the inkling of giving your timeshare away to charity, it’s not something that they’ll accept.
Attempt to sell it back to the resort.
If you’re lucky enough to hold the timeshare to a major resort, many have formal buyback programs that you can consider. Not all resorts will have such a program, but it’s still worth asking them as they may be willing to take it back rather than have it land in foreclosure.
Pressure the resort into canceling your contract.
Just think back to the moment where you were pressured to purchase your timeshare, and then use that same exact tactic to get the resort to cancel your contract. If you’re persistent enough to do this on your own, you may see some success. There are plenty of attorneys that may be willing to do this for you, but you can expect to pay up to $4000. Many people have been able to find success by choosing to go this route.
Try to find someone to rent your unit.
If you’ve tried everything above and you’re still not finding a buyer, then there’s only really one thing left to do: try renting your timeshare. You’ll find a pretty robust rental market for timeshares, meaning that you may actually be able to recoup the costs. Once again, you can choose to advertise your timeshare online and rent it out yourself by using high-quality videos, photographs, and an enticing description. However, if you’re desperate to get rid of timeshare, it may be worth finding a company that’ll take care of the renting for you. The services won’t come cheap and may cost you half of the rent you collect, but at least it will get rid of your timeshare.
There are consequences for getting rid of your timeshare.
What timeshare holders need to actually understand is that there are consequences when they decide that they no longer want their unit and stop making maintenance payments. The account will more than likely be sent over to a collection agency and they may end up hounding you for years to pay up. Eventually your collection account will end up in foreclosure, but this will take a long time. When your collection account is foreclosed on, it can seriously damage your credit report and prevent you from making other purchases.
Many timeshare holders have been scammed in the past because they were desperate to get rid of their holdings. Even though there are plenty of advertisements online for companies that will take timeshares off your hands, many of them are actually scams. These companies will say they have a buyer lined up to purchase your timeshare and all you need to do is pay a one-time only fee to get access to this information. Once you pay for their services, they disappear with your money and there’s no actual buyer. As a downside, not only did you lose more money, but you’re still stuck with your timeshare.
As you can see, getting rid of a timeshare is not an easy task. Thousands of timeshare owners each year try to get rid of their holdings by any means necessary with very little success. Hopefully, your timeshare is to a resort that’s a recognizable company name and maybe in a desirable location. If that’s the case, then you have a good chance of selling it to someone else.
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