How to Get Rid of an Unwanted Timeshare

There are many reasons why you may have stopped using your timeshare – from changes in finances to new family obligations. No matter the reason, we understand the financial burden that a timeshare ownership can become.

To assist you in this process, we have expert advice on how to remove your ownership. Learn more about the pro’s and con’s for a number of popular timeshare removal options below:

Most owners who need to get rid of their timeshare, first look to selling it. They want to recoup some of their original investment. However, they soon realize there is an extremely low ratio of buyers to sellers. Worse, many become victims of ruthless scammers (which greatly outnumber legitimate buyers). The sad truth is that the resale market is so depressed, that most owners cannot find a buyer for their timeshare ownership. Thankfully, there are legitimate options out there. But even with legitimate options, owners need to know how to identify the good from the bad. Read on to find out how to safely get rid of your timeshare.

Timeshare Listing Companies

Timeshare listing companies will usually charge a fee to post your property on their website or print publications in the hopes of finding a new owner. Prices vary widely, from $60 all the way up to several thousand dollars. Be warned though, paying more often doesn’t mean better results. In fact, overpriced listing companies have no real incentive to sell your timeshare. They may even encourage owners to price their timeshare higher than the market will bear so they can collect additional fees. If you decide to list your timeshare, look for a company that has a strong web presence and charges reasonable fees. If you are successful in selling or more likely giving away your timeshare, next you’ll have to handle the legal transfer. This can be a daunting task. For additional information read about the timeshare transfer process here. [top]

Brokers

A timeshare broker will list your timeshare and negotiate a price on your behalf. Again, beware of paying any upfront fees. Many owners have been scammed by so-called brokers that claim to have a buyer waiting if the unsuspecting owner will just put down a deposit. Broker services should be billed as a percentage of the timeshare sale price. The fee should only be paid once your timeshare transfer has been recorded with the county in which the resort is located. Hiring a legitimate broker is a good idea if your timeshare is still selling on the resale market. Timeshare Specialists can identify if you have one of these properties free of charge. We can also act as your broker. Our relationship with Resort Closings, Inc. will ensure that your ownership is transferred properly with the County and the Resort. If there is still demand for your timeshare on the resale market, using a broker on a commission basis is a safe and headache free way to get rid of your timeshare. [top]

Resort Takeback Programs

Some resorts are starting to take back properties or sell them on behalf of owners. The options offered by resorts are based on each owner’s situation and they usually offer solutions for owners with financial hardships. There may be fees associated with the programs, but if you are unable to sell your timeshare be sure to reach out to the resort and see what options they are offering. [top]

Transfer Companies

Timeshare Transfer companies generally charge a fee to liquidate an unwanted timeshare. This is an option for timeshare owners who have properties in very low demand on the resale market. This service is similar to brokerage services, however since the Timeshare will likely have to be given away or even come with prepaid usage, the broker won’t be willing to work for a commission. Timeshare Specialists, Inc. offers liquidation services. With our Guaranteed Transfer Program, we do all work of finding someone who is willing to take over the ownership. We work with Resort Closings, a licensed, insured company that performs the title search, document drafting, and recording. Just like our brokerage option, you’ll never pay an upfront fee, and money only changes hands after your property has been legally transferred out of your name. Our prices are extremely fair, and our work is exemplary. But whether you choose to work with us or not, you should always avoid companies that charge an upfront fee. Only pay after the service is complete. [top]

Exit Companies, Timeshare Attorneys and Consumer advocates

You’ve probably heard their ads on the radio or seen one of their paid endorsements, these are firms that promise to negotiate an end to your timeshare contract often by threatening to sue your timeshare company for unlawful practices in the sales process. They have been known to advise clients to stop paying maintenance fees, which can put your credit rating at risk. They also normally charge at least a portion of their fee upfront. These companies can be successful in ending some contracts, but their price is often many thousands of dollars and their methods come with significant risks. Owners should keep in mind that Attorney/Consumer Advocate firms may be threatening Resorts with legal action on their behalf. According to lawsuits filed by timeshare resorts, some of these firms send generic form letters from an attorney to the resorts, the reason for this is simple: these firms wish to cut off communication between the resort and the owner. This is a practice that has led to legal action by multiple resorts (Welk Resort v. Timeshare Exit Team), resulting in some of these firms going out of business (Castle Law & American Consumer Credit). This approach is can be greatly overpriced, fraught with needless risk, and is unnecessary to divest of a timeshare. [top]

The best timeshare exit solution

The best exit solution depends on your particular property. An important step in the process is determining how much your timeshare will sell for, you can read more about how to assess your timeshare’s value in our article – How Much is your timeshare worth.

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