How To Get Out Of A 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.
Timeshare Exit Options
Most owners who need to get rid of their timeshare first look to selling it as they want to recoup some of their original investment (see our guide on How to Navigate the Timeshare Resale Market). 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 out of a timeshare.
To assist you in this process, we have expert advice on how to exit a timeshare successfully. The most popular timeshare removal options include:
Pros and Cons of Timeshare Exit Options
Timeshare Listing Companies
Timeshare listing companies portray themselves as offering one of the best ways to get rid of a timeshare; they make you believe they have a market of buyers.
They 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 with a strong web presence that charges reasonable fees. If you are successful in selling or, more likely, giving away your timeshare, you’ll next have to handle the legal transfer. This can be a daunting task. For additional information, read about the timeshare transfers here. [top]
Brokers
Timeshare brokers can be valuable allies when it comes to selling timeshares. 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 who 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 a valuable timeshare free of charge. We can also act as your broker – find out more about our Brokerage Services here. 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. Find out more about how quit claim deeds work here. [top]
Transfer Companies
Timeshare transfer companies specialize in liquidating unwanted timeshares, particularly those with low demand on the resale market. They generally charge a fee to liquidate an unwanted timeshare.
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 the work to find someone 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. Exit companies 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 also been known to advise clients to stop paying maintenance fees, which can put your credit rating at risk. They also typically 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 can be greatly overpriced, fraught with needless risk, and is unnecessary to divest of a timeshare. [top]
The best timeshare exit solution
The best way to get rid of a timeshare or 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.
Expert Assistance for Timeshare Exit
At Timeshare Specialists, we understand the complexities of timeshare divestment. We can help answer any questions regarding your timeshare ownership as well as explore viable options for getting out of a timeshare.
Contact us anytime for free expert advice at 1-800-965-6565.
We are ready to help
Use our consultation request form or call us today to determine the best option for your ownership!
Our Brands
Resort Closings, Inc is a licensed and bonded escrow company specializing in the legal transfer of timeshares, if you need to transfer your ownership to a new owner, they can help!
Ready to list your timeshare? Buy and Sell Timeshares, offers affordable subscription based pricing, so you won't over pay to list your ownership.
If you are buying or selling a timeshare, use our Timeshare Scam Database to avoid know scams on the Timeshare Resale Market.