Can you sell your timeshare back to the resort? Can you sell your timeshare back to the resort?
Yes, under certain circumstances
. However, most people with an unwanted timeshare are on their own if they want a way out. Your last resort options are selling it yourself or receiving help from a trusted timeshare cancellation company.
List the timeshare for sale on a consumer sales website, such as eBay or Craigslist
. Use an online advertising site that specializes in timeshares, such as RedWeek or Timeshare Users Group. Sell your timeshare through a licensed timeshare resale company.
- Use the rescission period.
- Call the timeshare developer.
- Rent your timeshare out.
- Sell your timeshare on the resale market (but expect to take a hit).
- Gift your timeshare to a friend, family member or stranger.
There are three ways to get out of timeshare in normal times:
Sell it or give it back
. A site like ARDA’s Responsibleexit.com can connect you with timeshare developers who have free or low-cost exit options or professional licensed real estate brokers that specialize in timeshares.
Why is selling a Timeshare so tough? The main reason is quite simply,
supply and demand
. The supply of timeshare resales greatly exceeds the demand for resales. This has always been the case in the timeshare industry due to the fact that so few people even realize you can buy a timeshare resale!
Timeshares are not an investment, so you likely won’t get much for your timeshare. Timeshares rarely appreciate in value. But if you want to say goodbye to maintenance fees and annual dues forever, especially if you are no longer using your ownership,
selling is one of the best ways to do so
.
If you stop paying your timeshare maintenance fees,
you will likely default on your ownership
. This not only hurts the resort, but it hurts you and your credit. Like a home going into foreclosure, the resort takes the ownership back and it will stay on your credit report.
Foreclosure Action
If you stop paying on your timeshare loan,
you face foreclosure
. Foreclosure is the process whereby the lender files to take possession of the property and sell it at auction to recover the money you owe.
When you walk away from a timeshare agreement, you forfeit your vacation ownership rights and leave yourself open to legal issues
. Abandoning your ownership breaks an agreement and puts you at risk of foreclosure. It also may drag your credit score down for up to seven years.
Can I sell my timeshare back to Wyndham?
Through Wyndham Cares “Certified Exit – Backed by Wyndham“, owners may be able to return their timeshare back to Wyndham
. They are able to do so if their loan is paid off and all maintenance fees are up-to-date.
Dave Ramsey says
you get nothing out of paying for a timeshare except the loss of choices and the loss of your money
. Timeshares are seriously a terrible use of your money!
How Does Timeshare Cancellation Work?
Following your initial purchase, you’ll enter a brief cancellation, or “cooling off” period
. This window of time is legally mandated in most states. A formal notice of cancellation must be declared by you to the seller within that period in order to get your full deposit back.
A timeshare is not an investment, it’s a vacation. It’s also an illiquid asset that is
likely to lose value over time
. Ultimately, timeshares are like swimming pools, if you buy one, do so because you love the idea of owning it, not because you expect to make a profit.
Throwing money at a timeshare is not an investment and will not generate money for you
. An investment implies that you can eventually sell it and make money. With timeshares, you’re just pre-paying your hotel bill for the next 20 years whether or not you use it.
If a repayment plan isn’t negotiated, the timeshare company might go the route of taking you to court for breach of contract to get a judgment against you and place a lien against the property
. Ultimately, they will foreclose on the property.
Do Timeshares Show Up on Credit Reports?
Timeshare foreclosures can certainly appear on your credit reports
. The most common type of credit scores — FICO credit scores — have a 300 to 850 range. A timeshare foreclosure can drop your FICO credit score at least 100 points and even more in some cases.
In general, though, if you don’t pay the fees and assessments on a right-to-use timeshare,
the HOA may sue you for a money judgment or “repossess” your right to use the timeshare
. A repossession is a different legal process than a foreclosure.
If you ‘ve only owned your Wyndham timeshare for a few days,
getting out of the timeshare contract is easy
. There is usually a toll-free number shown on the contract and an address. Contact the seller and tell them that you want out of the Wyndham timeshare contract. They will require you to send a cancellation letter.
Wyndham Certified Exit (formerly called Ovation) is Wyndham’s exit program
. It used to be that your timeshare needed to be paid off to qualify. Now they have options for people who still have loans that are not paid off. There are some resorts that do not qualify.
How much is 1000 Wyndham points worth?
Points generally cost
$13 for each 1,000 points you wish to buy
, though there are often bonus promotions. Points purchases are processed by Points.com, so you won’t get a bonus from buying points and paying with your Wyndham Rewards credit card.
It’s still a growing industry. According to 2018 United States Shared Vacation Ownership Consolidate Owners Report,
7.1% of U.S. households now own one or more timeshare weeks
. That’s about 9.6 million owners or ownership groups.
You Can Refuse Your Timeshare Inheritance as a Beneficiary
A timeshare ownership inheritance is no different and
you can outright refuse it with the help of an estate planning attorney
. Like handling any other estate asset, it’s best to put everything in writing.
Leased timeshare ownership will define the number of years you can use the timeshare, usually lasting long-term. On average the lease can expire in
20 – 99 years
.
Limited Alternative Options. Another reason why it’s so difficult to cancel your timeshare is that
there are limited alternatives available
. You might think about selling your timeshare if the burden becomes overwhelming. Unfortunately, there aren’t many people in the buyers’ market.
Timeshares only get treated as real property when it negatively impacts the buyer
. Buyers risk foreclosure if they default on their timeshare mortgage payments, yearly maintenance fees, exchange fees, special assessments, or other related obligations.
A timeshare is not an investment, it’s a vacation. It’s also an illiquid asset that is
likely to lose value over time
. Ultimately, timeshares are like swimming pools, if you buy one, do so because you love the idea of owning it, not because you expect to make a profit.
If you stop paying your timeshare maintenance fees,
you will likely default on your ownership
. This not only hurts the resort, but it hurts you and your credit. Like a home going into foreclosure, the resort takes the ownership back and it will stay on your credit report.
