- Step 1: Revisit Your Contract. To start with, dig your original contract—and any other paperwork about the timeshare—out of your files to see exactly what you signed way back when. …
- Step 2: Research Your Timeshare’s Value. …
- Step 3: Try to Sell Your Timeshare. …
- Step 4: Contact a Timeshare Exit Company.
You can sell your ownership with a licensed brokerage without paying any upfront fees
. However, if you are behind on your timeshare maintenance fees or have any outstanding dues, you will need to pay them off first. Normally, the buyer will pay for closing costs when making an offer on your timeshare.
- Step 1: Revisit Your Contract. To start with, dig your original contract—and any other paperwork about the timeshare—out of your files to see exactly what you signed way back when. …
- Step 2: Research Your Timeshare’s Value. …
- Step 3: Try to Sell Your Timeshare. …
- Step 4: Contact a Timeshare Exit Company.
IT IS NOT SIMPLE, OR EASY TO SELL A TIMESHARE REGARDLESS OF WHAT SOME PEOPLE WILL TELL YOU (usually right before they ask for your credit card information) but it can be done if you
take the time to research the resale market
and know ahead of time how to spot and avoid the scams!
You will not get back what you originally paid for your timeshare. This is often the most difficult truth for a seller to hear. … Resale timeshares often sell for only 50% of the original price – some for as little as 20-30%.
You can still sell your ownership easily
, but you have to price your property competitively.
Getting out of a timeshare
The main way to get out of a timeshare is
to sell it
. To do this you’ll have to make sure all fees are paid. However, timeshares can be very hard to sell. Most people make a loss when they sell them.
Costs to Get Out of a Timeshare
On average, it costs
about $5,000 to $6,000
and takes 12–18 months to get out of your timeshare contract using a timeshare exit company. But the cost and the timeframe can vary depending on a number of factors including, how many contracts are attached to your timeshare.
- More than $2.8 Billion in Timeshare Sales and Rental Offers – Delivered to timeshare owners just like you.
- No Hidden Fees – We’ll clearly explain all your options and answer any questions.
- Call the developer.
- Rent it out.
- Sell it on the resale market (expect to take a hit).
- Gift it to a friend, family member or stranger.
- Stop your payments (but expect consequences).
- Avoid scams.
A deed back clause or program
allows you to give your timeshare back to the resort. Until then, you remain responsible for paying the maintenance and special assessment fees along with your mortgage payments.
On average, the cost of professional cancellation services is
around $4,000
. This typically gets you a team that will work with your timeshare company on a settlement or manages the resale process for you.
No, the timeshare has no value
, because you don’t own anything in the normal sense of the word. It’s not like your regular home, which likely has some equity built up. In fact, a timeshare goes down in value from the moment you sign the contract. There are much better ways to invest your hard-earned money.
One of the biggest problems with timeshares is that
there typically is no easy exit
. Those annual fees and special assessments are due as long as you own the timeshare. You may not be able to find a buyer if money is tight or you’re no longer able to use it.
The annual income for a timeshare sales rep is generally
between $70,000 USD and $120,000 USD
. A new timeshare sales rep is expected to make around 2-3 sales per ten clients that they come in contact with, which means at least 2-3 sales each week.
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. … Your contract authorizes the trustee to sell the timeshare in the event you stop paying on it.
