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.
- Exit Within the Grace Period. If you don’t want to have to learn how to sell a timeshare legally down the line, this is often your best course of action. …
- Find a Possible Breach of Contract. …
- Return the Timeshare. …
- Sell Your Timeshare. …
- Contact a Timeshare Attorney.
If you can’t sell your timeshare on the open market,
one option is to offer it back to the resort
. As long as the unit is paid off and you are an owner in good standing, there’s a chance that the resort will take the unit back from you.
- 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.
If you can’t sell your timeshare on the open market,
one option is to offer it back to the resort
. As long as the unit is paid off and you are an owner in good standing, there’s a chance that the resort will take the unit back from you.
Some people just stop paying on their timeshares. If you do walk away, don’t be surprised to see a
big hit to your credit score and to start getting regular calls from collection agencies
. You might regret your purchase, but you did sign a legally binding contract.
If you die owning a timeshare, it does become part of your estate and obligations are indeed passed onto the next-of-kin or the estate’s beneficiaries. However, they do not have to accept it, in the same way that
anyone has the right to refuse any part of an inheritance
.
If you stop paying it,
the timeshare company will do whatever it takes to collect
. They’ll make phone calls and send letters, then they’ll assign it over to (you guessed it) a collections company. If you still don’t pay, the situation sinks even further into foreclosure and possible legal action against you.
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. … There are hundreds of Timeshares for sale right here on TUG, and eBay from owners who are just looking to get out of their annual Maintenance Fees!
Timeshare contracts are also typically written ‘in perpetuity. … Since the time period and terms of a typical timeshare contract are forever, and since
they don’t usually include exit clauses outside a rescission period
(more on that later), it can feel very hard to get out of your timeshare.
YES.
There are several legitimate timeshare resale companies
. When you’re looking into selling your timeshare on the resale market, do your research. A sure-fire way to tell if a company is reputable is if they are recognized by the American Resort Development Association (ARDA).
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.
- Check Your Timeshare Contract.
- See if the Company Will Buy it Back.
- See if the Company Will Take it Back for Free.
- Sell Your Timeshare.
- Give Your Timeshare Away.
- You’re Stuck With One Company.
- You May Not Use It.
- They Cost a LOT.
- Talk to your developer about buying back your property. …
- Gift your timeshare to a family member or friend. …
- You may be able to cancel your ownership. …
- Post your timeshare for sale.
Usually
if you buy a deeded timeshare, there’s no expiration date
. This means you’re paying the maintenance fee indefinitely, even if you don’t use the property every year. And maintenance costs rise with inflation.
