- 1 Can I sell my timeshare back to the resort?
- 2 How do you sell a timeshare owner?
- 3 How do you get out of vacation ownership?
- 4 Can I sell my timeshare to anyone?
- 5 Can you refuse to inherit a timeshare?
- 6 Can I surrender my timeshare?
- 7 Are timeshares worth anything?
- 8 Is it hard to sell a timeshare?
- 9 What happens if I stop paying my timeshare?
- 10 Why is it so hard to get out of a timeshare?
- 11 What happens when you pay off your timeshare?
- 12 How much does it cost to sell a timeshare?
- 13 How much does it cost to get out of a timeshare?
- 14 Are there any legitimate timeshare resale companies?
The resort is not legally obligated to take a timeshare back from you. If you can’t find a willing owner to take over your unit, you’ll have to put your case to the property’s manager. Your other option is to try to give the property to someone else or sell it for whatever you can get.
How to Sell a 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.
How do you get out of vacation ownership?
Looking to Get Out of a Timeshare? Here’s How to Do It Legally
- 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.
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.
If you are either left a timeshare in a will or are the legal heir of someone who owned a timeshare and died without a will, you may choose to refuse to accept your inheritance. In legal terms, this is generally called “ renunciation of property.”
Contact Your Timeshare Company Most major brands have below- radar (unpublicized) programs to help owners with hardships, and some have outright surrender programs where owners are allowed to walk away from their timeshares after paying some upfront fee (usually equivalent to two-years’ maintenance fees).
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.
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!
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.
In addition to higher interest rates, timeshares can also be hard to sell because most timeshare contracts financially obligate the timeshare purchaser to pay lifetime maintenance and special assessment fees. Maintenance fees tend to cover various operating costs and are similar to a condo’s HOA fees in that regard.
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.
What is the average cost? $20,000 to $40,000, or more – and that’s without the burden of special assessments or annual maintenance fees, which tend to rise steadily year over year.
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.
Are There Any Legitimate Timeshare Resale Companies? YES. There are several legitimate timeshare resale companies. When you’re looking into selling your timeshare on the resale market, do your research.