- 1 Is there a legitimate way to sell timeshares?
- 2 How much does it cost to sell a timeshare?
- 3 How can I sell my timeshare on my own?
- 4 What is the cheapest way to get out of a timeshare?
- 5 Is timeshare a ripoff?
- 6 Can you just walk away from a timeshare?
- 7 What is the average cost to get rid of a timeshare?
- 8 How can I legally get out of my timeshare?
- 9 How much do lawyers charge to get out of a timeshare?
- 10 Can you make money selling timeshares?
- 11 How do I rent my timeshare myself?
- 12 How do you forfeit a timeshare?
- 13 Can you refuse to inherit a timeshare?
- 14 What happens if I stop paying my timeshare?
- 15 Why is it so hard to get out of a timeshare?
Since timeshare is a special type of real estate, the best way to sell a timeshare is to go with a real estate agent who specializes in resales. The reason for this is because selling a timeshare requires different laws and regulations most of the time.
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.
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 to Get Out of a Timeshare
- Check Your Timeshare Contract. Many timeshare contracts contain a retraction or rescission period.
- 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.
Timeshares themselves are not a scam. The memories and vacation experiences they create for owners is not a scam. To avoid a timeshare scam, the most trustworthy sources of information are the developer or brand, the American Resort Development Association and their recognized members.
You can’t just walk away from a timeshare. If you don’t stay current on your maintenance fees or your loan payment, the timeshare company or timeshare association could report you to a collection agency and ding your credit score.
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.
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.
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.
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.
Here’s our step-by-step guide to help you through the rental process.
- Be sure you can rent.
- Determine your dates and location.
- Research your listing price.
- Secure the room.
- Create a rental agreement.
- Set up a payment method.
- Choose a platform to list.
- List the room and advertise.
Give it back: Contact the developer or resort management. Tell them you want to quit-deed the property back to them. In other words, you are willing to give away your timeshare in exchange for the future savings of not having to pay your membership.
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.”
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.