A Lawyer’s Guide: How to Get Rid of a Timeshare
With all the payments, fees, and headaches that come with timeshares, it’s no small wonder that consumers wish to get rid of them.
However, getting rid of your timeshare is no easy task.
Getting rid of your timeshare can be done by defaulting on your contract, giving it away, or selling it.
Defaulting on your timeshare is not the most ideal, but in certain situations, it can be an option of last resort.
Selling your timeshare or getting rid of it are the most viable options for getting rid of your timeshares.
Whether you’re selling it, giving it away, or defaulting on it, it’s important to be informed about your options.
Continue reading to learn how to get rid of a timeshare!
Selling Your Timeshare
This is often the first choice for timeshare owners who are looking for how to get rid of a timeshare.
However, it is important to mention that getting rid of a timeshare by selling it can be a difficult task.
The resale timeshare market is a difficult one to navigate. Some people selling their timeshares have listed their properties for as little as $1.
They’ve even offered to pay all closing costs and fees for the buyer.
Contrary to what the company told you when they sold you the timeshare, the market is not that lucrative for private sellers.
Many resorts offer the advice of using an “approved” resale company for those who wish to get rid of their timeshare by selling it.
Resale companies will act much like a real estate agent, they will list the timeshare for you and assist with the paperwork and anything else involved in selling it.
However, it is important to note that these companies will charge fees for listing the property on top of closing fees for when it sells.
The best way to resell your timeshare is to study the market and at a time of high demand, sell your timeshare for a low price.
Maybe not as low as $1 but still low enough to entice a buyer into buying your timeshare.
Listing your timeshare in the classifieds, eBay, and Craigslist, are good ways to ensure your listing gets the most exposure and the best chance of being sold.
Should you run into issues in actually selling your timeshare, there is always the option of giving it away.
Giving Away/Donating Your Timeshare
Giving away or donating your timeshare can be quite the viable option when you wish to get rid of it without too much fuss.
There are a number of charities who are willing to accept timeshares as donations.
However, there are still a few things to be cautious about.
Before giving away the timeshare, and especially before donating, it’s best to be sure the charity or person taking it over is willing and able to make any payments left on it.
If your timeshare is paid off, meaning you now own it, be sure the interested parties are willing to pay the annual upkeep fees.
Most charities have funds and budgets set aside for the fees associated with timeshares, but it is always wise to check. Especially with a smaller charity which may not know about the annual upkeep fees.
Even when you own the timeshare there are still fees attached to it that have to be paid. These fees can rise at an average rate of around 5% per year.
This can often lend itself to the reasons for wanting to get rid of the timeshare, as well as making it difficult to get rid of.
Be sure whoever is taking over the timeshare is aware of all that entails especially if they are a family member or close friend.
Defaulting on Your Timeshare
When all else has failed, and as a last resort, you can simply stop making payments and walk away, allowing your timeshare to go into default.
This is the riskiest of options since there is no way to know how the resort will react to the default.
They could aggressively go after you by using collection agencies and techniques to ensure they receive their money.
Another option for the resort, especially for those with a tight budget, is to simply take the timeshare back and attempt to resell it themselves.
There are other consequences to consider besides collections agencies, there is the damage to your credit score, as well as the possibility of being sued and taken to small claims court for the full amount owed and the company’s legal fees.
Negative information can appear on your credit report for as long as seven years before finally dropping off your report.
Defaulting on your timeshare can also result in painful foreclosure proceedings and fees.
Defaulting on your timeshare should be an absolute last resort when looking into how to get rid of a timeshare.
Choosing How to Get Rid of a Timeshare
Deciding you want to get rid of your timeshare can be an easy decision. However, actually getting rid of it is where the difficulty comes in.
Whether you plan to sell it, give it away or donate it, or simply walk away and risk defaulting, it helps to be informed about your options and what each entails.
Even armed with all the knowledge available on how to get rid of a timeshare, it’s not unusual or even worrisome to be overwhelmed by it all.
Should you find yourself wishing to unburden yourself of a timeshare and overwhelmed by the whole ordeal. Or if you feel trapped like there is no way out.
Contact us today for a free consultation on the best options for how to get rid of a timeshare!