Contact a tax professional for more information. Timeshare sellers are notorious for putting the hard sell on potential buyers. Well, things are only worth what people are willing to pay for them. If you feel unsure about selling your timeshare online, you can always research the company with The Better Business Bureau. Renting out your timeshare is a good option if you are unable to use it every year, but are unsure about ending your ownership. Accordingly, a Diamond representative will discuss options with you to exit your ownership. If you just bought and want to know how to get out of a timeshare contract, hopefully, you’re reading this while you’re still on vacation. Timeshare Termination Team and its in-house legal team provide timeshare exit services for our customers. These are some of the easiest (and most proven) ways to get out of a timeshare. Include your email address to get a message when this question is answered. Get Out Of Your Timeshare. Here are five ways you can “divorce” your timeshare legally that doesn’t include paying thousands of dollars of upfront fees to timeshare exit companies or to a timeshare lawyer. Or, fill out the form below to get … Many people, thinking that the only way to get out of timeshare is to sell it on, end up selling it for just £1 on eBay – a big mistake! Please consider supporting our work with a contribution to wikiHow. The article above gives some sound basic advice for getting out of a timeshare that may help you. Don’t stop paying your maintenance fees. 15 Crazy Effective Ways to Save Money Grocery Shopping. Once you meet for a free consultation, you’ll get a quote for the service. Method 2 of 3: Selling the Timeshare. Renting can help offset the costs, such as maintenance fees. Thanks to all authors for creating a page that has been read 75,307 times. Any licensed timeshare resale real estate agent worth their salt will tell you the same. Your options, and corresponding costs, vary from DIY forums up to full-service management. There are three ways to get out of timeshare in normal times: Sell it or give it back. Neither of the below options to sell your unwanted timeshare legally comes with a high upfront fee. Offer it on the resale market. There are thousands of people who have purchased timeshare contracts but no longer want them because of escalating fees, lifestyle changes, or loss of interest in the property. You have 3-15 days to contact the resort and file a rescission letter for a timeshare cancellation. Every dollar contributed enables us to keep providing high-quality how-to help to people like you. This company completed the services for free, all i had to do was pay for filling a transfer and I was out of my timeshare in 3 days. He has a BBA in Industrial Management from the University of Texas at Austin. To start a timeshare cancellation, you need to notify them in writing within your rescission period. When you sign a timeshare contract you have what’s referred to as a “right of rescission.” All timeshare contracts have what’s known as a rescission period. They won't recover your losses, but neither will anyone else. But with the arrival of COVID-19, the stakes are higher than ever. A picture’s worth a thousand words when explaining how this saves them money on future trips. Use the Recission Period. Getting rid of a timeshare can be stressful, and our team helps timeshare owners find the best exit option available to them. Reach out to them via email for a free consultation on their services. We've been helping billions of people around the world continue to learn, adapt, grow, and thrive for over a decade. Have handy all the relevant financial information such as your annual maintenance fees, legal closing costs, and resort transfer fees for the conversation. To talk to someone now, call 1-800-890-1940. In addition to the options presented in this article, you can also check out the wikiHow on. If you haven’t spoken to your lender about your hardship or that you’d prefer timeshare freedom, now is the time to communicate directly about your situation. He has over 40 years of experience in business and finance, including as a Vice President for Blue Cross Blue Shield of Texas. If you are outside of the 1-2 week rescission period, and you want to cancel your timeshare contract, your first call should be to your timeshare company. By the time you realize the unit won’t sell, it is too late to get a refund from your credit card company. Their relatives inherit the timeshare, and all responsibilities that go with it. This is known as a short sale. Perhaps they’d like a gift of future vacations. Contact the company that manages your timeshare. Before we dig into how to get out of a timeshare contract, it’s important to address the elephant in the room. These companies typically work with lawyers to cancel the timeshare. 1. A timeshare is an agreement in which you own part of a property. You’ll most likely get cold calls from timeshare cancellation attorneys with offers that are too good to be true or timeshare exits teams offering to help for a large upfront fee. Very few have resale value, and a large majority of timeshare contracts will sell for pennies on the dollar to a new owner via a resale company. References. This is what timeshare exit companies do. You may need to pay a membership fee to participate in a timeshare exchange program and you'll be assessed taxes and fees on the timeshare that you trade for. This article has been viewed 75,307 times. Alternatively, if there is a consumer rights nonprofit organization in your state, they may be able to assist you. Timeshare Freedom Group says all you need to get the process started are the documents related to your timeshare contract and a written statement that should detail your experiences with the resort and the reasons you want out of your contract. Timeshares depreciate quickly, so it can be difficult to sell a timeshare for what you originally paid. How much are timeshares worth? Getting out of a timeshare is doable. My husband passed away, now I cant afford the timeshare. The length of your rescission period depends on the timeshare law in the state your timeshare is located. They’ve been helping people make the most of their ownership for over 25 years. Once you’ve found and joined your vacation club group, create a Facebook post to advertise the timeshare ownership that you no longer want. Whether […] You'll get little or no money, except perhaps for a premium timeshare in a higher-end chain like Disney, Marriott or Hilton. You may find many companies on the internet that make big promises to help you get out of a timeshare for the lowest prices. If you're having trouble deciphering your state's contract laws, you can contact your state's Office of the Attorney General for more assistance. With over $10 billion spent on U.S. timeshare purchases every year and 20 million worldwide owners of timeshares, she's on a mission to help people save money and make the most of their timeshare ownership. The contents of a recession letter vary by resort, and the details can be found in your timeshare contract. Unless you own with one of the premium timeshare companies, a deeded timeshare week over the holidays, or in the highest demand locations (e.g., Key West, Hawaii, Yellowstone), you will discover that the competitive resale price for most timeshares will be around $1,000. If you choose to work with a timeshare exit company, we recommend choosing one that offers an escrow payment option for extra piece of mind. You can find information about your state's contract laws on your state's Department of Consumer Affairs website. This article has been viewed 75,307 times. There are different strategies and ideas that you can take to get out of a timeshare. Timeshare Users Group (TUG) is the oldest and largest timeshare owners group and advocacy organization. People get rid of their timeshare legally by transferring their timeshare contract to an existing owner at their home resort. If you’re looking to get out of your ownership, selling can be an option. However, if you didn't manage to sidestep it, there are ways to get out of your timeshare unit once and for all. Start eating vegetarian in 5 days, even if you love steak. For more tips from our Financial co-author, including how to donate your timeshare to someone who wants it, keep reading! Many people reported giving their timeshare back, quickly, for absolutely free! This article was co-authored by Michael R. Lewis. In 2021, the pandemic's economic effects caused even more people to consider selling their vacation ownership. If you’re motivated to transfer your timeshare contract, make sure that you list yours for a competitive price. Avoiding the Need to Get Out of a Timeshare. "After reading this article, l found one sentence in small writing on the back of one of the forms that let me. How To Get Rid Of A Timeshare That’s Been Paid Off May 23, 2019 by Chris Burns Leave a Comment Some people doesn’t believe timeshare to be a bad financial move– up until getting away to tropical paradise no longer appeals to them or when annual added costs start creeping in. Is 'Wesley Financial Group' a legit timeshare exit company? Interested in listing your timeshare? “There are always people wanting to get rid of their timeshares year in and year out,” says Brian Rogers, owner of the Timeshare Users Group, an … Did you know that ending your timeshare contract is something that you can do on your own? In a world of tough choices, a timeshare invoice is probably placed at the bottom of a stack of bills. Every new year there is an increase in timeshare owners looking to end their timeshare contract as yearly maintenance bills arrive. In 2019, the price of typical timeshare with a week's worth of vacation time was $22,942 plus maintenance fees of about $1,000 a year. To get out of a timeshare, review the contract agreement to see what the cancellation terms are since you may be able to bow out if you’ve made the purchase recently. A timeshare company is considered a debtor and your heirs may have to use assets in your estate to satisfy the timeshare debt. Letter To start a timeshare cancellation, you need to notify them in writing within your rescission period You need an interested buyer and a timeshare closing company, and you’ve got your timeshare freedom. Finding them is easy! These companies charge initial fees of hundreds or thousands of dollars and offer no guarantee of a sale. Lastly, double and triple-check that you have delivery confirmation paperwork that proves you’ve sent the purchase cancellation letter by the required date. No termination team or exit company is needed! What is the average cost to get out of a Timeshare? This company saved me and my family, I am forever grateful! A timeshare is a legally binding contract, but there are ways to get out. Getting out of a timeshare is a bit of a tricky thing. The demand for timeshare is at an all time low with almost all weeks in mid and low season, floating weeks and points being somewhat worthless. The best way to find your company is through the American Resort Development Association’s Safe Exit website that guides timeshare owners through the timeshare exit process. However, if you’ve had your timeshare for a while, you’ll want to contact the company that manages it to tell them you’d like to sell it. He has a BBA in Industrial Management from the University of Texas at Austin. You may be able to deduct the fair market value of your timeshare as a charitable deduction on your tax return. Exit Diamond Timeshare Diamond Resorts Listens is the name of the page provided to Diamond vacation owners who want options for exiting their timeshare. Like flat fee listing services for real estate, these websites will get your timeshare in front of tons of people. % of people told us that this article helped them. Rescission is the first step you should take and the fastest possible way to get yourself out of a timeshare contract. Make sure you read this carefully and include every single item required to cancel your timeshare purchase if you leave something out of the letter that’s technically a timeshare contract loophole that they can use to deny your request. "There are always people wanting to get rid of their timeshares year in and year out," says Brian Rogers, owner of the Timeshare Users Group, an … Contact your HOA or timeshare company to learn about the rental opportunities available for your specific ownership. What are my options? That’s right, end your maintenance fee bills with one call! This is all uncharted territory and the end result is to get out of the timeshare. Sell to Another Consumer This option is somewhat difficult! If you become extremely delinquent, the timeshare company may even sue you. This article was co-authored by Michael R. Lewis. Selling a timeshare or giving it back are the best ways to get out of one, even if you won’t recoup the cost or may be stuck with maintenance fees for a time. You aren’t completely stuck. Some timeshares can be sold through licensed Real Estate brokers and some really have little to no value for resale. But if you do find a buyer, you deed that person the property, who will then be responsible for the fees. You can simply just stop making payments and exit. Have you asked a loved one if they’d like to take over your timeshare contract? Owning a timeshare can seem like an excellent way to have a home away from home—without the full financial burden of owning a second home. Michael R. Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas. I’m guessing that your social media feed is also filled with advertisements from various timeshare termination teams and timeshare attorneys. Remember, no third party can end your financial obligation to your mortgage company as part of a timeshare termination. A good company can advise you for free what options you have. They offer three listing and sales management options, from DIY all the way to full service. Even if the contract doesn’t have a cancellation policy, you can research your state laws since many have a “cooling off” period that allows you to cancel a contract within a few days or weeks. I paid a company $13,000 to get me out of my timeshares and they did nothing. How to get out of a timeshare this way if you don't know any other owners? In exchange, you get to access the property for a given amount of days, usually at the same time every year. By signing up you are agreeing to receive emails according to our privacy policy. We ultimately decided to keep our vacation ownership and are glad we did. Include your specific week, size of your unit/number of points, annual maintenance fees, and the total closing costs. We've had it several years when our children were younger and want to get rid of it now. Timeshare Termination Team is a timeshare advocacy company that will get you permanently out of your timeshare. Lastly, be prepared once your listing is live for all sorts of timeshare cancellation proposals. Take screenshots of your ownership week on the hotel’s reservation page and hotel booking sites. wikiHow is where trusted research and expert knowledge come together. “Getting out of a timeshare is considerably more difficult than getting in,” says Lisa Ann Schreier, author of the book “Timeshare Vacations For Dummies.” “But it’s possible.” First, a reality check: No one wants you to be unhappy with your timeshare, especially the timeshare … It involves paying a certain amount up front, yearly maintenance fees and other various costs. Getting Out of a Timeshare II – In General Option 1. Don’t use an upfront-fee listing company to sell your timeshare. I’ve seen first hand many of these postings and the quick response they’ve garnered from interest owners. The latter will try and convince you not to cancel your timeshare contract as it affects their bottom line. It is important to watch for signs of the timeshare trap and try to avoid it in the first place. It’s not unheard of for a vacationer to attend a sales presentation solely to get a free bottle of wine or round of golf, and then walk out as a timeshare owner. For more tips from our Financial co-author, including how to donate your timeshare to someone who wants it, keep reading! The Reverse Premium Broker will generally charge between £2,000 and £3,000 to take your timeshare of your hands and it will bring you the finality, which is what YOU want. If you contact the timeshare company, make sure you’re speaking to a member of their financial services or legal team and not a timeshare salesperson. RedWeek.com is the largest online marketplace for timeshare sales and rentals, with an audience of 2+ million. So, keep your wallet closed, trust your gut, and ask for everything in writing. Unfortunately, the high-pressure sales tactics of some resorts misrepresent the resale market value of your timeshare contract. When picking a resale website for your listing, focus on reputable ones with the most eyeballs. Your support helps wikiHow to create more in-depth illustrated articles and videos and to share our trusted brand of instructional content with millions of people all over the world. Wherever you love to vacation frequently, you can probably find a timeshare that seems like a better idea than paying for hotels or short-term rentals several times a year. Locate your resort’s Facebook owner’s group using “Name of Your Resort Owners” as the search term. Paying the annual fee for a year or two is a lot better than being saddled with it for the rest of your life. When you pay with escrow, the timeshare exit company does not get paid in full until after the timeshare is cancelled. You don’t need a high priced law firm. By using our site, you agree to our. Before you get into that contract and sign those papers, ensure you’ve asked all the questions about the timeshare and you are satisfied. Others sign timeshare contracts only to realize later that the deal is not as good as it originally seemed. We use cookies to make wikiHow great. In summary, here are 7 ways to get out of a timeshare: See if you can cancel your contract; Sell your timeshare yourself; Sell your timeshare through a broker; Give or sell your timeshare back to the resort; Give your timeshare away for free; Hire an attorney; Rent out your timeshare Don't worry. Again this will depend on any delinquencies on the timeshare at the point of sale. There is no reason to hire a timeshare exit team when you can sell a timeshare you no longer want directly to another owner! Do they charge to grandfather in on a timeshare if my timeshare has adjusted the points system? You might lose thousands of dollars, but if you want to be released from your annual financial commitment, taking a loss might be your best option to stop paying timeshare maintenance fees every year. Monica writes about timeshare vacation tips & tricks, NYC Metro Area trips & activities, and frugal, yet rich, living at PlannerAtHeart.com. If you’re thinking about how to get out of a timeshare by giving it away, a little bit of marketing goes a long way! Buyers can cancel a timeshare purchase if they do so within the “recission period,” which varies by state and ranges from three to 15 days. During the last recession, we researched how to sell our timeshare contract. Some people are looking to buy timeshare weeks for additional vacations or bring family and friends along on their annual trip. Every single Timeshare owner has 3 options available to them to get out of an existing Timeshare ownership: Find a new owner on the resale market Give the ownership back to the resort/Developer Please consider making a contribution to wikiHow today. How to Get Out of a Timeshare Contract: The Financial Reality, Option #1: Hurry! TUG reports that the average person saves $18,000 by completing a timeshare termination this way. How to Get Out of a Timeshare Method 1 of 3: Canceling the Timeshare Contract. What happens to a person's timeshare if they pass away? Illustrate for them that your timeshare annual fees are cheaper than booking the same vacation directly from the resort or hotel discount sites. Please consider making a contribution to wikiHow today. Timeshare Termination Team is not a law firm or lawyer referral service. (Getty Images) There are many good options to sell or at least give it away. It sounds like your timeshare is paid in full and you are current on your maintenance fees. Yes. What is their success rate? As a fellow timeshare owner, I know how complicated it can be to find reliable information on how to get out of a timeshare legally with your credit score in tack. Today’s supply and demand dynamics mean it’s currently a buyer’s market in the timeshare world. While some companies will help you sell for a percentage of the cost, you can also do it yourself by listing your timeshare on specific websites, like Timeshares User Group. Others fall victim to timeshare scams that promise to offer them timeshare release which never transpires (after large sums of money are handed over). Use Your Recession Period, How to Get Out of a Timeshare with a Rescission Letter, Option #2: How to Get Out of a Timeshare via a Deedback Program, Option #3: Give Your Timeshare Away to Family or Friends, Option #4: Transfer Your Timeshare Contract to Another Owner at Your Resort, Option #5: List Your Timeshare Contract on the Resale Market Competitively, How To Get Out of a Timeshare Legally by Selling It, How to Get Out of a Timeshare Without Being Scammed, Cheap Caribbean Vacations – The Ultimate Guide, Timeshare Purchases 2021: How to Get the Best Bang for your Buck, The Ultimate Guide to Finding the Best Vacation Packages, 35 Easy Ways to Generate Passive Income in 2021. She thinks of herself as your Timeshare Fairy Godmother! Many charge an upfront fee because they know they will likely never sell the unit. If you no longer want your ownership, this is a quick and super cheap way to sell your timeshare without a real estate agent.