Although most of us understand that buying a timeshare isn’t a worthwhile investment, the reality is that 3% of U.S. households own one of these properties. Unfortunately, timeshare ownership can easily derail your financial security — a fact some families find out the hard way. Still, not all is lost. There are several ways to get rid of timeshares. It may not always be straightforward or totally painless, but getting out of a timeshare contract is possible. Here are five potential methods you might consider using.
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. However, you’ve got to be fast if you want to take advantage of it. There will typically be what’s known as a rescission period wherein you can actually cancel timeshares. Be advised that the rescission period varies from state to state and usually lasts only a few days’ time. Usually, you’ll have fewer than 10 days to change your mind; in some states, you may have only five days or less to cancel the sale. You’ll need to send a cancelation letter in writing that contains specific information. It’s recommended that you have help from a timeshare lawyer even if you’re able to legally cancel the sale, rather than sell it down the line, to ensure your bases are covered.
Find a Possible Breach of Contract
Despite the fact that timeshare contracts typically end up protecting the resort rather than an owner, there may be a way to use the contract to your benefit. You may be able to learn how to get out of a timeshare contract if you can prove that you signed the contract under false pretenses, for example. Failure to deliver on promised services could potentially void your contract. It’s a good idea to have a legal representative examine your contract to ascertain whether every point is actually lawful. If it’s not, you may have the option to cancel the timeshare legally.
Return the Timeshare
It may not be a possibility in every case, but you might actually be able to return your timeshare property to the resort. Some resorts will accept the timeshare back, but others will stipulate that they are under no obligation to do so. It’s better to make this request in writing rather than trying to contact them via phone. The resort may refuse, especially if it states clearly in your contract that they don’t have to accept the timeshare back. But it may be worth a try (or even multiple tries).
Sell Your Timeshare
There are a lot of timeshare resale scams out there, which makes it increasingly difficult for legitimate timeshare owners to actually figure out how to sell a timeshare legally. Keep in mind that if you do manage to sell your timeshare, you won’t get anywhere near what you originally paid for it; timeshare properties depreciate in value very rapidly, so you’d be very lucky to even come close to that initial sale price. Instead of listing the timeshare yourself on Craigslist or eBay (where scams run rampant), contact an experienced real estate agent. If a supposed agent asks for a fee upfront to sell your timeshare, run away in the other direction.
Contact a Timeshare Attorney
Selling your timeshare, even with help from a real estate agent, is not going to be easy in today’s marketplace. That’s why it’s often better to work with a timeshare lawyer and devise a timeshare exit strategy. Your attorney can help you learn how to sell a timeshare legally or cancel your timeshare contract in a way that allows you to get back on your feet and free yourself from this financial burden.
Whether you want to know how to sell a timeshare legally or want to know if canceling your timeshare contract is even possible, a lawyer is your best bet. For more information, please contact our firm today.