Timeshare Exit Strategy Plan
Are you over owning your timeshare? Perhaps you’re tired of paying the rising maintenance fees or maybe you simply don’t use it anymore. Whatever your reason, you have a few different options available to you to exit the contract. Each timeshare exit strategy has a positive and a negative, so review them all before deciding on which route to go.
Rescinding the Timeshare Contract
If you’ve recently purchased the timeshare, you may be able to rescind the contract. Most states have something called a “rescission period” or “cooling off period” that provides new timeshare owners with a way out of their contract. This rescission period varies by state, but it is usually available for 5 – 10 days after the timeshare is purchased and needs to be done in writing. This rescission period is a state law, and there is nothing the timeshare developer can do to stop you from rescinding your contract as long as you can document the process you have taken within the rescission period. Once the rescission period has passed though, this option is no longer a viable timeshare exit strategy.
Giving the Timeshare Away
If you’re not interested in selling the timeshare on the resale market, you may consider simply giving it away. Ask your friends and family if they’d be interested in taking it off your hands. Or, perhaps you could give it away to your church or a newlywed couple. Giving the timeshare away is one timeshare exit strategy after the rescission period has expired, but you could be leaving lots of money on the table.
Selling the Timeshare on the Resale Market
The best timeshare exit plan is to sell the timeshare on the resale market for extra cash. This way you’ll no longer be responsible for the maintenance fees and you’ll get some money from the sale. The process of selling a timeshare is similar to the process of selling anything else in life. You need to advertise it for sale in front of people who will be interested in purchasing it.
Many people looking to buy a timeshare turn to Google, Bing, Yahoo etc. to begin their search. These potential timeshare purchasers might do a search for something like “I want to buy a timeshare” and then proceed to click the first result that appears. This is why BuyaTimeshare.com has positioned itself in the number one non-paid position on Google for the keyword “I want to buy a timeshare.” We also appear highly for many other buyer-centric keywords in Google, Bing and Yahoo, resulting in an average of one million website visitors per year on our network of websites.
As our name implies, we are in the business of selling timeshares to people who are actively searching to purchase one. If you’re looking to sell your timeshare, we can advertise it for sale on our website until it is sold. The process can take time, but there are a few things you can do to speed things up. These include:
- Pricing your timeshare appropriately. Use our free timeshare value tool to find out how much your timeshare is worth on the resale market. Although it is a tough pill to swallow, you will need to realize that your timeshare is not an investment. Very rarely, if ever, do timeshares increase in value after purchasing them from a resort developer.
- Accurately describing your timeshare in your advertisement. It is paramount that your timeshare advertisement represents exactly what it is that you own. For example, if your timeshare advertisement says you own a 2-bedroom, but your deed or timeshare paperwork says you own a 1-bedroom, you’re going to confuse potential purchasers and have a hard time selling it on the resale market.
- Responding to offers quickly. This is the number #1 reason our customers have trouble selling their timeshare. When someone makes an offer to purchase your timeshare through our website, we recommend responding to that offer within 24 hours to secure the sale.
BuyaTimeshare.com operates one of the largest timeshare resale markets in the world. We've been in business since 2000 and have specialists standing by ready to assist you with any questions you may have about advertising your timeshare for sale on our website.
Watch Out for Scams
There are a few timeshare exit attorneys that have sprung up recently that claim they can cancel your timeshare contract for you. This is usually a lie because the timeshare developer is the only one that can cancel your timeshare contract. A lawyer can send your timeshare resort a threatening letter, but the decision is ultimately left up to the timeshare developer unless the matter is taken to court for a judge to decide. Please note that you could easily send your resort a letter yourself and get similar results.
No matter which timeshare exit plan you choose, make sure to stay away from any timeshare exit company that offers to transfer ownership out of your name and into a "Viking Ship LLC" or a shell company that acts as a third-party holding company. Once the transfer is complete, the timeshare holding company files to dissolve the "Viking Ship LLC" so the timeshare developer is unable to sue and/or foreclose on the timeshare’s owner. This practice is illegal in some states such as Florida and can come with serious repercussions.
Give us a call at 1-800-640-6886 or submit the contact form on this page to be instantly connected to one of our timeshare specialists.