You could be an owner of timeshare and are wondering, ‘What do I do that will help me get out of my timeshare?’ Because a timeshare is a legally binding document, there’s the common notion that it cannot be cancelled. Unfortunately, that’s just misinterpretation that has spread over time. Under the law, you can terminate a contract if burdened by the obligations such as yearly maintenance fees.
Approach Your Timeshare Firm
It’s possible that the HOA or developer may have a resale program or ‘surrender option’ that relief the timeshare owners off their ownership. There are those that are maintained underground while some will need that you pay some upfront fees for an agreed duration in the form of maintenance charges. Your company could also refer you to trusted licensed timeshare resale brokers.
3 Resources Tips from Someone With Experience
Research on the Current Market Price for Timeshare Resale
What No One Knows About Resources
When doing web research, you’ll come across timeshare companies that will lure you timeshare closings for less only for it not to make any sales. A good approach is to contract a member of Licensed Timeshare Resale Brokers Association (LTRBA) and you’ll have a free estimate of the value. Also, RedWeek offers a tool duped ‘What’s My Timeshare Worth’ that offers current and future resale values for any resort.
List the Timeshare for Sale or Rent
Get it listed with the licensed brokers. ReWeek is also a perfect option. LTRBA prefer listing high value brand name timeshares but lower than the initial cost.
Approach a Timeshare Attorney
There are lawyers such as PMG timeshare advocates well versed with timeshare contracts and have interacted with HOAs and timeshare developers. These PMG timeshare exit attorneys will offer the way forward regarding a decision to cancel the contract and even help you get your cash back. They’ll approach the resorts with timeshare cancellation letter and negotiate on your behalf. When the attorney features in the contract, it’s no longer possible for the HOA to contact the owner of the resort.
Offering to Charity Should Come Last
It’s unlikely for a charity organization to agree to shoulder timeshare yearly maintenance fees. In case a company contacts you asking you to donate the timeshare to charity, be cautious it may not bring your woes to an end. However, it’s possible to have the contacts of a genuine charity that can allow transferring but you’ll have to part with some fee to be relieved of the obligation.
Make No More Payment
You may consider cutting the yearly payment altogether so the timeshare just terminates itself. This method has a disadvantage in that it will be equivalent to defaulting in payment and will have a negative impact on your credit rating such that you may not qualify for mortgage loans in the future.