Want to know how to get rid of a timeshare? Here's exactly how.
Are you trying to get rid of a timeshare? If you're like most people, you've realized it is no easy process. Timeshares are notoriously difficult to get out of, but it is possible. Maybe you're sick of vacationing at the same spot every year, or maybe you just don't want to deal with all the annoying fees that keep creeping up. Either way, you've probably realized exactly why timeshares are the ultimate scam, and now you're looking for an escape from the so-called paradise.
In this article, you will learn all about how to get rid of a timeshare. Offloading a timeshare is an endurance sport that would have even Rich Roll struggling, but with time and patience, you can get rid of your timeshare. By following the steps outlined in detail below, you can start the process of getting out of your timeshare and on with your life.
This post is all about how to get rid of a timeshare.
1. The Rescission Period
Also referred to as a "cooling off" period, the rescission period is a set number of days or weeks after you purchase a timeshare where you have the option to cancel your ownership. If you recently purchased your timeshare, this could be an option for you. It's just like a return window after you purchase a new sweater. Or like that time you let Elvis marry you in Vegas and needed a quick annulment. Unfortunately, for timeshares, it is usually a very short period of time. The length of the rescission period for your timeshare depends on the state and your contract, so you'll need to refer to both. Find out the rescission period in your state here! Hint- These laws apply to where your timeshare is, not where you live.
Rescission periods must be a minimum of three days (per the FTC) and the longest rescission periods are found in Washington, D.C. and Alaska at a whopping 15 days. If you bought your timeshare recently, you're up against the clock. Don't waste time - review your documents and state laws now.
Are you still in the rescission period? Fantastic. The next step is to write a timeshare cancellation letter. You'll need the address of the resort, which they often make intentionally difficult to find. If you can't find it, call the resort and don't hang up until they give you the address. They'll be motivated to give you the run-around to avoid losing money, so be prepared. Once you have the address, it's time to write your letter. Find the exact instructions for how to do this here.
2. The Timeshare Deed-Back
Are you out of the rescission period? That's okay, most people are. There are still options. If you are in good standing with the resort, a timeshare deed-back might be a safe and legal option. Not all timeshare agreements have a deed-back option, and you may not meet the criteria if you do. However, the next step is to review all your timeshare documents and see if this is a route you can take. Deed-back options are common, especially if you have paid off your timeshare. By exercising this option, you would simply be selling back or canceling your timeshare, giving your timeshare back to the resort.
3. The Hardship Exception
Fallen on hard times? Your timeshare might be able to offer you an exit program based on financial hardship. Review your timeshare documents and see if there is a hardship clause. It would be found under early termination. Resorts and developers are usually willing to negotiate with you if you are experiencing financial hardship that prevents you from keeping up with the costs of the timeshare. The first step is to gather all your timeshare documents, collect relevant financial records, and then give your resort a call to discuss your options. I'll be honest: this one is likely a long shot, but it is still worth a try if you are currently experiencing financial hardship.
4. Sell That Sucker
Okay, so you missed the tiny rescission period, you're not experiencing financial hardship, and the resort said "thanks, but no thanks" to taking the timeshare back. What to do now to get rid of a timeshare? It's time to look at selling your timeshare. If the ladies of Selling Sunset can do it, why can't you?
A requirement to sell your timeshare is that your loan is paid off. If you didn't pay cash for the timeshare and it is still financed, you are not able to sell your timeshare. If your timeshare is paid off, however, you have options to sell it to someone else.
The first step to selling your timeshare is to find out what it's worth. Check out timeshare resale websites for listings comparable to yours. It's also worth looking on Craigslist and eBay. The key is to find timeshares that are comparable to yours and the popularity of your destination.
You might feel disheartened when you see that your timeshare might not be worth very much. This is okay. The goal of selling your timeshare is to get out of the future expenses, which are high. The best way forward is to cut your losses while you can and get rid of your timeshare. Remind yourself that it costs money (and time and stress) to keep your timeshare. Find out why timeshares are a bad investment here!
The next step is to list your timeshare. A word to the wise, only list your timeshare on free sites. You do not need to pay for "exclusive" websites to promote your timeshare sale. Save your money and list it for free.
Another option is to contact the person who owns the timeshare for the week before and the week after you. They might be interested in purchasing your timeshare so that they can have an extended vacation. If you don't know who they are, simply contact the resort and ask for the owners' directory. If they don't have one, contact the local county courthouse for the deed, which is public record.
5. Lawyer Up
No bites on the line despite having listed your timeshare? It might be time to seek professional help in the form of a lawyer. It can be frustrating to take this step knowing that attorneys cost money, but keep in mind that you are spending money now to avoid major financial losses in the future. You'll want to find an attorney who specializes in contract law and, ideally, has experience with getting rid of timeshares for other clients. Good help costs money, so don't be too cheap when it comes to picking a lawyer.
6. What Not to Do
No matter how desperate or frustrated you might be feeling with your timeshare, don't do the following things. It's for your own good.
Don't "gift" your timeshare to someone else. It's the gift that keeps on giving... you a giant headache. You and I both know that your timeshare is not a gift, and it comes with major and costly strings attached.
Don't stop paying for the timeshare. This is not one of those cases where you can ignore the problem in the hopes it will go away. Many people have tried to simply stop paying for their timeshare, as if that's a solution. Do this, and you'll find yourself in a world of legal hurt. You signed a contract, you are legally obligated to pay. Stop paying? Congratulations! Not only do you still have a timeshare, you just bought yourself a one-way ticket to ruining your credit and being woken up at all hours of the night by calls from collection agencies.
Don't rent your timeshare out. Most resorts don't even legally allow this, but resist the temptation. You have no legal protection from renters, so if they destroy your timeshare, you're on the hook for all the repairs! And those repairs better be done by the time the next timeshare owner arrives in a few days (or hours!).
Finally, don't lose hope. Stay patient and determined. Getting rid of a timeshare takes time. You are not alone in the frustration and struggles. You're playing the long game. And with most timeshare contracts, even if it takes years to get rid of a timeshare, you're likely still looking at decades without a timeshare.
What is your debt free date? Let me know @ShesFinanciallyFree1 !
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