Some people in your circle may have told you that getting rid of your timeshare may not be the easiest thing in the world to do. Now you might wish that you listened to them. Unfortunately, your loved ones are not so helpful now that you have an unwanted timeshare. This article can serve as the help you need to get this burden off your back once and for all.
Learn Your Timeshare’s Actual Value
One of the first things you should do is research your timeshare’s real value on the market. One way you can do this is to look for brokers who specialize in selling timeshares. When doing your research, avoid all companies that promise to sell your timeshare for an exorbitant amount.
Try to Rent or Sell Your Timeshare
Once you know your timeshare’s actual value, your next step will be to sell or rent the property. If you’re thinking about using a timeshare broker, you should know that these professionals will only sell or rent high-end properties, like Hilton, Wyndham, and Marriott. These brokers can charge around $1,000 to cover transaction fees.
If you don’t have a high-end timeshare, there are legitimate brokers that will work with all types of timeshare properties. If you decide to go this route, you should know that timeshares can take a long time to sell. The high-end properties rent at a higher rate. For most timeshare owners, renting this property can give you the time you need to figure out the next steps.
Get In Touch With Your Timeshare Company
When you talk to your timeshare company, ask if they have a current resale program for owners who want to get out of their contract. To become eligible for a resale program, you can’t have any other mortgages. Some companies also have unpublicized programs that allow you to walk away. To become eligible for these programs, you will often need to pay an upfront fee of a couple of thousands of dollars.
Never Talk to Anyone Who Guarantees a Clean Exit
Some would-be criminals target desperate timeshare owners by promising that they will get the owner out of their contracts. These companies often promise that they have buyers that are already interested in your property. The crooks often offer to take your timeshare off your hands for a fee that can come out to a couple of thousand dollars. If these unscrupulous companies and individuals call you, hang up immediately.
Consult a Legal Team
There is a legal cohort of attorneys that help timeshare owners get out of their contracts. Due to their experience working with a lot of people in the industry, timeshare attorneys can tell you whether you can legally exit this agreement. Resort Legal Team can also help you navigate the labyrinth that comes with owning this type of property. If you decide to hire a lawyer, don’t expect a guarantee of positive results. Plus, not every resort attorney is legitimate. Ask for references, meet with the lawyer a couple of times, and follow your gut when it comes to selecting this type of attorney.