Getting rid of your timeshare…is it possible?

Timeshares, once popular with families who couldn’t afford a second home, have morphed into financial nightmares for many.  They have often been referred to as ’20-yr hotel rentals’ and ‘money pits’. So, you’ve got one and are dying to get rid of it.  Is there any hope?  Well, there may not be perfect solutions, but there may be some less costly options.

Because of the popularity of timeshare sales, the market is full of profiteers and scam artists, who make empty promises and can add to your financial burden—if you are not careful.  As with any financial venture, you’ve got to do your research to ensure your one-time investment doesn’t become your lifetime regret.

As you begin your timeshare sale investigations, be sure to go back to your original contract and check the fine details.  Check for the type of timeshare you have.  Was it contracted as a long-term lease or was it deeded? Are there stipulations that limit your sale? Are there any hidden fees or maintenance costs associated with the sale?  You’ll need to have all of this information before you think about listing.

Speaking of listing, you may want to look for a company that specializes in timeshare resale.  Most real estate companies and their agents are not interested in selling timeshares.  There is often no real profit and there are multiple owners to contend with.  As you search for those who specialize in timeshare resale, don’t get caught in a trap.  Check the record of accomplishment of the agent; look out for guarantees and promises…they are hardly ever true.

There are several other options, which have presented themselves in recent years.  Many online websites have become popular places for individuals selling timeshares.  In particular, several auction-based websites have been successful.  They have a wide client base and are not limited to just locals.  Some timeshare companies have buy-back programs, and often times require contacting them before listing to offer an internal purchase.  In many cases, there are still maintenance and seller fees that are associated with these types of sales.  Another popular option is looking for charitable organizations that are willing to take over the legal ownership.  They may wish to work like an agent to sell the property for the profit benefit.  An additional option might be to consider rental rather than sale.  If your timeshare is in a popular tourist area, it may be much easier to rent at the cost of maintenance…, which may be cheaper than other rental costs in the area.  Be sure to check your original contract to see if rental is allowed for the timeshare.

Although there is a clear-cut solution for timeshare resale, there are many options.  Be careful to do your homework before you attempt a sale.  Check your contract for the fine print to avoid greater financial headaches.  Don’t give up…there is hope for the one who perseveres!

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