How to get out of a timeshare.

Latest post Tue, Mar 21 2017 12:13 PM by jordan268. 150 replies.
  • Wed, Apr 15 2015 11:41 AM In reply to

    • Bill Murph
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    Re: How to get out of a timeshare.

    Ok. we are very interested in getting rid of a timeshare, we made a mistake and signed out name to one, and now we just want free, we have never used it. but we pay a cost every month, and a yearly fee. I am 70 years old, and just don't need this to keep coming out of my Social Security. 

    You make it sound like there is a way to get rid of it. please let us know.

     

    Thank you

    Bill

  • Fri, Apr 17 2015 5:53 PM In reply to

    • xxcjtxx
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    Re: How to get out of a timeshare.

    There are absolutely ways to get rid of it.

    Many different suggestions have been made in this thread. Your best bet is to start calling some of these different companies and price matching / gathering information.

    There are a lot of different strategies that these companies use. Pick the one that sounds best and that you are most comfortable with.

    Let us know which one you decide to go with!

  • Tue, Apr 21 2015 5:37 AM In reply to

    • Just help
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    Re: How to get out of a timeshare.

    We purchased a timeshare I think in 2009, and paid for it in full.  We currently have maintenance fees due this year.  I'm out of work.  We would just like to end this whole timeshare.  We don't want the maintenance fees to be a burden on us.  What can we do? Selling, donating any option to rid us of this timeshare would be greatly appreciated.  It's at Planation Resort Myrtle beach, Sc.  It's a deeded property but it' can be converted to 41,500 RCI points.  Not sure which week it's deeded for.

  • Tue, Apr 21 2015 9:25 AM In reply to

    Re: How to get out of a timeshare.

    Just help:
    Not sure which week it's deeded for.

    Before you advertise it for sale, read the paperwork and figure this out - it obviously matters.

    I sold a timeshare last year for an elderly relative on the classifieds here.  Before you get excited, be aware that my price was $1.  So I really gave it away, but for the transaction to be solid it should nominally be a sale, so you should set a nonzero price like I did.

    At the time, unless it was an unusually attractive timeshare, sellers were expected to pay the closing costs, which usually means the fee charged by the timeshare company to complete the title transfer.  You should be able to find out from your timeshare company how much they charge, and browse other people's ads to see how many sellers are still paying the closing costs.  Probably it's still the same but I haven't looked.

    Another website where you can list your timeshare for sale is this one.  Their terms are not as attractive as the other one, but I guess a lot of people shop there as well.

    You have little to lose by also advertising it on craigslist, both in Myrtle Beach and in locations where people who like to go there live.

    And finally, you can ask the timeshare company if they are willing to take the timeshare back (do a deedback, it's called).  Expect them to say no, but it does sometimes happen - the resort took my relative's other timeshare back, possibly because they'd just lost an entire building in a sinkhole (that resort is in Florida).

  • Tue, Apr 21 2015 10:43 AM In reply to

    • xxcjtxx
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    Re: How to get out of a timeshare.

    Because your timeshare is paid off, and it doesn't sound like there are any backdues, transferring or selling the timeshare is one of the options you have. These options could work, but for what you described, I don't think that is what you are looking to do. If you are going to attempt to sell or transfer a timeshare, you will be responsible for all of the dues/maintenance fees until the timeshare is sold/transfered, which you already described as a burden.

    It is impossible to guarantee to sell something, so your timeshare could be sitting around for a while, while you continue to be responsible for the fees. Every timeshare company also charges their own unique "transfer fees", some of which run over $1,000. You can see how this can add up: transfer fees, maintenance fees, transfer/listing company fees, etc.

    Karen did provide some great information though. Your only hopes in terms of selling it, if you do choose to go down that road, would be to list it for "free" essentially, but you would still be responsible for a chunk of change. Even then, hundreds of timeshares are on eBay right now for less than a dollar, so the chances yours gets picked up is slim.

    My recommendation would be to:

    1. Call the developer and let them know you no longer have any interest in owning the property and would like to offer it back to them for free by way of a "quit-claim deed". It has a low probability of working, because they already have you locked into the contract, but it's worth a shot as Karen mentioned above.

    2. Transfer the timeshare to someone that you know. When you are working with 3rd parties, it becomes a little bit risky/time-consuming, so you want to protect yourself from paying the transfer fees/company fees, then end up still owning the timeshare.

    3. Cancel the timeshare with a reputable company. Timeshare cancellation is relatively unknown still, but is slowly becoming the standard to get rid of timeshares. Do your research. Ask questions. This option will probably cost around what the transferring/selling method costs, but is typically faster and guaranteed. Plus, there are companies that are able to cancel your maintenance fees, so it could essentially pay for itself, dependent on what the maintenance fee/cancellation costs are.

    Let us know what you find out, and good luck!

  • Fri, Jun 26 2015 9:23 AM In reply to

    • looney
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    Re: How to get out of a timeshare.

    I need more information. Mother has two weeks with Festiva and 6,000 points with BlueGreen.

    She no longer wants either and the children do not wish to encumber the deed upon her death. 

  • Fri, Jun 26 2015 9:58 AM In reply to

    • DOCAR
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    Re: How to get out of a timeshare.

    the children do not wish to encumber the deed upon her death.

    What do you mean? Upon her death the children would have no obligation, if that is what you mean.

  • Fri, Jun 26 2015 10:09 AM In reply to

    • looney
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    Re: How to get out of a timeshare.

    I mean, the company says that her children will "inherieht" the debt of maintenance fees. I have been researching how to get her out of these weeks for a while now and only get information from rip off companies that want her to pay $5000 plus to get her out of the "deed"

    I am going to try to have her continue to ask the company about giving the deed back. I just want some knowledgeable lingo to have her say. They won't talk to me without her and I signing a paper that I have rights to the property, however, then I'm worried I will be liable. My parents purchased this so many years ago and even turned the weeks into points but they still have rights to certain weeks as long as they book in advance. It's so confusing and I want no part of it. 

     

    It has taken me a long time to read through all the comments. I see the last one above mine has some great terms to use. Thank you

  • Fri, Jun 26 2015 10:21 AM In reply to

    • xxcjtxx
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    Re: How to get out of a timeshare.

    It is very typical for a timeshare's obligations to be passed down to heirs. What kind of companies did you speak to? There are a lot of scams out there, but there are also legitimate companies as well. I would advise working with a timeshare cancellation company, as opposed to a donation/listing/transfer company to legally cancel out the contract.

    Unfortunately, timeshare companies are well aware of the fact that they have you "locked in" to the contract, and will rarely work with the owner to cancel out the contract. Think about it, why would they?

    When they are threatened with legal action under certain clauses of your contract, by an experienced timeshare litigation or real estate attorney, then they are more likely to take back the contract.

    Yes it will cost a little bit of money to hire one of these companies/attorneys, but $5,000+ sounds excessive as other companies I have come across, and that have been talked about on this forum, are lower in cost and have been proven to be legitimate.

  • Sat, Jun 27 2015 8:42 AM In reply to

    Re: How to get out of a timeshare.

    looney:
    Mother has two weeks with Festiva and 6,000 points with BlueGreen.

    The timeshare I sold on the TImeshare User Group classifieds was a Bluegreen points timeshare.  If Bluegreen still has the policy that existing Bluegreen points owners can buy additional points from other owners and pay a lower maintenance fee than the sum of the two maintenance amounts when the points were separately owned, then it might be relatively easy for you to sell your points to another Bluegreen owner.  I got 3 nibbles in the first month after placing my ad, including the couple I sold it to, who were indeed existing Bluegreen owners.  They proved themselves serious when they signed the purchase agreement I wrote up and sent them, and sure enough they didn't flake out at the last minute and leave me out the transfer fee for nothing.

  • Sat, Jun 27 2015 9:10 AM In reply to

    Re: How to get out of a timeshare.

    xxcjtxx:
    There are a lot of scams out there, but there are also legitimate companies as well. I would advise working with a timeshare cancellation company, as opposed to a donation/listing/transfer company to legally cancel out the contract.

    I don't know anything about these timeshare cancellation companies, so maybe they are indeed legitimate.  With them, as with any other company offering to relieve you of your timeshare, I'd advise NOT to pay upfront.  At least, not more $$ than you are willing to risk losing.

    Some companies say on their websites that they have an escrow company to keep your money safe while they work on the transaction.  My advice is not to swallow that line without first checking into that escrow company VERY carefully to make sure it's real, independent, and reputable.  If you propose using a different escrow company that you have verified as being legitimate, and they balk at that idea, I would consider that a real red flag.

  • Mon, Jul 6 2015 10:58 AM In reply to

    • DLIVE12
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    Re: How to get out of a timeshare.

    Where you able to get rid of the timeshare?

  • Mon, Jul 6 2015 11:02 AM In reply to

    • DLIVE12
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    Re: How to get out of a timeshare.

    interested in donating. can you give me more info

     

  • Wed, Jul 8 2015 3:02 PM In reply to

    • DLIVE12
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    Re: How to get out of a timeshare.

    Could you send me the name of the charity please.

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