Owner of an Unwanted Timeshare? Read These Cancellation Tips

Warranty deed in lieu of foreclosure form

It seems like forever ago when you were lying on the beach, sipping a cold drink, and taking in the warm summer sun. Now, the ground is covered with ice and snow and you have to bundle up in multiple layers to even go outdoors. You expected this winter dread and purchased a timeshare while you were on vacation. But, with busy work and school schedules and the upcoming busy holiday season, you simply cannot find the time to use that timeshare. In fact, you don?t see any time in the foreseeable future that you can really take a vacation. Now what? Are you wondering, how can I sell my timeshare?

Evaluate your contract

You were probably filled with excitement when purchasing the timeshare. In fact, that is how timeshare companies succeed. They take advantage of the relaxation of vacationers. Vacationers are dreading returning to their busy lives, and a timeshare promises the hope of an upcoming vacation. If you are wondering, can I sell my timeshare, now is the time to carefully go over that contract. See exactly what you have signed up for, how much your payments are, and specifically, what the cancellation policy is. Some timeshare contracts have rescission periods. If you decide you no longer want the timeshare and you are within this rescission period, you can simply cancel.

However, if you are outside of the rescission period, it can get trickier. Trying to cancel a timeshare after rescission period might require the services of a timeshare attorney. The average price of a new timeshare is $20,040, so hiring an attorney to get out of the high fees is often worth it. Look at your amount owed and don?t forget to factor in the maintenance fees, which are often not included in the purchase price. In fact, in a 2016 survey, 66% of timeshare owners cited too high of maintenance fees as a reason for wanting to get out of their timeshare contract. Nearly half (46%), identified maintenance fees as their most important reason for leaving.

What a timeshare attorney can do for you

The timeshare process can be quite confusing. The wording of your contract is unclear and the company makes it impossible to talk to a live person. A timeshare attorney is familiar with the process of canceling a timeshare. They can also assist you with contract evaluation to see if there are any loopholes that can get you out of the contact, without any added fees. Either way, in many cases, working with a timeshare attorney is the only way to get rid of a timeshare successfully. For some, it is their only answer to financial reprieve.

What to learn from the process

If you are able to successfully sell my timeshare, consider yourself lucky. Many people get roped into timeshares and it drains them financially. It is important to learn from this process and to avoid signing up for any more vacation timeshares. While timeshare might make sense to some travelers, they do not make sense for the majority of the population. Selling a timeshare is extremely difficult and most buyers do not know what they are getting into. In the future, carefully read any contracts, bring along an attorney, and avoid rushing to sign for that timeshare.

Timeshares are a common American vacation dream. According to the 2016 U.S. Shared Vacation Ownership Consolidated Owners Report, nearly 7% of U.S. households or 9.2 million households own one or more types of a shared vacation ownership product. If you are trying to cancel a timeshare, the process can be tricky and confusing. It can be helpful to evaluate your contract and to work with a timeshare attorney. If you wondering, can I sell my timeshare, you are not alone. With some research, proper legal representation, and a good amount of patience, it is possible to get rid of those pesky timeshare payments.

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