Not all good things last forever. So, if you own a timeshare and have decided you don’t want it anymore, that’s ok! People decide to move on from their timeshare ownership for all kinds of reasons. From a change in lifestyle to a desire to stop paying maintenance fees, whatever your reason, you’ve decided to say goodbye to your vacation ownership. Now what? There are a lot of conflicting opinions about the best way to get out of your timeshare, and unfortunately, not all of these methods are safe. Fortunately, you’ve come to the right place to learn how to do it! We’ll teach you everything you need to know about how to get out of a timeshare safely.
- How to Get Out of a Timeshare Using the Rescission Period
- How to Get Out of a Timeshare by Giving It Back to the Resort
- How to Get Out of a Timeshare by Gifting it
- Timeshare Exit Companies
- Other Pitfalls to Avoid
- How to Get Out of a Timeshare Using the Resale Market
- Sell Your Timeshare with Timeshare Broker Associates
How to Get Out of a Timeshare Using the Rescission Period
If you’ve only just signed your timeshare contract, there’s a very straightforward way to get out of it. There’s a window of time where timeshare owners can cancel their contract outright: the rescission period. If you cancel the contract during this period, you will receive a full refund from the resort developer you purchased it from. While this option can be very convenient, you’ll need to act fast to take advantage of it. In fact, while the length of the rescission period varies from state to state, they typically last somewhere between 3 and 15 days. So, if you’ve had your timeshare longer than that, it’s likely too late. You can’t just cancel a timeshare contract under other circumstances. Yet, although it may be too late to use the rescission period, it’s too soon to panic! There are still other ways to get out of a timeshare.
How to Get Out of a Timeshare by Giving It Back to the Resort
Another fairly straightforward way to get out of a timeshare involves reaching out to the timeshare company or developer from which you bought it. Many of these developers have a deed-back program that assists owners who want to get out of their timeshare agreements. Most developers have partnered with the American Resort Development Association, or ARDA, to form the Coalition for Responsible Exit. This group is dedicated to providing straightforward solutions for moving on from your vacation ownership. On top of these solutions, some timeshare companies may even buy your timeshare back from you directly. Here are some of the in-house programs offered to owners looking to get out of their timeshare.
Wyndham Cares
If you own with Wyndham Destinations, Wyndham Cares may be able to help. This program, backed by Wyndham, offers in-house exit solutions to owners looking to get out of a timeshare. There are no hidden fees or extra purchases required to use their services.
The Legacy Program by Westgate
Much like Wyndham Cares, Westgate offers owners solutions to get out of a timeshare. The Legacy Program is another safe and secure way to move on from your timeshare fees and is worth looking into as long as you own with Westgate.
How to Get Out of a Timeshare by Gifting it
While vacation ownership may not be right for you anymore, if you know someone else who’s interested in staying at a timeshare property, you can gift it to them. Keep in mind that you’ll need to transfer the title out of your name and into theirs for them to take control of the ownership. Of course, this also means they’ll be responsible for any annual maintenance fees, so make sure they know that before gifting them a timeshare.
Timeshare Exit Companies
You may have also heard about timeshare exit companies that claim that they can help you get out of your timeshare. While this is technically true, working with a timeshare exit company can cause more harm than good. These companies typically operate by sending a letter to your timeshare developer asking them to “stop contacting their client” before telling timeshare owners to stop paying their annual fees. Unfortunately, these methods can often be harmful in the long run.
What Happens if You Stop Paying for Your Timeshare?
If you stop paying your maintenance fees completely, your ownership will likely go into foreclosure, which can damage your credit and stay on your credit report for years to come. Suffice it to say, it’s best to continue paying your maintenance fees unless the ownership has been completely transferred out of your name one way or another.
Other Pitfalls to Avoid
While working with an exit company can cause problems, it’s unfortunately not the only issue to be wary of. Here are some other pitfalls you’ll want to avoid:
- Out-of-the-blue callers claiming to have found a buyer for your timeshare. It’s actually illegal for timeshare resale companies to call you unsolicited.
- Fake resale agents will sometimes pose as employees of a legitimate resale company. When talking to any agent, ask yourself if you recognize the phone number or if the email matches exactly with the other ones you’ve corresponded with. Remember that you can always call the resale company yourself if you’re suspicious of the person reaching out to you.
- Viking Ship Schemes are an industry term for shell companies formed solely to transfer ownership of a timeshare. These companies claim that if you pay them a fee, they will transfer your ownership out of your name. These companies then take money from timeshare owners before disappearing, having never followed through on their promises. As a result, these owners will still have to pay their fees, all while potentially incurring late fees because they believe they no longer own the timeshare
While these scams may make getting out of a timeshare seem like a harrowing experience, it doesn’t have to be! Here’s one more way to get out of your timeshare that’s definitely worth considering.
How to Get Out of a Timeshare Using the Resale Market
If you want to get out of a timeshare, the resale market is a great way to do so. As long as you work with a timeshare resale company that is affiliated with ARDA, you can rest assured you’ll be able to move on from your ownership as safely as possible. Plus, while it’s unlikely you’ll be able to recoup the cost of buying a timeshare entirely, you’ll still be able to put some money back in your pocket. Here’s how it works:
- Gather as much information on your ownership as possible. Is it points-based? Weeks-based? You’ll also want your original purchase document. Be sure to contact your resort developer for a copy if you don’t have one.
- Make sure to take care of any outstanding fees on your timeshare, as these can jeopardize the sale of your ownership.
- List your timeshare with a reputable resale company. As we mentioned earlier, it’s best to work with a licensed company that is affiliated with ARDA.
- Wait for an offer. Once you get an offer you like, you can sell your ownership. A licensed agent can help you handle the final steps of the ownership transfer process.
Sell Your Timeshare with Timeshare Broker Associates
Want to get out of your timeshare by selling it on the resale market? Then you’ve come to the right place! At Timeshare Broker Associates, we make the resale process as straightforward as possible. Our licensed real estate agents are skilled and experienced in helping owners just like you navigate the process from beginning to end. Plus, we are a proud member of ARDA, which means we follow a strict code of ethics that helps to protect owners in the timeshare industry. This means we have the skills and reputation you can trust. Ready to work with the best in the business? Then fill out the form below! One of our licensed agents will contact you about the next steps. If you have any questions, please don’t hesitate to call us at (407)-917-8432. We’re ready, willing, and able to assist you.
