Tuesday, September 17, 2019
Home > Business Articles > Options for Getting Rid of a Timeshare
Business Articles

Options for Getting Rid of a Timeshare

Summary, Many people buy timeshare believing that they will enjoy the convenience and cost savings of owning a vacation property for a set period of time each year. However many of these buyers are quickly unsatisfied with this purchase. this article provides information to readers only options of getting rid of a timeshare.

Options for Getting Rid of a Timeshare

Through glitzy promotions and high-pressure sales tactics, timeshare sellers often do brisk business selling units to vacationers and others. However, after signing on the line, many people quickly find that having a timeshare isn’t as great as they thought it was going to be.

The news is not good for those looking to get rid of a timeshare. While it is possible to profit from selling a timeshare, it isn’t likely. In fact, it is more likely that a seller will sell his or her timeshare for only a fraction of the purchase price.

But getting rid of that unwanted timeshare can release the seller from the obligation to pay annual fees and other costs of ownership. Here is a rundown of some of the most common ways to sell or otherwise dispose of a timeshare.

Legal Options

If a buyer quickly realizes that the timeshare purchase was a mistake there are two possible options. Many timeshare contracts allow a buyer to back out of the agreement for a period of time. If the allowed amount of time to cancel the contract has not passed, the buyer must act immediately to break the contract.

It is important to follow the contract’s language regarding cancellation word for word to avoid problems. Also, many states have “cooling off periods” that allow a buyer to cancel a contract for a period of days after signing. A buyer should check the state’s laws where the contract was signed for more information.

Donation

Donating the timeshare to a charity is another option for getting rid of a timeshare. The primary advantage of donation is that the donation process is relatively quick and easy. The primary disadvantage is that the timeshare owner will only receive a tax deduction for the donation.

A buyer interested in donating a timeshare should check the charity’s standing with the IRS to make sure the charitable donation will qualify as a deduction.

Selling

Most timeshare owners are interested in selling an unwanted timeshare in order to recapture his or her initial investment or as much of it as possible. There are a number of ways that an owner can sell a timeshare. Timeshares can be listed for sale in print and online classifieds like any other possession.

Real estate agents located near the timeshare property might also be willing to sell the property. Another option is to use one of the many timeshare resellers. A timeshare reseller works to market privately owned timeshares and sell them for a fee or commission much like a real estate agent.

However, as the reseller generally specializes in timeshare these resellers may have more success selling the timeshare than an agent who primarily sells conventional real estate properties. It is important for the timeshare owner to carefully research any person or company offering to assist in the timeshare sales process regardless of the method that an owner uses to sell a property.

Options for Getting Rid of a Timeshare
DOC200726
Full Rights