How to Get Rid of a Timeshare That Is Paid Off
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You fell for it. You went to a timeshare sales pitch, listened to the sleazy salesperson, handed over your credit card, and bought into a timeshare you wish you’d never agreed to. Now that you’ve invested a huge amount of money and time into taking trips to your unit, you’ve decided that timeshare ownership is not for you.
If you’re in this situation and wondering how to get rid of a timeshare that is paid off, you have a few options. But figuring out which one’s best for you can be tough depending on your timeshare developer and their policies on cancellation. Even though you no longer have a loan to pay and interest rates to keep up with, you can’t just walk away and hope for the best. In order to make a responsible decision on how to get rid of a timeshare that is paid off, you must evaluate each of these exit methods.
5 METHODS FOR HOW TO GET RID OF A TIMESHARE THAT IS PAID OFF
If only you had taken advantage of the rescission period and canceled your timeshare purchase right away, then you would not have suffered years of stress and thousands of dollars worth of annual maintenance fees that you’ll never get back. The good news is that you no longer owe money on your mortgage payments, which makes your predicament of how to get rid of a timeshare that is paid off slightly easier. Here are five options you may have for escaping timeshare ownership.
1. Reach Out to Your Timeshare Resort
The first option that anyone with a paid-off timeshare should look into is a deed-back program. Also called a buyback program, timeshare owners who are in good standing with their resort may be able to use this option to hand their timeshare back once it’s paid in full.
The vast majority of developers do not have a deed-back program, but of those that do, they typically don’t allow just anybody to use it. Oftentimes, they’ll require you to have a major life change, such as the loss of your job or a death in the family, to qualify for the program.
If you’re unsure whether this could be an option for you, check your timeshare agreement or contact the homeowners association, which will be able to give you a definite answer as to whether your timeshare company, vacation club, or timeshare points program allows you to sell back deeded timeshares or timeshare points.
2. Try Your Hand at the Timeshare Resale Market
If there isn’t a deed-back or buyback program, then selling your unit is another option to get rid of a timeshare that is paid off. This may require you to use a legit timeshare resale company, hire a real estate agent who has a track record of successful timeshare sales or list your property on Craigslist or eBay.
The problem with taking this resale route is that the competition is immense. Do a quick search of a timeshare listings website to see how many perfectly nice timeshares from prestigious companies like Wyndham, Marriott, and Hilton Grand Vacations are going for $1. All the new owner has to do is cover the annual maintenance fees and any closing costs required for the timeshare ownership transfer. Even the best resale company or real estate agent won’t guarantee you a sale in this competitive market. And if your developer has a policy against reselling, this simply isn’t an option to get rid of a timeshare that is paid off.
3. Choose to Give Your Timeshare Away
Selling a timeshare or giving it back to your timeshare resort almost never amounts to any profit. In fact, most people who are able to get rid of their timeshare don’t actually end up selling at all. Instead, usually, the current timeshare owner will try to transfer their timeshare to a new owner — which generally means over $1,000 in upfront fees. Then, all the new owner has to do is put their name on the timeshare contract and the property is theirs.
Since this is often the reality, you might as well give your timeshare away to someone you know. If you have friends, children, or extended family who are in the financial position to take on timeshare ownership, passing your unit to them may be the most convenient solution for how to get rid of a timeshare that is paid off. Just go through all the paperwork, logistics, and financial aspects of ownership so they aren’t blindsided by your developer’s policies. You’ll also need to pay title and recording fees to the developer.
And if you’re a timeshare owner who cannot find someone who wants your property or are hesitant to burden a loved one with the responsibilities of timeshare ownership, Centerstone Group is expert at finding receivers through our transfer program.
4. Rent Out Your Timeshare to Vacationers
If you can’t find anyone who wants to buy or inherit your timeshare property, renting your timeshare may be a way to offset your annual maintenance fees. To take advantage of this method, first, check out your developer’s rules on rentals. If they allow it, come up with your own rental agreement with the rules for visitors to abide by. Compare rental rates of the units and the resorts around you to determine the appropriate renting fee. Advertise your rental on real estate websites or on social media to get the word out.
You may have more luck renting out your timeshare than selling it, as more people are willing to pay for a one-time vacation than buy into a lifetime of timeshare ownership. But like many of these other options, the ability to rent out your unit isn’t given in the timeshare world. And if your timeshare has rules against renting, breaking them may result in expensive penalties that can make it even harder to get rid of your timeshare one day.
5. Get Help From an Expert Timeshare Exit Team
The timeshare industry has a significant bias against timeshare exit companies and often tries to steer owners away from seeking third-party cancellation services. Doing an online search of “exit company scams” on forums like Timeshare Users Group will only confirm the distrust surrounding them. There are so many articles about exit companies caught running off with timeshare owners’ money without getting them out of their contracts like they had promised to do. Yes, there are reasons to believe that plenty of timeshare exit companies are not legit, but Centerstone Group is not one of them.
Centerstone Group is a full-service advocacy group that specializes in resolving timeshare contracts for clients seeking cancellation. Our exit team not only helps clients who’ve been victims of fraud, high-pressure sales tactics, and misrepresentation during the timeshare sales process. We also specialize in getting clients with paid-off timeshares out of their contracts with our transfer services. So if your timeshare developer is not allowing you to sell your timeshare back to them, enter the resale market, give your property away, or rent it out, we may be your best bet for exiting ownership.
THE BEST WAY OUT OF THE TIMESHARE INDUSTRY
Though it’s tempting to just stop paying your timeshare developer and surrender to foreclosure, there are other options for timeshare cancellation that won’t severely damage your credit. Returning your property through a deed-back program, selling your timeshare on the resale market, giving away your timeshare to a family member, and renting out your timeshare are options you might have for how to get rid of a timeshare that is paid off. But none of these options are as effective at getting you out of a timeshare safely, affordably, and permanently as Centerstone Group.
If your mortgage is paid off, Centerstone Group may be able to find you a solution for how to get rid of a timeshare that is paid off. Our timeshare exit team has deep knowledge of the timeshare industry and knows how to navigate releases for our clients. Contact us today for a free consultation.