Buying the timeshare property that you now own was probably fairly easy and the idea surely seemed great at the moment of the purchase, but at some point, many owners find out that their timeshare is uncomfortable to use, what’s more, it is harmful for their financial situation and damaging for their credit score. If you find yourself stuck with an unwanted timeshare contract, don’t believe what you hear so often, that once bought, timeshares cannot be sold or cancelled – here are a few ideas for getting out of a timeshare.
Selling the Timeshare
Trying to sell your timeshare is a great option, especially if it is a well-equipped place located in a resort that is currently in high demand. If the property is not that attractive, you can still sell it successfully, but you need to set a bottom price that you are still willing to accept because that kind of property might not be in very high demand.
There are several channels that you can use to advertise your property. Choose as many of them as you can and create your own marketing mix by adding your property to real estate listings, auctioning and retail websites, placing ads in the classified section of local newspapers and hiring a realtor or a real estate agent to add your property to their portfolio. You can also turn to your seller company for advice – they usually work with several brokers, so they can recommend you an expert who has already sold properties similar to yours.
Whichever of the above channels you use for advertising your property, be aware that they all work for fees and commissions, so before you publish your ad anywhere, make sure that you know exactly what the costs and processes involved are.
Offer Your Property to the Initial Seller
This is a solution that very few timeshare owners attempt, but it is definitely worth a try. Called a deed-back, the process involves the signing of your timeshare deed back to its original owner, your initial seller. Think of this solution as an opportunity – timeshare sellers are not obliged to take back the properties they have sold if they are out of the grace period and even if they are willing to do so, the price they offer might not be the best, but a deed-back is definitely the most hassle-free way to get out of an unwanted timeshare.
Turn to a Lawyer
You can easily find a timeshare attorney Minneapolis area who specializes in cancelling timeshare contracts. You can contact one of them and get your contract reviewed to find any clauses that could be used to get a cancellation request accepted by the seller. In most cases, the rescission period allowed by the contract expired a long time before the decision to sell is made, but an experienced timeshare lawyer knows how to talk to timeshare companies and how to get them to provide some sort of solution for you. Hiring a timeshare lawyer is also the way if the only solution that can free you of your timeshare is legal action – if your case gets in front of a court of law, you will need a lawyer anyway.