Are you tired of being in a timeshare and are desperately ready and looking for the quickest ways to opt out? If yes is your response, then, we’ve got you covered.
First, a timeshare otherwise referred to as vacation ownership is a property with a divided form of ownership rights. That is to say, the property is subdivided into resort-based condominium cells where multiple owners hold the rights to use the property and where each owner is in ownership for a given period of time. The cells or units may be sold as partial ownership or “right to use”, but the latter buyer holds no claim to ownership of the property in whole.
If you found a buyer, then that’s alright. You could be out in a wimp. If that’s not the case and you notice that your timeshare payment and maintenance fees are almost due and you can’t stand another period of wasted financial resources put into something you’re no longer enjoying or making any sort of profits from, then what do you do? How do you escape from this timeshare property trap and get out for good and forever? The following ways are some of the quickest and smartest steps to be out in no time at all:
Sell Off Your Timeshare
To sell off your timeshare check to see if you still have an unpaid loan on it. If it’s still listed as “encumbered”, it means you may have to pay off all loans before thinking of a sale. The professionals at RCI stress that if you’re good to go on with the sale, then you need to calculate the current value of your timeshare right after. You can easily get this done through a real estate agent. You can also calculate your timeshare’s worth through general listing sites like Craigslist.
Normally, your timeshare may not have your desired sales worth; yes, of course, except it’s in a place like Hollywood. But, hey. You can’t afford to let that deter you. The goal is to get out and not to heap up more maintenance costs and other fees. The average maintenance fee for timeshares is $1000 yearly according to real estate experts and this value increases by at least 5% yearly. That’s breathtakingly high.
Simply turn a blind eye to the previous costs and sell it off. You may need to list your timeshare for sale on an online website with no down-payment fees to speed things up a little.
Use Timeshare Cancellation Letters
If the recession period is still underway, then, you can write a cancellation letter addressing the resort’s management that you want to cancel.
Make sure to mail the letter to their physical address. Sometimes, it may be tough getting to know their address since they’re fond of taking it out of sight or out of reach of timeshare owners because the cancellation process is always never in their favor. However, if they fail to provide the address, you have all legal grounds to request an address. Also, if you’re in such states that have the policy of not starting a recission period until a cancellation address and instructions have been shared with buyers by the resorts, then, you’re safe.
It isn’t enough to send in your mail once and expect every other process to fall along naturally. No, that is not how it works. Except you used the services of USPS certified mail where the resort has to acknowledge receipt of the mail with the evidence of a valid signature, you may have to resend the same mail over and over. Another crucial thing to note is that some resorts charge “cancellation fees” and other accompanying fees, but these are not necessarily legal. They’re just trying to feed a little more on you before you’re left to go.
Ask the Resort to Take It Back
In case the recission period is over, you can use a timeshare deed-back procedure to return the timeshare property back to the resort. You’ll need to scroll through your paperwork to see if this option would work for you. Another way is to offer the resort’s sales manager an incentive so they can think of making more profits from you when they buy your timeshare back and then resell it.
Use an Attorney
Your timeshare contract was penned down and is therefore legally binding on both companies. However, there are so many complexities and idiosyncrasies with countless legal jargon and shenanigans that can confuse the most educated timeshare owner.
The resorts employ such methods to easily rope unsuspecting timeshare owners into signing contracts they’re not even aware of or whose legal implications are mostly abstruse to a layman. An attorney will help you out of all those snitchy contracts before you get caught in them. Hiring one with expertise in contract law and who has an unbeaten blatant record of successfully getting people out of their timeshares.
If you’ve followed any one of these steps, you can rest assured you’ll soon be out of that deadlock if you’re not already. A little patience might be required sometimes depending on the speed of processing of legal papers and state policies.