Last updated Mar. 3, 2023 by Charles Zemub
Timeshares are the worst. They’re overpriced, inflexible, and generally a massive waste of money.
You can’t get rid of that quickly because the agreements you signed when you bought them mean you must pay for your timeshare for many years after buying it – even if you never actually use it!
But don’t worry: there are some legit ways to get out of your timeshare contract without paying thousands more.
Hire a lawyer
You can hire a lawyer to help you get out of your timeshare.
The cost varies depending on the lawyer and how much time they spend on your case, but expect to pay hundreds of dollars in legal fees.
It would help to ask any lawyer you’re considering whether they have experience with timeshare cancellations and how many times they have successfully helped clients cancel their contracts.
A good lawyer will also give you peace of mind by answering questions throughout the process and keeping you updated on any progress made toward canceling your contract.
Get a timeshare company to buy you out of your contract
Talk to the salesperson who sold you the timeshare. This is your first step, and it’s more likely than not that they’ll be willing to sell the contract back to their company at a discount.
You may have to pay the fees related to selling the contract back, and it could take some time for everything to go through, but it’s worth it if you’re able.
Check into other companies’ policies on buyouts or exchanges. You’d be surprised what other companies will do to eliminate any unwanted contracts they’ve acquired over time (or maybe not so surprised).
The key here is doing your research so that when someone comes calling with an offer, you can negotiate better terms because they know they have competition in getting rid of these contracts.
Ask the timeshare owner’s association for help.
If your timeshare is in one of the many resorts with an owner’s association, contact them and ask what they can do to get you out of it.
You might be surprised at how much they can do. For example, they may help you find another member stuck with a timeshare contract and needs to get out of it too.
Or perhaps they will put you in touch with someone interested in buying yours from you for less than what you paid for it — or maybe even nothing.
Rent it out most of the time to other people.
You can rent your timeshare most of the time to other people.
It’s not hard to find people willing to rent out your timeshare, especially if you’re in a desirable area like Miami or San Diego. Just post about it on Craigslist and see who bites.
If you don’t want to deal with Craigslist, try looking for a buyer on eBay instead—that’s where we bought our latest investment property.
The price of renting out your timeshare depends entirely on what kind of buyer you’re dealing with: whether they’re an individual or a company, how long they plan on staying there (or how many nights), etc., but I’d recommend pricing it at around $150 per night for stays longer than one week and about $100 per night for shorter stays (if anyone’s interested).
The best way to get started is by having someone set up an appointment with me to discuss everything over coffee—or maybe even margaritas, in my case.
Sell it to someone else.
The first option is to sell your timeshare to someone else. But unfortunately, many people want to buy a timeshare like any other item.
But unlike a car or a house, you may find that people don’t want them as much due to the high cost and low return on investment.
If you can find someone who wants your timeshare, you’re going to have some options on how to go about selling it:
Sell it yourself through classified ads or online marketplaces like Craigslist in your local area. You’ll probably make significantly less than if you were able to make an in-person sale with an agent (see below), but this might be worth it if the only reason why you want to get rid of your timeshare is because of its location and not because there isn’t enough demand for it anymore.
Use an online marketplace like Gold Coast Resorts Exchange or Resales Club, where other owners list their properties in hopes of finding buyers willing or interested enough. These sites also offer complete management services, including advertising campaigns, at no extra cost.
Just remember they charge fees on top of commission depending on how much money goes through them throughout each sale transaction
usually, around 4% total fees per month plus any additional charges associated with third party services such as closing costs which aren’t always mandatory depending on contract terms agreed upon before signing up.”
Contact your bank or credit card company and see if they can help get you out of paying it.
If you’ve defaulted on a debt, there’s a chance your bank or credit card company could help get you out of paying it. But first, the lender needs to own the timeshare property for you to do this. If they don’t own it yet, then there’s nothing they can do for you.
The next step is figuring out who owns your timeshare right now and contacting them directly so they can begin foreclosure proceedings against their current owner—whoever that may be.
It’s also worth looking into whether or not your bank has any partnerships with other companies that might purchase or restructure the loan on your behalf (if they do).
Once it becomes clear which party currently owns your timeshare property—and after discussing all options with them—you’ll want to see what kind of deal they’re willing to offer before deciding whether or not getting rid of it makes sense for you financially (or otherwise).
Go on a timeshare presentation.
You can go on a timeshare presentation to get out of your timeshare.
You can get a free meal or even a free vacation at these presentations. You could also get a free car or even a free timeshare!
There are many ways to get out of your timeshare: you can buy back your contract from the resort/timeshare that owns it.
You can sell it back at auction, give it away as collateral on an unpaid debt, or, perhaps, the most exciting you might have accidentally signed up for when trying to do something else online and now need to figure out how best to proceed.
Give it back to the resort.
If you’re not interested in selling it, you have a few other options. One is to give the timeshare back to the resort’s owner. This may be as simple as filling out an online form and sending it over.
Another option is to give it to a family member or friend; this might require some paperwork on their end, but again it’s not too tricky if all parties involved are willing and able to do so.
Finally, if none of these ideas seem to work for you—or maybe even if they will—you can always try selling your timeshare on eBay or another site that facilitates such transactions between individuals (make sure this isn’t against your contract).
How to sell a timeshare that is paid off
You’re already ahead of the game if your timeshare is paid off. This means you won’t have to worry about paying off any outstanding balance on the property, which could have been a major stumbling block for you as you tried to sell.
The great news is that the process for selling a timeshare that’s paid off is much like selling one that still has debt attached to it.
The first step in the process is to locate companies in the area that specialize in timeshare sales.
Once you’ve found one, you’ll want to determine if they currently accept new listings. This is important because you don’t want to spend too much time on a listing that will never sell. After all, it hasn’t been submitted to an interested buyer.
With this part complete, next up is submitting your information and waiting for them to contact you with an offer on your timeshare.
If they make an offer, it will be lower than you expect. However, don’t be afraid to negotiate with the company and try to find an amount that works for everyone involved.
Once this step has been completed, all that is left is working out payment arrangements and checking company references before signing anything official.
Timeshare abandonment consequences
The biggest concern of timeshare abandonment consequences is affecting your computer’s performance.
A study by the University of California at Berkeley found that computers in the office used by the average employee have a few hundred programs installed. Still, owners rarely use more than 20-30% of those programs.
No wonder computers become bogged down with unused programs and accompanying data.
The second consequence of timeshare abandonment is losing access to some of your files. If you abandon a file, someone else could open it and edit it without knowing who created it or how many times it was edited.
This will likely confuse if an earlier version is needed for reference. Abandoned files may also contain personal information about work colleagues and employers, leading to issues if another person accesses the file.
Frequently Asked Questions
Can I donate my timeshare to charity?
The short answer is no. A corporation typically owns timeshares, and corporations don’t qualify as charities.
Some organizations will accept donated timeshares but tend to resell or give them to people needing affordable housing.
How do you forfeit a timeshare?
How do you go about forfeiting your timeshare? It turns out that it’s most common for these contracts to give you a free pass if you can prove that you’re not able to use your share for an extended period (usually six months or more) due to an inability to travel or some other extenuating circumstance.
To forfeit your timeshare, submit a letter detailing your situation, including dates and supporting documentation that proves your case.
Many timeshare companies will ask for evidence of your attempts at making use of your time on frequent trips with family or asking friends and family if they’re interested in using it, so make sure that you have something like this ready before you send in any paperwork.
If you don’t provide enough information, or if the company doesn’t believe that what you’ve written is sufficient evidence
Is donating my timeshare legitimate?
People who love their timeshares often want to know if donating their time to share them is an option.
The short answer is “yes, but it’s complicated.”
How can I get out of my Bluegreen timeshare?
If you have a timeshare and want out, there are many options for getting rid of it. One is to put it up for sale and list the value of what you’d like to get back.
You can sell it on auction sites or Craigslist without buyers. If there are buyers who want to negotiate a lower price, be prepared to bargain hard.
Another option is to rent your timeshare out on websites like HomeAway or VRBO. The final option is to give it away, which sometimes happens if you truly want out of it and find someone who wants in even more than you do.
It’s a good idea to learn about the company first to know your rights as a customer; the Federal Trade Commission offers advice for timeshare owners who have complaints about problems with their Bluegreen timeshare.
Why is it so hard to get out of a timeshare?
It’s not easy to get out of a timeshare; it’s one of the hardest things to do with your vacation time. But, when you’re wrapped up in the sales pitch, you buy into the idea that timeshares are simple and cost-effective ways to vacation.
But they seem almost impossible to escape when you realize they don’t work for you.
It makes sense—the people who run these companies are professionals who know how to get you to commit.
They offer incredible deals and entice you to think about the money you’ll save when you buy into the program.
They first take care of everything according to plan, so why would anyone complain? But things go south, and suddenly people find themselves stuck in something they thought they’d never want or need.
It is hard to get out of a timeshare because the people who sell them make it difficult for you to cancel.
They control your options as much as possible so that you don’t have any real choices for canceling your contract once you’ve signed the dotted line.
That’s why it’s essential for anyone considering buying a timeshare to understand what they’re getting into before they sign on the dotted line.
Can I cancel my timeshare on my own?
Timeshare cancellation—or “termination,” as some companies call it is not something you can do on your own.
If you’re trying to cancel, you probably already know that the timeshare company usually won’t let you do it.
This is because they want to keep your name on their books as a potential buyer for the coming weeks while collecting maintenance fees from you.
Timeshare companies sometimes allow people to cancel if they pay a fee, typically in the thousands of dollars, which only the most desperate individuals would consider doing.
If you’re still intent on getting out of your timeshare, two types of companies offer this service: third-party firms and law firms.
Both are expensive, but law firms are typically much more costly, sometimes costing tens of thousands.
There are cases where law firms have successfully helped people get out of their timeshares, but these are rare.
It’s risky to pay such a hefty fee for a service with such slim chances of success if you’re canceling your timeshare; it’s usually better to bite the bullet and pay the cancellation fee yourself.
Summary
It turns out that getting out of a timeshare is a nightmare – but there are some options.
If you’re looking to get out of your timeshare, it might be worth looking into these options:
Sell your timeshare. If prices are high enough and you can find someone willing to pay them, selling your timeshare can be an effective way to rid yourself of financial responsibility forever and ever.
However, this option doesn’t always work due to how quickly the market changes in this industry and how much people’s tastes shift over time (in other words:
Suppose the person who wants to buy your timeshare doesn’t like its location or amenities).
For example, when we tried this option with our friends who were trying their best not to use their week but still couldn’t quite pull off making the rent on time each month upon receiving their next bill from the management company (which sent them into debt), no one would buy theirs off them.
So there, you have eight ways to get out of your timeshare. Hopefully, one of them will work for you! But, as we mentioned before, timeshares are a bad investment and a terrible way to spend money.
However, if you already own one, at least now, there’s some hope that someday soon (maybe?), you can get rid of it altogether.
