Ever thought of a vacation spot you’d like to return to? The answer to this is a timeshare. A timeshare is a property acquired for vacation or a resort. It is also called “vacation ownership.” It is jointly owned by other people, and each owner owns an increment, which is usually one week. Timeshares are not always the best investments, so people often ask, “How to get out of my timeshare?” Here’s what you can do with an unwanted timeshare.
How to Get Rid of My Timeshare?
Take advantage of the recession period.
A rescission period is a period after purchasing the property where you take back your buying decision. If you have ever felt trapped about a timeshare, and you have wondered, “how to get rid of my timeshare.“ You can do so without any penalty within this period. Your state law determines how long the rescission period lasts, anytime from 3-15 days.
Timeshare Deed back
If you missed the rescission period, you could do the timeshare deed back to the resort or timeshare company. It is a low-cost and legal way to get rid of your unwanted timeshare. Carefully go through your timeshare paperwork or contact the timeshare company to check if this option is available for you.
Use a Timeshare Exit Company
Another way to get rid of an unwanted timeshare is to use a Timeshare Exit Company. Yes, they exist. They specialize in helping people get rid of their unwanted timeshare fully and legally. If the company uses high-pressure sales tactics to get you to pay a fee, it’s best to find another with your interest at heart.
Sell Your Timeshare
There are several ways you can sell your timeshare but you’ll be unable to sell if you took out a loan on the timeshare. Once your timeshare is sellable, find out it’s selling price on the market. You can do this by checking sites like eBay for the selling price of timeshares like yours. You are not likely to get a lot of profit from your timeshare sales, but you can look forward to saving the maintenance fee you would have paid.
Hire an attorney
If you are worried about being a victim of any scam, hiring a timeshare attorney is your best bet. If you missed the rescission period, your attorney would make sure you have a legally binding document.
A timeshare can be a money pit, so getting rid of it, especially during a pandemic, is a good decision. Get rid of your timeshare with any of the options that best suit you.