Timeshare Attorney Las Vegas
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How to Sell a Timeshare That is Paid-Off
When you are unsure how to sell a timeshare that is paid off, the Timeshare Defense Attorneys offer assistance. Contact us to find out what we can do for you!
Can I Sell My Fully Paid Off Timeshare?
Remember the day you excitedly “invested” in your first timeshare? After sitting through a glitzy and superslick presentation by the timeshare company filled with glorious images of luxurious resorts and lifestyle images of the rich and famous, you were ready to sign the dotted line. You probably took a loan that you spent years paying off and are now a proud timeshare owner.
Now the day has finally come, and you can look forward to free holidays, right? Wrong. You continue to receive annual timeshare maintenance fees, which have escalated significantly since you bought your timeshare.
In addition, the resort has just sent you a letter advising that there are some much-needed improvements and special assessments and that you are legally obliged to contribute to these as an owner.
“This can’t be right,” you think to yourself.” Check your contract,” advises the developer representative on the other end of the line. Sure enough, you check the agreement, and there in the fine print, you discover to your horror, that you are stuck with ongoing liabilities and annual maintenance fees forever.
You suddenly realize that timeshare ownership may not be all it’s cracked up to be. In that case, you might decide to sell off your timeshare to at least make some money off it. Selling off your fully paid-off timeshare is a viable option, especially when you no longer use it. However, you may not be able to make a lot of money from it since timeshares have a very low resale value, so the only satisfaction you get is that you no longer have to pay the recurring annual maintenance fees.
Read on to learn about your timeshare sales options and how a timeshare attorney can help you with the legalities involved.
Resale Options for Your Paid-Off Timeshare
Although it is decidedly easier to sell a timeshare that has been paid up, doing so can be challenging. This is mainly due to the strict policies of timeshare companies and one-sided contracts to lock you in for as long as possible.
Nevertheless, several options exist to get out of your timeshare ownership and prevent a future of paying maintenance fees, special assessment costs, and membership fees. They include the following:
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Deed back programs
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Timeshare resales on the secondary market
Deed Back Programs
Some timeshare companies offer a deed-back program to timeshare owners who have paid off their loans and no longer wish to retain ownership.
Deed-back programs allow you to “sell” your timeshare interest back to the resort developer.
Check your timeshare agreement carefully if you’d like to explore this option. You can also approach the timeshare developer to determine if they offer such services. At this point, it is important that you understand that your timeshare was neither an investment nor an asset. Nor does it have liquidity. Therefore, expect the timeshare developer to offer you less than what you paid for your property.
Often the timeshare developer will agree to take the property back in exchange for releasing you from future obligations to pay the murderous annual fees. Not a fair deal, right? Well, deed backs are not an equitable exchange and place you in a position where you need to assess whether you are forced to give the property back for less or nothing or whether you might have to consider more beneficial options.
Timeshare Resales
You can resell your timeshare to someone else, as there is a thriving secondary market for such properties. However, the market currently appears to be overtraded and saturated, with many timeshare owners trying to get rid of their timeshares.
Also, when you explore this option, you’ll likely realize in a short time that selling your property for a reasonable price is quite challenging. Often properties sell at 20 to 30 percent of their original purchase price, so adjust your expectations accordingly.
Here are a few tips to help you navigate the timeshare resale market as follows:
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Beware the Scammers – The timeshare and resale industries have attracted a fair amount of fraudsters, so beware of scam artists and fraud schemes related to timeshare resales. If the reseller or agent charges upfront fees, avoid them like the plague. Chances are they will magically disappear after you have parted with your money.
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Negotiate the sale – If you find a buyer, you may be asked to settle the closing process costs and the title transfer fee, if any. You are not obliged to agree. The choice of the charges you will bear to rid yourself of the timeshare and its ongoing costs is solely yours, so try to take on only what you can afford.
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Real estate agents – Consider employing a real estate agent specializing in timeshare resales to value your property and assist in selling your timeshare (they do, of course, charge fees). Generally, the real estate market is different from the timeshare secondary market. So if you’re considering getting help from real estate agents, ensure that the one you choose has significant experience working with timeshares before you proceed.
You can also explore other sales channels, such as Craigslist or eBay. However, you might only be able to get a little money from the sale on such sites.
Timeshare Cancellation
If you need to get out of your timeshare liabilities without looking to make money from a resale, consider having your timeshare contract canceled with the help of a timeshare exit company or attorney.
Timeshare cancellation companies are familiar with the established grounds and strategies for cancellation. It is a viable option if you feel that you were pressured into buying your timeshare property, that the timeshare salespeople made misrepresentations, or perhaps the developer has fallen foul of its obligations under the contract. If successful, cancelation will absolve you of all contractual obligations.
Get Help From Timeshare Attorneys
Defaulting on your timeshare payments is something you must avoid, no matter how worn out you may be. As long as you retain ownership of your timeshare, you remain liable for the annual fees and maintenance costs. If you fail to pay those fees at the appropriate time, it could affect your credit rating negatively, and you may face possible foreclosure.
Instead, consider contacting an experienced timeshare attorney in Florida to help you explore possible options to resell it or cancel your timeshare, depending on your preference.
Your attorney can protect your interests throughout the transaction and ensure that the timeshare resale or cancelation documents comply with the necessary legal requirements so you can be free of the timeshare expenses.
If you need help reselling your timeshare or want to explore a cancellation, contact Timeshare Defense Attorneys for a free case evaluation. Our lawyers can help you understand how it works and will work to help extricate you from your timeshare contractual obligations.
