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What You Need to Know About Timeshare Resales
Whether you are a buyer or a seller, timeshare resales come with their own complexities. The Timeshare Defense Attorneys can help. Call for info and advice!
What Are Timeshare Resales?
Timeshares are a great way to take a vacation without the hassle of planning. But, there is an easier way to buy timeshare property. Resales are gaining popularity as a cost-effective and efficient way to get into this game quickly and easily.
The timeshare resale process consists of buying an existing timeshare previously purchased by someone else. It is then sold on the open market for less than what you would pay for the same timeshare ownership purchased from the resort directly. In other words, it is when someone (the buyer) purchases a timeshare from another person who has previously owned it (the seller). However, this agreement does not affect the original contract between the timeshare developer and the first timeshare owner.
A timeshare resale market can be good if you want to sell your timeshare. On the other hand, it can also provide more value to timeshare buyers than purchasing from a resort, provided they are working with a reputable company.
Although they are an effective way to buy or sell a timeshare, many different factors must be considered before entering such an agreement. However, prospective buyers and sellers must understand the timeshare resale market laws. That way, they can avoid becoming victims of a scam.
What Are Timeshare Resale Laws?
Buying or selling a timeshare can be confusing, with contracts and regulations that are difficult to navigate. Fortunately, many states have laws to ensure consumers’ protection when it comes to buying/selling timeshares.
From false advertising claims and penalty clauses for misrepresentation of services up to signing paperwork – resale laws protect buyers and sellers from potentially risky deals.
For example, Florida has the Florida Timeshare Resale Accountability Act. This statute is explicitly directed at the timeshare industry. Under this law, misleading customers or not providing a full disclosure statement, among other things, is forbidden.
When it comes to selling timeshares, a complete understanding of your agreement’s process and terms and conditions is vital. Whether you are buying or selling a timeshare resale, it can be good to take extra caution in reading through any contract documents associated with the agreement – even if you feel confident that everything promised is included. Also, it can be a good idea to check whether there are any contradictory statements.
Why Are Timeshare Resales So Cheap?
It takes more work to sell your timeshare. In addition, the timeshare’s worth decreases over time. That’s why timeshare resales are usually listed for a fraction of their retail price.
When you buy from the timeshare resorts or developers which make the primary market, you pay your ownership interest in the resort and any associated marketing costs. By buying pre-owned, however, these costs are cut out, meaning you can get more money.
However, a timeshare is not an investment. So it’s not recommended to buy it if you want to earn some money on it. But, if you are looking to vacation at the same place and at the same time every year, and you’ve found the perfect timeshare resale, that can be worth buying. The value of your timeshare resale depends solely on your travel preferences and how much you plan to use them.
Purchasing through resale is much simpler than going through traditional channels. The process is quick; owners post their timeshares for sale, and after an online search for available units, you can contact the owner/seller directly and make an offer if everything looks good.
There’s no waiting period like there would be if you bought directly from a resort or developer—you could be vacationing in your new timeshare just days after making your timeshare purchase.
Timeshare Ownership Problem
The crucial fact that should be kept in mind is that, under standard timeshare contracts, the original timeshare owner remains responsible for their timeshare regardless of the selling. The only way to Get Out of a Timeshare is through Timeshare Cancellation.
It means you have to get the timeshare developer or the company that sold you your timeshare to cancel the contract. That is typically a long and tiresome process that is rarely successful without the help of a Timeshare Attorney in Las Vegas.
How Do I know if a Timeshare Resell Company is Legit?
Timeshare companies can’t lie to you. The Federal Trade Commission (FTC), which regulates the sale of services and goods within the United States, can take action against fraudulent operations. When it comes to timeshare, illegal sales practices usually include failure to inform the buyer of information related to the sale, such as timeshare maintenance fees, not to explain the lack of resale value, or not to provide the buyer an opportunity to review the contract. These dirty practices can cause buyers to purchase timeshares they otherwise would not have.
However, you must remember that timeshares can be very hard to sell. Once you buy a timeshare, you may be stuck with it. In addition, timeshare real estate companies may try to scam you by paying more fees and telling you they have a buyer. After you pay up-front fees, the buyer suddenly backs out.
If a timeshare resale company promises to get you out of your contract by selling it to another buyer, please note that it can be a scam since that’s not possible under existing laws.
Timeshares are filled with these resale scams, so if you want to resale your timeshare, consulting an experienced attorney can be beneficial to your case. They can help you avoid getting scammed by companies promising a quick resale and find a way to get you out of your timeshare contract.
How Can an Attorney Help Timeshare Owners with an Agreement?
A timeshare resale can be a great way to purchase vacation ownership properties and choose luxury accommodations at popular vacation spots.
Another significant advantage of buying timeshares through resale is that you can save money compared to purchasing directly from the resort or developer. Due to the lack of developer commissions and fees, lower prices often come with more flexibility in terms of payment plans and amenities offered.
Hiring a licensed real estate agent when buying a resale is often recommended since the process can be complex. Licensed real estate agents specialize in timeshare resale and can guide you through the entire procedure, including the closing process. You can also consider reaching out to a skilled timeshare attorney.
If you are a timeshare owner, you should know that owning a Timeshare Puts You At Risk. It may seem like an excellent investment, but it often becomes a severe financial burden in the long run.
If you need help or more information about timeshare resale, look at our FAQs or contact Timeshare Defense Attorneys today so we can schedule a free consultation and discuss your case.
