Some timeshare buyers consider it to be a huge mistake to buy a property this way. Other owners struggle with credit payments and ever-increasing fees for years before they are ready to throw in the towel. Even the happiest timeshare owners change their minds over time and start searching the net for timeshare exit companies reviews.
What is the perfect time to cancel the timeshare?
Buyers can cancel their purchase of timeshares if they do so during a “recovery period,” or how it is more often called – during the timeshare rescission period. But bear in mind a critical moment: timeshare rescission period by state varies from three to 15 days. Make sure to check it as soon as possible. It would be even better to look up this information at the stage of signing the timeshare document. After that timeshare rescission period, there is no easy way for most owners to get rid of the timeshare.
How does timeshare cancellation work?
The contract must allow the buyer to refuse the timeshare (and refund the total cost) within 14 days without explaining the reasons. A timeshare can be alienated in any way if the contract does not prohibit it. It is important to understand that the disposition of timeshare is a very complex process. There are unique exchanges for the exchange of rights operating on a commercial basis.
If your timeshare rescission period has ended and the timeshare cancellation can not be made, then try to think about other ways to leave the timeshare project and save your money. Some options may help:
Give up getting money back
Timeshare owners need to be careful – and realistic. A lot more people want to sell timeshares than buy them. Timeshare at less luxurious resorts may not find buyers, or sellers may have to pay annual fees for a year or two to get someone to take their stock.
Rent out
Many owners find they can rent their place to pay or significantly offset their annual fees. The same sites that list the timeshares for the sale list the other rental options.
Leave (or file for bankruptcy)
Filing bankruptcy can put the collection activity on hold and ultimately wipe out the timeshare debt, but this is not a good solution for everyone. Anyone looking to get away from a timeshare should discuss the situation with a bankrupt experienced who can assess and discuss options.
Sell it
Beware of people who will contact you offering to sell your timeshare, as these are usually scams. If you need help and owe a timeshare in one of the elite resorts, you can search for a broker through the Association of Licensed Resale Brokerage Agencies Association website. These brokers do not charge upfront fees but instead charge a commission on any sale.