Can timeshare Exit be a trap?
Loaded with fees, several timeshare owners fight to exit their timeshares.
If you were fortunate enough to have taken part in a timeshare sales pitch for a round of golf or for the free Show tickets, you are knowledgeable of how easy and precise it is to walk out of it with not only the freebies but with a lifetime of annual vacation fees as well.
However, the problem is that it’s not that easy to dispose of that timeshare down the road.
Developers continue to attract the new buyers into the timeshare exit; the market is literally overflowing with timeshare owners who are paying $800 to $2,000 in an annual maintenance fee on the vacation programs that they can no longer use or they bought it through an impulsive purchase.
Putting on rental is another way to cover annual fees, but that asks for work and is never a sure thing. Selling things off is perhaps a solution, but that too is easier said than done. Supply of re-sale timeshares exit so outweighs the desire of those owners that find it nearly impossible to unload their timeshares short of giving them away.
Kin McNovak, who purchased a timeshares exist in LAS VEGAS, is one of them.
“I wasn’t using it as like, I thought I would and later on found that it was impossible to exchange of my timeshare freedom for the places I really wanted to go,” quoted by McNovak, who was paying about $960 (U.S.) in maintenance fees each year. When she called out to a real estate agent, “she informed me there were 250 people in front of me trying to sell their timeshares through her.”
‘Your worthless piece of Paradise’
In accordance with other most real estate pieces, timeshares exit typically isn’t appreciated. They’re more like automobiles in that aspect. “You don’t buy a timeshare as an investment,” said Will Smith, of a financial planning firm. “You buy it because you want to use it.”
Just like when you’re automobile loses value the minute you drive it off the lot, similarly, your timeshare does too. The reason behind doing so is that developers typically add 45 percent to 65 percent onto the selling price to pay for their own marketing expenses. After all, those free tickets and vacations they give away, are not free and cost money. If you can sell your timeshare for half of what you paid, consider yourself lucky.
The reality is that most timeshares are sold the old-school way, through a developer with freebies and a flashy sales pitch. Only a few people realize that a resale market also exists. “Anybody selling in re-sale just doesn’t have the command,” said Smith.
Real estate agents know this to be the case. Although few do accept timeshare listings, they charge 35 to 45 percent commissions to sell this category of property, which is more than five times their normal rate. Many also pressurize on up-front fees of several hundred dollars without any guarantee of success. “We strongly endorse that you avoid real estate agents who charge an up-front fee,” said Smith.
‘Over the auction block’
Auction performed online on websites is something for people who want to disassociate themselves from their timeshare obligations. Just in regard to that fact, timeshares exit became such a popular item that eBay created a noticeable section for it. However, unfortunately, you are competing with thousands of others trying to dump theirs for just $1.00 in the hopes that someone will just take over the maintenance fees.
‘Some offer it free for the taking’
In the beginning of the timeshare exit, you might only try giving your property to friends or relatives. But if you locate yourself demanding, get me out of my timeshare. (Of course, this may not be a good impression for your family relations if they eventually find themselves in the same difficulty.) You can also try adding in your offer in the advertisements or on the timeshare-related message boards.
But if you do come up with simply giving up on it, your best bet is to “sell” it to someone for $1 and formally further transfer the title to that person, lest you continue to be legally confined to the timeshare and its annual fees.
Another option can be to get in contact with one of your favorite charities to see if they accept timeshares as donations. Some nonprofitable organizations use them for such retreats or rental or sell them to raise money.
May success by alongside with you through this journey…..