What Happens If I Stop Paying My Timeshare?
3 min read
We know your pain. We’ve been there before and have helped so many people before you. You’re here because you want to learn how to sell your timeshare fast. It’s not always easy, but with the right team supporting you, it can be done!
At some point, enough is enough. Whether you have been paying your fees and loan costs dutifully for years and just can’t take it anymore, or you recently signed a timeshare ownership contract and regret your decision, when you want out, you want out.
The last thing anyone wants is to have something like a timeshare lingering around on your credit report and draining your bank account every month. They’re basically impossible to get fair value out of, so it’s like watching money burn.
Some people want to sell a timeshare fast because their financial situation changes. It could be the death of a spouse, the loss of a job, medical costs, and a host of other issues that make money tighter than it was before.
For people looking to learn how to sell your timeshare fast, there are some steps you can follow to close the deal and get rid of the financial obligation. Here are some tips to help you along the way.
Before you get too far in the sales process, you need to know what you’re selling. We find that, all too often, timeshare owners don’t know what they own. They don’t know whether their name is on the deed or how much they owe.
Break out your contract and read through it. Understand what you’re selling, and what the terms of your current contract are. Buyers will want to know.
You need to know if the property has a deed in your name or if it’s a right-to-use agreement.
If you don’t know what you’re selling, it’s hard to pin a value on it. Sales will get done faster and at a better price when you have command of all of the details.
Insider Advice – Hiring a service to help you with the sale can help speed things along. They’ll know what to look for in your paperwork and how it will influence the sale.
The fastest sale comes when you have a buyer lined up already. Would that be nice, right? Well, it’s the reality for a lot of people who want to sell. A friend hears about you wanting to get rid of it, or someone in your family wants to take on the family vacation spot.
Either way, a timeshare is considered property and can be sold privately between two parties. The best part of it is that you can save a lot of money along the way in a private sale. YOu don’t have to advertise it and you don’t have to pay agent fees.
The only thing you need to be aware of here is that, if you don’t know what you’re doing, you may not get fair value for your timeshare. Speed is one thing, but getting as much money back is important to a lot of folks. That’s why so many of them hire timeshare industry experts to guide them to a sale.
Even if you’ve already got a buyer lined up, if this is your first timeshare sale, or you haven’t done many real estate transactions before, then hiring an agent is your best bet.
Yeah, it’s always a bit painful to write that commission check after the paperwork is signed, but a good agent is worth their weight in gold.
And remember, this is not the time to hire your buddy or a church acquaintance for the job. Nice isn’t what we’re going for here. You want an agent who will get the job done well and get it done quickly.
Read online reviews, ask for referrals, and check their track record. A good agent makes life easy. A bad one leaves a lot of money on the table and could even leave you open to legal liability if something goes wrong.
With a bit of research online, you can find timeshare sale services or listing companies who can help you with the sale.
You can go online and look at what similar listings are going for and track sales to understand how long things might take.
These companies have access to listing sites and timeshare exchange sites that match buyers with sellers. These are people who want a timeshare but want to get one second-hand far away from unscrupulous salespeople.
It can be a great option for how to sell your timeshare fast, but not all listing companies and timeshare sales services are created equal.
Here are some things you should look for before you hire them:
Are you interested in learning how to sell your timeshare fast? Well, then you’ve got to recognize that you may not get top dollar for your timeshare.
Getting good value on a sale takes time. These aren’t exactly liquid assets. Much like selling a home, the process can take months unless you’re willing to take much less than market value.
It all depends on your definition of fast.
Of course, the fastest way to sell your timeshare might be by “selling” it for free.
Every year, a lot of timeshare owners wait a long time and finally talk to their timeshare company about giving it back to them.
You’re not getting any money in return in this scenario, but you’re also not paying a red cent more in maintenance fees to the company for a timeshare you don’t want anymore.
Another option here is donating your timeshare to a company that will accept it in-kind. You can claim the tax deduction for the year you give it away, and there is an impressive list of charities that are willing to take them. Not the perfect solution for everyone, but it works for many people.
A good timeshare company is often the key to getting out of an unwanted timeshare contract. People, after spending years fighting against the developer and management, turn to exit companies for expert advice.
These people are professionals who have spent years working with clients on legal ways to get out of timeshare contracts. They’re adept at negotiating settlements and agreements to help you get free of your timeshare.
There are a lot of timeshare exit companies out there, and they’re not all created equally. As usual, stay away from any high-pressure sales tactics and outlandish promises. Anything that sounds too good to be true likely is in the end.
A timeshare exit can take anywhere from six months to a year and a half. That’s a big window, but it just goes to show how different each resort is and how a client’s circumstances will dictate the situation.
If you’re trying to figure out how to sell your timeshare fast, talk to a timeshare exit team. They usually offer free consultations to understand the details of your contract and what the chances of success are.
With a team working with you, it can remove a lot of the stress around trying to sell your timeshare so you can focus on other things more important.
How to choose the right company to get me out of my timeshare
We know how stressful timeshare contracts can be. What once sounded like a dream resort package turned into a nightmare. When you don’t know where to turn, look to PMG to relieve you of your timeshare burden. We pride ourselves on open, honest, and frequent communication with our clients.
Their high-pressure tactics
Our knowledge and experience gets you OUT. We offer a high-touch, boutique level of service, keeping you informed with frequent updates throughout the process—which is why we have numerous 5-star reviews and are rated “A” (Excellent) by the Business Consumer Alliance (BCA).Learn More
Still not sure what’s the next step? Our dedicated team can review your agreement and guide you through the process. The Primo difference is all about service. Our timeshare elimination consultants have one mission: To serve our clients and bring the peace of mind that comes from relieving their timeshare obligation.Get Started
The timeshare industry has spent a tremendous amount of time and money to delay, confuse and deter you from canceling your timeshare contract. Your team of timeshare elimination experts act as your consumer advocate and will work tirelessly to free you from your timeshare contract, mortgage, and maintenance fee bill.Give it a try