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View Full Version : How to get rid of a timeshare?



Vash01
10-26-2010, 05:49 AM
I know this is a problem for many people (though some seem to enjoy their timeshares), but it's virtually impossible to get rid of a timeshare, it seems. I was foolish enough to buy two of them years ago and I am having to pay maintenance fees each year. I don't even use my time (I have no time for timeshares) and the fees keep skyrocketing. I have tried advertising on some websites. I even paid huge amounts of money to people who said they would sell it for me. It was money down the tube. The cards I get in the mail frequently about getting rid of timeshares are from people who want me to pay them thousands of dollars just to get the timeshares off my hand.

If anyone has a success story, I would love to hear about it. I am very very frustrated with my time shares. It's like a hole in my pocket.

P.S. Real estate companies are no help, in case someone is thinking of suggesting those.

Margot
10-26-2010, 08:00 AM
We use our time share by exchanging it through REI for a place we want to go. However, I would NEVER buy one (my husband bought this one before we met). Last week some friends told us they actually had to pay someone to take their timeshare off their hands.

Aceon6
10-26-2010, 12:56 PM
My s-i-l paid someone to take hers. I believe she gave them 6 months maintenance to assume the contract.

GarrAarghHrumph
10-26-2010, 02:30 PM
Last week some friends told us they actually had to pay someone to take their timeshare off their hands.


My s-i-l paid someone to take hers. I believe she gave them 6 months maintenance to assume the contract.

That's probably cheaper than, or equivalent to the cost of actually selling the thing, and it would get it off your hands. It's an interesting idea. But I'm interested in the paperwork on that one. I wonder if, legally, it isn't easier/better to "sell" it to them for $1.


Is it possible for you to rent your share? I've heard that is acceptable in some time share properties, and it might cover your annual fee.

You could also give it to someone you know, as a gift of sorts. For legal purposes, as I'd mentioned, above, it could be best to "sell" it to them for $1.

A few charities accept timeshares. Many do not, though; so you'd need to dig if you're interested in this option. You'd then be able to take it as a deduction from your taxes.

If EBay still has it - they used to have a section for selling timeshares. You could give that a try.

genevieve
10-26-2010, 04:39 PM
I know this is a problem for many people (though some seem to enjoy their timeshares), but it's virtually impossible to get rid of a timeshare, it seems. I was foolish enough to buy two of them years ago and I am having to pay maintenance fees each year. I don't even use my time (I have no time for timeshares) and the fees keep skyrocketing. I have tried advertising on some websites. I even paid huge amounts of money to people who said they would sell it for me. It was money down the tube. The cards I get in the mail frequently about getting rid of timeshares are from people who want me to pay them thousands of dollars just to get the timeshares off my hand.

It sounds like in the long run it may be cheaper to pay someone to take them off your hands. Honestly, if you're paying fees, have already lost $$ on someone who didn't sell it as promised, and don't even use them, it could be worth it.

Aceon6
10-26-2010, 07:29 PM
But I'm interested in the paperwork on that one. I wonder if, legally, it isn't easier/better to "sell" it to them for $1.

IIRC, that's how the deal was structured and she pre-paid the maintenance per the agreement.

GarrAarghHrumph
10-26-2010, 08:25 PM
IIRC, that's how the deal was structured and she pre-paid the maintenance per the agreement.

That makes sense, thanks.

Rob
10-26-2010, 09:14 PM
http://tug2.net/timeshare_advice/cold_hard_facts_about_selling_your_timeshare.shtml

This seems to tell it like it is.

BigB08822
10-27-2010, 04:11 AM
I've never understood what a timeshare is. I always thought it was a scam of sorts and that no one really did them. This topic has me curious, off to see what a timeshare is all about.

Norlite
10-27-2010, 04:29 AM
I've never understood what a timeshare is. I always thought it was a scam of sorts and that no one really did them. This topic has me curious, off to see what a timeshare is all about.


I've never truely understood either, or bothered to learn, but I know my sister in law has one in Florida and goes for 2 weeks every December.

Vash01
10-27-2010, 06:29 AM
I've never understood what a timeshare is. I always thought it was a scam of sorts and that no one really did them. This topic has me curious, off to see what a timeshare is all about.

LOL. It IS a scam. They usually invite the 'suspects' for a presentation, with some attractive gifts. They tell you how much you will save over the years by buying the time share. It means you are buying a week or two at a certain resort. It can be a one bedroom or two bedroom unit. In most cases the time to use the week is flexible, but you don't always get what you want, when you want.

There are two types of timeshares. Either you can only use the one unit you are buying (or a group of units which could be across the country), or you can become a member of an exchange organization which in theory will let you exchange it (usually one week, unless you buy more weeks, or some have a points system) for a unit from a vast listing, which could be anywhere in the world. The catch is that you have to pay the maintenance fee, which keeps rising every year, and when you calculate how much you actually paid for that week at a resort, you find out that it would have been cheaper to just make regular reservations without a time share.

Time shares have no value, but they cost a lot when you buy them. When you sell them, either it is for something like 20% of what you paid for, if you are very lucky. Otherwise you have to pay someone a lot of money just to take it off your hands.

I would not give a time share as a gift to anyone that I care about. It is like a curse. It's a hole in your pocket. Never fall for all the wonderful things they tell you if you ever go for a timeshare presentation. However, if you are good at saying no, you can use their facility for a couple of nights (usually that's what they offer), and/or accept the gift and just say NO to buying it. It takes great self control, which I did not have at that time, and I am still paying for it 10 years later.

Vash01
10-27-2010, 06:35 AM
http://tug2.net/timeshare_advice/cold_hard_facts_about_selling_your_timeshare.shtml

This seems to tell it like it is.


At one time I had actually read the tug, but was not able to sell the time share. One thing that I did learn was that I should not pay anyone to take the timeshare off my hands. Unfortunately there does not seem to be a way. I had tried selling it on Craig's list, but all I got were calls from people who make money by telling people that they would sell their timeshare.

It's not easy to rent it away either; I have tried that.

I don't think it's good to give it to a charity organization because I know what a rip off this is. Also reselling timeshares is a big business. I am surprised that they are still getting away with this stuff.