So, you’ve decided to move on from your timeshare. Some owners choose to leave because it doesn’t fit their lifestyle anymore. Others move on to try owning with a new brand. Whatever the case, it’s time to say goodbye. Now that you’ve made this choice, you’ve probably heard a certain term floating around: timeshare exit company. But what exactly is a timeshare exit team, and do you need one to help you sell your timeshare? We’re here to answer those questions and more! Keep reading for everything there is to know about the timeshare exit industry, as well as the best way to move on from unwanted timeshares.
- What Is a Timeshare Exit Company?
- What Do Timeshare Exit Teams Do?
- The Cost of Timeshare Exit Teams for Timeshare Owners
- Are Timeshare Exit Companies Legitimate?
- Breaking Down Timeshare Exit Scams
- How Has the Timeshare Industry Helped Fight Against Scammers?
- The Best Way to Exit Timeshares Safely
- Other Ways to Safely Exit Your Timeshare
- Why You Can Trust Fidelity Real Estate to Help You Sell Your Timeshare
What Is a Timeshare Exit Company?
Timeshare exit teams and companies offer services to help owners exit or cancel their timeshares. Typically, they will have a group of lawyers who are dedicated to your case. The cost of services can vary greatly, as well as the results. These exit companies claim to offer guaranteed cancellations, but in actuality, these services often come with complications for the owners looking to get rid of their timeshare. Here’s how these timeshare exit companies work.
What Do Timeshare Exit Teams Do?
Typically, the exit team sends a letter to your timeshare developer asking them to stop contacting you. Of course, this often causes most owners to default on their timeshare maintenance fees because they are misled into believing that they no longer have to pay for their timeshare. This is seldom the case. When an owner buys a timeshare, they sign a legally binding contract with the resort, stating that they will pay their annual fees. If you fail to pay, you are oftentimes in breach of that contract. This, in turn, can hurt your credit score. The only time a timeshare owner can really “cancel their timeshare” is within the rescission period as stipulated on their timeshare contract.
In Florida, this period lasts for ten days. Within that time, owners have the right to cancel their timeshare purchase. After that, “canceling or exiting timeshares” is rarely as simple. Much like with a mortgage or other legal agreements, you can’t just cancel a timeshare contract. Selling it or contacting your resort for help is often the best means of getting out. Rescission periods differ between states, timeshare developers, and contracts, so make sure you know your rights.
The Cost of Timeshare Exit Teams for Timeshare Owners
So, how much does using these services cost? While it can differ depending on which timeshare exit team or business you look into, many have starting rates at upwards of $5,000, with some reaching tens of thousands of dollars. Additionally, timeshare exit companies will often give you a money-back guarantee if they can’t get you out within a specific time frame. However, there are ways to sell your timeshare with no upfront fees.
Are Timeshare Exit Companies Legitimate?
Lawyers are rarely necessary for the sale of a timeshare. Many timeshare exit teams advertise that owners are lied to when purchasing their timeshare and are, therefore, entitled to compensation. Many owners who no longer want their timeshares will trust these companies to cancel them for them. But much like other contracts, these contracts cannot simply be canceled. If it sounds too good to be true, it likely is. With that said, there are plenty of other ways to move on from your ownership safely. Keep reading to learn more!
Breaking Down Timeshare Exit Scams
A timeshare exit company can cause more harm than good, but they’re not the only factor to be wary of. Here are some scams you should steer clear of when planning to move on from your timeshare ownership.
1. Out of the Blue Buyers
It is a red flag if you get a call from someone out of the blue claiming to have a buyer for your timeshare, whether you intend to sell your ownership or not. It should be noted that it is illegal for a resale company to contact you without your prior consent. A genuine resale company will never make a sudden offer to buy your timeshare if you haven’t approached them earlier or given permission to be contacted.
2. “Stop Paying Your Timeshare Maintenance Fees”
One common timeshare resale scam involves cancellation attorneys or exit companies advising owners to stop paying their timeshare maintenance fees. This advice is highly problematic and should be ignored, as failing to pay these dues can lead to foreclosure of your ownership and adversely impact your credit score.
3. Cancel Your Timeshare Ownership Contract
Currently, one of the most concerning issues is the growing number of timeshare exit teams that claim they can cancel your timeshare contract. These companies may present themselves as timeshare exit lawyers or businesses and guarantee a refund. However, it is important to be cautious, as the fine print can reveal hidden risks.
How Has the Timeshare Industry Helped Fight Against Scammers?
While scams can be dangerous, the timeshare industry has worked hard to combat them. As we mentioned earlier, ARDA started the Coalition for Responsible Exit to help timeshare owners find safe ways to exit their timeshare. By creating a website that owners can go to and easily navigate through, ARDA has created a safe space. Many developers are listed on the website, so you know you are contacting the right companies. There are also featured resellers that you can work with. Fidelity Real Estate is a featured reseller, as we follow a strict code of ethics to protect timeshare owners. Taking advantage of these resources is the safest way to start selling your timeshare. Not to mention, you don’t have to spend thousands of dollars to work with these resellers like you do with a timeshare exit team.
The Best Way to Exit Timeshares Safely
Now, I know what you’re probably thinking. “If using a timeshare cancellation company or timeshare exit team is likely unsafe, are there any safe ways to get rid of my timeshare?” The answer is yes! There’s one way to say goodbye to vacation ownership without being exposed to timeshare exit scams: the timeshare resale market. Also known as the secondary market, you can sell your timeshare on the resale market and stay safe while moving on from your vacation ownership.
Do Owners Have to Pay Upfront Fees to Exit Their Timeshare?
Most timeshare owners are unaware that they don’t always have to pay upfront fees to sell or exit their timeshare. If you are looking to sell your timeshare and have it paid off, you can list it for sale with a licensed real estate agent for free. There are no upfront fees. The only fees incurred happen when your timeshare sells. Not to mention, closing costs are negotiable and typically are paid for by the buyer.
Finding the right company to help you sell your timeshare can feel intimidating, especially with the swath of misinformation out there. We recommend contacting your developer for help and checking out the American Resort Development Association website. Additionally, you can visit the Better Business Bureau to find ratings on businesses to ensure they keep up their promises.
Want to learn more about how to sell a timeshare without upfront fees? Then you’re in luck! We’ve put together this handy video guide to make the process as simple as possible!
Other Ways to Safely Exit Your Timeshare
While selling your timeshare is the best way to move on from your ownership, there are other alternatives worth considering. If you have friends or family who are interested in vacation ownership, you can gift your timeshare to them. They’ll be in charge of handling maintenance fees from that point on, so make sure they understand the responsibilities that come with a timeshare. With that said, this is a great way to exit your timeshare.
Another option is to reach out to your resort developer and see if they have any in-house exit solutions. In fact, many developers have deed-back programs geared toward assisting owners who want to exit their contracts. It’s safe to say you have plenty of choices aside from timeshare exit companies! While these options are valid for some, many owners choose to sell their timeshare on the resale market. Here’s how to do it safely.
Why You Can Trust Fidelity Real Estate to Help You Sell Your Timeshare
When it comes to navigating the world of timeshare resales, you’ll want to work with people you can trust. You’ll want to work with Fidelity Real Estate. With decades of experience in the resale market, we have the expertise to guide you through the entire resale process. Plus, as we’ve mentioned before, we’re ARDA’s featured reseller. So, you can rest assured you’re working with the best in the business! Whether it’s with more prominent brands like Disney and Hilton or smaller developers like Welk and Starwood, Fidelity has you covered. If you’re ready to say goodbye to maintenance fees, fill out the form below to start the selling process. One of our licensed agents will reach out shortly about the next steps. Still have questions? No problem! Give us a call at 1-800-410-8326 or email us at [email protected], and we’ll be more than happy to assist you!
