Have you been planning to move on from your timeshare? Whether it’s because of a change in lifestyle or a desire to switch to a different timeshare company, there’s nothing wrong with wanting to do something different. Whatever the case, there’s one thing you need to be aware of: timeshare exit teams. These groups have been around for quite some time; you might have even heard about them from personal finance gurus or an unsolicited phone call. With that said, there are many questions surrounding these timeshare exit companies. What exactly is a timeshare exit team? Do you really need one to help you sell your timeshare? How much will a timeshare exit company cost you? If you’ve asked these questions yourself, you’ve come to the right place! Today, we’ll be answering all your questions while giving you some advice about the best way to exit timeshares.
- What is A Timeshare Exit Company?
- What Do Timeshare Exit Teams Do?
- Are Timeshare Exit Companies Legitimate?
- The Cost of Timeshare Exit Teams for Timeshare Owners
- Breaking Down Timeshare Exit Scams
- How Has the Timeshare Industry Helped Fight Against Scammers
- The Best Way To Exit Timeshares Safely
- 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. Timeshare exit companies offer guaranteed “exits” and cancellations. Oftentimes these timeshare exit services paint timeshares as a scam when in reality, a lot of exit companies are the actual scammers.
What Do Timeshare Exit Teams Do?
In most cases, the legal team will typically send a letter to your timeshare developer asking them to stop contacting you. Of course, this oftentimes 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. 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.
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 it for them. But much like other contracts in life, these contracts cannot simply be canceled. If it sounds too good to be true, it likely is.
Not to mention, the timeshare industry takes great measures to ensure to consumers that they are upholding ethical sales practices. If you own a timeshare with a timeshare resort developer that’s part of the American Resort Development Association, or ARDA, your developer is held to a higher standard of ethics. Most timeshare developers have joined ARDA’s Coalition for Responsible Exit to provide safe relief for owners.
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, 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 certain time frame. However, there are ways to sell your timeshare with no upfront fees.
Breaking Down Timeshare Exit Scams
In addition to timeshare exit teams, timeshare owners need to be aware of the scams below.
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
In today’s world, one of the most concerning issues is the growing number of timeshare exit teams that offer to cancel your timeshare contract. These companies may present themselves as timeshare exit options cancellation lawyers or businesses that 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
The timeshare industry has done many things to fight against these exit companies. As mentioned above, 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 get started with 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 to be 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 shouldn’t 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 make sure they are keeping 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 simple!
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. That’s where we come in! Fidelity Real Estate has been helping timeshare owners just like you sell their timeshares for over 20 years. We’re one of ARDA’s featured resellers and hold an A+ rating with the Better Business Bureau. This means that we have the experience and credentials to help you sell your timeshare. Plus, you won’t have to worry about the risks or costs involved with a timeshare exit company. If you’re ready to say goodbye to maintenance fees and other timeshare payments, fill out the form below to get started with the selling process. Still have questions? No problem! Give us a call at 1-800-410-8326 or email us at [email protected], and one of our licensed agents will be happy to help!
