What is Timeshare Exiting?
Timeshare exiting is the process of getting out of your timeshare and stopping your future maintenance fees. Most timeshare owners that pursue a timeshare exit service have first tried to sell their timeshare or give it back to their resort unsuccessfully. It can be extremely difficult to sell a timeshare on the resale market because there are so many already available for sale online on sites like Ebay for $1. Unlike traditional real estate, most timeshares decrease in value significantly after purchase.
Timeshare Exit Scams
When shopping around for timeshare exit solutions there are a few things to keep in mind:
- Make sure the company you’re considering has some sort of money-back guarantee or escrow payment option. A company that offers a no up-front fee escrow payment option is your safest bet, but not a lot of companies offer this payment option.
- Avoid companies that do not have an online presence. If the company doesn’t have a website, it’s likely a scam. Online ratings and reviews of timeshare exit companies can help with this research.
- Avoid companies with a poor BBB rating or no rating.
- Avoid companies that do not have a track record of successfully getting timeshare owners out of their contract.
- Always get everything in writing!
- Always shop around.
Timeshare exit companies operate in various ways. Some require paying up-front and others allow you to pay a portion of the cost of the service with a no up-front fee escrow payment option. Not all companies that require paying up-front are a scam, but you need to be careful because some exit companies in the past have taken customer’s money up-front and then never cancelled the timeshare. This is why we like to recommend the escrow payment option when working with a timeshare exit company.
Timeshare Exit Cost
There are a lot of timeshare exit attorneys and companies out there and some may be significantly cheaper than others. Some may charge $10,000 while others only $4,000. No timeshare exit company will give you a price for your timeshare exit until you go through a free consult. The lawyer or timeshare exit company must assess your situation and determine how much work it is going to take to get you out of your timeshare.