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.
Typically, a lawyer that doesn’t specialize in timeshare exit will cost more because he or she is new to the timeshare exit process. Timeshare exit companies that work with lawyers have more experience and infrastructure, so they are better equipped to offer a lower cost.