Few states in the country can compete with the natural beauty and outdoor opportunities presented by Colorado. The Rocky Mountains get all the headlines, and for good reason, but the whole state is a great place to spend time with family and friends as you get away from the typical rhythms of day-to-day life.
Like other places that are popular with tourists, Colorado has plenty of timeshare properties dotted throughout the state. For those who purchased a timeshare in Colorado at one time or another, there may be some regret that sets in down the line. Timeshares can be expensive to own over time, and there often isn’t an easy way to get out. In this article, we’ll explain what options may be available to you if you want to cancel your Colorado timeshare as soon as possible.
The Law Offers Brief Protection
Given how many people buy timeshares and then wind up quickly regretting that decision soon after the purchase, there is protection available under the law for those who wish to reverse their choice. Unfortunately, that protection is only valid for a very short time, so it’s important to act quickly. In Colorado, you have five days of a so-called cooling-off period to think about the purchase and tell the developer if you don’t want to go through with it.
Should that be your choice, it’s your responsibility to contact the developer right away to make sure you get the cancelation started before it is too late. Even if you are given some sales pitches in an attempt to keep your business and not have you move on from the timeshare purchase, simply stick to your decision and tell them that you’d like to move through the rest of the process to get it canceled.
This is a great choice to make because of the many downsides that come with owning a timeshare. It’s not all sunshine and carefree vacations, no matter what the brochures will make it look like. In reality, there are a lot of ongoing costs, it can be hard to book accommodations when you want them, and the timeshare has essentially no value moving forward. If you can get out before it is too late by asking to cancel within the cooling-off period, by all means, do so and your future self will thank you for making this pragmatic decision.
Some Developers Have Options Available for Owners
Let’s be honest – timeshare developers don’t have a great reputation among the general public. Just the term “timeshare” brings up plenty of negative images for most people, so there is an overall distrust regarding timeshares across the country in the minds of many. Given that reality, you might not think that reaching out to your timeshare resort to ask about getting out of your ownership contract would be a path worth pursuing.
But don’t make that assumption just yet. While you might not be given any help from the developer, you can’t assume that will be the case. Sometimes, developers have give-back programs available that will allow owners who no longer wish to stay with the timeshare to get out. These kinds of options certainly aren’t always available, but given the possibility, it makes a lot of sense to start here and then move on if you can’t get anything done this way.
It’s understandable if you are currently frustrated with your timeshare but try to leave your negative emotions out of the situation for now as you work toward a solution. If you start off combative and angry with the timeshare in your discussions with them, the people on the other end won’t necessarily be motivated to help you. Instead, stay calm, explain your situation, and see if there is anything that can be done.
If it works out to exit your timeshare this way, you can put the whole situation to bed soon enough. That would be an appealing resolution that wouldn’t require you to move on to any of the other ideas presented below. Of course, that’s not how it will go for everyone, so you want to have some other possibilities in mind if the developer isn’t being particularly helpful.
Timeshares Can Be Sold, But the Process Is Tricky
Another path you might be looking toward as a way to get out of your timeshare is a sale to another party. This is possible, and it has worked out for plenty of other owners in the past. As long as you can find a willing buyer and work out the terms of a deal, you can transfer legal ownership to that party and officially end your connection with the timeshare. This might sound like the best possible outcome, because not only would you get away from your timeshare ownership stake, but you’d also get something back in exchange.
This is where the story gets a little messy, however. While it sounds good in theory to just sell your timeshare and get something for it, the act of finding a willing buyer who will give you some amount of money in addition to taking over the obligation of ownership is challenging. There just aren’t that many buyers out there available, and there are tons of timeshares on the market.
To be clear, you could find a buyer for your timeshare. But don’t count on it working out that way. You might find that you are able to located a buyer but they don’t want to pay more than a single dollar to take over the account. Explore some platforms online where you can sell timeshares and see if anyone reaches out and wants to make a deal.
There is one other thing to think about with regard to selling your timeshare, and that is the costs you might incur along the way before you are able to close a sale. For example, if it takes a year to sell the timeshare, you’ll have to pay some maintenance fees and maybe an assessment along the way, so that is money that you aren’t getting back. So, if another option does exist – like just giving the timeshare back to the developer – that might prove to be the more cost-effective approach.
Be Careful and Cover Your Bases
This is a good time to offer a word of warning regarding how you deal with the developer or resort in this process. As you communicate with people at the timeshare about your ownership situation, make it a point to keep track of those communications and maintain a paper trail that can be used later to prove what was said and when. If you don’t have these records, you might end up in a dispute that ends up making it harder to exit as intended or expected.
For example, if you are told something over the phone, ask to get that statement in writing, even via email. That way, you can demonstrate what was offered later, and you will be able to point to that piece of evidence if there is a disagreement or misunderstanding. With any luck, you’ll never need to use these records, but if you do, it will be important to have the proof available.
Turn to a Timeshare Exit Company
If things go well throughout this process, you won’t need to wind up at this last stage. Things don’t always go well in the world of timeshares, however, so you might find yourself in need of professional help to find a way out of the timeshare that currently has you stuck. Fortunately, there are now many good timeshare exit companies available to assist you, so this approach might prove to be the ideal way to get away once and for all.
Partnering with this kind of business will give you the opportunity to team up with professionals who understand the timeshare landscape and may have even worked in the industry previously. You’ll have lawyers and other pros who know what the options are with regard to timeshare contracts and will leave no stone unturned to help you get out. It can feel like a long road to get away from a timeshare, but it will be easier when you aren’t on that road alone.
One word of advice that should be remembered when reaching out to timeshare exit companies is that you need to make sure to pick a company that holds your money in escrow while working on your case. escrow gives you some protection in knowing that you don’t have to release the money to the timeshare company until they actually deliver the results that you expected at the start.
End Your Colorado Timeshare ASAP
Colorado is an incredibly beautiful state, with countless exciting locations to see and explore. With that said, a timeshare probably isn’t the right way to take those trips, so it’s easy to understand if you want to get out of yours right away. Give us a call at your convenience at
833-416-8796
to learn more about how you can work toward a solution or use our live chat feature to get in touch. You don’t have to figure this out on your own!