The process of getting rid of a timeshare in Florida is similar to the process in any other location. The only real difference is the amount of time you have to rescind the timeshare purchase. Rescinding a timeshare means returning it to the timeshare developer directly for a full refund.
Each state allows a different amount of time for owners to obtain a full refund from the resort developer directly. In Florida, new timeshare owners have 10 days to mail the required cancellation letter to the timeshare developer and obtain a refund. Usually, this Florida timeshare cancellation letter is sent via certified or registered mail that makes it clear you are exercising your right to rescind the purchase.
To learn more about rescinding your timeshare purchase, read through the documents you received when you purchased the timeshare. There should be information about the rescission period within these documents because timeshare developers are required by law to include it in the documents they give to you when you buy the timeshare.
After 10 days, Florida timeshare owners must figure out other methods to get rid of their timeshare.
Selling a Timeshare In Florida
If you’d like to try your hand at selling your timeshare in Florida, you can try advertising it for sale yourself on a site like Ebay or Craigslist. These are low cost options that you can use to get your timeshare advertisement in front of hundreds if not thousands of potential buyers. The problem with trying to sell a timeshare on the resale market is that many are extremely difficult, if not impossible, to sell. For example, head over to ebay and search “timeshare” and you’ll likely see several advertisements priced at just $1 with no activity. This shows you the difficulty owners have even giving away their timeshare for free.
Timeshare is not an investment like traditional real estate. Most timeshares lose 50 – 90% of their value the second they are purchased from a resort directly. We know this is a tough pill to swallow, but it is something you’ll need to come to terms with because it is the unfortunate truth in this industry.
On the bright side, a few select timeshares do hold at least some of their value. In Florida, a Disney Vacation Club timeshare can typically be sold on the resale market eventually. No timeshare owner should expert to sell their timeshare for more than what they originally bought it for, but DVC owners can typically recoup at least some of their original purchase price by selling it online. DVC owners are encouraged to contact a timeshare broker because a broker can not charge a up front fee to sell your timeshare, so you are protected from scams.
While we’re on the subject of scams, we’d like to remind you to avoid companies that ask you to pay a high up-front fee to advertise your timeshare for sale. Typically, you pay their high up-front fee, and your timeshare will never sell because they don’t have any incentive to sell it. They’ve already collected their up-front fee from you, and that’s all they care about it.
If you’re still wondering how to get rid of a timeshare in Florida after attempting to sell it, you may want to look in to the services of a Florida timeshare attorney and/or timeshare exit company. These companies work with lawyers to get your timeshare cancelled. You will have to pay them for their services, but your timeshare will be cancelled and your maintenance fees will stop.
You should also be cautious of paying any up-front fees when working with a timeshare cancellation company. Our recommendation is to only work with timeshare exit companies that offer an escrow payment option, so the timeshare exit company is only paid from the escrow account AFTER your timeshare has been cancelled. Learn more about escrow and why it’s important here.
If you still have questions about cancelling your timeshare, please feel free to contact us through live chat or submit a contact form on the right side of the page.