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How to Get Rid of a Timeshare if it won’t sell
If you’d like to get rid of your timeshare, you’ve come to the right place. We help timeshare owners find the best option available to them to get out of their timeshare. Some timeshare resort developers will take your timeshare back if you simply ask them to do so, but others will not.
The process of getting rid of your timeshare can vary depending on the type of timeshare you own, its location, whether the timeshare is paid in full or not and the date in which you originally purchased the timeshare. If you purchased the timeshare recently, like within the last week or two, it’s strongly encouraged that you look in to something called a rescission period.
Most states in the USA grant you the right to “rescind” your timeshare purchase within a certain number of days after purchase. Sometimes this time frame is as short as five days, so you’ll need to move quickly if you’d like to rescind.
Rescinding a timeshare means legally canceling the timeshare, no questions asked, for a full refund. In most states, resort developers are required by law to include instructions on how to rescind the timeshare within the documents you received when purchasing the timeshare.
In general, you’ll need to send the resort, via certified or registered mail, a letter stating that you’d like to rescind your purchase for a full refund. You will usually want to include your name and owner number if you have one.
Follow the instructions in the documents you received when you purchased the timeshare for exact instructions. The resort must comply with your request by law. Check with the state in which you purchased the timeshare to see if you’re still eligible for this timeshare cancellation option.
Rescission laws also exist in Mexico. Some islands in the Caribbean do not have rescission laws in place though.
Unfortunately, most of you reading this article likely don’t qualify for the state’s rescission option anymore. No worries! You still have options.
Selling the Timeshare
Despite what you may read online, it’s not impossible to sell a timeshare. The following websites can help you advertise your timeshare for sale for free or for a low up-front fee:
- Craigslist (free)
- Ebay ($50)
- Myresortnetwork.com ($34.95)
- tug2.com ($15/year membership)
- Redweek.com ($59.99 – $125)
We’d suggest signing up to all sites for a better chance of selling and offering to pay for the closing costs and transfer fees upon completion of the sale. Some owners even offer a $1,000 gift card along with the sale to help sweeten the deal.
Watch out for timeshare resale companies that want to charge a high up-front fee to sell your timeshare. Usually, these companies will charge a high up-front fee and then claim to “advertise” your timeshare on their website. Their high up-front fee is rarely a good value for the amount of exposure you will get on their website. You’ll likely be much better off using Craigslist, Ebay, Myresortnetwork.com, tug2.com and Redweek.com to advertise your timeshare for sale for a low fee or free.
It may take some time, but selling the timeshare, even for $1, is always going to be a better value than hiring an attorney to attempt to cancel the contract for you. It will be more work though.
Some things that will affect your probability of selling the timeshare are the type of timeshare you own, its location and whether the timeshare is paid in full. If you still owe on your timeshare, it’s going to be hard, if not impossible, to sell it someone else. If you own a desirable week at a desirable location such as Hawaii, you might have an easier time getting rid of it than say if you own at a resort in the middle of nowhere in Nebraska. The resort developer brand can also be a factor.
How To Get Rid of A Timeshare If It Won’t Sell
If rescinding the contract is out and you’re not able to sell, you’ll need to look in to alternative options.
Legal Timeshare Cancellation
Legal timeshare cancellation is easier in 2020 than it used to be. Many resorts have opened “take-back” or “deed back” programs that allow distressed timeshare owners to give their timeshare back to the resort developer. These programs are not available to all, but they are a good start.
Many timeshare resort developers will only allow owners to give back their timeshare if it is paid in full and current on maintenance fees. Some developers won’t allow you to give back your timeshare unless you can prove financial or medical hardship.
As of July. 15, 2021, the following timeshare resort developers offer a “deed back” or “take back” program according to the American Resort Development Association (ARDA).
- Capital Vacations®
- Club Wyndham®
- Diamond Resorts®
- Hilton Grand Vacations®
- Holiday Inn Club Vacations® (IHG®)
- Orange Lake®
- Hyatt Residence Club®
- Margaritta Vacation Club by Wyndham®
- Marriott Vacation Club®
- Shell Vacation Club®
- Sheraton Vacation Club®
- Bluegreen Vacations®
- Vistana Signature Experiences®
- Welk Resorts®
- Westgate Resorts®
- Westin Vacation Club®
- WorldMark by Wyndham®
Get Out of Wyndham® Timeshare
Learn more about how to get rid of Wyndham timeshare.
Get Out of Diamond® Timeshare Points
Diamond Resorts® is another large timeshare developer that was one of the first to offer an exit program for its owners. Diamond’s exit program is called Transitions™ by Diamond Resorts and it was announced in late 2017.
Diamond Resorts® is very transparent with its requirements for what owners must do in order to cancel Diamond timeshare. To start, the timeshare must be paid off with no loan balance or lien. The maintenance fees must also be paid and up to date as well. These requirements are common with almost all timeshare developer’s exit programs.
If you still owe a mortgage and don’t want to pay it off in order to qualify for Transitions™ by Diamond Resorts, a timeshare exit company may be able to help, especially if you felt you were lied to when purchasing the timeshare.
Learn more about how to get rid of Diamond timeshare.
Timeshare Exit Companies
Still wondering how to get out of a timeshare? If you’re unable to sell or rescind and your resort will not take your timeshare back, a timeshare exit company may be able to help. Most timeshare exit companies work with lawyers to help you cancel your timeshare.
Timeshare Exit Company
Escrow or Money-Back
If you choose to work with a timeshare exit company, we recommend choosing one that offers an escrow payment option so the timeshare exit company does not get paid in full until after the timeshare has been cancelled. Learn more about escrow and why it’s important here.
How To Get Rid of a Timeshare Dave Ramsey
Dave Ramsey is a well-known personal financial guru who has written several books and owns his own radio show. Thousands of people look to Dave Ramsey for his financial knowledge on a wide variety of subjects, including timeshare. Dave Ramsey is completely against the idea of owning any timeshares. He advises his followers to get rid of their timeshares as soon as possible no matter the circumstance because they are nothing but a black hole. He talks a lot about paying your “stupid tax” in life and considers a timeshare one of these taxes. He makes some valid points. Those searching for how to get rid of a timeshare Davey Ramsey on Google will quickly find validity in Dave Ramsey’s claims.
A timeshare is a legally binding contract that can be hard to get out of. If you own timeshare with a resort developer that offers a exit program, consider yourself lucky as many other timeshare owners have no choice but to try and sell the timeshare on the resale market. If you are forced to try and sell the timeshare, make sure not to pay a high up-front fee more than a few hundred dollars to do so. If you work with a timeshare exit attorney, again, make sure not to pay a fee up-front to stay safe.
Contact us through live chat in the bottom right corner of this page or submit a contact form on the right side of this page if you’re still wondering how to get out of a timeshare. We can help recommend the best strategy for you to exit your timeshare and stay safe.