The average cost to get out of a timeshare will depend on the method you choose to use to get rid of it. There are about seven different methods you can use to get out of a timeshare. These include:
Timeshare Exit Method
Rescission (give back) Most states have timeshare rescission laws that allow you to return the timeshare directly to the developer for a full refund.
The time available to rescind a timeshare differs depending on the state in which the timeshare was purchased. Usually, new timeshare owners have between 3 – 14 days to rescind.
Deedback directly to the timeshare resort developer.
Usually a fee involved between $500 – $2000.
This is the best option available if you don’t want to try and sell your timeshare. Most of the time you will need to pay the timeshare developer to take the timeshare back. The fee varies depending on the timeshare developer.
This option is not available to all timeshare owners because not all timeshare developers offer a deedback program. You will usually need to be current on maintenance fees and have the timeshare paid in full to use a deedback program.
Selling the timeshare on your own.
$50 – $125 to advertise the timeshare for sale on the following websites:
Do not pay a high up-front fee more than $150 to advertise your timeshare for sale on the Internet. This is almost always a scam.
Very High Can take years of advertising to find someone willing to buy your timeshare.
Most timeshares are extremely difficult to sell, even for $1. Most timeshares decrease in value significantly after purchase.
Selling the timeshare with the help of a timeshare broker.
About 50% of the final sales price.
Timeshare brokers work on commission. It is illegal for a timeshare broker to charge an up-front fee in most states.
This option is great if your timeshare has value. Disney timeshares typically hold their value well as well as timeshares on Hawaii. Unfortunately, most timeshares are difficult to give away for as low as $1. Timeshare brokers work on commission so they won’t have an incentive to sell a low value timeshare.
Timeshare Transfer Company
Sometimes the timeshare developer will pay you to take the timeshare back if they are in need of inventory. The timeshare developer won’t pay much, but you can usually expect to receive between $1,000 – $2,000 depending on the timeshare, number of points, week number etc.
Other times you’ll need to pay a fee. The fee can be anywhere from $500 – $3000, but it is usually less than a timeshare exit company or law firm.
This is another great option if your timeshare developer is in need of inventory. Sometimes this is referred to as “Inventory recovery.”
Sometimes timeshare developers work with third party timeshare transfer companies and timeshare real estate brokers to collect inventory. This is usually done behind closed doors because the timeshare developers don’t like to advertise that they are taking back weeks because they don’t want their members to exit their timeshares and stop paying maintenance fees.
To use this option, you’ll need to find a reputable timeshare transfer company with a lot of experience and connections within the industry to use this option.
Timeshare Exit Companies that Work with Lawyers.
$4,000 – $15,000. If you owe a mortgage on the timeshare, the fee can go up considerably.
Although this can be an effective way to get rid of your timeshare, it’s usually the most expensive option. You will also likely need to write a statement describing your situation and how you feel you were lied to or misled during the sales presentation, so there is some work involved on your part.
This is usually one of the only options available to those who owe a mortgage because selling a timeshare with a mortgage is next to impossible. Most timeshare developers won’t allow you to use their deedback program if you owe a mortgage as well.
Timeshare Exit Companies that Do Not Work with Lawyers.
$2,000 – $15,000. If you owe a mortgage on the timeshare, the fee can go up considerably.
This option can be cheaper and faster than working with a timeshare exit attorney, but it doesn’t always work. You will also need to put some work in by writing various letters describing your situation and how you feel you were lied to or misled during the sales presentation. You will likely need to write more than one letter.
Again, this is usually one of the only options available to those who owe a mortgage because selling a timeshare with a mortgage is next to impossible. Most timeshare developers won’t allow you to use their deedback program if you owe a mortgage as well.
Still wondering “how much does it cost to get out of a timeshare?”
Generally, the more effort you put in to cancel your timeshare the cheaper the exit will be. This can ring true for many things in life. For example, you could cut your own grass for free or hire a company to do it for you.
See Your Timeshare Exit Cost Now!
We hope this information was helpful to you. For those wondering how much lawyers charge to get out of a timeshare, now you know!
If you’d like to learn more about how to cancel your timeshare, initiate live chat, give us a call at 213-282-5595 or submit a contact form on the right side of the page.