Timeshare owners have the luxury of spending their vacations at a favorite location and in a favorite resort with all the amenities they want. However, a timeshare purchase can become an extravagant purchase and if your finances have taken a turn. Then that luxury timeshare can quickly become a financial burden. You do have several legal ways to get rid of a timeshare. But you should know that getting rid of timeshares is not usually quick or easy.
Cancel the Purchase Contract
If you have just recently bought the timeshare and are having second thoughts, then sit down and carefully read over your contract. You may have to option to get out of a timeshare contract. In some states and with some resorts, your contract will include a right of rescission or cooling off period. This gives you the right to cancel the timeshare purchase contract within a certain number of days after signing the contract. If you have this option, then cancel the contract in writing and send your letter by certified mail. State law and your contract will also state if you are entitled to a full refund if you choose to use your right of rescission.
You can sell your timeshare yourself or through a timeshare reseller at any time. Do keep in mind when pricing your timeshare that you are not likely to earn a profit. Timeshares are an investment in your vacation time, not an investment you will earn from. Also, there are many timeshare reseller scams that you should be cautious of. When working with a reseller, never pay an upfront fee to sell your timeshare. Instead a commission on the sale is appropriate. Otherwise a small listing fee of not more than $100 to advertise your timeshare for sale on a website or in a print publication would also be expected. Several websites help timeshare owners sell their property. These include Redweek.com, Timeshares Today, and MyResortNetwork.com. Many owners also place their timeshare for sale on eBay.
Donate Your Timeshare
Several charities do accept timeshares as a donation. The charity can then sell the timeshare as a way to raise money for the organization. A few nonprofit organizations that accept timeshare donations include the National Foundation for Cancer Research, The Children's Home in New Jersey, International Hearing Dogs, Inc., which places trained hearing dogs with deaf individuals, and Donate for a Cause. Donate for a Cause, based in Montana, is a nonprofit organization that takes donated timeshares, sells them, and then donates the proceeds to a variety of national and local charities such as the American Kidney Fund, the Jane Goodall Institute, and National Public Radio. If you have a specific local charity that you would like to donate to, contact them directly to determine if a timeshare is a donation it would be interested in.
Transfer Your Timeshare or Give it Back
Finally, if you just want to get rid of your timeshare fast, then you also have the option of transferring your timeshare to a friend or family member. You can also list it for sale on eBay or local classified for $1 and are sure to have a taker or two. A last resort would be to give it back to the resort in a transaction termed a timeshare deed-back. If your payments are current and paid in full, then contact management at your timeshare property and ask if they want your timeshare back for free. These options won't earn you any money back on your purchase, and you may even have to pay a transfer fee in the case of a deed-back, but you will be rid of your timeshare and any association fees that came with it.
Do take the time to research your options when you are selling or donating or otherwise looking for answer to the how do I get rid of a timeshare question. Check on any timeshare reseller or charity with the Better Business Bureau and ask a lot of questions. Also for resellers, check the status of their real estate license with your state's department of real estate. This will ensure that you are working with a legitimate company and help you avoid a timeshare scam or fraud.