Timeshare Cancellation: A Step-by-Step Guide For Timeshare Owners
Updated: Apr 7, 2022
Timeshare Cancellation Services is a trendy topic today.
With more than 65% of timeshare owners not happy with their timeshares, people are always asking, "how do I get rid of my timeshare legally, or how to sell a timeshare?"
Timeshare Cancellation is very tricky. People are always looking for the best timeshare exit company with legitimate timeshare cancellation services to avoid timeshare resale scams.
People will see timeshare cancellation services in one of two ways.
Sell my timeshare without upfront fees or use a Timeshare cancellation attorney.
What is the best way to sell my timeshare without upfront fees?
Timeshare resale companies have been around for more than two decades. The narrative is always the same.
3 Things Timeshare Resale Companies will tell you:
1. They have a buyer for your timeshare.
2. They guarantee the results.
3. We need payment before we can render services.
They Have a Buyer For Your Timeshare
If they genuinely have a buyer, how can this be possible? If "the buyer" doesn't have any details about your timeshare, how can they be interested in buying your timeshare, let alone make an offer on the timeshare?
Results Are Guaranteed
Suppose the timeshare resale company "guarantees" the results. In that case, they should not have a problem allowing you to pay their fees or commissions upon the sale of the timeshare using a third-party escrow company.
Having a third-party escrow company will eliminate the risk of paying money upfront before your timeshare "is sold" by the resale company.
They Need Payment Before The Timeshare Sells
Traditionally, the broker or individual will receive a commission upon the sale for any person's item (House, Car, Boat, Luxury Watch). What incentive does the person have to earn their commission if their fees get paid up-front?
Do not believe the narrative that "when selling a timeshare in the resale market is different."
Ask yourself, "when I purchased my timeshare, did the timeshare company pay the salesperson a commission before I signed the paperwork?"
3 Ways To Avoid Timeshare Resale Scams
#1 Use a Broker Willing to Work On Commission
Brokers are hard to find but not impossible. Brokers will need to take on the expense to market your timeshare to give your timeshare exposure.
They need to have access to a third-party escrow company to hold the funds during the process and have an expected time frame to sell your timeshare.
You want to look at these factors that will allow you to determine your risk-benefit analysis.
1. Are they willing to take their commission out of the sale?
2. Are they willing to pay for your timeshare's marketing or promotional expense to sell it?
3. How will they be actively marketing your timeshare?
4. Are they willing to risk the marketing expense if the timeshare doesn't sell?
#2 Sell My Timeshare Without Upfront Fees
One of the most common questions our consulting firm gets is, "How to sell a timeshare and not pay upfront fees?"
Timeshare Resale companies such as timeshares only.com, buy a timeshare.com, or sell my timeshare now.com, will always charge you a fee for their "marketing."
As in real estate, marketing becomes the broker's expense, not the seller's. Go to timeshares only.com, buy a timeshare.com, or sell my timeshare now.com and you will see thousands of timeshares listed for as little as $100 to $80,000 using stock photos from Google to show "buyer's" your timeshare?
Why is someone not buying the $100 timeshare if all you have to do is become a member with RCI or Interval International to exchange locations all over the world?
For this reason, we recommend you seek a broker that is willing to work on commission and risk the marketing expense to sell your timeshare.
#3 What Marketing Strategies Will Be Used To Sell My Timeshare?
Marketing a timeshare can be a simple process if you understand digital marketing. People do not buy a timeshare by going online and scrolling a picture on a website.
Look at timeshares only.com, buy a timeshare.com, and sell my timeshare now.com and ask yourself, "Why would someone buy a timeshare looking at stock photos"?
When you purchased your timeshare, you bought the vision, the feeling of traveling, walking through the timeshare unit as you saw yourself and your family staying at these beautiful facilities once a year.
All of our decisions come from emotion. If you are not feeling the moment, your brain does not react.
The marketing strategy has to make sense. An experienced broker will use online videos or commercials on social media, as many hotel companies promote their facilities or destinations in the industry.
Timeshare developers will not allow you, a broker, let alone a resale company, to bring anyone to the timeshare resort to "show" your unit.
For this reason, timeshare resale companies will have to use stock photos to "attract" buyers. People do not wake up to buy a timeshare. People get lured in via a gift or incentive to participate in a timeshare presentation.
Using online videos on social media while someone is scrolling their feed will grab their attention, look at destinations where they can see themselves and their family traveling, have an internal view of the rooms, and have a call to action.
Make sure you find a timeshare broker willing to use the above-referenced methods to eliminate the risk of losing money to a timeshare resale scam.
Many timeshare owners have searched for timeshare cancellation services due to the timeshare developer not offering services to sell the timeshare on their behalf or cancel a timeshare contract that the timeshare owner no longer needs or uses.
Many timeshare owners can no longer afford the timeshare loan or maintenance fees.
Many timeshare owners ask themselves, "How can I give back my timeshare"?
Unfortunately, timeshare developers do not offer a "buyback program" or will help the timeshare owner sell their ownership rights.
Have you ever asked yourself, "if my timeshare is property, why would the developer not take back my timeshare and sell it"?
The answer is "Timeshares are exclusive memberships that will provide the member a fractional interest of the developer's property, with the right to use the developer's properties."
In which case, the latter holds no claim to ownership of the property.
You hold 1/52th (annual use) or 1/104th (bi-annual) of a share of a unit with the right to use that "one week" of the assigned to the home resort.
In many cases, the timeshare owner feels misled and compelled to look for timeshare cancellation services.
The problem is that the timeshare developer will not allow you to cancel your timeshare past the cancelation period, which is typically 7-10 days from your purchase date.
The question now becomes, "How to cancel a timeshare legally?"
Timeshare Cancellation Services
Many companies claim to be the best timeshare exit company in the industry.
A company named mytimeshareexitreviews.com rated Timeshare Exit Companies such as Resort Release, Resort Exit Team, Timeshare Termination Team, and Redemption & Release as the best timeshare cancellation companies in the industry.
The problem is that all of these companies are no longer in business.
The companies never employed timeshare lawyers, thousands of people never got out of their timeshare contract and lost their money in the process.
This makes you questions how reputable is mytimeshareexitreviews.com or are they in business with the timeshare exit companies?
Timeshare lawyers can only offer timeshare cancellation services.
Please do not fall for any timeshare exit company telling you they are one of the best timeshare cancellation companies in the industry.
They are not law firms, do not employ timeshare lawyers, and you will be victim to another scam in the timeshare industry.
Always seek professional advice using timeshare lawyers, not a timeshare exit company.
How To Find Timeshare Lawyers
People, that contact our consulting firm always ask us, "how can I find a timeshare cancellation attorney near me?"
Finding a timeshare cancellation attorney is very difficult due to the limited number of timeshare lawyers practicing consumer protection law in the same practice.
The common practice of timeshare lawyers is to write out purchase agreements for the timeshare developers.
Consumer protection lawyers understand how to protect consumers' rights under the Consumer Protection Act and Consumer Bill of Rights.
Timeshare lawyers have to understand and practice both areas of law.
Even if you search online, "How can I find a timeshare cancellation attorney near me," you'll find "AD results" from companies such as Wesley Timeshare Cancellation, time share compliance, Centerstone group, and Sapphire Timeshare Cancellation.
All of these companies claim to be the best timeshare exit company.
You may also find results for timeshare lawyers that practice real estate law, criminal defense, personal injury, and other areas of practice.
It would help if you found timeshare lawyers focusing only on timeshare cancellation.
Having a law firm that focuses on many areas of the law eliminates the focus on timeshare cancellation services that you need.
The bigger the law firm is, the more areas of law they focus on, the more expensive they will be.
How Much Do Lawyers Charge To Get Out Of A Timeshare
As a consumer, it always comes down to cost. To determine how much do lawyers charge to get out of a timeshare comes down to several factors.
1. Who is the timeshare developer?
2. Are you hiring timeshare lawyers to sue or negotiate the release of your ownership rights?
3. Is the lawyer charging you by the hour or a flat fee depending on the amount they expect to settle?
4. Do you have a loan balance that timeshare lawyers have to settle or cancel?
5. What is the amount of debt or responsibility under contract they are canceling?
6. Are you currently being sued for nonpayment?
7. How many timeshare contracts do you own?
How much do lawyers charge to get out of a timeshare, will influence these factors.
Does it make sense to keep my timeshare payment for the rest of your life to pass this debt on to your heirs, or does it make more sense to pay a timeshare cancellation attorney a fraction of what a timeshare obligation would cost you by keeping it?
Take the amount of money you have paid for your timeshare (e.g., $30,000) and add the maintenance fees you've spent over the time you have owned the timeshare (e.g., 12 years at $1,200 a year) bringing your total to $44,400.
Suppose you only used your timeshare 5 times for 7 days each time. If you divide the $44,400 by 5 times you have used the timeshare, it costs you $8,880 a week to use your timeshare to have a week in Florida, South Carolina, or Tennessee.
Does it make sense to keep your timeshare, sell your timeshare, or hire a timeshare cancellation attorney to eliminate this financial burden?
It doesn't hurt to explore your options by doing research.
Just remember these three factors:
1. Don't pay anyone money upfront to sell your timeshare.
2. Make sure you hire lawyers for timeshare cancellation services, NOT a timeshare exit company.
3. Analyze both sides of the argument and make an independent conclusion.
Getting rid of a timeshare is very difficult. If you want to sell your timeshare, make sure you find a broker willing to work on commission to cover the marketing expense paid upon your timeshare sale.
Make sure you have a trusted escrow company that will release funds upon the sale of your timeshare sold.
To cancel a timeshare legally, find a timeshare cancellation attorney who focuses only on timeshare and consumer protection laws—having a general practice attorney who just started practicing timeshare law will be a recipe for disaster.
Don't focus so much on how much do lawyers charge to get out of a timeshare.
Focus on how much money you will save for the rest of your life, not having a timeshare that you are not using, or you can't make reservations because the timeshare resort is booked a year in advance.