If you have ever owned a timeshare, you will know that if you miss the recission period, the resort offering the timeshare will not take it back. So the most convenient option is to sell it to someone else.
Prepare To Sell
The first step to selling a timeshare is to see if you will be able to sell it. If there is a loan on the timeshare, it will be listed as “encumbered.” This is quite unfortunate because there is no point in going forward with a sale until the loan is paid off. If, on the other hand, the timeshare is eligible for sale, find out what the timeshare is worth. Look online for timeshare resale sites, check with a real estate agent, or check general listings on sites such as Craigslist and eBay. Try to find the final prices for timeshares which are similar to the one you are selling.
List The Timeshare
List the timeshare online for sale, but choose a website that does not have any up-front fees so that you can avoid companies charging too much to post on their exclusive website. Another thing that can be done is talking to the owner who bought the week after or before yours. They might want to purchase the contract so that they can extend their options in regards to vacations.
Use An Attorney
And if you have used timeshare upgrade offers, even merely doing something like changing the vacation week are generally considered to be new contracts. This means that if you are not careful, many individual contracts might be wrapped around you, making you hold on to that painful timeshare.
The only way of escape is to cut each separate contract. This is a lot to do on your own; it is advised to hire an attorney to help you sell your contracts. Find an attorney who specializes in contract law and guarantees services.
Use a Timeshare Exit Company
Instead of hiring a single lawyer to help you with the timeshare sale, you can hire a timeshare exit company. Such a company will dedicate a team of people on your timeshare problem and help you sell it legally and fully. However, it is advised to do a lot of research on such companies and ensure that this company is experienced with the timeshare industry’s ins and outs.
This can be checked by looking through their track record and previous client history. Try not to get wooed into shady deals by companies that say that they can help you exit a timeshare at a low price because they might disappear in a few months with your money if not careful. If they ask for a credit card number before signing a contract with them or use high-pressure sales tactics, there is a good chance that they cannot be trusted.