The allure of owning a timeshare property is undeniable. Timeshare sales representatives often say that you can use the property whenever you go on vacation. Additionally, spending time in a timeshare property can be fun for families and friends.
Unfortunately, there are downsides to owning a timeshare property. You need to pay for expensive maintenance fees, which run at least several hundred dollars. On top of that, timeshares lose much of their value once you buy them.
If you want to make the timeshare costs go away, it’s best to find out how you can cancel your timeshare contract instead of selling it. Here’s why selling your vacation property is not a sound idea.
You Can’t Sell a Timeshare Like a Traditional Real Estate Property
The process of selling a timeshare isn’t the same as selling your house. The laws surrounding timeshare vary depending on your state. You’re also competing with other timeshare owners who are trying to sell the same thing.
Scammers Can Take Advantage of You
Fraudulent third-party timeshare resellers usually target potential timeshare sellers by claiming that they can sell a timeshare in short order or have a buyer ready. When you turn to these resellers, they’ll ask you to pay an upfront fee, which supposedly covers closing costs, taxes, maintenance fees, and other expenses. Once you send the money, however, the reseller disappears without performing any sale.
This scam is so prevalent that the Federal Trade Commission (FTC) has published a warning informing timeshare sellers to avoid resellers that ask for an upfront payment. The FTC also cites other major red flags, including guarantees of big returns and the lack of a contract.
Selling Your Timeshare Takes a Long Time
There’s an overwhelming supply of timeshares and a decreasing consumer demand for this property. Therefore, it may take years to sell a timeshare property.
These reasons should convince to explore options other than selling your timeshare. If a timeshare sales representative has pressured or fooled you into buying a timeshare, don’t hesitate to seek the assistance of an experienced timeshare attorney.