Get Rid of Your Timeshare, Your Home & Family Mean So Much More
Posted on April 1, 2009 in the TimeShares category
During these harsh economic times, it’s stressful enough to think about how to pay for your home mortgage, putting food on the table, and filling up the gas tank. So, as foreclosures reach all-time highs and thousands of people are losing their jobs each month, timeshare owners have actually been billed special assessment fees for hundreds, and in a number of cases, thousands of dollars. When added to rising maintenance fees paid every year, homeowners should consider getting rid of their timeshare(s) before it’s too late.
If your timeshare is financed, then you’ll want to pay everything off as soon as you can. This will get rid of those interest payments which can be very high on their own (and unlike the interest payments for your primary residence, these payments are not tax deductible). Additionally, you’ll find it difficult, if not impossible to sell your timeshare if there is still a mortgage on the property. With so many other timeshares on the market that no longer have mortgages, it is extremely unlikely that you’ll find a willing buyer.
It’s always been tough to resell a timeshare; a report from the FTC tells us that only 3.3% of timeshares listed by owners have been sold in the last twenty years! Given the state of the economy at present, a timeshare is an especially tough sell. You may have to wait a long time to sell your timeshare — and you’ll have to pay for advertising and broker’s fees, even as you continue to pay for maintenance and special assessments! You need to get rid of that timeshare right away to be rid of this financial burden.
If you’re thinking about renting out your timeshare, realize that a special assessment bill could be on its way to your mailbox. The net effect would be losing money and you wouldn’t even go to the resort!
Furthermore, fewer charities are taking ownership of timeshares because of the inherent cost and liabilities. Again, like selling, donating your timeshare may take too much time to find a proper charity that will take it. Unfortunately, the clock is always ticking and the next timeshare bill may be just around the corner.
If you’d like to avoid these surprise charges for special assessments (which can be in the thousands of dollars), then you’ll want to get that timeshare of your hands as quickly as possible. Trying to handle the sale on your own can have mixed results; and the longer you wait, the more fees you’ll end up being assessed with and the more stressful the experience will be. The best way to go if you want to get rid of your timeshare in short order is to work with a timeshare transfer company to get rid of your timeshare right away.
A timeshare transfer company can get the timeshare out of your name so that you won’t be responsible for any further assessments or maintenance fees. Of course, there will be a fee for this service but when compared to the cost of owning a timeshare, it’s a small price to pay. The transfer can be done very quickly and once the contract is signed, you won’t be liable for any expenses related to the timeshare.
It’s important to choose a timeshare transfer company which is reputable. Look for companies which have been around for a minimum of 4 years, since this will help you steer clear of those companies which are run by dishonest operators. Also look into how the company is rated by the Better Business Bureau. No company will be entirely free of complaints — but you should check if complaints from customers have been resolved by the company and that the BBB gives the company a good rating.
No matter how you go about it, getting rid of your timeshare frees you from the financial and emotional stress of maintenance fees and special assessments — which lets you focus on more important matters like ensuring that your mortgage is kept in good standing.
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4 Responses to “Get Rid of Your Timeshare, Your Home & Family Mean So Much More”
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I remember my parents getting a timeshare in Fl when I was younger they paid ALOT of money to own something for 2 weeks out of the year…BIG RIP OFF!!! Please warn everyone about these…Thanks!
In Sint Maarten there are no regulations pertaining to Timeshare resorts sales or operations. Our resort,
Atrium Beach Resort, was sold to a large timeshare operator, they in turn tried to violate our lease by
raising our AMF above our contractual agreed annual increase and also instituted a very large Special
Assessment. Both violations of our lease were contested in court, we will have a final verdict sometime
in late 2009.
In the meantime we have organized a Timeshare Consumer Protection association in Sint Maarten, this is
the Sint Maarten Timeshare Owners Association or SXMTSOA, our website is full of information on
how we intend to clean up the timeshare industry in Sint Maarten, promote a "Code of Ethics" and promote
Timeshare Consumer Legislation for SXM.
It appears so many resorts everywhere violate the agreements that the leaseholders or owners depend on
to maintain their respective resorts. Most of the owners can not keep up with the payments each and every year, especially this past year many of the owners have resorted to either just giving up, renting or selling their units. So we have put together a FREE website to sell or rent timeshares or vacation properties.
These two options, the Association and the Website are to enable the Sint Maarten timeshare owner or any timeshare owner to get ahead of the management companies. Every timeshare owner must understand that they need to organize to protect their rights, ours is in Sint Maarten, yours may be in the United States, just keep a list of owners in your resort, get emails, organize a blog or website, this will enable you to communicate and resolve the many issues that arise each year.
Timeshare sales and rentals are a very big business, there are so many ways to sell or rent your timeshare,
many of the companies charge exorbarant fees. Do not pay a large fee to sell or rent your unit, there are so
many FREE sites that will help you out, do a search or go to this site for help. Best Timeshare Rentals by Owner.
.
My late father bought a timeshare back in the 80s. He incured more bills for his timeshare than he enjoyed it. When he tried to sell it the companies that he turned to wanted a small fortune to sell it for him. After about 5 years he settled on a company and even though he lost lots of money he finaly sold his timeshare. There are lots of good companies out there who will help you with you sell you timeshare for little cash. Some will charge you more but you will get you property sold quickly. The moral to the story is research the company that you are intrested in handeling your sale. Find the one with the best record and speak to them. More often than not you will come out ahead.
I just want to say that timeshares are not all bad. I think they are misunderstood though and I like the points you make in your article. I would say that if you can afford the timeshare, it does bring value. My wife and I bought our timeshare to “force” us to take a vacation every other year together since we lead hectic lives so for us it brings a lot of value that is worth the cost. I do agree that people should not make hasty decisions though. Thank you for a great post