Fidelity Resales Blog

How To Get Out Of A Timeshare

Posted by Hannah O'Brien on Mar 25, 2020 9:00:00 AM

Uncertainty is common among owners when they’re searching for options on how to get out of a timeshare. If you’re ready to get out of or get rid of your timeshare, we can help.You should never stop paying your timeshare in the meantime. If you do, it will be much more difficult to sell

How to Get Out of a Timeshare Legally

Maybe you’ve come into financial hardship or your timeshare just isn’t suiting your lifestyle anymore. Nonetheless, there are routes every owner can take. By providing you with honest resources, we want you to make the right decision for your unique situation. We’ve compiled the best information out there to get you on the path to getting out of your vacation ownership. How to get out of a timeshare can look different for everyone, but timeshare resale is a common option.

Can You Cancel A Contract?How to Get Out of A Timeshare

If you have just recently purchased a timeshare and are having second thoughts, we recommend reviewing your timeshare contract. Timeshare contracts have a rescission period, where you can cancel your purchase. In Florida, the rescission period ends ten days after your purchase. Be sure to check with your developer to see when yours ends.

Each developer and contract will layout different rules for rescission, but it’s worth looking into. Most often, timeshare resales are a great way to purchase a week or points for less money than if you buy directly. If you are past the rescission period with your current timeshare, unfortunately, you most likely will not be able to cancel your contract. Take a look at other common options available to you.

Will My Resort Buy Back My Timeshare?

First, we recommend calling your developer, HOA or resort to get started. While many resorts don’t simply take back timeshares, if this is a question you have, the resort would be your best bet to ask. You may be surprised to know there are legal and safe ways to get out of your timeshare, even if your resort won’t buy it back.

In-House Timeshare Exit Solutions

Many developers offer in-house programs geared toward assisting owners who want to exit their contracts. Additionally, many developers have partnered with the American Resort Development Association to provide clear and honest solutions for exiting.

They can let you know if they have any in-house solutions or recommended resellers or companies to help you. Many brands have featured resellers that they have vetted and trust to help their owners sell their vacation ownerships. Below are a few in-house programs offered to owners by major brands. To see if your developer has a program that isn’t below, visit their website or give them a call.

Wyndham Ovation

Created for owners seeking an exit, Wyndham Ovation and Wyndham Cares are the Wyndham Destinations in-house exit programs. According to their website, owners can give them a call and hear all of the options available. Additionally, the website claims there are no hidden fees or extra purchases required.

The Legacy Program by Westgate

Similar to Wyndham’s programs, The Legacy Program by Westgate offers owners solutions to exit their timeshares. By working with owners to discuss their options, they seek to find a common solution. Many brands like Westgate want owners to know they have options within the brand. This serves as a way to direct owners away from unscrupulous timeshare exit teams. Visit Westgate’s page for more information if you own with them.

Exit Diamond Timeshare

Diamond Resorts Listens is the name of the page provided to Diamond vacation owners who want options for exiting their timeshare. For a free consultation, visit their webpage and fill out the form. Accordingly, a Diamond representative will discuss options with you to exit your ownership.

ARDA Responsible Exit

If you’re wondering about exit solutions for vacation ownership, we recommend browsing ARDA’s Responsible Exit page. Additionally, they have a full list of the brands that have signed up to participate in the Responsible Exit coalition. Head over to their webpage to see if you’re developer is on the list.

What Happens If You Stop Paying Your Timeshare?

Iwhat happens if you stop paying your timesharef you feel like you are going to fall behind on your payments, consider what will happen if you stop paying your timeshare. The resort or developer will most likely send the bill to collections and this can really hurt your credit. Furthermore, if you stop paying your timeshare be aware of what will happen. Your ownership will likely go into foreclosure and this will stay on your credit report.

If you're trying to sell your timeshare, it's best that it is in good standing. Being behind on fees and dues means it will mean it will be even more difficult to get out of your ownership.

Timeshare Exit Companies

You may have heard of timeshare exit companies that promise to help you cancel your timeshare contract. Similar to a house mortgage and deed, you can’t just cancel them. Paying a lawyer upfront fees to get you out of your timeshare is not the best route to take.

Common Scams to Avoid

Oftentimes these exit companies will take your money and not help you at all. If you suspect you’ve been introduced to a timeshare scam, call your developer or ADRA and let them know. They will be able to guide you in the right direction and vet any third-party companies.

Learn About Finding A Legitmate Timeshare Resale Company

List Your Timeshare for Sale

Undoubtedly, an option most owners take is listing their timeshare for sale. If you’ve scoured all the options for getting rid of your timeshare and are curious about selling, we can help. At Fidelity Real Estate, we’ve been Leading With Pride for over 20 years. Our focus is on the resale market and helping owners reach their goals, whether it’s buying or selling. 

how-to-sell-your-timeshare

Contact a licensed agent today to discuss your options. At the end of the day, most owners don’t want to or can’t afford to pay their maintenance fees anymore, and selling your timeshare is one of the best ways to get out of it. Using a licensed real estate brokerage like ours is the best way to get out of your ownership legally.

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Topics: Sell My Timeshare, Diamond Resorts, Wyndham Destinations, Westgate