Being trapped in a timeshare can be a nightmare. As with any investment, there are always people who don’t do their research and end up wishing they hadn’t bought at all. Here’s how to get out of a timeshare. If you have a timeshare that you no longer want, there are many strategies to employ. Some of them require an attorney, others do not. If you’re looking how to cancel a Pueblo Bonito timeshare, here are some ways to do it without hiring an attorney.
Talk To the Timeshare Salesperson
Explain to them that the timeshare was a mistake and that you have changed your mind about buying it. If the contract is still in force, ask for the paperwork that cancels it. If there is no cancellation provision, ask how you can get out of the agreement.
Related: How To Get Out Of A Timeshare Responsibly?
The salesperson will probably pressure you to make a snap decision so that you won’t have time to second-guess yourself. You can even ask for the paperwork in advance and take it home, with the understanding that you will return it if you decide not to buy it.
If you’ve already signed a contract and want out, negotiate with the seller directly. First, talk to your salesperson. If they are unable or unwilling to help you, ask for a manager. If that doesn’t work, write a letter to the general manager of the resort or sales office explaining your situation and stating your goal – getting out of the contract – as clearly as possible.
Contact a Real Estate Agent
Tell them you wish to sell your timeshare because it’s not working out for you. The agent may charge you a commission fee. They will list your timeshare for sale and help you negotiate the terms of the sale. The seller and buyer agree on the terms of the deal, and the timeshare resale agent enables you to organize all of the paperwork needed to transfer ownership of the timeshare.
Think about a Short Sale
If you cannot find a buyer but have fallen behind on your maintenance fees or know that you won’t be able to catch up without help, consider asking your bank for a short sale. A short sale is when your lender agrees to accept less than what is owed on the mortgage to sell. This means that there is no risk for you if it doesn’t sell because you don’t owe anything anymore. You should consult with a real estate attorney before attempting this method.
Place an ad on Craigslist
List your timeshare on Craigslist or eBay. If you are looking for a quick sale, consider listing your timeshare on Craigslist or eBay. When listing your timeshare, note that it comes fully equipped with all the amenities and features of the resort where it is located. Describe what makes your specific unit unique from all the others in the area. Include high-quality photos of your timeshare so potential buyers can see what they would be getting if they purchased it from you.
Put an ad on a bulletin board at work or through a local newspaper or website. If you’re having trouble selling your timeshare online, try putting an ad on bulletin boards around town or through local newspapers or websites.
Consider Donations
Another option is to donate your timeshare through a charity organization. Many charities accept donated timeshares to raise money for their organizations. If this is something you want to do, consider contacting several charities so that you can make sure your donation goes where it will do the most good for people.
Surrender the Ownership
Give it back to the resort. Depending on the company’s policy for owners who can no longer afford their timeshares, you may be able to give yours back with no financial consequences. This option is usually only available if you have been late on a payment if this is the first time you have been late.
If your resort has a resale program, you can transfer ownership of the timeshare to another owner and get out of paying any future maintenance fees. You may have to pay a resale fee, but this is usually cheaper than paying years’ worth of maintenance fees, not to mention closing costs, which often total several thousand dollars.
The Bottom Line
Timeshare agreements are contracts, and generally, there is no legal way out of them. But if you cancel within the first three days after signing, you can get your money back. If your contract does not have a cancellation provision, you might be able to sue for fraud or misrepresentation or breach of contract, but those are expensive and uncertain remedies. You should have read the agreement before you signed it, but assuming that you did not and that there was nothing in it about a three-day right to cancel, you will probably have to keep it or pay for getting out of it.