For those stuck in the timeshare trap, the question remains, is it better to sell a timeshare or cancel it? Owners succumb to the high pressure sales of resort presentations and purchase what they believe will be an investment. The truth is, however, that because of the high annual fees associated with vacation ownership, most timeshares actually hold negative value. It can be impossible to find a buyer who is willing to take on a contract that will inevitably cost them several hundreds, even thousands of dollars in maintenance fees that constantly increase each year.
Licensed real estate brokers who specialize in resort timeshares only process those where the mortgage is full paid off and the timeshare itself holds some positive value so it can be sold on the secondary market. Whether or not a timeshare has value can be extremely rare and depends on multiple factors specific to the particular timeshare. Some Marriott and Wyndham timeshares may qualify, for example, but only an expert can make that determination.
In addition, timeshare resale can be a dangerous game, wrought with risk and potential fraud. The aftermarket fraud rate for timeshares is astronomical—around 82%. In addition, new technology and globalization has led to the invention of more elaborate and dangerous schemes. Most known scams revolve around resale, but they differ in their methods.
One common scheme is when a timeshare resale “broker” contacts an owner and explains that he has a buyer interested in that owner’s particular timeshare. This buyer is ready and willing to purchase the timeshare, but the person claiming to be a broker needs the owner to pay an Upfront Fee to process the transaction. Once the owner wires the funds, the imposter broker is gone and the owner realizes there was never an interested buyer.
An even more dangerous scheme is when an owner becomes involved in a sale that they believe is legitimate but turns out to be a sham. The owner believes he has sold his timeshare to a willing buyer, only to find out months or even years later that no transaction ever occurred, and not only did the owner lose the transaction fees he paid up front, but he is also liable for fees and penalties to the resort!
Timeshare cancellation provides an alternative for those looking to finally escape the timeshare trap once and for all, without any risk. When a timeshare is cancelled or divested, the resort contract that perpetually binds owners to high maintenance fees and special assessments is terminated, relieving the owner of all financial obligations, forever– including relieving any future liability to heirs or descendants. In addition, unlike timeshare resale where the timeshare mortgage must be paid in full, timeshare cancellation can even provide relief for those owners with high mortgage balances—even those exceeding $200,000.
If you need help getting out of a timeshare, contact The Abrams Firm at (360) 918-8196 for a free consultation. We can help you escape the timeshare trap without any risk or danger to you. We can evaluate if your timeshare has any value and connect you with a legitimate licensed real estate broker to assist you with your timeshare resale (and who will only get paid after escrow). We charge absolutely nothing for this assistance and do not receive any fee for the referral, so you know you are getting objective and unbiased advice.
If value does not exist in your timeshare, or if you want to rid yourself of the timeshare trap, we can cancel your timeshare once and for all. Our low flat-rate fees are 100% contingent upon the successful divestment of your timeshare. If we do not get you out of your timeshare, you do not pay a single penny! We are Consumer Protection Attorneys that ensure your protection by NEVER charging ANY upfront fees.