It is a common scenario. A couple buys a timeshare only to realize it’s not what they wanted or expected. They try to sell and even hire companies to help them do so but find little if any interest from buyers. Whether it’s the sluggish economy or the fact that maintenance fees are rising for older timeshare properties, inquiries about selling timeshare contracts are increasing.
Owning a timeshare for a week generally means paying 1/52nd of the maintenance costs of the unit and the unit’s share of common area expenses. As the facilities age, the fees typically increase because more maintenance is needed. It is not uncommon for timeshare owners to pay anywhere from $1,200 to $10,000 a year for their share.
If you are a timeshare owner looking to unload, look at the contract before you decide to sell. Even if you have a buyer, you may have to offer the unit to the developer first or at least get approval to sell to a particular buyer.
Some people donate their timeshare to a charity for resale, but if the charity cannot find a buyer, then the charity is obligated to pay the fees. That means a charity should be careful before accepting a timeshare.
There are companies that can and do help sell timeshares, but many people have complained about paying upfront, nonrefundable fees to companies claiming to have a buyer. But once the fees are paid, there is no further contact from the company.
Legitimate companies are out there, but you have to be careful. Always check the Better Business Bureau and other consumer protection agencies to see if complaints have been filed against the company you are considering.
After trying unsuccessfully for years to sell a timeshare, some owners consider just walking away from the contract. It’s important to remember, however, that you have a contract, and disregarding your obligation could affect your credit rating. You could also be sued.
Before walking away, contact the developer to see if the company will accept the return of the timeshare. If not, the timeshare owners can either continue to hold onto the property or take a risk, hoping that the developer will not bring an action against them to enforce the contract. To get a hint on how aggressive the company may be, check state court records to see if the company has brought lawsuits against other owners.