You have a few options if you’d like to cancel your timeshare after the rescission period has passed. We’ll explore all of them in this post.
Selling Your Timeshare
Your first option is to attempt to sell the timeshare on the secondary resale marketplace. This can be hard to do if you don’t have a timeshare in a desirable location such as Hawaii or Aruba. Timeshares in Orlando and Las Vegas are a dime a dozen, so it can be harder for a timeshare to retain its value in these locations. Top timeshare (vacation ownership) brands such as Marriott, Westin, Ritz Carlton, Hilton and Disney generally hold their value better than other brands.
A good place to start when you’d like to sell your timeshare is Ebay or Craigslist. These are low cost options available to you that can help you locate a buyer. A good way for you to see how much your timeshare is worth is to look at the ads of other timeshares for sale at your resort from other owners. If you search for the name of your timeshare on Ebay and you see several ads for $1, that should give you a good idea of the timeshare’s value.
When attempting to sell your timeshare, it’s a good idea to avoid companies that want to charge you a high up-front fee because these are typically scams. They may call this fee an “advertising” fee or a “listing” fee, but you will pay them up front and your timeshare likely won’t sell because the company has no incentive to sell it after collecting your up-front fee.
Some scam up-front fee resale companies may have timeshare value estimation tools on their websites, but these are misleading. These tools determine the value of your timeshare based on the aggregate price of the timeshares being advertised on their scam websites. These websites are filled with timeshares for sale from owners who mistakenly think their timeshare went up in value after it was purchased. The truth is, timeshares decrease in value by 50% or more the second they are purchased from a resort developer directly, and most can’t even be given away on a site like Ebay for $1. Scam up-front fee timeshare resale companies want you to think your timeshare has value so you think it’s worth their scam up-front fee to advertise your timeshare for sale on their scam website. That is why their bogus timeshare value estimation tools are designed to spit out over inflated valuations.
Timeshare Cancellation After Rescission Period
If it has been more than a few weeks since you’ve purchased your timeshare and you’re no longer able to rescind the purchase, you still have a few options. Some resorts have introduced “buy back” or “deedback” programs that will take back your timeshare. Sometimes you will have to pay the timeshare developer to take back your timeshare and other times this service is free. How nice of the resort developers to sell you a product for $10,000 – $20,000 at an 11 – 20% interest rate and then charge you to take it back when you no longer want it. They sure do care about their customers.
If you owe a mortgage on your timeshare, there is a slim chance the resort developer will take it back from you. This is when a timeshare exit company can be a good option.
If you can’t sell the timeshare and the resort won’t take it back, a timeshare exit company is a logical next step. We only recommend working with timeshare exit companies that offer a low up front fee escrow payment option so the timeshare exit company does not get paid until AFTER your timeshare is canceled. Learn more about escrow and why it’s important.
If you’re still wondering about timeshare cancellation after rescission period, contact us on live chat or submit a contact form on the right side of the page for a free consultation.