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Timeshare out - Reality
Timeshares are not the financial investments consumers thought they were. While timeshare resorts Such as Wyndham, Marriott, Disney, Royal Holiday, and Mayan Palace are very successful at selling their timeshare products, timeshare consumers haven't been as lucky.
With the economy as it is today, consumers owning a timeshare out of their city are struggling to pay not just maintenance fees, which climb up to $800 a year, but also transportation to their timeshare destination.
Timeshare out- a frequent story
Leticia Welsh is one of the many Americans who has difficulties trying to keep up with monthly expenses and decided to put an end to her dreams of traveling to exotic destinations using her timeshare.
She made an attempt to sell her timeshare for six months, only to run into doubtful timeshare brokers.
Welsh spent almost $2,000 trying to recover the cost of her timeshare. She wasn't successful.
Finding buyers in the timeshare secondary market is rare.
Experts in this area say people wanting out of their timeshares are lucky to sell them for 5% of the original value.
Timeshares are commonly offered at auction sites like eBay, starting at a cent.
An issue timeshare buyers like Leticia face is disbelief that timeshares are a piece of real estate that increases in value over time.
Salespeople elaborate on this idea at the point of sale.
Timeshare out - who they target
With a new wave of Americans looking forward to retiring and traveling, the sales of timeshares in America have almost doubled in the last five years, despite the economy.
About 2% of households in America own a timeshare, says the American Resort Development Association.1.4 million people own timeshares in Europe.
The annual sales reach over 1.5 billion, expressed by the Organization of Timeshare in Europe.
I do not want my timeshare.
Some timeshare consumers are looking to unload their timeshares by giving them away in an effort to eliminate the annual maintenance fees.
Some timeshares end after a period of time, usually 30 years, while others end only when the financial responsibility is handed over to a new owner.
"Once you signed, you signed a contract for perpetuity. If you die, it goes to your heirs. They have to pay for it; there is no exit policy. I found it was easier to divorce my ex-husband than get this timeshare out of my hands," says Welsh.
New ways to swindle timeshare consumers
The yearly increase in maintenance fees, special assessments and the new restrictions on timeshares have placed more timeshare properties on the resale market.
Timeshare sites like Red Week or TUG have dedicated articles preventing timeshare fraud.
The desperation of selling a timeshare has opened the door to con artists looking to sell their dream for big money in the depressed resale market.
This fraud is increasing fast. The typical scheme involves a cold call from a timeshare broker claiming to have a buyer willing to pay big bucks.
People are enticed to get money and a timeshare out of their monthly expenses.
The con man asks for upfront fees to complete the transaction; if they hear again from him, it is only to request more money.
The timeshare industry is compared to the resale market of the use-car market of the 1960s, where fast-talking salespeople would scam innocent families.
What solution is available?
The first option MTS recommends to timeshare owners is to contact the timeshare developer in the hopes the resort will take the timeshare back.
Unfortunately, resorts are in the business of selling timeshares and collecting maintenance fees; therefore, it is highly unlikely they will accept it.
A second option is to try and donate the timeshare. Most times, charities don't accept timeshares since they already know it is hard to sell them or use them.
Many timeshare donation companies are scams, so you need to be careful.
A third option is to find a reputable broker, and by this, I mean that you should NOT PAY ANY UPFRONT FEES to sell it.
Explain to the broker that he will have his commission after you receive the proceedings from the resale of your timeshare. If he is not willing to do so, hang up the phone.
Fourth, cancel your timeshare. This is the solution that will eliminate any future problem once and for all.
Unfortunately, some timeshare cancellation companies are also scams and request an upfront fee, to get the contract cancelled.
Walk away from any timeshare cancellation company that charges an upfront fee, even if they have a money-back guarantee.
Mexican Timeshare Solutions is the only timeshare cancellation company that can get your timeshare off your life in three easy steps.
And best of all, you don't pay for any fees until your timeshare has been cancelled, and you are satisfied with the service provided.
Contact Mexican Timeshare Solutions today for a free consultation on how we can terminate your timeshare in no time.
To receive more information about timeshare and how to cancel your timeshare, send a WhatsApp to +52 333 239 6589, fill out the contact form, or call us at +1 714 277 3662.
Information to share
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Thanks for share, and totally yes, actually i searching the way to get out m i can afford anymore my timeshare, the maintenance fees are insane, extremely high , for a normal person is impossible to still in this business, i dont recommend timeshare for anyone.
Timeshare Ownership has consistently been known for three things: beautiful properties, incredible destinations and FRIGHTENING sales practices. Nevertheless, the reason for owning a timeshare has never changed – people simply want to spend quality time with their family and friends. Unfortunately, after being deceived by their developer, the majority of timeshare and vacation ownership owners have forgotten why they purchased a timeshare in the first place. They find themselves scratching their heads trying to figure out how they wound up deep in debt and angry over the process that landed them there.
how do you cancel this I have only had it for two months and was lied to about the maintenance fees.
I found that it was very easy to get caught up in the PITCH and I know several people who regreted buying time share.
I have never owned a time share but I do know that they have become problematic for many people. Your article should be read by anyone who is considering buying into a time share.
There are a lot of companies effering help to people, some of them are like this one, another scam.
My family bought a timeshare at Grand Miramar years ago and it was paid in full. The maintenance fee continued to go up. so about two years ago we decided to no longer play the game; we refused to pay the maintenance fee. Not to mention, the company had planned a major overhaul of the place and had assessed an additional $3 to each member. We decided to run the risk on non-payment. We were threaten with foreclosure but the timeshare was paid for…we laughed and told them to go ahead. We did not answer any phone calls or letters until they decided to playball. That is , allow us to return the timeshare….for us it worked out….Several months ago we were asked if we would be willing to give it back and sign the deed over to them…And, we did. We were told there would be no tax ramifications, but even if there are, we are RID of the timeshare.
Is there any legal, above board way to sell or get rid of a timeshare?
My parents have had a timeshare for over 9 years and have only used it twice, its amazing as we went with them the first year, unfortunately now they want to sell it as they dont use it often enough to get there moneys worth and we have only used it twice also, but have been trying to sell it for over 4 years and have had no luck with any of the companies who sell them.
They are thinking of just walking away from it too as they cant afford to pay this years maintenance either, but are worried also as to how it will affect them..
any help please
I am in the same boat here. Purchased in June, total scam, not receiving what we paid for at all and now trying to fight it through local state agency. Hoping I don’t have to hire an attorney. It is through Wyndham. Why don’t we ban together and start a class action against Wyndham? We are all talking but no one is acting and we are all victims of a serious scam.
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