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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.
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I would recommend that before buying a timeshare, calculate the total cost of the timeshare, including mortgage payments and expenses, like travel costs, annual timeshare fees and taxes, closing costs, broker commissions, and finance charges. Then compare these costs with the cost of renting similar accommodations with similar amenities in the same location for the same time period. And remember, a timeshare is not an investment for profit or an interest in real estate that will likely appreciate over time. And if you try to resell your timeshare, it is unlikely you will get any way near what you paid for it.
I purchased a time-share with my boyfriend in 2005, putting both our names on the deed. Two months later, we split up on bad terms. He hasn't paid any of the $10,600 he owes; I've been the one making the mortgage installments. Financially, I know the legal process may not be worth it, but morally, I feel he needs to fulfill his end of the bargain. He's frequently tried to use the time-share, which is now in default due to my inability to pay. What do you suggest I do?
I purchased a time-share with my boyfriend in 2005, putting both our names on the deed. Two months later, we split up on bad terms. He hasn't paid any of the $10,600 he owes; I've been the one making the mortgage installments. Financially, I know the legal process may not be worth it, but morally, I feel he needs to fulfill his end of the bargain. He's frequently tried to use the time-share, which is now in default due to my inability to pay. What do you suggest I do?
I recently was approached by a friend of mine who got into selling timeshares. It all sounds to good to be true. Can someone please tell me if they think they're a good investement of a waste of money?
Thanks for sharing. People should think twice or use search engine sites like Scam Search to prevent things like this.
Thanks for sharing. People should think twice or use search engine sites like Scam Search to prevent things like this.
In my experience of attending several timeshare promotions, people don't need to "assume" that the timeshare will go up in value as you state-they are told that by the salesperson.
es claro que esto sucede en la mayoria de los casos, al final muchos nos damos cuenta que lo que parecia ser perfecto en realidad es una perdida de dinero
yo no se que hacer con mi tiempo compartido, he buscado por miles de sitios y me he contactado con muchisimas empresas y nadie me ayuda, porfavor necesito cancelar yaa
It’s very probable that once you enter, you'll want to leave. Because there are so many details that make it very hard to afford the maintenance and fees, your vacation place actually turns into an economic burden.
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