How to Get Rid of a Timeshare

The timeshare industry is built around selling timeshares. There are free meals, free nights, free flights and every other enticement to sign that they can come up with to sell timeshares. However, once you sign the contract, the service often disappears. If you regret your decision to obtain a timeshare and are looking to get rid of it, you will likely find that the task will be difficult and generally expense. Though a market does exist for resale (or "used") timeshares, the prices are often much less than what owners originally paid for the timeshare. There are some exceptions, but in general you should expect to lose money getting rid of your timeshare.

Loopholes

Though, unlikely you may be able to legally terminate or cancel your timeshare contract. In some cases, you can get out of a timeshare contract using the "cooling off" provisions of the contract or state law. If you have had your timeshare more than a few weeks, it is probably too late but if you are still with-in the time allowed by the contract or the state where you signed (check with that state's Attorney General) you need to act quickly. Send the cancellation notice in writing via certified mail, return receipt requested. Keep a copy of the letter and the returned receipt as proof of your cancellation notification. Of course, if you were defrauded you can seek legal counsel to assist you in breaking your timeshare contract and recovering your investment.

Sell It

There are a number of different ways to sell a timeshare. You can list the timeshare in classifieds ads in your local newspaper or in newspapers near the timeshare property. Timeshares can also be listed for sale on eBay, Craigslist and similar online sites. You can also visit the timeshare and try to find a buyer at the property. Many timeshares allow owners to trade the use of the property for other timeshare properties, so some of the people at the property may not actually own a timeshare at that destination. Another way to find a buyer is to talk to the staff at the timeshare, even the company sales staff. Offer to pay them (generously) for referring a buyer to you for your property. There are also a number of timeshare reselling companies. However, many of these companies are less than legitimate. Avoid paying an upfront fee to a reseller and check out any reseller with the Better Business Bureau before signing a contract with a reseller.

Donate It

Though you will only get a tax deduction in return for your timeshare, you can donate your timeshare to a charity. There are websites that you can use to find a charity that will take your timeshare, though most large charities will take your timeshare if you have a favorite. Charities will generally only accept timeshares that are paid in full, located in the US (and possibly Canada and Mexico) and the charity may not accept timeshares from certain resort operators.

Other Ways

Though not a way to actually get rid of the timeshare, you can try to rent the property to make some money to pay the maintenance and other annual fees until you can find a permanent solution. If you choose to rent, offer to sell the timeshare to any renter than you find. If all else fails, bankruptcy is another way to get out of a timeshare contract. Of course, you must be in a desperate financial situation for a court to agree to nullify your contract, but it is a possibility.