Alternative Timeshare Sales Options
If as a timeshare owner you are finding it difficult to sell your timeshare through traditional methods there are other options to consider. The following sales alternatives will not work with every resort or timeshare type, but for the desperate timeshare owner trying to get out they are worth considering and researching further.
Timeshare owners can attempt to give the timeshare back. This is most usually done by filling out a “Quit Claim Deed” which can be obtained from your resort company or a lawyer. In this situation you will be giving up all of your rights to membership and the rights of those in the future, i.e. you may not will the timeshare to heirs. You will need to have the deed recorded at a county courthouse and serve a copy of the newly recorded deed to the resort with which you wish to terminate affiliation. This is a great option if nothing is owed on the original note because the “Quit Claim Deed” will make sure you will no longer owe yearly fees, membership fees, or maintenance fees.
Auctioning timeshare off is another option for timeshare owners that have not been successful using traditional sales methods. EBay, Amazon, and Yahoo all have excellent auctions through which timeshare may be sold. Timeshare auctions tend to be more time-consuming for the seller, but you also have an opportunity to make a return on investment.
A timeshare dump is a viable option for those that simply want to get rid of their timeshare. There are a handful of companies, easily found online, that will take over your maintenance fees and prepare a deed transferring ownership if you own a timeshare in a location that fits their particular needs. You will be responsible for any transfer fees charged by your resort to change ownership and you will not be paid for the timeshare by the new owner(s).
Timeshare owners may also opt to donate timeshare to charity. There are numerous organizations that accept timeshares as donations including the American Cancer Society, Red Cross, Salvation Army, and Mayo Clinic. The donation process typically takes a few weeks and after finalization you are eligible for a tax write-off.
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We bought our time share in Tenn. back in 2006. Life changed for us. We took in our special needs granddaughter. WE did not use the timeshare after 2008. It is paid in full. WE tried to give it back many times. We used Timeshare exit Team. What a mistake. It has been 5 years since they said it would only take a year to transfer it back to Westgate Smoky Mountains. Now we received a letter today that Time Share Exit Team is giving our timeshare to another company and the maintenance fees must be paid in full. That is 5 years worth that we did not pay. AT the time we were in their office they said we would not have to pay another dime. Well guess what we are being told we must pay. They wanted us to sign over the deed during the one year process. We did not as we never received a letter stating it was a done deal that the deed was transferred. Any thoughts on what to do. We were told by Westgate that our children will be responsible for our debt at the time of our deaths. Please help us figure this out. Thank you .
if the timeshare is paid off and fees up to date can we give it back
I haven’t paid in four years all they have sent me is maintenance fees bills the collection company is calling wanting payment what should i do .
Wyndham sent us a 1099C for income tax hit of about $4,000 plus – we have close to $40,000 paid to the company. Does this mean we now hold clear title to the property? Can I sell it? Who in the Tampa, Clearwater area is a reliable source?
We made the mistake of just not paying, because we didn’t have the money to keep it up now with the the downturn in the economy. I see now that we could have possibly done something else. Does anyone have any suggesstions?
Thank you for your help
In thinking about it, if wyndham can just pay the taxes on the property and “take” it for taxes and we will get no benefit, just be out of money we paid them plus the taxes for the rest of the bill. There must be something we can do, even if it is to donate the thing to a charity and get the tax deduction.
Has anyone else found a solution for this situation?
We are still paying on our resort it is half payed of, Can we quit deed? or does it have to be completely payed off? can we have someone take over rest of payment? bottom line, we can’t afford it anymore my husband is layoff, We been pay for 3 years and never used a week in fact we don’t even know what deposit your week really means, Can we sell at this point?
There are also a number of reputable companies that will facilitate buying and selling timeshare by owner. Find ones with an in house legal staff to help with all of the paperwork and transfer