Timeshare Cure | Do You Have One?

There are two types of timeshare owners, those that love their timeshare and those that for one reason or another want to get out of their timeshare. The people that need to get out of their timeshare are already looking for a timeshare cure. However, many owners who love everything about their timeshare are not lifting so much as finger to try and find a cure for their timeshare. And while they have little to no reason for finding a timeshare cure right now, there is no telling what will happen in the future to cause them to need a way out.

So whether or not you are looking to get rid of your timeshare right now it is important to have a timeshare cure in mind and ready to go. Because timeshare contracts are usually very long term if not perpetual it is important to have a plan. If something happens to cause your timeshare to become a serious financial burden you do not want to be clueless about how to get out.

Let’s face it, unexpected changes in life should be expected. And these changes can occur without any input from you at all. If your resort happens to increase your maintenance fees, or something were to happen to your timeshare unit that causes a large special assessment to be charged at your expense, you will not have a plan to get out. That is why you should prepare for when your timeshare ownership turns into a financial disease. Knowing what type of timeshare cure you will use is necessary.

Even the most satisfied timeshare owner has the potential to catch a timeshare disease. There are simply too many aspects of your timeshare ownership that are under complete control of the resort. Because it is so difficult right now to actually sell a used timeshare you should consider different options for getting out of your contract in case of an emergency.

Think Twice About $1 Timeshares

$1 TimeshareDue to the poor condition the timeshare resale market, and timeshare industry in general, is in there are many people scrambling to get rid of a timeshare. With the resale market so over flooded with a high surplus of timeshares for sale some owners have resorted to practically giving their timeshare away. There have been many posts on sites like eBay with timeshares going for only $1. While this is certainly a big deal in regards to how much the timeshare was originally purchased for, you should keep in mind this is not the only cost of the timeshare. Timeshares come with additional fees for upkeep and maintenance and even special assessment fees. If you own a timeshare and your name is on the deed you are obligated to pay these charges.

Not only should you be aware of these additional costs that come with the timeshare but you should realize that these fees have the potential to increase each year. Some timeshare owners have had their maintenance fees double or even triple in one year. If you are thinking about picking up a timeshare for cheap on an auction site you might want to think again. Unless you can afford the costs that come along with it a timeshare for only $1 is no sweet deal.

Timeshare Appraisals, Not the Way to Go

Timeshare Appraisal, Timeshare ReliefA timeshare appraisal is sort of a tricky concept. You see a timeshare is never actually officially appraised to begin with. When a timeshare is sold by a resort it never goes through an appraisal to measure how much the timeshare is worth. In fact when the resort sells a timeshare the price is inflated roughly 50% over the actual value of the timeshare. This is due to the flashy timeshare presentation you sit through and the numerous free gifts you are given just for attending. So if you are thinking about selling your timeshare you should start with a price that is at least less than half of what you paid for it.

Timeshare appraisals are definitely not worth any dollar amount that many online sites will ask for. Online appraisal services are often done by the same resale and listing companies that are taking advantage of distressed timeshare owners. A timeshare appraisal is just one more way for them to squeeze some money out of these owners who just want some timeshare relief. These owners are simply looking to get rid of their timeshares. For those who can accept not being compensated for their timeshare in return for being completely free of the timeshare obligated fees they pay each year a timeshare transfer service is the way to go. A transfer company such as Timeshare Relief can help you get out of that timeshare for good and give you the financial freedom you deserve.

Buying a Timeshare: Shamrock or Just Sham?

Timeshare Relief clover sandal

Ever follow a rainbow, looking for the pot of gold at the end?  Timeshare salespeople will guarantee you it is there. Given their often hours-long smoke and mirror show, their sometimes shady practices, maybe even a little alcohol, and you too might buy the map.  You have to pay for the journey too and the pot of gold recovery tools, and leprechaun bait, but it would be worth it in the end, right? Probably not. Sorry folks, for many, timeshares are fools gold. X never marks the spot. It’s not all bad though–at least you get the as-beautiful-as-a-rainbow scenery around the timeshare resort! If that’s all you need to be happy, you’re in luck.  But if you signed on for the investment, that jackpot at the end, you may be feeling a financial pinch very soon.

Before stricter regulation laws, timeshare developers used to sell people on the “investment” of their timeshares. “You can rent them out; you can sell them later; the maintenance fees are cheaper than buying a vacation outright each time.”  And after all, you do get a deed—you are made to feel you own property, which in most people’s minds mean security, investment, and money.  Well, it IS securely yours “in perpetuity,” meaning forever. But there’s no get-rich-quick here; it’s all downhill from the time you purchase  So, the next time someone tries to convince you there is an upside to timeshares, remember how rare rainbows are, and how you never quite find the end.

What’s Your Timeshare Rescission Period aka Cooling Off Time?

We’ve all done it – been impressed by a salesperson’s charm and persistence and written a check for more than we knew we should.

What if you realize you made a mistake the next day?

Timeshare Relief appointmentSome states have “cooling off” time, a period after a purchase during which the purchaser has the right to return goods for a refund, or to cancel a contract without penalty.  The right to cancel a contract is governed by both state and federal law.  Please check with your attorney for specifics.  The remainder of this post is not intended to be legal advice.

There are very specific circumstances when these statutes and regulations apply; they do not apply to all circumstances.  Usually real estate, stocks or securities are not covered.

Under the U.S. Federal Trade Commission’s cooling-off rule, you have the right to cancel a purchase of $25 or more for a full refund as long as certain conditions are met:

  • If you make a purchase entirely by mail or telephone, the rule does not apply.
  • When you initiate the sale at the seller’s permanent business location, the rule does not apply, even if the deal is closed in your home.
  • Despite popular misconception, there is no cooling-off rule for automobile purchases. Make sure you want that car before you buy it.
  • In order for the rule to apply, the purchase must be for personal, family, or household purposes.
  • This rule isn’t applicable to purchases made to meet an emergency, such as a natural disaster or a home insect infestation. Nor does it apply to repairs and maintenance on your personal property.

If you just bought the timeshare, many states have a mandatory “cooling off” period when you can undo the deal and demand a return of your payment. Of course, those periods are usually only a week or 10 days, not months, so they relieve are only going to relieve short-term buyers’ remorse.  If you are a timeshare owner, you must be aware of your state’s laws.  Do not rely on a timeshare company to tell you what the law allows you to do.

If you have questions about your state’s cooling-off period, call your state attorney general’s office.  If you’ve experienced buyer’s remorse and you’ve passed your state’s cooling off period, then you may have to consider other options to let go of your timeshare purchase.

Not One More Day (of Your Timeshare)

Timeshare Relief SunsetI know that not everybody loves Dr. Phil.  His drawl is a little annoying, and his no-nonsense, take– no-prisoners style can irritate the most patient person.  But, he is popular for a reason.  Plenty of things he says make sense.  In fact, I have even found myself saying on occasion “how’s that workin’ for you?” to people whose life choices have ended up costing them dearly.

Another phrase he uses that I like- when talking about bad relationships is this:  “The only thing worse than staying in a bad marriage for ten years is staying in a bad marriage for ten years and a day.”  In other words, just because you  made a decision that is no longer working for you doesn’t mean you have to live with that situation forever.

The same is true for our relationships with how we spend our dollars.  If a bank or investment company no longer seems like the right fit, it’s time to change. Your life changes over the years.  Children arrive, or leave home.  Your financial situation changes. Your priorities and interests shift.  If a timeshare contract no longer serves your lifestyle or bank account, then why stay one more day with something that doesn’t work for you? Get rid of your timeshare Now!

Seniors Choose Investments Carefully Especially If It Involves a Timeshare

Timeshare Relief satisfied clientNot every investment an aging relative can make is a wise one.  For example, if an annuity plan doesn’t start paying out for twenty-five years, a senior citizen may wisely sit out that particular opportunity.  Some people initially purchase a timeshare because they are sold on the concept of a timeshare as an investment over the long-term.

Because they have more disposable income than their younger peers, they are an attractive market segment for a timeshare company.

Sometimes a timeshare developer will advertise specials with very little lead time at a reduced rate with less than 14 days advanced noticed.  Seniors are often attracted to these deals because they have more flexible schedules.

In most cases, you will not make any money buying a timeshare and will probably lose money on the deal.  In fact, if you really want to find a vacation getaway that might appreciate, you’ll have to buy a resort condo or vacation home.

Interestingly, research has found that seniors often choose timeshares because they perceive them as being money-saving opportunities.  However, research shows that because accommodation costs are pre-paid, interval owners tend to spend about 20% more per day on their holiday than other types of tourists.