About 9.6 million people in the United States own timeshares. The total sales volume of the timeshare industry averages $14 billion per annum. These seem to be impressive statistics, but there is an underlying truth. Many people are looking for ways to cancel timeshare legally; sadly, resales are unable to help timeshare owners and here are why.
It is not exactly like selling traditional real estate:
Selling a timeshare, sincerely, has a legal process that is similar to the resale of real estate houses; however, they are different. Timeshare rules differ from state to state and by country. That is why it is good to always consult a team of timeshare attorneys before buying from someone who is only looking for ways to cancel timeshare legally. Also, getting a buyer for timeshare resale is not as easy as someone who wants to sell their semi-detached duplex home. The odds are more favorable for property resale due to fewer laws and limits, as compared to you who want to sell the bonded property.
lack of a good and timeshare lawyer:
The reason why resales don’t help timeshare owners is that they decide to sell without consulting a professional attorney, or they contacted those without the experience. Reselling a timeshare without the backing of professional expertise can lead you to sell your property at a ridiculous price, which could really be a loss.
Lesser value: We have to face the reality, though; you may not get the exact value for the amount you paid for your timeshare. The total cost of ownership, including incentives and processing, could be more than how much you get to sell your timeshare later. Timeshares don’t really appreciate except for some properly-maintained, high-end properties, especially if it is the king of a particular location. However, often, timeshare resales only sell for about 30-50% of the cost price. To sell easily, you have to put forward a competitive market price. It’s a bitter pill, but it’s the truth.
Scam: Having known that many persons are surfing the net for “how to cancel timeshare legally,” scammers are beginning to complicate things. Scammers send out spam emails to people randomly, saying they are interested in buying their timeshare. Common ones claim to have waiting buyers. They hook you with a fee to connect you both. Some can charge you a fee to take unwanted timeshare off your hands, but the transfer of ownership won’t go through, therefore, leaving you to take on the unwanted timeshare and fees.
