|Desperate to Rid
yourself of your timeshare?
This page is a list of last resort options for you to use in an attempt to rid yourself of your timeshare WITHOUT being ripped off by upfront fee companies, or numerous other organizations that want to charge you countless hundreds of dollars to only turn around and utilized these options themselves on your behalf! Dont get taken! Before you spend money to rid yourself of your timeshare, make sure you have tried each of these options first!
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When You No Longer Want To Own your Timeshare at any cost!
It's unfortunate when a timeshare investment is no longer viable. If you find that you can't sell your timeshare, here are a few things you might consider. This is anecdotal advice from other TUG members. TUG does not in any way endorse or provide legal commentary on these or any other situations. Please note that these are last resort options to try before wasting even more money having someone try these options for you! Each of these options you can do yourself!
Original Author: Mark Perry - Lifetime TUG Member
Please send any corrections or additions via e-mail to email@example.com
Last Update: 8-Aug-2011 - B. Rogers
Give It Back - Timeshare Deedback
This is whats called a Timeshare Deedback to the resort. While it is a longshot, it only takes a phone call or two to ask, and even if the resort refuses, you are in no worse situation than you are now so why not try! In order for this to be successful, the timeshare MUST be paid in full and have no back taxes/fees/etc owed to the reosrt. It is simply a matter of calling the resort and speaking to the appropriate person and ask if the resort is willing to take the week(s) back. It is not uncommon for the resort to charge a transfer fee for this, but please note that you should ONLY pay this to the RESORT itself. Also note that the resort does not have to accept the deedback, as more and more owners try this method, there are only so many weeks the resort can simply "take back" and still maintain the level of funds it needs to operate (maint fees).
The following is an example given by a TUGGER describing a successful deedbacks:
Lake Gaston Resort 804-577-2193 (Virginia)
Basically what we did was give up any rights we would have to this "membership" or any rights of our heirs or assignees in the future. usually a Quit Claim Deed is used when there is a divorce and there hasn't been a clear determination of what monetary value each party has in the property and one of the parties is giving up his rights to the property. Usually the lawyer of the person receiving the property is the one who has it recorded in the locality in which it is located. (That will be on your deed, as will all of the other information.)
In this case we knew the Lake Gaston Resort would not want to have the property back because they could no longer assess yearly fees. Therefore, we paid the recording fee of $16.50 and had the deed recorded at the county courthouse. Then we took the newly recorded deed to Lake Gaston. They were less than happy but had no recourse. We didn't owe any money on the original note and now we will never owe them another dime on the yearly fees--it's not ours anymore, it's theirs.
You can get a "Quit Claim Deed" form on the Lectric Library in their real estate section, on the internet. You fill in the information pertaining to your situation, description on the original deed, etc. and record it. You don't have to pay a lawyer to do this. It worked for us!
Hope this helps somebody else.
Auction it off for $1
with no reserve
More than a few have been successful selling their unwanted timeshare at person-to-person online auctions such as eBay
Donate It To Charity
Donating your timeshare involves you picking a charity willing to take your timeshare and sell it for you, thus using the proceeds from the sale as the donation itself. Most charities cannot actually use your timeshare, so the most utilized option is to simply sell it for you. This of course means your timeshare actually has to be able to be sold for at least some money in order to even be considered for donation. IE if you can only get a dollar for it on ebay, a charity will have no use for your timeshare and it wont be available for donation. Your timeshare must have some value and be able to be sold in order for you to donate it to chartiy! Sadly if this is the case, you likely arent reading this article in the first place! Please see this article for specific information on Timeshare Donation!
Here are some additional TUG advice pages about donating your timeshare for tax purposes:
http://www.tugbbs.com/forums/showthread.php?t=57760 (tugbbs online forums topic about donating your timeshare...must read!)
Taxes and Timeshares article (Written by DaveM....Tugs resident tax expert and online forums administrator!)
and post Free Timeshare Classified ads (for individuals) in the