Maximum timeshare buyers face a hard time accepting to accept that a timeshare (something they have spent thousands of dollars on) can have little or no value. So when the timeshare becomes a financial burden for the owner, their 1st inclination is to rent or sell it. Unfortunately, several companies have come up in the last few years to exploit the idea that timeshares can be easily sold.
These companies come under two categories. These are the sketchy companies that claim they can rent or sell your timeshare. And the fraud type that professes to have buyers waiting in the Que. Both these types are well aware that the odds of a person renting or buying your timeshare are very low (less than 1 percent). Well, this article includes the top 4 things that the owners should know before canceling their timeshare contract.
Top 4 Things the Owner Should Know Before Cancelling the Timeshare Contract
So the question that arises now: What not do what others are doing, and sell or rent your timeshare? Here are some bad ideas:
If You Resell Your Timeshare Contract for a Dollar, You Are Still Liable for Payments to the Timeshare Resort if Your Customer Stops Making Payments
You read it right. Several timeshare companies form their contracts in such a way that the original owner can transfer their timeshare purchase by way of a quitclaim contract only. But a quitclaim contract hardly transfers title; it does not transfer the legal obligations to pay an annual maintenance fee or a monthly mortgage.
So while your buyers will have a legal title, you will still be on the hook for any due payments for the existence of the timeshare contract. So if you sell your timeshare even for single a dollar, make double sure that the person to whom the timeshare is being transferred is a person you can 100% trust to make well-timed payments for your life, not theirs.
Legally Cancelling Timeshare Contract is the Only Way Out!
This means that the original owners must directly negotiate with their timeshare company and somehow convince them to proceed with an official timeshare release. Even Timeshare Cancellation Companies do the same by accounting timeshare companies for the misconduct of their salesperson, which includes FDCPA and FTC violations, outright exaggerations, and omissions of fact. Whether you go with these companies, just make sure that their method is to negotiate only directly with your timeshare company.
A legit timeshare cancellation company will suggest you sign an attorney with limited power, which further authorizes them to speak to your timeshare on your behalf. They should keep you updated as well on their progress regularly throughout the process. Again, this is the only legal and foolproof way to cancel a contract.
Several Timeshare Companies Use Unlawful Sales Tactics
Ever wonder why the timeshare owner cannot go down to the local timeshare store to purchase a timeshare? He cannot, as the only way of selling a timeshare week is to bait the client with a gift, and wear him down with well-planned sales tactics. And execute it all within the limitations of the hotel conference room.
Here’s how the entire thing works:
So the owner has entered the bait and sitting in a lavish conference room with various other people to watch a 90-minutes presentation. The first several minutes are fun because the hotel is gorgeous, and the host speaker is funny and charismatic. His purpose is to bring together a game-show environment to loosen everyone up. He is usually good at this.
However, while this is happening, the potential buyers are watching, on a closed-circuit camera or either from behind the stage, the people watching the buyers are the timeshare company’s top salespersons. They look for facial expressions and body language matching their past successful sales. The company does it ensures that unsuspecting buyers are assigned with the best salespersons with the highest chances of buying the timeshare.
Timeshare Companies Use their A-Rating with the BBB (Better Business Bureau) to Give a Fake Sense of Security
Honestly, it is easy to achieve an ‘A-rating’ with the BBB (Better Business Bureau). That is partly true as the BBB isn’t a government organization; it is a private organization that charges high fees for accreditation. The fees can sometimes be so expensive that even huge companies such as Microsoft and Starbucks choose not to pay them.
Instead, they choose to remain unaccredited. So, simply because a company is BBB accredited doesn’t mean they are legit. Instead, Search for how many people have registered complaints on the BBB’ bad reviews page.
Thinking to cancel the timeshare contract and being willing to free you from the heavy maintenance fee? The above article has included the Top 4 Things the Owner Should Know Before Cancelling the Timeshare Contract. Hope that this article was useful for all the readers.