The U.S. Shared Vacation Ownership Consolidated Owner’s Report for 2016 found that roughly 9.2 million households are the owners of at least one shared vacation ownership product, which usually equates to a timeshare. Getting rid of a timeshare you bought into can be a long, drawn out affair. Breaking a contract can be difficult, especially when you feel intimidated by your lack of knowledge. Hiring an experienced timeshare cancellation attorney might be best, especially because timeshare resales are frequently a documented scam operation.
Here Are Some Numbers on Timeshares. They Don’t Paint a Good Picture.
If you do not own a timeshare or know anyone personally who owns one, you might wonder just how these properties are being sold and to whom.
- -About 25% of all the timeshares in the U.S. can be found in Florida.
-The people who buy a timeshare are an average age of 46.8.
-The price a new buyer pays for a new timeshare averages to $20,040.
-This is a $70 billion industry.
-Here is one more number: 7 days. That’s the average amount of time a buyer has for getting out of a timeshare contract.
These people are usually on vacation. They are enjoying themselves, not thinking about contracts. By the time they really sit down and review what they have signed, it might be contractually too late for accepted timeshare resales.
Timeshare Resales: Beware Scam Artists.
It is a sad truth that many people who try to sell their timeshare often are met with scam artists who charge a high “premium” and make off with the money, the timeshare and all of its problems remaining. For some owners a misstep in their financial standing, whether from the loss of a job or a death of a spouse, the once-acceptable payments or yearly obligations are suddenly too much to handle. Yet there is no recourse for them from the timeshare company.
Timeshare Contract Release: Try Calling In a Timeshare Cancellation Lawyer.
The property owners are left with few options, as timeshare resales are near non-existent and they cannot simply hand it off to the company. There are lawyers who have experience contacting the timeshare company on behalf of their clients to break the contract. This could be a good option for those timeshare owners who don’t see another way out.
A timeshare is a big purchase, and very often the buyers do not realize just how big of a purchase they are really making. More than anything, a timeshare is a contract, and those are not easy to get out of on one’s own. If you find yourself or a friend in this situation, try to get help from a reputable source. Do not pay a premium to a “reseller,” as there are simply too many sad stories of that route going terribly wrong. Try to talk to a legal representative, to see what your options might be. See more.