Cancel a Timeshare - Tips to get rid of it
Most of people who have purchased timeshare contracts become excited about the travel possibilities express by a sales representative. These possibilities usually are never used. By this time you probably realized that you spent thousands of dollars on a timeshare that is not what you or your family need. Regardless of the reason why you feel you need to cancel a timeshare, you need to know some basic steps to dump it fast and avoiding any possible scam from timeshare sharks.
Tips to Cancel a timeshare:
- Read the timeshare laws for vacation ownership where your timeshare is located. If it was purchased in Mexico, then, it is ruled by the Mexican civil law. Timeshare sales are governed by the state or country you purchased and not by your residence. Your contract must specify your cancellation grace period without incurring in any penalty as well as any resell limitation you might have. Mexican timeshares have a five day cancellation period and this right is can´t be waived.
- If you can´t cancel your timeshare, determine a realistic price for it. Don´t take advise from timeshare resale companies as they will "sweet the coffee" and make unrealistic expectations trying to get money upfront from you to sell it. Search timeshare sales similar to your in websites such as EBay or RedWeek. There you will find that timeshares loose their value 90% or even more when selling it in the secondary market. I know Is is frustrating the fact that you paid a lot more and you will not see that money coming back but at least you will save thousands of dollars on unwanted maintenance fees.
- Place ads on timeshare sites. There are many and the most important are TUG, My Resort Network RedWeek and EBay. The more exposure it gets, the quicker you will Cancel a timeshare. Take in consideration you will most likely receive cold calls from people claiming they have a buyer ready to pay but you need to pay transfer fees... hang up immediately; if you listen to them, you might become a victim of timeshare fraud. NEVER PAY UPFRONT TO RENT, SALE, TRANSFER, DONATE OR CANCEL YOUR TIMESHARE -I can´t say this enough-.
- Respond all inquiries as soon as possible. There are lots of timeshares for sale so you need to catch them before they go somewhere else. Have all the info available for any questions they might have; The most common questions are, "What´s the maintenance fee?" or "How often can I use it?"
- Don´t kill the deal; negotiate. If you get a low baller, make a counter offer. Think of the future maintenance fees you will be saving.
- Hire a closing company to do the transfer. ALWAYS use one approved by the ARDA -American Resort Development of America- to do the closing for you. the fees are between $300-$800 USD.
If someone or a company cold calls you claiming to have a buyer with thons of cash ready to hand over it to you, be careful. These companies will usually ask you to pay for fees in advance and later on you will discover that this buyer never existed. These companies make their money from people trying desperately cancel a timeshare.
Remember that to cancel a timeshare you don’t have to pay an upfront fee. Mexican Timeshare Solutions works under a contingency basis and only collect fee if the contract is fully cancelled, otherwise, no fee is charged. Contact MTS for a free consultation and s full advice on your timeshare matter. It’s time for you to get away from that contract.
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