New time share owner - want out!

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Original Message:

Re: New time share owner - want out! (by R P.):

ojonge wrote:
Please help. I bought a timeshare at a presentation in Orlando back in April. It's a new resort called villas at regal palms, 12 miles from Disney. At the presentation, we were promised 6 vacations with air and accomodaion anywhere in the world, but didn't realize these were coupons with other purchases required in order to get something for free. We called the company, and after explanations that did not make sense, we just don't want to own our timeshare anymore. we bought 3 bdrm, 2.5 ba everyother year, with floating weeks for 13,000. we paid $199.00 to a company called IBD marketing back in July and haven't seen our listing anywhere on their website. I advertised on TUG, and red week for sale and for rent but haven't received any offer yet. It was financed by the timeshare company and we've been paying since May. It's been the worst decision we made while taking vacation. It's costing us a lot of money. Please help us on the best way to sell this thing. Thanks, OJ,

You will not get back on the resale market what you paid the developer. Resales garner only about 1/3 to 1/4 of what was paid the developer. Also, the vast majority of people will not buy a resale that has a mortgage on it.

Look in your contract to see if it has a rescission clause. By law, the contract should contain this clause, however even if it does you are way beyond any rescission period.

All upfront fee resale companies such as IBD are rip-offs. You may as well be throwing your money down the toilet.

My suggestion is to keep paying on your mortgage and enjoy your timeshare until it's paid off and then try to sell it. A 3 bedroom, 2-1/2 bath shouldn't be hard to sell if you price it right (1/3 to 1/4 of what you paid the developer.) The reason developer bought timeshares are so high in cost is that you, the buyer, are paying for the developer's expensive marketing.

There are literally millions of people that have bought their first timesahare from the developer and then they go on to buy more resale weeks, so don't beat yourself up over your purchase. Many people get hooked on timesharing.