Selling a timeshare

back story So I'm one of the many suckers that fell into the trap at a resort to buy a (point system) or timeshare membership. This was recently.. 2 weeks ago and I haven't started paying anything yet. I was planning on paying the entire loan off and using the points for vacation but plans changed and I'm buying another home. Now that being said traveling has gone out the window or at least more then once a year which make this program not worth it plus the maintenance fee and unexpected assessment fees..

I called for my options to surrender my timeshare and obviously none of them were good.

1. pay off 60% of it then I can relinquish it. Nope 2. brings me to this site to sell it. 3. Is outside the box and obtaining an attorney to see if they have another way I can get out

back to option 2, Do people actually buy other peoples timeshares here and how often do they? I seen the fees but I am willing to pay that to get out.

cliffordf22 wrote:

This was recently.. 2 weeks ago and I haven't started paying anything yet. I was planning on paying the entire loan off and using the points for vacation but plans changed and I'm buying another home. I called for my options to surrender my timeshare and obviously none of them were good.

1. pay off 60% of it then I can relinquish it. Nope 2. brings me to this site to sell it. 3. Is outside the box and obtaining an attorney to see if they have another way I can get out

back to option 2, Do people actually buy other peoples timeshares here and how often do they? I seen the fees but I am willing to pay that to get out.

How much have you paid already? Your best bet at this point might just be to say goodbye to what you have already paid and not pay another dime. No one is going to buy what you have if there is still a loan or mortgage owing on it.

And you do not need to use any lawyer or attorney or any company that claims it can get you out of this predicament. These companies are scams that claim they can do so.

I own a timeshare in Myrtle Beach, SC. It is paid off. The timeshare is not really what I had anticipated. I feel like it is an act of God to get out of or try to get rid of. The timeshare is paid off. Any suggestions are appreciated. Thanks, Christina

christinam796 wrote:

I own a timeshare.... It is paid off. The timeshare is not really what I had anticipated. I feel like it is an act of God to get out of or try to get rid of. The timeshare is paid off.

One important thing to do is to get a realistic idea of what your timeshare is worth on the resale market. Most out there are worth zero dollars or less. so don't go asking for or anticipate sky-high resale prices.

When you get a good idea of what your unit is worth on the resale market, advertise it on reputable resale websites such as here on RedWeek, Timeshare Users Group (aka "TUG"; tugbbs.com), or E-Bay. Craigslist or Facebook Market place are also good options.

Do not pay any company a large, upfront fee to sell, rent out, or "cancel" your timeshare. Any company that asks for a large, upfront fee is a scam.

Does anybody knows how long does it takes when you sell a timeshare by the time after you agree with the price with the buyer? I mean the scheduled time (days) to get your money

Has anyone been told of a buy back program with Marriott: First, purchase 1000 trust points. Marriott would then sell whatever units you want to dispose of. They keep half of the proceeds, owner gets 50%. Might depend on the desirability of the particular property. This was presented to us last week meeting with sales manager in response to questions of downsizing.... Understand you may only break even or lose money on the deal depending on what you are selling. Looking for authentication from other users (if any).

jeffreym9 wrote:

Has anyone been told of a buy back program with Marriott: First, purchase....

......This was presented to us last week meeting with sales manager in response to questions of downsizing.....

The fact that you have to "first, purchase" is a red flag. How much is this purchase? How long do you think it would take you to recoup that money from Marriott's work for you?

Also, these sales presentations are notorious for telling lies and half-truths. It's generally recommended that you do not buy anything at these sales meetings or presentations because they are always overpriced.