I own a timeshare but dont use it and cant afford the maintenance fees. I owe $0 on it. Need to sell fast?
Is there anyway of getting out of the past due maintenance fees when I have not used the property for over 4 years ? What options do I have of getting out of my contract ? Repossesion process ? Take a loss on taxes ?
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Tags: Maintenance Fees, Options, Timeshare
sell property | , 29 May 10
By bowke28, May 31, 2010 @ 6:14 am
There is a small market for them on eBay, but you will have to sell CHEAP to get rid of it.
By v b, June 2, 2010 @ 4:54 am
The maintenance fees are still owed. You have to pay them whether you used the property or not.
By the way, you can’t take a loss on a timeshare unless you have been renting all weeks from the time you bought it. Personal use prevents you from claiming the loss.
By Thick Hun, June 5, 2010 @ 8:42 am
Don’t lose any more money by giving it to an online timeshare seller who asks for any upfront payment to sell it for you.
Local advert or online selling but expect to get very little – you may be better to just ‘lose’ it.
Depends what and where you own but if you have not paid last four years then you don’t owe $0 on it.
By Jay S, June 7, 2010 @ 11:48 am
My aunt was able to sell hers for $300 to a real estate agent. Give that a try. This after spending around $6500 for it decades earlier plus all the annual fees and membership dues.
No idea how people keep getting roped in to these rip offs.
By tntsolid, June 10, 2010 @ 12:36 pm
If you get the maintenance fees up to date then a good alternative is donation, some charities take these timeshares just be careful with companies that charge money up-front (any legitimate charity would not charge anything for the process). You can see a list of them here:
Also; If there is a mail box or a community bulletin board at your home resort, you can put a “For sale” sign. This will pressure the developer specially if they sell it for $20,000 USD and you offer it for $5,000. Sometimes on the fine print of some sale agreements says that the developer has the first right to buy if your place is ever sold. I have heard of developers paying the money (as long as is not too much) just to take the sign out.
To resale or rent a timeshare is a hard task, the basic rule is not to pay money up-front, don’t be another victim of a scam.
Unfortunately over 50% of people that really need to sell their timeshare falls for this resale scams where they charge money upfront and less than 10% of them use their only real option which is to post it or offer it trough free advertising options as much, and as many sites as they can (it is ok to pay a few dollars to post in a great place but no more that $20 to $30).
Timeshares do not have resale value and in most situations you would take a loss in what you paid for, as they resale for less than $2000 USD.
There are some free classified ads where you can start posting: