With the current economic slump, an increasing number of people are having difficulty paying their mortgage, keeping up with their bills and the increasing prices of food and fuel. Worse yet, thousands are finding themselves out of work each month and a lot of homeowners are in danger of losing their homes to foreclosure. If you have a timeshare, it can be especially tough with maintenance fees increasing annually and special assessments in the amount of hundreds or even thousands of dollars can come at any time. It’s a good idea to rid yourself of your timeshare now before things get even worse.
If you still have financing on your timeshare, then it behooves you to pay off your mortgage as soon as you possibly can. You’ll not only be free of those high, non tax-deductible interest payments but it will be much easier to sell a timeshare which does not still have a mortgage attached. Since there are so many other timeshares on the market which are paid in full, most buyers will simply pass by a timeshare which still has a mortgage owed on it.
It’s never been easy for timeshare owners to resell — a FTC report reveals that over the last two decades, a mere 3.3% of timeshares listed for resale have actually been sold. With the current economic climate, it’s even tougher to sell and it can take a long time; during which you’ll have to pay for advertising and broker’s fees! With those special assessments coming ever more frequently, you can’t afford to wait a second longer than absolutely necessary.
Renting does not make sense when you could be invoiced for thousands of dollars in special assessments. You might make some money in rent, but lose money overall without ever going to the timeshare resort yourself.
Many charitable organizations no longer accept timeshares as donations because they know of their long-term cost and liability. So, like finding a proper buyer, you may end up spending a good deal of time finding a charity that will accept your timeshare. There’s no guarantee with donation and the timeshare bills will not wait for you.
If you’d like to avoid these surprise charges for special assessments (which can be in the thousands of dollars), then you’ll want to get that timeshare of your hands as quickly as possible. Trying to handle the sale on your own can have mixed results; and the longer you wait, the more fees you’ll end up being assessed with and the more stressful the experience will be. The best way to go if you want to get rid of your timeshare in short order is to work with a timeshare transfer company to get rid of your timeshare right away.
A good timeshare transfer company will guarantee the transfer of a timeshare out of an owner’s name so that the owner is no longer responsible for any fees associated with that timeshare. This service is performed for a fee. The transaction is quick and should be binding the minute that you sign a contract. In other words, any fee that is mailed to you after the contract is signed should go to the transfer company and not to you. Your financial responsibility for the timeshare will be lifted upon signing the contract.
It’s important to choose a timeshare transfer company which is reputable. Look for companies which have been around for a minimum of 4 years, since this will help you steer clear of those companies which are run by dishonest operators. Also look into how the company is rated by the Better Business Bureau. No company will be entirely free of complaints — but you should check if complaints from customers have been resolved by the company and that the BBB gives the company a good rating.
Whether you go with a timeshare transfer company or sell it on your own, when you get rid of your timeshare you also free yourself from a financial burden and a great deal of stress. This lets you turn your attention to the important task of keeping your home!
