It’s not hard to get sucked in by timeshare vacation promotions and the high pressure sales pitches put on by various resort properties. They’ve got incredibly tempting methods for getting people into the presentations, they will supply freebies and special discounts to nearby attractions and even cash. Once you are in the presentation there’s a high-energy ambiance to get people excited about “investing” in a timeshare. These expert salespeople are very good at getting people to make a purchase and closing the deal but what happens when you can’t afford to keep it?
Owning a timeshare is in many ways like owning any other kind of property but in the case of a timeshare you are buying a percentage of the unit and even if you are able to pay for your unit without borrowing any money there will still be regular expenses. For many people there comes a time when a week at that fancy vacation resort is something they are not be able to use. For other people there are more serious issues, like the loss of a job for instance, which makes keeping their timeshare out of the question.
In the event that you no longer wish to use your timeshare or in case you are no longer able to carry on with the on going fees you may need to sell your timeshare. The bad news is that it is not easy to sell a timeshare. There are many more sellers out there than people that are buying so unloading your unit will likely be difficult and if you are able to get rid of it you will need to sell it at a sizeable discount.
If you are not able to sell your timeshare you might want to look into donating it to a charity. A timeshare donation to charity is an interesting solution to many people when they realize that their unit is only worth a tiny fraction of what they paid for it at that intense sales presentation. A quick Internet search will present you with a variety of charitable organizations that will accept these kinds of contributions but even charities that regularly accept timeshare contributions will not always have the ability to take your unwanted unit off your hands.
In case you have tried every option you might find yourself getting acquainted with the timeshare foreclosure process. Much like with any other piece of real estate, if you stop making payments you will ultimately end up in foreclosure. Even if you don’t owe any money on a bank loan you could still end up going through foreclosure when you fail to pay your monthly maintenance fees. In the event you lose your timeshare to foreclosure it can have a damaging and long-lasting impact on your credit score.
I’m not trying to dissuade anyone from purchasing a timeshare but I am trying to persuade you to conduct a little research so that you know precisely what you’re getting yourself into. If you do decide to purchase a timeshare make certain you never purchase it from a vacation resort because you can get a significantly better deal by purchasing an unwanted unit from an individual that needs to dispose of one. Simply by purchasing from a prior owner you can get into a terrific unit for a fraction of the retail value.