You have arrived home after a wonderful vacation. During your vacation you bought a timeshare and now have changed your mind. What do you do?
Unless you take action quickly to rescind the contract you may lose the right to do so. This rescission period varies from state to state but could be anywhere from five to ten days after the contract was signed. If you are within that period (depending on the state where you bought the timeshare) you should put your request to cancel the contract in writing. Be sure to include all the information about yourself, a description of what you purchased, the name of the timeshare company, and the date and time when you made the purchase.
That also depends.
It would be a very long drawn out (and probably expensive) process but you could consider hiring a real estate attorney. This attorney could advise you and perhaps prepare a strategy to convince the timeshare company to take the property back due to some fault of theirs. Again this would be expensive and time consuming.
You could possibly give the timeshare away. Or even donate to charity.
However, others might not want the timeshare for the same reason you don’t want it: expensive fees, not flexible, not easy to book, and not a desirable location.
The most common idea is to sell your timeshare. But unless you already have a buyer for it prepare for a possible long wait and a disappointing sales price. You may have already found that timeshares are tough to sell on your own.
That’s why I’d recommend a licensed timeshare resale specialist or timeshare resale broker to handle this for you. You will get more money for your timeshare and a more reliable outcome. Using a broker to handle it for you would be worth the sales commission – especially once it is all said and done.