Exiting a timeshare can be a daunting task. Many people enjoy their timeshare for years and then have financial or family circumstances change. They may decide to sell the property, pass it on to another owner, or just give it back to the developer. However, if you are considering selling your timeshare, you need to understand the process first. It can be expensive, and you may have to deal with scams. You should also look for a reputable timeshare exit company.
There are a number of companies out there that offer a money-back guarantee. They claim that if they don’t provide the service you want, they will refund you the money. If you are unsure about a particular company, you can get a free quote from them.
There are three types of escrow services. Escrow is a third party that holds the money until the transaction is complete. This allows both parties to have peace of mind. It also reduces the risk of timeshare exit scams.
You can find information about these companies on websites that list their reputation and services. The best way to learn about the service is by reading positive testimonials from past clients.
Timeshare exit companies may charge up front for their services. They can range from hundreds to thousands of dollars, depending on the complexity of the exit. Unless you are prepared to pay this amount, it is best to avoid them.
Whether you are looking to sell your timeshare, gift it to a friend, or simply pass it on to a new owner, escrow is the safest option. It is much more expensive than a traditional exit, but it offers the added protection of a legal transaction. This means that the seller has an incentive to complete the service, and the buyer has the opportunity to verify that they are happy with the work. It is only after the transaction is completed that the money is released from escrow.
The other important factor is to check with the escrow company that is involved in the transaction. You don’t want to get scammed, so you will want to find a reputable timeshare exit company that works with a reputable escrow provider.
If you are unsure about which company is best for you, contact the ARDA (Association of Real Estate Distributors) for a listing of reputable timeshare resale companies. The ARDA has created the Responsible Exit Coalition, which includes a list of resources that can help you to exit your timeshare in a secure and legal manner. You can also read our blog for more information on this subject.
You can also learn more about the timeshare industry by checking out the FTC’s website. They list a number of frauds, including “imposter” scams. The FTC recommends that you do your own due diligence, but the ARDA has a list of reputable timeshare resale firms that you can check out. The red flags to watch for include high up-front fees and the use of escrow.