A timeshare exit is a process by which owners of a timeshare agree to sell, transfer or foreclose on the ownership of a timeshare. This process can be very stressful and costly, and it can be hard to know what to do. However, it’s important to be aware of the different options and strategies for getting out of a timeshare. The best way to do this is to have a clear idea of how you want to do it. You can do this by determining your needs, researching your options and negotiating with the resort.
It’s a common mistake for timeshare owners to fall for money-back guarantees offered by companies in the exit/cancellation business. These companies claim to offer a free consultation or “miracle” solution, but the truth is that many of them actually charge hundreds or thousands of dollars for a single session.
If you’re considering working with an exit company, you should always find out how much they’re going to cost and how long it will take to complete the process. In addition, you should ask about their escrow program. This is a safeguard against fraud. Essentially, a third-party company takes an upfront payment from you and holds it until the transaction is completed. The reason for this is to ensure that your funds aren’t stolen by the seller. It also gives you the added security of knowing that your transaction is legitimate.
There are plenty of scams in the timeshare industry, and you should be armed with a solid exit strategy and the right information. The best way to do this is to read reviews of timeshare exit companies and ask about their services. You can find a list of reputable companies by visiting the ARDA website. This organization has established a Responsible Exit Coalition to help timeshare owners get out of their membership agreements the right way.
One of the most important features of an exit company is their escrow program. While some companies don’t have this feature, you can rest assured that a reputable timeshare exit company will partner with an escrow company. This allows for the legal process of selling or foreclosing on a timeshare to take place without putting your credit at risk. A good escrow company will have these three key criteria in order to keep you out of harm’s way.
Aside from escrow, you should also look for an exit company that offers free consultations. This will give you the chance to learn more about your options, save yourself money, and prevent the hassle of maintenance fees. A good exit company will also work with your preferred closing company, making it easier to leave a timeshare with the peace of mind of knowing that your payment will be made on time.
If you’re considering using an exit company, don’t forget to consider your local laws and the timeshare contract in your state. If your state requires you to have a formal timeshare cancellation, make sure the company knows about it. If they don’t, you may be wasting your time and money.