In the midst of a world wide economic recession, many consumers are looking through all of their assets and starting to think, "Is it a good idea for me to sell this?" One of the first things that people decide to get rid of during the unfortunate time of financial hardship is their timeshares.
Timeshares, although they can be enjoyable, tend to be a very costly luxury to keep up.
Between mortgage expenses and annual maintenance fees, the bills many times can prove to be too much for some people to handle.
However, is it worth it for Americans to sell a timeshare in today's market? What are the risks and rewards associated with selling timeshares today? To answer these questions, we have to take a deep look into the timeshare supply and demand factors.
Unfortunately for those people trying to sell their timeshares, these factors go against them these days.
Timeshare corporations have been putting up timeshares all over the world throughout the past several decades.
This has created a huge supply of timeshares around the globe.
Also, due to wide spread economic recession, a great deal of Americans have placed their timeshares on the resale market.
Between companies putting up new timeshares and people attempting to sell their own properties, an influx of available timeshares have been added to the market.
Now let's take a look at the demand factor in the equation.
As the world wide financial climate continues to become more and more stormy, quite a few Americans have stopped buying unnecessary luxury things.
This has created a huge reduction in the consumer demand for timeshares.
So, after reading the above, I am positive consumers are able to see, now is not the time to try to sell a timeshare.
So, what do consumers do who just can't afford to keep their timeshare? Should these people let their timeshare go into foreclosure? The simple answer is not to let anything go into foreclosure.
However, for those who feel like they have no other options, I have come across an option that is extremely feasible.
This option is called timeshare cancellation.
Timeshare cancellation is the process of deeding a timeshare back to the developer based on discrepancies in the sales process associated with that timeshare.
Simply put, timeshare sales representatives have 52 laws that regulate their jobs.
If they broke any of these laws in the sale of your timeshare, you will be a great candidate for timeshare cancellation.
Although I don't have enough space to go over all 52 laws, the most commonly broken are: Long tours: It is unlawful for a timeshare sales representative to sell a timeshare to a consumer if they had been part of a tour that lasted longer than 90 minutes in that same day.
Forceful and Aggressive Sales Tactics: These include false sense of urgency, rushed closing, failure to point out cancellation policy, insinuating a good investment, etc...
If you feel any of these tactics were used in your sale, you may qualify for timeshare cancellation.
It is advised to get professional help when deciding to pursue the process of timeshare cancellation.
Please do not attempt to fight the legal team these developers have without getting a team to fight with you first!