Timeshares for $1.00?
actually a terribly costly idea that left them holding a worthless property. To see evidence of this, check out
ebay or craigslist for timeshare auctions. You will be amazed at how many timeshares are being auctioned or
sold for $1.00! But why are timeshare owners basically giving away their timeshares?1. The yearly maintenance fees, which seem to increase every time they come due. Even if you have paid your timeshare mortgage in full, the maintenance fees remain in perpetuity; i.e., FOREVER! In most cases, they are passed on to your heirs with the property.2. A timeshare is a lifelong commitment to a very select vacation option. Even with the option of exchanges, more often than not you are left with availability issues and frustration in not being able to use your timeshare.
3. You think at purchase time that you will be in control, but later realize that you have very little control. Maintenance fees continue to rise and you may be hit with periodic special assessments.
4. At some point during timeshare ownership comes the realization that your timeshare is basically worthless. Perhaps you’ve tried using a timeshare reseller and have been scammed out of thousands of dollars. Or maybe you went as far as to contact a charity to give your timeshare away to them, only to be told that they did not want it.
We recently took a look at an example ebay auction for a Colorado timeshare where the starting bid was $1.00. Looking closely, it became apparent that the seller, acting through a reseller who was using ebay to affect the sale, was going to lose a lot of money in the transfer transaction.
a. The reseller is simply interested in making the sale, whatever the final outcome, and were actually quite forthcoming about that point in their description. They were already happy, having been paid by the seller prior to the listing.
b. The auction was in September, 2017, and the seller already paid the maintenance fees for that year. The buyer is not responsible for fees until 2018.
c. All closing costs, taxes and resort fees were paid by the seller. So what did the buyer receive at the end of the auction, which, by the way, ended with a winning bid of $1.00? They received the free and clear timeshare title for $1.00. However, they also received the full headaches of timeshare ownership – perhaps only to begin their own journey towards divestment of their new timeshare.
Are there any options for recourse if you feel trapped by your timeshare ownership? Yes! Timeshare cancellation is a viable and attainable result for divesting yourself of your timeshare. Consider retaining the services of a reputable timeshare cancellation law firm, such as the Aaronson Law Firm, to help you cancel your timeshare. Our attorneys stand ready to bring the expertise and pressure necessary to get your timeshare cancelled. It’s all that we do…