My boyfriend and I were talked into a timeshare a few months ago even though Im pregnant and I have to get rid of it before I waste money we don't have. I have only owned for a few months and haven't made any payments on it yet so selling it for half price doesn't seem like a option. Help!
2007-11-01 09:12:26 · 5 answers · asked by brandinni 2 in Business & Finance ➔ Renting & Real Estate
In many developer contracts (and often required by government statutes and/or regulations) there may exist a Rescission period. The Rescission period outlines how many days after a timeshare purchase, from a developer, that a buyer has an opportunity to change their mind and cancel the purchase.
The Rescission period is usually only a few days long and the buyer must follow the cancellation procedure exactly or risk the request to rescind being ignored.
Mexico requires a five-day rescission period on all time share contracts, as stated in article 56 of the Mexican Federal Law for Protection of the Consumer. Some Mexican resorts have drawn up contracts declaring that there is no rescission period, but any such claims are fraudulent.
In some situations, as long as you have not used the unit you can still cancel.
If you didn’t buy long a go, you might still be under the recision period, check on that ASAP, if that is not an option; then resale is the next step.
To resale or rent a timeshare is a hard task, a basic rule is : don’t pay money up-front. There are some free classified adds where you can post it and get some results:
http://timeshareownerscommunity.com/
http://craigslist.com
http://ebay.com
http://timesharegateway.com/
http://bidshares.com/
2007-11-01 14:42:42 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Well, it's too late to back out of the contract now. Most of these contracts have three day waiting periods. I would see what sort of money you can get for it in the secondary market. If 50% is the best you can get, you may have to eat your losses and take the lesson. It depends on how bad things are financially. If you don't make any payments they will foreclose on it and you will end up with nothing.
Good luck,
Dana
2007-11-01 09:21:47 · answer #2 · answered by Dana A 6 · 1⤊ 0⤋
Sucker someone else into buying it.
2007-11-01 13:54:45 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋
Timeshare.com
See what they will offer.
2007-11-01 09:15:35 · answer #4 · answered by Fuzzybutt 7 · 0⤊ 0⤋
i feel bad for you! sell sell sell!!!!! GL!
2007-11-01 09:16:28 · answer #5 · answered by trix 2 · 0⤊ 0⤋