Timeshares A Risky Investment

Timeshare resales

There are some terms worth noting at the start of this article. They are there to give a brief overview of the topic and what will be covered. They are sell my timeshare, selling a timeshare, timeshare attorney, timeshare attorney reviews, timeshare attorneys, timeshare attorneys in Florida, timeshare cancellation, timeshare cancellation attorney, and more.

There are some statistics worth noting at the start of this article as well. They are there to give a detailed specific point about the topic at hand, and are there to illuminate the concepts in this article. They are:

  • 3% of households own a timeshare.
  • There are 1,547 timeshare resorts in the country.
  • The average age of timeshare owners is 46.8 years old.

The origins of what is now called timeshare began in England after the second world war. Four English families went to vacation in a small house on the seaside, when one of them proposed that each should have a stake in the house, which would then be used by each of the families for a person of time. That initial deal was one family per season.

Soon, the timeshare moved from a four person share to a 52 person share, with each person or family owning the timeshare for one week out of the year. This soon became popular with many, as some who had wanted to own a property on the beach or in an amazing exotic location now had that opportunity.

But timeshares quickly fell out of favor with the population and with the government. The rush to sell and buy timeshares was looked at from investors as kind of a gold rush of sorts, with many of them flocking to Florida and to the Caribbean with the hopes of selling a timeshare to people and making a significant amount of money.

Soon, because people were not reading the contracts and getting stuck in certain situations, the government of Florida intervened and set ground rules for people to follow that helped them better understand the negotiations. There were still issues, however, and the reputation of timeshares declined to the point that today they are laughed at.

It is now a running joke that people try to “sell” their timeshares because they have gotten stuck in a bad deal.

And people still do get stuck in a bad deal. This is partly because they are interested in the initial timeshare pitch but also because the timeshare people use aggressive pitches to put pressure on people to buy a timeshare, which results in a person buying something they don’t want. Currently, a person can renege on an agreement in 72 hours with no problem.

This last part was due to the Florida government stepping in.

There are some very negative things about timeshares. Timeshare plans cannot be sold after purchasing or are extraordinarily difficult to sell. A person may try to sell their part of the timeshare, only to run into problems with the timeshare company. They may get roped into the deal and spend most of their savings.

The timeshare also does not go away upon death, instead passing on to other family members. This is a major issue for many, as the time share was not entered into by the other family members, but then they are saddled with the debt of the timeshare. Rent generally never stops for the timeshare. It’s not actual ownership of the property.

Selling a timeshare is difficult. While there are some options about selling a time share, most notably about finding a lawyer to sell a time share, it is a very difficult problem and that can lead to a negative feeling about the timeshare. There are many others issues with timeshares as well.

There are some terms that are worth knowing for someone who is looking to sell a timeshare. They are warranty deed in lieu of foreclosure, timeshare rescission letter, timeshare rescission period, timeshare deed back letter, timeshare deed in lieu of foreclosure, timeshare cancellation law, timeshare cancellation lawyer, and more.

Timeshares originally started in English during the 1940’s and quickly became popular. In the United States, they flourished until the government cracked down on their unethical practices. A timeshare is now a running joke, as it is hard to get out of them and they represent a bad investment. Selling a timeshare is difficult and time consuming.

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