Timeshare Relief

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Timeshare Relief Information
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This is to help your readers understand the timeshare resell industry. Regardless of philosophy, "what should be", or greed the mechanics are the same. There are many levels of getting rid of your timeshare. Test each one and decide which is best at this point in time. Consider time because it will cost you more fees if it goes until next year. ** Never believe anyone will accept your timeshare and pay off your mortgage or past due fees. That won't happen. It must be free and clear and paid up. Keep in mind that the after market buyer is looking at it, not as a resort, but as a perpetual future annual bill they are taking on.

1.) DIRECT SALE. You find a buyer willing to pay an acceptable sum to you for the timeshare without having to pay any listing fees. This is usually done through some realty company that will try to get it sold for you on a commission only basis. You pay NO up front fees, get the cash at closing, and control what you will accept. The downside is that it usually takes a long time and only works on the very best units and weeks at the very top resorts.

2.) TUGs. You join a forum or TUG (Timeshare User Group) and post it on their site for a small membership or listing fee. This won't get you any more money, but the members usually are experienced and can tell you what to expect. There are members who keep and use their timeshares and, when the price and annual fees are low enough, will pick up more they think they can use. The cost is minimal. The viewing is reasonable and includes people experienced with timeshares. Those viewers know the low prices they can pay so your receipt will probably be lower.

3.) ONLINE LISTING. You decide to pay a fee to a listing company online. This can range from as low as $15 to as much as $950. The difference is how many hits they get online. This doesn't mean it will sell, especially if you set a price that you initially think is reasonable. The vast majority of these end up never selling.

4.) EBAY. Post it on eBay. When you do, look at the advanced settings to find out what your resort has actually sold for during the last year. You'll find most go unsold or sell for $1. There are dealers out there who you compete with selling for $1. The large majority go unsold. This is essentially the opportunity to give it away for FREE if you're willing to do that. Even then often there are no takers.

5.) DONATION #1. Most charities do NOT take title. They turn it over to their broker and try to sell it for you. This is up to the charity. If it sells, the IRS says they keep the money and you can only deduct that actual cash received, not your original cost or any other amount because value is established on that unit. If they don't believe they can sell it quickly (usually in two weeks) they won't even accept it. If they do take it, you're still on the title and hook until its sold. You can contact a lot of charities quickly to see if they think they can sell it. Most will have experience and tell you quickly instead of stringing you on.

6.) DONATION #2. a very few charities will actually take title to some timeshares which gets you out of it. Usually this is if they can use it to rent or use and they are willing to take on the obligations of ownership fees. There are two variations. First is if the timeshare is a top unit and week at a top resort they know they can rent out for more than the annual fees. Second is where the charity doesn't care about use or resell because they charge a fee from $500 to $1,000 to take title to make their money. This costs you money, but the timing is not up to whether it sells or not. The IRS says that if they keep it for 36 months you can take a $5,000 income deduction for the donation so your tax return can offset the out of pocket costs of transfer. The benefit is you are finally free - for a cost. Make sure you don't pay the charity until title is actually transferred. One charity that does is CommunityHealthTraining.org. Check their Timeshare Donation under the About Us menu button.

7.) COMMERCIAL RELIEF. This include several companies that charge from $4,000 to $7,000 to take the timeshare off your hands. They sometimes advise you to deduct your purchase cost as an investment loss, but watch out, the IRS specifically opposes this. The benefit is you get out fast. The downside is it costs a lot. One problem is that even they have a list of timeshares they won't accept.

The important key is that you can get out of your timeshare, but it will take you time, humility and maybe some money. There are very few prime units and weeks at the specific top valuable resorts. Most of them have original costs in the $50,000+ range. The faster you want out a beautiful, but normal resort, and the more humble you are on price will determine which of the above steps you need to consider.

Good luck,
Dr. Ken Rich
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saj80 on 02/25/2011:
Good info, but the best time share relief is:

Don't purchase a time share, period.
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They do what they say they are going to do
Posted by on
PHOENIX, ARKANSAS -- Okay, my wife was almost a murder suspect after I told her I bought a timeshare. I told her to relax and it would be a great. We could vacation in our favorite destination each year forever. And, for one payment. Well, after a few years I put myself in the dog house and us as a family in the poor house. Boy was I taken for a sucker. After a few years trying to rid ourselves of this timeshare, my wife and I had given in to our destiny, to forever pay maintenance fees for a timeshare we no longer wanted or used. We tried relentlessly to sell it and practically gave it away with no blessing. Weirdly, when we decided to accept our horrible fate is when we received a postcard in the mail from TimeShare Relief. I decided to take one last chance. We had already invested tons of time into getting rid of it, what was another few hours. I went in the seminar a bitter and defeated man, I left with optimism. In a matter of five weeks, TimeShare Relief did exactly what they told me they would do, rid my responsibility of my timeshare headache. It has been four months since I last thought about that damn timeshare, except for today but I can think of it now with a bit of a smile, and I thank TimeShare Relief for that.
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Anonymous on 09/13/2006:
AH, commercials everywhere you look….
Hugh_Jorgen on 09/13/2006:
Well written. Sounds like the marketing department at TimeShare Relief had a hand in it.
Weasel! on 09/13/2006:
Ha! That's actually a huge compliment if you thought my writing was good enough to be a commercial. Maybe I SHOULD start writing for marketing companies! Seriously, though, if you look around the Web you'll find a million other people who have had just as much timeshare trouble as I've
had. I wrote my review so that hopefully they could get out of their trouble, like I did. My review was for them -- not so people can be snarky in response.
kirkthepelican on 09/28/2006:
This TimeShare Relief thing is no joke, people. I have some friends who got stuck in the timeshare trap and it almost ruined their lives (escalating interest on their payments, maintenance fees, hidden fees, bad facilities, unavailable vacation times). They tried for three years, bleeding money the whole time, to sell it, and just ended up paying even more for all the listings. They couldn't even donate the thing, because they'd still be responsible for fees. The question, inevitably, was whether they wanted to keep throwing good money after bad, or cut their losses and use TimeShare Relief.
JSalvino on 09/29/2006:
Hey, let me tell you, I used to sell timeshares. I can speak first hand about how much Timeshare Relief is disliked by timeshare sellers. No one likes to be exposed. Now granted, if you have the money and flexibility a timeshare can be a great thing but the large majority of people who buy them end up wanting to get rid of them. If I had to put it in simple terms, timeshares are for the wealthy. You need an abundance of cash and an abundance of time to do it right. If you don't the things will suck you dry and that's where a company like Timeshare Relief comes in. If you're being soaked they will, for a fee, take your timeshare off your hands. In the process they'll let you in on all the things you never knew about the timeshare industry's smarmier practices. Just something to bear in mind.
Kate Ann on 03/07/2007:
I agree with the op...Timeshare Relief is definitely a company that DOES what it says it'll do, and that is, give you Timeshare Relief. Sure, some people may be happy with their timeshare...but I've done a LOT of research on this industry since I inherited my stupid timeshare, and they're the only ones I've found that can actually get me out of that rotten contract. I'm telling everyone I know, and sending similarly burdened friends to Timeshare Relief so they can be free once and for all. It's about time someone stepped up to the plate to 1) help people get out of an industry that should be illegal in the first place and 2)voice support for this company that above all else, genuinely helps people.
Have fun on 07/18/2007:
I have had a lot of trouble with my two timeshares everyone wants to take more money from you . If you can afford their fees and get nothing back for your deeded property why sell them then . You then got screwed twice. Everyone of the timeshare companies that say its guaranteed to sell they want over $3000 and your deed and you get nothing. Its a guaranteed they make money and you are left with empty pockets.
drkenrich on 09/22/2007:
The question is often, can you get a tax write off for donating your timeshare. The answer is YES! However, there are a few things you need to consider.
1. The write off is against your income like another deduction, not a tax credit.
2. You have to find a non-profit organization (NPO) willing to accept your timeshare.
3. You have to be careful how your timeshare is evaluated.

Let me give you a little background. I work with a NPO that does accept timeshares. So I have a fair idea of what I'm talking about.

When you attempt to donate your timeshare you will often find that the NPO puts you together with a broker who actually sells your timeshare for whatever they can get for it. The NPO doesn't take title except at the very last second in a double closing so you are donating it to them while they are selling it to someone else. When that is done, you face a few hurdles. Some timeshares at some resorts NEVER sell and those will be rejected outright by the NPO. Until the broker sells it you continue to be responsible for all fees. When it is sold, a value is established which can't be argued with. "Your" timeshare was only worth what someone actually paid for it, therefore according to the IRS you can only deduct the amount that was actually received. Even if you have an appraisal, it doesn't matter. Even if the NPO takes title and holds on to the timeshare for a while, if they do sell it, they are required by law to notify you if the sale price is different than the credit they gave you so you can adjust your future income deductions up or (more likely) down to coincide with the real sale price.

The NPO I work with does it differently and you may find some others that do this, also. The NPO takes title now and NEVER sells it. As such they are required by the IRS to find the Fair Market Value (FMV) based on one of three methods dictated by the IRS. 1.) What do the majority of similar timeshares sell for in the open market. Think about this for a moment. The majority are sold by the resort, therefore their sale price along with what you willingly paid for it establishes FMV. 2.) What is the rental income determine as an investment if it was bought for that purpose (doesn't apply here). 3.) What would it cost you to replace the timeshare on the open market. Again, think. You would probably have to go to the resort and pay their retail price. Therefore, if your unit is NOT sold, the FMV can be fairly and legally established as the price close to the retail price currently at the resort. That value is then your deduction. The difference can be literally thousands of dollars difference.

Two questions often arise. 1. How can the NPO take over the financial obligations and continue in business? That is a business trade secret, but I can tell you they often work our something with the resort to retire the unit. 2. Isn't there a $5,000 limit on timeshare donations? NO!! I've read this many, many places EXCEPT from anything from the IRS. Their only response is to review two publications - Pub. 561 Fair Market Value Determination and Pub. 526 Contributions.

I hope this hasn't been too technical or overwhelming for you, but I felt you deserved a technical answer. If you would like further information go to http://www.communityhealthtraining.org/Timeshares/ or you can contact me directly at SeniorDirector@CommunityHealthTraining.org

Dr. Ken Rich
Stephan in Chicago on 10/13/2008:
DO NOT USE THIS COMPANY!!! Unless you are desperate to unload a timeshare, you will be out of your money faster than you can say "Hello." Search the web and see how many complaints there are about Timeshare Relief. Do not work with Jeff Warner, who is in charge of their Internet Team. His profile makes him seem like a nice guy, but boy is he a scammer and a sheister! And boy is he a LIAR!!! Feel free to ask me how he tried to talk circles around my mother-in-law. I'll gladly let you know the facts about Timeshare Relief!
KathB on 05/11/2009:
My parents used this company this past month and they definitely do what they say they are going to do and that is to get rid of your timeshare. We researched other companies that provide the same service beforehand and Timeshare Relief definitely had the most positive reviews and press in terms of their BBB rating and such. Hope this help.s
NoWorries on 05/18/2009:
Timeshare Relief has a very informative blog that I just found. it has a lot of very useful information and testimonials that may help you decide.
NoWorries on 05/18/2009:
sorry forgot to post the link, http://timesharerelief360.wordpress.com/
SwtstCandy on 06/04/2009:
This company is the real deal, I don't know why so many people are putting it down. I like to travel A LOT and when I went to Florida with my girls on spring break, I got pushed into buying a timeshare. They got me out of a really bad mistake. I have to admit that it did cost me some money but I'm only 24 years old, I really don't want to be paying for a crappy timeshare for the next 60 years. So stop putting this company down!
SarahR on 07/07/2009:
I just came across this forum and wanted to add that this company is great for everyone trying to get out of their timeshares. My parents had one in Mexico that they didn't want anymore, but they couldn't resell it and had trouble trying to rent out their week every year. They used Timeshare Relief and were able to get rid of their timeshare, and I didn't hear them complain about the company once. I think that their website also has a whole bunch of testimonials that you can watch, so if you want to actually see what real people are saying about Timeshare Relief, you should probably check that out...
drkenrich2 on 04/16/2011:
TimeshareRelief.com (and their spinoffs and franchises) = $5,000 you pay them and get nothing as a write off! http://www.communityhealthtraining.org/Timeshares/ does it for $500 and you get a $5,000 donation tax income deduction.
Peggy on 07/24/2013:
I attended two timeshare presentations while on holiday, to get the freebies offered, and both times successfully managed to resist buying anything. But some of the tactics used to get you to sign are pretty outrageous. Typical tactics involve insults (you are too cheap / too stupid / too afraid), keeping you three times as long as they said they would to try to wear you down, and in one case putting a "plant" in the room they left me in to "have a think about it" so he could report back on what my objections were going to be, thus allowing them to have a ready answer.
And to cap it all, the gift voucher I got at the end of it was for a store that closed an hour before I was "released" from the presentation. I imagine they try to target people who are on the last day of their holiday to avoid having to actually redeem any of the vouchers as a result. I had the last laugh, however, as it was only the penultimate day of my stay... http://www.timesharescam.com/blog/84-timeshare-presentation-free-breakfast/
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