If you’re thinking about donating a timeshare to charity then we’d like to first acknowledge your good intentions. But if you’re trying to get out of fractional ownership because you’re terribly disappointed with the purchase, then you might want to reconsider the gesture. Tens of thousands of vacation owners are currently looking for relief. Many of them have already wasted thousands of dollars trying to escape their perpetual agreement without prevail. So why would you donate timeshare woes to a good cause?
While there is a chance the recipient might put the condo to better use than you, there’s a high probability they’re going to absorb an unexpected burden. Kind of like what happened to you. We know this because we’ve spoken to a number of charities looking to get rid of donated timeshare contracts. They want nothing more than to remove the liability from their books. Deep down, you probably know they’ll experience the same as you. Why would you want to be like the person that sold you on the purchase and broker a misleading timeshare donation?
Remembering What a Timeshare Donation Would Entail
Our company has been able to thrive in a market full of short-lived operations because integrity is important to us. Even though there might still be some charities that accept timeshare donations, we don’t want them to incur the burdensome purchase any more than we want you to. It may be an opportunistic way for you to escape the hostage situation you’re in, but it’s not the right thing to do. In order to remind you of the hindrance, here are some of the primary reasons fractional owners want to donate timeshare obligations in the first place.
1. Poor Availability.
The first thing owners typically notice is their inability to book the condo. Available dates tend to be during inopportune times and buyer’s plea for help is often met by sales pitches for upgrade options or points and exchange programs. Being forced to spend more to make the purchase worthwhile isn’t always that appealing to them. They usually don’t notice the inconvenience until after the rescission period ends, trapping them in perpetuity.
2. Sales Deceit.
Vacation owners normally begin to see the deceit unfold once they realize they were lied to during the initial presentation. Sales reps are thoroughly trained to pitch the possibilities of timeshare ownership while avoiding the terms of the agreement. When they succeed at creating excitement, it makes it easy for them to garner a signature. A sense of betrayal can be tough for buyers to deal with, especially when they can’t even use the property. We can understand how this can cause so many owners just want to donate timeshare contracts and move on.
3. Financial Surprises.
Unexpected costs can really create some strain around the purchase. When salesman do a great job at avoiding contract terms, owners aren’t privy to actual costs. Unfortunately, many buyers unexpectedly receive maintenance fees and special assessment charges at the end of the year. If they’re already overwhelmed by interest rates, taxes and related expenses, then these bills become rather concerning. Some people can’t afford the timeshare when the monthly cost is double their anticipation. Either way, an unexpected, higher price tag causes a lot of spite towards the purchase and the same can occur for those receiving a timeshare as a gift.
4. Irrational Decisions.
After the first three epiphanies, most timeshare owners are ready to walk. But the timeshare company wastes no time in reminding them of the repercussions of this decision. Since the legally binding contract forces them to pay, many eventually give in to the resort’s solutions. In other words, they upgrade or purchase points. Often times, this doesn’t work in their favor, causing them to lose faith in the resort altogether. It can be gut wrenching when they think their problem is solved, only to be further in the hole.
5. Resale Losses.
At this point in the purchase, a good number of owners start looking into resale and rental opportunities. Many salesmen tell potential buyers this is an option if the timeshare doesn’t work out. It’s just another ploy to get them to sign the contract. In reality, there is no resale market for timeshares. You can buy one for $1 on eBay because people are so willing to get rid of them. When more money is wasted and the property doesn’t sell, many buyers become desperate to off-load the unwanted, costly purchase.
6. Third Party Fraud.
Once desperation sets in, owners start looking to 3rd parties for relief. If you’ve taken the time to research the industry then you’ll know a majority of relief programs are scams. If you’re not informed on how to identify misconduct, then you can really get taken advantage of. Lawyers also lead owners to believe they can help. But once owners have been embezzled enough, they’re willing to do anything to dump the burden. It’s a primary reason why they become eager to just donate timeshare purchases and move on.
7. Liability Concerns.
The last hindrance that causes owners to think unethically is the simple fact that their heirs might have to take on the burden when they pass. Knowing someone else will have to face the same costly consequences they did is disheartening. Most people are willing to do whatever they can to protect those they love.
With that being said, why should someone else have to deal with the expense because you decided to donate the timeshare? Especially when you gift timeshares to charitable organizations. It’s highly likely recipients will experience a handful of the aforementioned pitfalls. Because of the inconvenience that gifts like these have caused in the past, most charities no longer accept deeded timeshare donations.
Aside from finding someone willing to take the purchase off of your hands, you have to be careful about who you do business with. The level of fraudulent activity by companies claiming to help people donate timeshare properties is growing. Like other extortionists within the relief industry, they know how to trick you. If you happen to go through with the donation, do everything you can to avoid getting scammed.
If You Really Want to Donate a Timeshare Purchase…
If you really feel the need to give away your property, there are a few things you need to consider in order to properly donate timeshare contracts. First and foremost, the donated timeshare has to be paid off or have a satisfied mortgage (free and clear). From here, you’d have to approach the donation as a transfer. Like we mentioned before, finding a company to help you with this is extremely risky.
So before you go through with the decision, ask yourself a few questions. Does the recipient know anything about timesharing? Will the deeded timeshare donation allow the charity to make a profit? Are you willing to disclose that the resale market is nonexistent if they plan to sell it or rent the condo? Will the timeshare be advantageous for the recipient or will they be able to use it in ways you could not? Are you really okay with handing off the burden out of selfish ambition?
Take the Time to Review Your Options Before Donating.
Listen, we understand how big of a deal it is to be able to legally cancel timeshares. We also understand how the deceit behind most timeshare solutions can make you feel like you have no choice but to look out for yourself. If you donate the timeshare it would all go away. But you’re not alone and you don’t have to feel trapped in your agreement anymore. We want you to know there are quality timeshare cancellation services available. You don’t have to deal with the guilt that comes with off-loading a bad purchase to an innocent party.
Since 2014, we’ve taken pride in our 100% satisfaction ratings. We’ve helped plenty of owners just like you terminate timeshare contracts. There is no reason fractional owners should feel like they have to donate timeshares anymore. Our knowledge of the industry allows us to help different buyers facing a variety of situations find viable solutions. Whether we help you work things out with the resort or qualify you for our services, it’s all the same. You deserve to enjoy your vacations and recipients of donations don’t deserve to deal with a regretful timeshare mistake.
For more information on our attorney based process, you can always schedule a free consultation or simply proceed with our eligibility form below.