Option 2: Rescue Companies (poor choice)
Rescue companies began popping up about three years ago in response to the drop in timeshare values. In 2002, 90% of timeshares were salable. Only 10% had no market value. Today, 70% of timeshares are not marketable by the average person. (It takes a resale center able to move many timeshares at pennies on the dollar in order to outpace the cost of marketing.)
If you have just one timeshare for sale, chances are that even the most creative and savvy internet marketer won't be able to find you a buyer. Rescue companies know this and rely on your failure. Their prices to "rescue" you from your timeshare burden have doubled in the last three years. And the number of these companies has exploded: in 2007, I knew of three; now I know of 20.
The problem with these companies is that they are grossly overpriced, typically charging $4,000 to take your timeshare. And they give you nothing else in return, such as a tax break.
You may have received one of their post cards "stuck with an unwanted timeshare?" Or one of their more deceptive ploys: "we buy timeshares." When you call back or attend one of their seminars, they pump you with fear saying things like "you made the worst decision of your life," and "you're stuck with a horrible liability," and "you're leaving your kids draped with an albatross." The sad truth is that in many cases they are correct. Most timeshares have no resale value. Others will sell for a few hundred dollars, but will cost that much or more to market them. Of course, there are those few that will sell for thousands, but most rescue companies give you the same pitch regardless. For instance, I called several of them and asked what they recommend I do with my extremely valuable two-bedroom, ocean-front Westin Kaanapali timeshare in Hawaii that my wife and I own. Every one of them said it was a worthless liability and that I would need to pay them $4,000 to take it from me.
The only good thing about rescue companies is that most of them actually perform (as opposed to listing companies). If you pay their fee, outrageous as it is, you'll be done with your timeshare.