Legal Question in Real Estate Law in Virginia
Timeshare
My husband and I purchased a timeshare a little under a year ago. We realized that we would not be able to exchange as easily as the sales person stated and we want out. We purchased it for Approx. $14,000 and we talked to a company that does an evaluation on the property for resale and they are now telling us that the timeshare is only woth $1,000. We still owe approx. $12,000 on the property and we just want to get rid of it. Is there any way we can get out of it? Or is there any legal action we can take against the company since the property is of basically no value?
1 Answer from Attorneys
Re: Timeshare
The resale value of a timeshare is often much less than the purchase price--much like a used car. That said, there are laws that may protect consumers from timeshare misrepresentation and it may be worthwhile to have an attorney review your documentation discuss any representations made by, or on behalf of, the Seller.
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