Bought my first contract(s)

[donymo]

I just won an eBay auction for my first 3 contracts.

I paid $599 for 462k of which one is UDI at Cypress Palms plus two are Club Wyndham Access contracts: 140,000 and 212,000 points. $229 for maintenance on all.

The seller is paying all closing costs and 2017 maintenance.

The downside is the points are not available until 2018.

I feel like this is a good deal based on other's advice here that $3 per 1,000 points is a benchmark for a good deal. I hope I read that right!

 

[nicemann]

I just won an eBay auction for my first 3 contracts.

I paid $599 for 462k of which one is UDI at Cypress Palms plus two are Club Wyndham Access contracts: 140,000 and 212,000 points. $229 for maintenance on all.

The seller is paying all closing costs and 2017 maintenance.

The downside is the points are not available until 2018.

I feel like this is a good deal based on other's advice here that $3 per 1,000 points is a benchmark for a good deal. I hope I read that right!

Congrats on the purchase price. Sounds like you got it cheaper because the points were stripped for this year. If it's a Jan 1st use date, then after close you are probably only out 5 months of MFs so $1,145. So really purchase price is more like $1,744, still a really good price!

MFs are good if that is the total amount. $5.95 per thousand.

 

[scootr5]

Close on the fees, based on what's posted in the sticky:

CWA 352,000 @ 5.6/K = $1971.20
Cyprss Palms 110,000 @ 6.43/K = $707.30
Program fee 462*.55 = $254.10

$2932.60/12= $244.38 per month.

 

[donymo]

All 2017 maintenance fees are being paid by the seller, so it's $599 all in for me.

 

[nicemann]

All 2017 maintenance fees are being paid by the seller, so it's $599 all in for me.

Well even a better deal then, I missed that in the OP. Congrats!

 

[scootr5]

All 2017 maintenance fees are being paid by the seller, so it's $599 all in for me.

Most owners are on monthly auto pay, and there's not really a way to prepay. Once it transfers, they will begin billing you monthly. You'll likely need to work out reimbursement with the seller then.

 

[cayman01]

If you are happy with it, that is all that counts. If you don't like it down the road you do not have a lot to lose ($599). I think you did just fine.

 

[breezez]

I think you got a great deal on the CWA points. If they truly have paid MF till end of year. Even if they didn't it's still a good deal

However, I would probably dump the cypress palm contract. It's easy to get into and many times can be had on RCI for $30 per night and it's MF's/dues are on the high side

 

[dagger1]

Most owners are on monthly auto pay, and there's not really a way to prepay. Once it transfers, they will begin billing you monthly. You'll likely need to work out reimbursement with the seller then.

It will probably take 3-4 months to complete this transaction, which means seller will have to pay thru the end of July or August. At that point, Wyndham will begin to bill you monthly. You might ask the seller to cut you a check for MF's of August thru December to get those months MF's covered.

 

[donymo]

Thanks for all the great advice! I appreciate all of you sharing your wisdom!

 

[antjmar]

Congrats I think you did well!
Some accounts are still paid annually.
Look at the estoppel it will state if fees are collected monthly or annually and when next payment is due.
Even if a monthly account owner can prepay several months at closing.

Make sure it is clearly written in your contract that seller is paying all of 2017.

 

[Campbell Vaughn]

352,000 CWA points... it appears to me she got a freaking steal. Most of those that I've watched on eBay lately have gone anywhere from 3000-4500. I watched this one and was curious why no one was bidding.

 

[scootr5]

I watched this one and was curious why no one was bidding.

Probably the lack of any kind of meaningful feedback pertaining to handling timeshare resales.

 

[bendadin]

Probably the lack of any kind of meaningful feedback pertaining to handling timeshare resales.

I'm having that problem now. I asked a seller for a VOID and she said that she didn't have anything like that.

 

[antjmar]

dumb question... Whats a Void (pertaining to a timeshare)?

 

[scootr5]

dumb question... Whats a Void (pertaining to a timeshare)?

Wyndham-speak for estoppel - Vacation Ownership Interest Details.

 

[antjmar]

Wyndham-speak for estoppel - Vacation Ownership Interest Details.

LOL! I always call that the Estoppel letter! Thank you!

 

[Jan M.]

Wyndham-speak for estoppel - Vacation Ownership Interest Details.

Thanks I was also wondering what VOID was!

 

[bendadin]

Thanks I was also wondering what VOID was!

I asked for the VOID.
Crickets...

I asked for the Vacation Ownership Interested Detail.
Crickets...

I asked for the estoppel letter.
Crickets...

I asked for the Ownership Summary.
Crickets...

I sent a screenshot of what I wanted.
I got something back but it wasn't what I asked for, but I could figure out what it was. Now I just need Ron to assess the contract number.

 

[ronparise]

Ask for a screen shot of the ownership summary and of the financial page and the points summary

If you don't get the info to make you comfortable, don't bid

I seldom asked for an estoppel and only got burned twice over the last 7 years

 

[bendadin]

Ask for a screen shot of the ownership summary and of the financial page and the points summary

If you don't get the info to make you comfortable, don't bid

I seldom asked for an estoppel and only got burned twice over the last 7 years

I got the assessment page and the contract detail. I didn't get the first page of the ownership summary, but then again, that would have ALL of the owner's contracts listed, so I can see why that wasn't sent.