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New resale advice

Martdoc

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Hello tuggers. I am a success story, bought a HGVC timeshare from the developer last spring, was so worried afterward stayed up all night researching my "deal", found tug and rescinded two days later (after more lost sleep).

Followed advice on the forms and I have been dilegently reading, learning. Hit a Wyndham sales presentation at BC this summer, declined from the developer (taking us from one Wyndham resort and driving us to BC in developer cars was sneaky, 45 min became over 3 hrs).

Decided on Wyndham, more research, decided on CWA (live in NC, want ARP Myrtle Beach and BC). Bid (learned to snipe on tug), bought 308k CWA for $6.26/1k total, as I understand it, ok deal, not great, but not bad.

Question: ok to put my name, wife, two kids (7,8) and SIL name on it? We vacation with wife's family at least EOY, if not more, want to avoid guest fees, will sometimes be trying for 2-2 BR at once, know that can be an issue with Wyndham computer booking system. Also want their family and my kids to be able to use TS in the future without us sometimes, without extra guest fees.

Thank you to all who contribute to the knowledge on tug, I have learned a ton from you.

Martin...
 

vacationhopeful

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Martin, that is a good success story. And Welcome to TUG - although it appears you have been lurking for several months now! :hi:

Now relax, take a vacation or two; start your ARP or 10 month booking of vacations. Just wait a year or so before buying any more points. Read up on credit pooling, get Wyndham to set up your RCI account (can take MONTHS with a resale purchase), and read TUG regularly.
 

antjmar

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Question: ok to put my name, wife, two kids (7,8) and SIL name on it? We vacation with wife's family at least EOY, if not more, want to avoid guest fees, will sometimes be trying for 2-2 BR at once, know that can be an issue with Wyndham computer booking system. Also want their family and my kids to be able to use TS in the future without us sometimes, without extra guest fees.

I placed just my wife's name on account.

This allows up to two units (one my name one hers) at the same time. This is allowed by computer and not a problem.

I wouldnt put young kids on it. They cant check in till 21 anyway. If SIL is travelling with you just use your wife.s name for second reservation and she will have to check in for her.

Dont forget you do get 1 free guest certificate a year so you can put second week in SIL names for free if you wanted to. Or your kids name if they are travelling without you in the future.
 

Roger830

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Question: ok to put my name, wife, two kids (7,8) and SIL name on it? We vacation with wife's family at least EOY, if not more, want to avoid guest fees,

Martin...

I own one Wyndham timeshare and have another in process. Both are in my name only. My wife doesn't think that she would want to use them if I was gone.

Guest fees are low compared to the cost of being stuck with 308K points.
 

JimMIA

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Question: ok to put my name, wife, two kids (7,8) and SIL name on it?
I don't think you can put childrens' names on a deed.

You can certainly put your wife and SIL if you want, but I would think that through seriously. Anyone you put on the deed is an owner of the account. That means that anything you want to do requires the approval of all owners -- not reservations obviously, but anything as far as buying or selling...or retitling. The potential difficulties that poses range from minor (someone being unavailable because of being on vacation) to handcuffing (family drama with the timeshare being held hostage).

Unless there is some compelling legal reason, I would avoid putting any relative on the deed. To me, what you gain in avoiding guest confirmations is very minor compared to the potential legal complications of multiple ownership.
 

Martdoc

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Thank you all. Linda, I can say I am addicted to TUG, great place to learn so much. I know it happens to many people, but I would feel ill every vacation sitting at the pool wondering what fraction of a full developer price the person next to me paid if I bought from the developer and had not rescinded.

Well, appears you guys are right, pinged the company handling the sale, they say minors cannot be on the contract since if they were the only ones left, they cannot be responsible for MF's (unless they are then older). Well, would not put it past Wyndham to try, but that would make a poor PR news story.

I understand all the advice, it causes me to pause about having more than just my wife and myself listed, but I bought this for the long haul, hope to add more one day when closer to retirement. I will be doing a lot of planning to use up the points I have now. We fully trust SIL, if wife and I died, she is the one in our will raising the kids, etc. SIL and her husband are not as well off financially, so we often subsidize vacations with them (which they fight us on, want to pay their share). If a busy year or we have other vacation plans without them, want them to get a vacation via this. I use the "please use it, give us $100 if you must, but it will be wasted if you do not use it" line and then they do not feel bad using a week on us.

Kids, long term plan is to leave this to them, so thought I was being smart adding them now, avoiding fees of adding them in future, flexibility of them using alone when older. If family drama, then when I "move on" one day, no problem, all they get from estate is the TS they fought over and a church is very happy with a nice estate gift of everything else!

To add someone these days, what is it, $150-300, or more?
 

rdiamond62

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Another thought to ponder:

If a major financial commitment poses difficulty for your SIL, her becoming the sole owner of this timeshare should something happen to you and your spouse may become a burden instead of the "gift" you intend it to be.

Rich
 

Martdoc

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Rich, true, but I figured she could just dump it on eBay if they did not want it.
 

uscav8r

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Rich, true, but I figured she could just dump it on eBay if they did not want it.

I would ensure they know exactly what they are getting into, and leave very specific recommendations on how to divest themselves of the timeshare if the situation ever arose. You may even point SIL to TUG now to gain an understanding to "plan ahead" in case the worst befalls you and your spouse.


Sent from my iPad using Tapatalk
 

Roger830

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Rich, true, but I figured she could just dump it on eBay if they did not want it.

There are owners that would love to be able to dump their timeshare or pay someone to take it.

Currently demand is slightly more than supply of cwa points. There is no way of knowing what the relationship will be in the future.

Perhaps a question to ask is why are points being dumped on ebay now.
 

massvacationer

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As others have said, for several reasons,I would just deed the contract in you and your wife's names.

Adding other relatives will make things very messy down the road
 

traveldaddy

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I don't think you can put childrens' names on a deed.

You can certainly put your wife and SIL if you want, but I would think that through seriously. Anyone you put on the deed is an owner of the account. That means that anything you want to do requires the approval of all owners -- not reservations obviously, but anything as far as buying or selling...or retitling. The potential difficulties that poses range from minor (someone being unavailable because of being on vacation) to handcuffing (family drama with the timeshare being held hostage).

Unless there is some compelling legal reason, I would avoid putting any relative on the deed. To me, what you gain in avoiding guest confirmations is very minor compared to the potential legal complications of multiple ownership.


Can you clarify this for me?

If you have multiple deeds in the account, does ANY owner on any deed have a say in buying or selling or retitling on the deeds they do not technically own?

I was considering getting an additional small points contract and adding my sister to that small deed only - so she would technically be on the hook for only a small portion of the total account from a legal perspective. The idea was to get her access to all of the points as an owner, but isolate her from financial commitments of the larger point deeds. We would not be expecting her to actually pay anything - just she would be able to use points without using a guest certificate. I had read elsewhere that this has been done by others, but I did not read the downside that you mentioned above. It does not seem that this would be the case, except for the deed that the other person was on would obviously need all owners permission to do things like sale/retitling etc.

Thank you for the clarification in advance.

Craig
 

csxjohn

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..... It does not seem that this would be the case, except for the deed that the other person was on would obviously need all owners permission to do things like sale/retitling etc.

It's not all that obvious.

There are different forms of co-ownerships on deeds and not all require all the owners to do things.

Some deeds are set up as co-owners who own a share of the total and can do what they want with their share.

I can't remember the technical names of the different types of co-ownership but depending on the state you are talking about, you need to know what you are doing ahead of time.
 

comicbookman

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Can you clarify this for me?

If you have multiple deeds in the account, does ANY owner on any deed have a say in buying or selling or retitling on the deeds they do not technically own?


Craig

No, only on the deed they are listed on. They have full access to the account and buying and selling privileges, based on the type of joint ownership, only for the deed they are listed on. I have done this with my kids and a close family friend. The deed my kids are on is 67,000 point deed and the friend is on a 48,000 point deed. That gives them access to the full 2 million plus points we have. It gives them no power, or obligation if we pass, on the other deeds.
 

traveldaddy

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No, only on the deed they are listed on. They have full access to the account and buying and selling privileges, based on the type of joint ownership, only for the deed they are listed on. I have done this with my kids and a close family friend. The deed my kids are on is 67,000 point deed and the friend is on a 48,000 point deed. That gives them access to the full 2 million plus points we have. It gives them no power, or obligation if we pass, on the other deeds.

Thanks Comicbookman. That is what I had previously understood, but being a newbie, thought I should ask to make sure I was assuming too much (yet again!).
 

Vacationfuntips

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Hello tuggers. I am a success story, bought a HGVC timeshare from the developer last spring, was so worried afterward stayed up all night researching my "deal", found tug and rescinded two days later (after more lost sleep).

Followed advice on the forms and I have been dilegently reading, learning. Hit a Wyndham sales presentation at BC this summer, declined from the developer (taking us from one Wyndham resort and driving us to BC in developer cars was sneaky, 45 min became over 3 hrs).

Decided on Wyndham, more research, decided on CWA (live in NC, want ARP Myrtle Beach and BC). Bid (learned to snipe on tug), bought 308k CWA for $6.26/1k total, as I understand it, ok deal, not great, but not bad.

Question: ok to put my name, wife, two kids (7,8) and SIL name on it? We vacation with wife's family at least EOY, if not more, want to avoid guest fees, will sometimes be trying for 2-2 BR at once, know that can be an issue with Wyndham computer booking system. Also want their family and my kids to be able to use TS in the future without us sometimes, without extra guest fees.

Thank you to all who contribute to the knowledge on tug, I have learned a ton from you.

Martin...

My advice - don't buy too much initially. Wait and see how you are using your Wyndham points.

I purchased a smaller contract to add my kids. My kids are almost of age, yours are very young. I did not add my kids to my larger contracts for the liability reasons. However, my kids would be able to use my account and book reservations and use all of my Wyndham points without having to have a guest confirmation.

When making a Wyndham timeshare reservation it is important to select from the drop down menu the person who will be checking in. Wyndham allows you to select only one name from the owners list. If you need two rooms or have overlapping reservations then you need another owner to put the reservation under or you must add a guest confirmation to the reservation to avoid potential cancellation.

I would think very carefully about adding my SIL to my contract. Keep things simple. If she wants one, she can buy something just like you. You can always use a guest confirmation if you need one?

I think that I read somewhere for a CWA contract Wyndham asks for birth dates. I don't know if Wyndham would allow them? For my deeds, they did not ask for me to provide birth dates.

Good luck!

Cynthia T. :)
 

Martdoc

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All great advice, thank you. New plan will be to have myself, wife and SIL on it. I know there is some risk there, but it is not around SIL causeing issues around selling, using, etc. I will explain the responsibility of the MF's if anything happened to my wife and myself, but explain how to get rid of it and most importantly, show her TUG, and make sure shenis still comfortable with it. As they say, knowledge is power.

So far, none of the paperwork for CWA from the company handling the sale has asked for kids age, it has been name and socicial security numbers, and if married. But, will follow the advice here, wait till they are 18, then plan on a small contract with their names to get them access (unless I am traveling a ton and need all the points myself!).

308k was the most I was planning on buying, I considered smaller contracts to start with, but the 308 gave me the flexibility to get 3 bedroom reservations or 2 two bedroom reservations with ARP for some places, wanted that, will be hitting MB and Orlando frequently too, then exploring other Wyndham resorts.

I will never feel bad giving away a week to SIL family, so I can always use up the points. She is a teachers assistant, he is an assistant pastor at our church (he had a much better paying job but took this one to help others), so they do great things but do not have much left over for vactions.

Thanks again, and I will continue to learn on TUG. I look forward to getting my Wyndham account access and starting to put my TUG education to work.

Martin...
 

vacationhopeful

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Martin,
Remember, you can almost always rent a vacation in a low season from the Platinum or Gold VIP at a big discount in the off season... 45-60 days before checkin, the level of the VIP owner gets them either a 35% or 50% point discount off the reservation PLUS a free unit upgrade. So, the 84K 7 night (studio or 1bdr) reservation can become a 42K point 2bdr/2bath unit ... $240 plus the $99 GC or $400 cheap (rental from Platinum owner) reservation (mind you, the renter/owner has their own profit margins). But it would definitely be LESS than your $500+ cost (w/o a GC) in a Studio or 1bdr ... you would be getting a 2/2.
 

bobmnu

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Advice

You could ask if they have Authorized Users - someone who has your permission to book and stay in a unit just like you.
 
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