New and Need Help selling Wyndham Membership / Timeshare [Worldmark?]

[jchamilt2002]

I bought 12,000 point membership for about $25,000 cash and maintenance of about $86 a month. We have a reservation at Wyndam Steamboat Springs for the end of March, 2016, for skiing, which used 10,000 points so we have 14,000 points to use. We are thinking of canceling this reservation. This type of membership is not our life style. We usually travel to Europe and Asia on our own maybe twice a year, rent a car or employ a person guide, and travel around on our own schedule. Staying in one place for a week is not us. For example, in October we were in Spain, rented a car and spent a few days in Rota, Caceres, Zafra, Merida, Elvas (Portugal), Rhonda, Grazalema and Arcos de la Frontera. Much of this was done on the spur of the moment. We just go where we want when we want. I find the whole process of schedule through Wyndam to be cumbersome. We want to sell or give our points-membership to a charity and take a tax deduction. I know we made a bad decision, but those things happen. Any recommendations? I do not know where to begin or how much I an expect to get back if anything. If I put up an ad to sell, I do not know what it is worth. How would someone calculate the value of what I have? I can't seem to find ad for selling what I have.

 

[DeniseM]

I will let someone else comment on the value of your week, but I will tell you that most timeshares are worth 0-10% of original retail on the resale market.

As far as giving it to a charity, and getting a tax right off - it can't be done.

1) There are no legitimate charities that accept timeshare donations.

2) The companies that you see that "claim" to be charities are actually for-profit entities that make a small donation to charity to meet the minimum requirements, but pocket most of the money.

3) The fake charities charge owners hundreds/thousands to accept their timeshare.

4) A timeshare donation is not tax deductible - the fake charities claim that they are, but this is just part of their phony sales pitch. Why? Because a timeshare that you have to pay to get rid of has no value, therefore it has no write off.

*Right now, one of the largest fake charities is in trouble with the IRS and Attorney General for giving owners bogus appraisals for their taxes.

 

[Ty1on]

Your points can't be right. Maybe 120,000 points?

 

[vacationhopeful]

I bought 12,000 point membership for about $25,000 cash and maintenance of about $86 a month. We have a reservation at Wyndam Steamboat Springs for the end of March, 2016, for skiing, which used 10,000 points so we have 14,000 points to use.< snip > ....

I am confused...as to which Wyndham points system you own at.

Shell, Worldmark or Wyndham points? 3 very different systems ... all under the Wyndham corporate label...

 

[Ty1on]

I am confused...as to which Wyndham points system you own at.

Shell, Worldmark or Wyndham points? 3 very different systems ... all under the Wyndham corporate label...

Ahhh, it could be Worldmark based on the points....

 

[sjsharkie]

Based on the point level and mf, it appears to be Worldmark.

12k points membership would be about $75/mo but Wyndham maybe tacking on misc fees to get it to the $86/mo level. And 12k point purchase of $25k retail doesn't seem out of the ballpark (although clearly more expensive than buying resale).

If this is the case, the OP should know that there is good resale value on the membership assuming there is no mortgage/note tied to the property. Even if there is a mortgage, assuming it is no more than $2-3K, they likely can still sell it to someone else.

OP, you can either go the route of selling yourself or use a broker. You will net more selling yourself but there is more work involved to find a buyer.

Suggest you go over to wmowners.com -- there are step by step instructions if you choose the do-it-yourself route as well as a for sale section there that captures a wider Worldmark audience. You can also find referrals to brokers that will sell it for you, although I wouldn't expect to net very much at all if you use them after fees for what you have.

Based on a $.25 - $.30 / pt valuation, and assuming that the contract has the 12k points available this year (not exactly sure how many of the 14k remaining points are borrowed), I'd say you could probably sell for $3k - $3600 less transfer fees.

Good luck.

-ryan

 

[presley]

I recommend Henri at wmcredits.net
Even if you don't want to use him for your broker, you can get some good ideas on pricing on his website. I like him because he will give you a written guarantee about how much $ you will get and by when. I think he guarantees a sale in 120 days.