How to Buy Worldmark

[aarce]

I have been looking for TS for a while and have researched HGVC, Hyatt, and Marriott here on Tug. I recently have been looking at Worldmark and am seriously considering buying resale. I like the fact that there are many locations out west and they also have one near me in Illinois (a couple of hours drive) from the Chicago area.

I noticed some listings on Tug for around $500, even one for 20k points. I was wondering how someone can sell 20k points for $500.

I would like to buy around 7000 points and stay under $700/year in MF. My plan is to use it for short stays so I don't need a ton of points. I would like to eventually add Marriott or HGVC for full weeks.

I notice a couple of different ads which lead me to believe there are different Worldmark contracts out there. Some were for locations and some for points. Also some called themselves "premier" claiming benefits equal to developer purchases. Any ideas on how to buy Worldmark?

 

[ecwinch]

There is only one type of WM membership - Premier. The first 2000 or so accounts sold are Premier with an additional benefit - and they are called NHK (no housekeeping) accounts. You will sometime see them for sale, but typically command a $10k premium.

Developer benefits (i.e. Travelshare) do not transfer.

7000k credits would not be a recommended account size due to the way the dues are tiered in increments of 2500. So dues are the same for 7500 credits as they are for 7000 credits. Likewise dues for 10k are the same as for 8k.

With short stays one issue you will run into is the housekeeping fees. You get 1 free housekeeping for up to 10k of credits, and one additional for each 10k. After that the fee is based on the unit size and run from $66 (studio) to $150 (4 BR). A 2BR is $100. So you can see how they easily make short stays unaffordable.

A better option for short stays are cash booking options that include housekeeping - i.e. Bonus Time, Inventory Specials, FAX, and Wyndham specials they run regularly.

The marketplace here, EBay, WMOwners.com, and this FB group are good places to buy. There are also a number of brokers that specialize in WM, but you will typically pay a little more with them.

 

[DaveNV]

WorldMark is purely credits. There are no underlying deeds. If you're seeing WorldMark ads that list locations, they're probably either poorly written ads, it's enticing ad copy trying to get your attention, or someone doesn't know what they're selling.

As to your 7K credits purchase, that's a good idea, as long as you know you won't be able to book a full week in most places without borrowing your own credits from next year, or renting credits from another owner. You can always buy another contract later to give you additional credits in your account. One advantage to owning WM is you can take advantage of incentives like Monday Madness, where you pay cash for a reservation at a selected resort, and your credits are not affected.

Your question of why someone would sell WM for $500 is an easy one: The seller wants out. Maybe they're older, sick, or unable to travel any more. Maybe a spouse has passed away, and the widow(er) is just "done" with it. Maybe their financial picture has changed, and they can't afford it anymore. Selling for any low price, or even giving it away, is the fastest way to find a new owner. There are many reasons.

I purchased WorldMark last Fall on eBay. I got a 12K credit contract, fully loaded, for ~$1500 out the door. (Seller paid all the transfer fees.) That's about a third of the "going rate" for a WM purchase. The deals are out there, you just have to watch for them. Pay attention to what you're getting, be smart, take your time, and don't be in a rush. For every one that gets away, another one will be right behind it.

Good luck!

Dave

 

[VacationForever]

...$500 on a 20K contract tells me there is a huge loan that has not been paid off.

 

[DaveNV]

...$500 on a 20K contract tells me there is a huge loan that has not been paid off.

That too. Smart money says make sure the contract is paid off.

Dave

 

[bizaro86]

$500 for a 20k worldmark contract seems too cheap to me, but stranger things have happened. Definitely check the loan thing as mentioned.

I've bought WM both from a big WM specialist broker on ebay and through a wmowners.com classified ad. The classified ad was cheaper and faster, but YMMV.

 

[DrKhyron]

I tried to contact the person through the ad for the 20K for $500. I received no reply at all, but I did ask upfront in my messages if there was an outstanding loan. I recently started the purchase process from a broker that I found on WMOwners.com. The more I learned about what I was buying and the relative values between various offers on eBay and elsewhere, the less I felt the deal that I got from a broker was a "higher price."

I am just beginning the purchase process, but so far I have been impressed with the knowledge and responsiveness of the broker I chose. He did warn me that the next part of getting documents from WorldMark will take a while, but that was expected based on what I have read on TUG.

 

[DaveNV]

I am just beginning the purchase process, but so far I have been impressed with the knowledge and responsiveness of the broker I chose. He did warn me that the next part of getting documents from WorldMark will take a while, but that was expected based on what I have read on TUG.

It took every day of three months for my resale WM purchase to close. And Wyndham had the paperwork in their possession for at least 60 of those days. They are in no hurry to change the name on the contract - something that I see as an easy thing to do. Then it was another two months after closing before I received my Welcome packet of information. It had one sheet of paper with my contract number on it, and all the rest of the pages were generic information they could have printed at any time. Most annoying: The packet only told me about things I'd already been using for the previous two months.

Patience is key.

Dave

 

[VacationForever]

I bought mine off the website at one of the established brokers which specializes in Worldmark contracts and sold mine through wmowners.com. You can find good deals on eBay by Worldmark brokers.

 

[aarce]

Thanks for the great responses. I will begin looking on some of the recommended sites. I also noticed some differences in the MF for similar point contracts. Is there a guideline for MF's here on TUG. On the sticky it indicates MF's for 10, 15 and 20k contracts. On the 20k contract (in marketplace) the MF are around $1700/year but on the sticky a 20k contract is around $1460. Why the differences in MF?

On anther note is the Alaska location really 51,100 points for a 1br? This seems a bit odd compared to other locations.

 

[DaveNV]

On anther note is the Alaska location really 51,100 points for a 1br? This seems a bit odd compared to other locations.

Nope. It's higher than that. I just captured this from the WM website:

7600 credits per day in Red season adds up to 53200 for a week. Pretty steep. But note the place is away from urban areas, and it's not a typical timeshare resort. Most of the WM resorts are much lower than that.

Dave

 

[taterhed]

Just remember: Fully loaded contract......that's 3x years points banked/available/borrow plus all three years HKT's, should be under .40 cents a point total (including all fees) for a great value. Subtract all missing credits at about .075c a point and any missing HKT at an avg amount: I use $100 a piece. So, a 7k contact would be 7000x.40 for a good deal, but could be stripped, then you'd subtract: -21000 pts x.075 and -3 HKT's x$100. I'm sure you can do the math.

BTW: there were some 'rare' accounts that were not 'premier' accounts (not talking about no NHK accounts). 'Standard' accounts were sold without bonus time and 40 year life. Pretty sure this was pre-2009 and not sure if they even exist anymore. You won't find those, but you can always ask before signing.

 

[easyrider]

I have been looking for TS for a while and have researched HGVC, Hyatt, and Marriott here on Tug. I recently have been looking at Worldmark and am seriously considering buying resale. I like the fact that there are many locations out west and they also have one near me in Illinois (a couple of hours drive) from the Chicago area.

I noticed some listings on Tug for around $500, even one for 20k points. I was wondering how someone can sell 20k points for $500.

I would like to buy around 7000 points and stay under $700/year in MF. My plan is to use it for short stays so I don't need a ton of points. I would like to eventually add Marriott or HGVC for full weeks.

I notice a couple of different ads which lead me to believe there are different Worldmark contracts out there. Some were for locations and some for points. Also some called themselves "premier" claiming benefits equal to developer purchases. Any ideas on how to buy Worldmark?

People sell their contracts or they sell their points.

When they sell their contract they are selling their entire membership. Ebay and timeshare angels are a good place to find these. Recently facebook groups have popped up selling these contracts.

When they sell their points they are selling a one time use of the points, not their membership, kind of like renting a certain amount of points. To use these points the person wanting to rent these points needs to all ready be a WM member. The points are then added to the buyers account and the buyer then makes use of these points.

https://www.facebook.com/groups/327...otif_t=commerce_interesting_product&ref=notif

https://www.timeshareangels.com/inventory.html

Bill

 

[izzymail]

I tried to contact the person through the ad for the 20K for $500. I received no reply at all, but I did ask upfront in my messages if there was an outstanding loan. I recently started the purchase process from a broker that I found on WMOwners.com. The more I learned about what I was buying and the relative values between various offers on eBay and elsewhere, the less I felt the deal that I got from a broker was a "higher price."

I am just beginning the purchase process, but so far I have been impressed with the knowledge and responsiveness of the broker I chose. He did warn me that the next part of getting documents from WorldMark will take a while, but that was expected based on what I have read on TUG.

I chased a few "too good to be true" deals on TUG and Redweek before ultimately buying a resale contract on wmowners. I decided a 10k account best fit my needs (best maintenance fee/point) and I can rent additional if needed.

 

[izzymail]

Nope. It's higher than that. I just captured this from the WM website:

View attachment 6185

7600 credits per day in Red season adds up to 53200 for a week. Pretty steep. But note the place is away from urban areas, and it's not a typical timeshare resort. Most of the WM resorts are much lower than that.

Dave

These hotel partner locations are a terrible value. These are not actual worldmark resorts

 

[ecwinch]

I also noticed some differences in the MF for similar point contracts. Is there a guideline for MF's here on TUG. On the sticky it indicates MF's for 10, 15 and 20k contracts. On the 20k contract (in marketplace) the MF are around $1700/year but on the sticky a 20k contract is around $1460. Why the differences in MF?

Currently the 2018 mf on 20k is $1456.80. The higher mf could be sloppiness, or more likely - someone including their Travelshare dues in with their m/f.

Travelshare dues are separate and based on the number of credits held. You have to bought from the developer to be enrolled in Travelshare, which gives you some marginal benefits rarely worth the cost - i.e. free internet, Club Pass exchanges, access to a free RCI account, etc. Travelshare does not transfer with a resale purchase, so those dues would go away.

 

[dori47]

We have 6000 points and it works great for short stays. One HK token per year, our short stays generally use up 5400 points or so we get one short stay a year. Have also done shortstays on inventory specials for cash. $300 for a three night stay includes housekeeping . Every few years we do an entire week, using up left over points, this years points and borrowing from next year . And even if you run out of housekeeping credits, you can buy more if you have to. We are in the Pacific Northwest so close to many of the resorts which works great for last minute trips, short stays. We also have a full week in Hawaii with another TS. We don’t need luxury stays so WM is fine for us

 

[taterhed]

We have 6000 points and it works great for short stays. One HK token per year, our short stays generally use up 5400 points or so we get one short stay a year. Have also done shortstays on inventory specials for cash. $300 for a three night stay includes housekeeping . Every few years we do an entire week, using up left over points, this years points and borrowing from next year . And even if you run out of housekeeping credits, you can buy more if you have to. We are in the Pacific Northwest so close to many of the resorts which works great for last minute trips, short stays. We also have a full week in Hawaii with another TS. We don’t need luxury stays so WM is fine for us

And yet....my Worldmark has exchanged for several very luxurious stays......

 

[Lisa P]

Alyeska is a high-end Alaska ski resort hotel with an aerial tram up the mountain which provides both glacial mountain views and ocean views. This is not a timeshare resort. It's in a gorgeous location midway on the train between Anchorage and the wonderful seaside town of Seward. Staying a couple nights here before/after a cruise that starts/ends in Seward would be lovely! But using WM points for this would only make sense if the points were soon to expire anyhow. Otherwise, it would probably be better to pay cash to stay at Alyeska, IMO.