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Confused with WorldMark closing purchased on eBay

jhm40cu

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Hello.

I won 7K WM pts on eBay last month and was informed three weeks later that the transfer was completed. A few days later, I received a welcome e-mail from WM along with password so I assume that the transfer was indeed complete.

When I asked the eBay seller regarding the TS deed, he told that there isn't any since WM is point based TS. OK... kinda makes sense but what's with Power of Attorney, copies of ID and SSN? I was asked to provide those documents and I naturally thought that there would be some kind of official recording involved (it's still an ownership, right?). In addition, the seller charged me $399 for closing (WM transfer fee was extra, of course). If there is no deed or official recording, what's the point of closing? Is WM the only entity involved in ownership transfer process?

I am really confused. Please help. Thanks.
 

somerville

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The point of the $399 fee is extra money in the seller's pocket. Worldmark charges $150 to make the transfer and provides the forms. Most people purchasing off eBay factor any closing costs into their bid. That is why most of the sales with high closing costs sell for less per point than those that have reasonable closing fees. There is no deed to Worldmark. The properties are held by a trust. You should be able to go online and set up your account on the Worldmark website. You may also want to join the www.wmowners.com BBS.
 

jhm40cu

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The point of the $399 fee is extra money in the seller's pocket. Worldmark charges $150 to make the transfer and provides the forms. Most people purchasing off eBay factor any closing costs into their bid. That is why most of the sales with high closing costs sell for less per point than those that have reasonable closing fees. There is no deed to Worldmark. The properties are held by a trust. You should be able to go online and set up your account on the Worldmark website. You may also want to join the www.wmowners.com BBS.
Thanks for the answer. I can now see why some WM points were sold lower than others at eBay: it was all about outrageous closing costs.
 

jhm40cu

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I'm curious who you went through and were you confident in what they told you?
Hello.

I bought the points from Redweeks4less. I am not quite sure but it seems to me that Redweeks4less and Redweek4less are the identical seller. I wasn't 100% confident about the seller, but I read nice feedbacks on both eBay and TUG so I decided to give a shot.
 

Cathyb

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Hopefully you know 7000 WM credits (this is what WM calls them) is barely enough to do much these days. You can use them EOY and have 14,000 to play with. Good advice in previous post to go to the wmowner site -- lots of good info there :)
 

Rent_Share

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Hopefully you know 7000 WM credits (this is what WM calls them) is barely enough to do much these days. You can use them EOY and have 14,000 to play with. Good advice in previous post to go to the wmowner site -- lots of good info there :)

Actually he/she can rent at the same cost of maintenace fees (+/-) the remainder needed and not worry about any further reduction in the value of the initial purchase . . .
 

jhm40cu

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Actually he/she can rent at the same cost of maintenace fees (+/-) the remainder needed and not worry about any further reduction in the value of the initial purchase . . .
Rent_Share:

Hi. Can you be more specific? It sounds great, but I am not quite following you. Thanks.
 

Rent_Share

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www.wmowners.com


Go over there and search on points rental


Say you need 10,000 points for a 2 Bedroom in red

You rent the extra 3000 for around $180 to $210 from another owner, maybe not quite as low of an annual cost as if you purchased 10k in the first place but you saved $1800 to $2100 on the initial purchase

In the three years I have been watching Wm pints they dropped from 80-85 to 60 -65 I bought at the 70 cent level

I am working on a 6000 account and up through last week had two 12,000 point reservations on my account - without borrowing any of 2009's credits August 08 and July 2009
 
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