Do I have to ask Wyndham if they will buy timeshare back before selling on my own?

[KuriousKC]

Hello, I'm new to being on the sellers side of things but when I initially purchased my timeshare, over 10 years ago, from Wyndham, I think I remember them saying something along the lines of having to go back to them to see if they would buy it back before I try and sell it outright on my own. Does anybody know if there could be any truth to this? Or am I completely imagining this?

 

[sponger76]

Not involved with Wyndham, but it sounds like Right Of First Refusal (ROFR), which is common with timeshare companies. The way ROFR usually works is the seller (you) finds a buyer, and submits the terms (purchase price, who is paying closing costs, etc) to the timeshare company. The timeshare company then decides if they want to buy it instead, for the exact same terms you offered to your potential buyer. If they waive ROFR, your transaction with the potential buyer can proceed.

 

[Sloane S]

I’ve heard anecdotally that some club Wyndham access contracts have an ROFR clause in them (and I’ve never heard of them exercising it), but to my knowledge ther is none for the deeded resorts.

 

[callwill]

You might have posted your question in the wrong forum. There is a forum for buying and selling and there is a forum specifically for the wyndham system. You might find more help in one or both of those.

 

[Jan M.]

To the best of my knowledge the right of first refusal is only on Club Wyndham Access contracts purchased starting in I think it's 2017.

 

[rickandcindy23]

Wyndham won't buy anything back. You will need to sell it yourself to make money. If you are wanting to just give it back, sure, they will take it back and resell it for more than you paid.

 

[Passepartout]

Wyndham won't buy anything back. If your TS is paid off, they might take it back if you pay them something. I think the program is called 'Ovation' or something like that. As to selling it on your own, just take a peek on eBay to see what other similar ownerships to yours are 'selling' -or possibly more accurately- being given away for.

Good Luck and Welcome to TUG where you can at least learn to use what you own. The value of timeshare is in it's use for the memories that use can generate for you and your family.

Jim

 

[LannyPC]

I think I remember them saying something along the lines of having to go back to them to see if they would buy it back before I try and sell it outright on my own. Does anybody know if there could be any truth to this? Or am I completely imagining this?

What the salesperson said could be true or it could be, surprise surprise, a lie. Some TS companies do have ROFR as others have mentioned above. Whether or not Wyndham has that right in your case is a line many TS sales people use. They say they have ROFR to keep the resale prices high. That's a line they use on potential buyers so that the potential buyer won't feel like he's buying a depreciating asset (which indeed he is).

Also worth noting is that there is a difference between having ROFR and exercising it. Many TS companies have it but rarely exercise it. As well, it is sometimes (but rarely) used as a scare tactic by some of these cancel/exit/relief companies scaring owners into thinking that, if they want to give their unwanted TS away just to get out from under the MFs, the TS company will exercise its ROFR and nix the giveaway thus leaving the owner still with the unwanted TS. But, for the low, low price of [whatever the exit company is charging], the exit company will find a way to circumvent this for you and get you out of your unwanted TS.

 

[KuriousKC]

You might have posted your question in the wrong forum. There is a forum for buying and selling and there is a forum specifically for the wyndham system. You might find more help in one or both of those.

Thank you! Still trying to learn where everything is located on here.