Getting out from under Worldmark maintenance dues?

[JC_2065]

I've got a family member looking to get rid of a timeshare they inherited. Apparently someone bought hard on some 'deals' and they have around 245k annual "Worldmark by Wyndham" points. The loan is paid off and they can use the points on travel, RCI included, etc. Platinum Elite status. Sounds great(?) but the maintenance dues are more than a reasonable monthly mortgage, and they don't want to carry that burden.

I've already seen some suggestions on regarding listing the points on Redweek or here and then using LT Transfers for the paperwork and sale. I haven't seen anything with that range of points listed either place, so hard to gauge how something like that might move. Also, does LT Transfers offer escrow services?

Are there any other options? They don't want to just give the points back to Worldmark (certified exit, or whatever). They're currently looking at three brokers that someone at Worldmark mentioned.

• TLS Timeshares - Listing agreement seems strange. They want the ability to make and cancel reservations? They charge the seller if the buyer use a credit card? They don't appear to use a title/escrow company?
• Fidelity Real Estate - seems to post a lot on RedWeek, so why pay the commission if that's all they're doing?
• Timeshare Brokers - Haven't seen too much info from them, apparently the broker was going to get back in touch after finding out the account was around 245k, not 24.5k like they thought. Might have more questions/insight once that happens.

Any experience with these groups or others?

I'm just looking to help them get out from under the weight of those dues, and hopefully get a spot of cash for it without getting scammed (paying upfront fees to an exit company that doesn't work) or have it stolen from them (no escrow/title company protections).

 

[VacationForever]

My favorite broker is Michael Dosh at besttimeshare.net. I bought my 35K contract through him about 9 months ago. He is honest and does not play games. Buyers don't pay until Worldmark/Wyndham starts the transfer process.

 

[nomadio]

Surefire Vacations Inc. specializes in Worldmark and are reputable.

 

[bizaro86]

245k is a HUGE worldmark account. The reason that's close to a mortgage payment in dues is that you could stay in a WM timeshare for close to the whole year with that many credits.

I suspect something that size would be hard to sell - and will likely go to a broker who will have it split into multiple accounts for future onward sale. If you wanted to maximize value splitting it at least once would be the way to go, and ideally into at least 4 smaller accounts. 60k is still a big account.

I'm not sure if you can split into multiple accounts for one $299 fee though.

 

[sparty]

245k is a HUGE worldmark account. The reason that's close to a mortgage payment in dues is that you could stay in a WM timeshare for close to the whole year with that many credits.

I suspect something that size would be hard to sell - and will likely go to a broker who will have it split into multiple accounts for future onward sale. If you wanted to maximize value splitting it at least once would be the way to go, and ideally into at least 4 smaller accounts. 60k is still a big account.

I'm not sure if you can split into multiple accounts for one $299 fee though.

Agree it's a lot of points but it would be about 18 weeks a year in a 2 bedroom. I would advise 11 accounts of 20K and one 25K

 

[sue1947]

The loan is paid off and they can use the points on travel, RCI included, etc. Platinum Elite status.

The Platinum elite is worthless for selling. It is a developer add on for those who bought from them. Accounts sell for 0.10/credit while they probably bought for well over 10 (maybe 20) times that amount. They will have sticker shock. Large accounts are more difficult to sell so the per credit cost will likely be lower.

 

[geist1223]

Check out www.wmowners.com. It is a Worldmark Site by Worldmark Owners. You can list the Account there. They also have a list of trusted Brokers that handle Worldmark sells.

 

[easyrider]

I've got a family member looking to get rid of a timeshare they inherited. Apparently someone bought hard on some 'deals' and they have around 245k annual "Worldmark by Wyndham" points. The loan is paid off and they can use the points on travel, RCI included, etc. Platinum Elite status. Sounds great(?) but the maintenance dues are more than a reasonable monthly mortgage, and they don't want to carry that burden.

I've already seen some suggestions on regarding listing the points on Redweek or here and then using LT Transfers for the paperwork and sale. I haven't seen anything with that range of points listed either place, so hard to gauge how something like that might move. Also, does LT Transfers offer escrow services?

Are there any other options? They don't want to just give the points back to Worldmark (certified exit, or whatever). They're currently looking at three brokers that someone at Worldmark mentioned.

• TLS Timeshares - Listing agreement seems strange. They want the ability to make and cancel reservations? They charge the seller if the buyer use a credit card? They don't appear to use a title/escrow company?
• Fidelity Real Estate - seems to post a lot on RedWeek, so why pay the commission if that's all they're doing?
• Timeshare Brokers - Haven't seen too much info from them, apparently the broker was going to get back in touch after finding out the account was around 245k, not 24.5k like they thought. Might have more questions/insight once that happens.

Any experience with these groups or others?

I'm just looking to help them get out from under the weight of those dues, and hopefully get a spot of cash for it without getting scammed (paying upfront fees to an exit company that doesn't work) or have it stolen from them (no escrow/title company protections).

I left you a private message a while back. The envelope in the blue stripe is where you click if you want to read it.

Bill

 

[JC_2065]

Thank you for the suggestion to split the account! I'll pass that along. If it could be done for a single processing fee that could indeed be worthwhile.

I'll also take a look at http://www.wmowners.com/ - I appreciate the tip!

 

[easyrider]

In the past these were selling for about 30 cents a credit so 245000 credits would be about $73,500. The un-used credits available for reservations were worth about 9 cents a credit so 245000 un-used vacation credits would be worth about $22,860. There could be more than 245000 vacation credits in the account if no one has been using it. It looks like $96,360 is the pre-covid value. Currently these have been going for about 15 - 20 cents a credit on ebay.

Another place to check is the Worldmark buy and sell facebook page. https://www.facebook.com/groups/286861868508779

Good Luck

Bill

 

[kozykritter]

Also check out Henri Moreau at wmcredits.net. He's well known and regarded among WM resales owners and has been exclusively buying and selling WM ownerships for 20 years. I bought my resale from him last summer and he made it all so easy. I'm guessing he'd have some good advice for you since he knows the WM resale market and transfer process so well.

 

[bizaro86]

Agree it's a lot of points but it would be about 18 weeks a year in a 2 bedroom. I would advise 11 accounts of 20K and one 25K

Or 40 weeks in a red season studio.

I agree 20k is probably the optimal size to sell, although I wouldn't want 10 of them. I'd probably do a mix of sizes if possible ranging from 10k to 40k (with the highest amount of 20k)

 

[JC_2065]

Also check out Henri Moreau at wmcredits.net. He's well known and regarded among WM resales owners and has been exclusively buying and selling WM ownerships for 20 years. I bought my resale from him last summer and he made it all so easy. I'm guessing he'd have some good advice for you since he knows the WM resale market and transfer process so well.

Thank you for the suggestion! I noticed Henri on wmowners and will be reaching out.

 

[VacationForever]

Thank you for the suggestion! I noticed Henri on wmowners and will be reaching out.

You do want to check out Michael Dosh from besttimeshare.net. He is also one of the brokers on wmowners.

 

[hrmoreau]

245k is a HUGE worldmark account. The reason that's close to a mortgage payment in dues is that you could stay in a WM timeshare for close to the whole year with that many credits.

I suspect something that size would be hard to sell - and will likely go to a broker who will have it split into multiple accounts for future onward sale. If you wanted to maximize value splitting it at least once would be the way to go, and ideally into at least 4 smaller accounts. 60k is still a big account.

I'm not sure if you can split into multiple accounts for one $299 fee though.

 

[hrmoreau]

FYI, Worldmark only allows one split at a time and it takes about four months to split an account. Also, the dues on many smaller accounts are higher than one larger account. Although it will be definitely be easier to sell smaller accounts.