Hello, I have a deeded wyndham resorts at palm aire in st. augustine which we NEVER use and much to my disdain!!! Have had for almost 20 years and I am ready to dump it literally. Fees have been paid and all that is left are maintenance fees yearly. I am curious as to finding resale value and what documents would be needed to be signed if I find a buyer. Would these be available at Wyndham as well as a resale value. I would darn near give this thing away.
Should I contact a real estate lawyer as well for documents etc?
Thanks a bunch!
No, no, no on contacting a lawyer --- a complete waste of your time and money for the timeshare matter at hand, about which many lawyers know absolutely
nothing.
If and when you can find a willing buyer / recipient, a competent timeshare closing company can handle everything for you regarding new deed preparation, recording and later notification to Wyndham for a very few hundred dollars --- at most. Forget lawyers. However, Wyndham itself charges an additional larcenous $299 fee just to (...ahem) "process" the ownership transfer internally
after a new deed has been properly recorded in a new owner's name.
Someone involved in the transaction will definitely have to pony up that mandatory $299 to wrap it all up as the last part of the transfer. Wyndham can be expected to take two months or more
after receiving the new deed and their larcenous $299 fee. Why they take that long is an unsolved mystery without a credible or rational explanation, but that's just how it is.
Don't shoot the messenger, but your subject deeded Wyndham week may have very little resale value --- and perhaps even none at at all, depending in part upon the specific week (if a "fixed" week, week number matters). Was it ever also "converted to points"? (if so, number of points matters too). Unit size and the dollar amount of the annual maintenance fees are also relevant factors influencing "value".
You
might even end up having to offer to pay all of the closing costs yourself as well as the $299 Wyndham transfer fee just to find a willing new recipient, although maybe you'll be lucky and find a buyer who will pay those costs. I wouldn't really plan on that, however.
If all else fails and you can't even
give the week away, Wyndham will likely take the week back from you (via accepting a quitclaim deed back to them in lieu of foreclosure, aka "deedback"), but that's a conversation you'll first have to have directly with Wyndham --- you cannot lawfully just unilaterally deed it back without their advance knowledge and overtly expressed consent and acceptance. This might actually end up being the least costly way of all for you to part with this ownership.
TUG has a "Bargain Deals" forum where you'll see many instances of people dumping unwanted timeshares. Wyndham ownerships were often well represented there, but much less so lately (perhaps because of Wyndham's internal deedback "Ovation" program, which eliminates owners having to advertise such "giveaways"). You
may find a comparable week listed on eBay that will give you some insight into the reality of current resale value and market demand, which may unfortunately be
none.
Good luck to you, in any case.