Jensen44
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- Mar 15, 2012
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I'm trying to help a friend who is elderly and now disabled and can no longer use her Wyndham points. I have been reading tons of information, but still unclear on how to help her. I just don't want to make any wrong decisions in helping her. She wants to sell/get rid of her timeshares. Here is what I know of the two.
Wyndham deed, Branson Meadows, 203,000 annual points, originally purchased for $16,360. Total annual fees currently $1,159.13 (monthly $96.59).
Wyndham deed, Branson Meadows, 105,000 annual points, originally purchased for $11,200. Total annual fees currently $599.55 (monthly $49.96).
No outstanding loans, fees paid up to date.
My questions...
Are these something she could sell (if so, how much) or at least at no cost to her (buyer pays all closing and transfer fees)? Does the title transfer have to be completed in property state of Missouri? I read about Lisa Short (name?), would she be able to facilitate the title transfer?
When she transfers the deeds, would the current points she has available in Wyndham go to the buyer or can she keep and use since she has paid up the fees?
When she transfers the deed, would the points she previously transferred/exchanged to RCI still belong to her or do they transfer to the buyer immediately?
She is also concerned that if she doesn't do this, they will go to her children who cannot afford the fees. It looks like they would have a right of refusal and under no obligation to accept. Is that correct? However, I read somewhere that if they have used the timeshare, they would have to accept the property. (Example said that you cannot use the timeshare and then refuse it.) Her children have used points as guests, would this make them responsible for the property upon death?
Also, what would happen if she would be in the process of transferring the deed to an individual and they, they buyer, would decease before title transfer is complete at Wyndham? Does it revert back to her? Who could use the points?
Wyndham said she could send a letter to them and, depending on their "inventory", they may take it back. Would this be the case for Branson deeds, or typically for properties in Florida and elsewhere?
So sorry for so many questions, but I thought I would post them all at once. Thank you in advance!!!
Wyndham deed, Branson Meadows, 203,000 annual points, originally purchased for $16,360. Total annual fees currently $1,159.13 (monthly $96.59).
Wyndham deed, Branson Meadows, 105,000 annual points, originally purchased for $11,200. Total annual fees currently $599.55 (monthly $49.96).
No outstanding loans, fees paid up to date.
My questions...
Are these something she could sell (if so, how much) or at least at no cost to her (buyer pays all closing and transfer fees)? Does the title transfer have to be completed in property state of Missouri? I read about Lisa Short (name?), would she be able to facilitate the title transfer?
When she transfers the deeds, would the current points she has available in Wyndham go to the buyer or can she keep and use since she has paid up the fees?
When she transfers the deed, would the points she previously transferred/exchanged to RCI still belong to her or do they transfer to the buyer immediately?
She is also concerned that if she doesn't do this, they will go to her children who cannot afford the fees. It looks like they would have a right of refusal and under no obligation to accept. Is that correct? However, I read somewhere that if they have used the timeshare, they would have to accept the property. (Example said that you cannot use the timeshare and then refuse it.) Her children have used points as guests, would this make them responsible for the property upon death?
Also, what would happen if she would be in the process of transferring the deed to an individual and they, they buyer, would decease before title transfer is complete at Wyndham? Does it revert back to her? Who could use the points?
Wyndham said she could send a letter to them and, depending on their "inventory", they may take it back. Would this be the case for Branson deeds, or typically for properties in Florida and elsewhere?
So sorry for so many questions, but I thought I would post them all at once. Thank you in advance!!!
