Inherited timeshares [moved]

[MattWSJ]

Hello,

I inherited five Wyndham contracts from my parents. I knew nothing about timeshares initially but I've been reluctantly learning as I need to deal with these things. There is a rental company that has been handling the points so I'm not getting slammed with maintenance fees.
The contracts are:
Old Town Alexandria (805,000 points)
Nashville (136,000 points)
(2) Kingsgate - Williamsburg, VA (441,000 points)
and
Bonnet Creek - Buena Vista, FL (203,000 points)
I'm looking for input on how best to go about relieving myself of these timeshares I am not using.
Thank you!

 

[Passepartout]

@MattWSJ Yikes! I wish we'd had this conversation before you accepted the bequest. We have instructed our offspring to simply have the legal representative write the timeshare outfit that no heir will accept the negatively valued timeshares and offer to return the deed(s) to them.

But it seems that ship has sailed.

We are sorry for your loss.

I am not well versed with the workings of Wyndham. I know they do have a means to deed back ownerships. It isn't free, but at least it would relieve you of ongoing expense.

Consider reposting your request in the Wyndham forum. There are helpful folks who watch that forum that wouldn't see it here in the Buying/Selling/Renting forum

Best wishes! and Welcome to TUG!

Jim

 

[LannyPC]

I'm looking for input on how best to go about relieving myself of these timeshares I am not using.
Thank you!

You can start by posting them in the Free Timeshares section:

https://tugbbs.com/forums/forums/free-timeshares.55/

The biggest piece of advice we give here on TUG is to not use any of these companies, law firms or charities that claim they can "cancel" your TSs. They are usually scams.

 

[MrbeanOnVacation]

Matt - I’m curious: are your MF not being covered? Have you checked out redweek to see what rental rates could be if you did it yourself?

 

[kanerf]

Old Town Alexandria is a very nice location and should rent well, particularly around Cherry Blossom time in April/May. I stay there frequently and it is difficult to get into if you are not an owner. Kingsgate in Williamsburg is desirable around the holidays.

 

[T-Dot-Traveller]

Hello,

I inherited five Wyndham contracts from my parents. I knew nothing about timeshares initially but I've been reluctantly learning as I need to deal with these things. There is a rental company that has been handling the points so I'm not getting slammed with maintenance fees.
The contracts are:
Old Town Alexandria (805,000 points Nashville (136,000 points)(2) Kingsgate - Williamsburg, VA (441,000 points) and Bonnet Creek - Buena Vista, FL (203,000 points)

I'm looking for input on how best to go about relieving myself of these timeshares I am not using.
Thank you!

Hi @MattWSJ
Sorry for your loss

Why are you unable to use these at all ?
Do you have vacation plans now or in the future ?

 

[TUGBrian]

wyndham deedbacks are free.

though some of the larger ownerships might fetch a few bucks on the resale market depending on the maintenance fees.

also when you say you inherited them, are the ownerships actually in your name? or still your deceased parents?

 

[philemer]

One of our members recently old me she was getting push back from Wyndham when trying to deed back some of her contracts.

 

[theo]

One of our members recently old me she was getting push back from Wyndham when trying to deed back some of her contracts.

I have seen some reports in recent years that Wyndham may “cherry pick” what they will accept as “deedbacks”, but I have no direct personal experience.

 

[Fido Chuckwagon]

Hello,

I inherited five Wyndham contracts from my parents. I knew nothing about timeshares initially but I've been reluctantly learning as I need to deal with these things. There is a rental company that has been handling the points so I'm not getting slammed with maintenance fees.
The contracts are:
Old Town Alexandria (805,000 points)
Nashville (136,000 points)
(2) Kingsgate - Williamsburg, VA (441,000 points)
and
Bonnet Creek - Buena Vista, FL (203,000 points)
I'm looking for input on how best to go about relieving myself of these timeshares I am not using.
Thank you!

That Bonnet Creek contract is worth at least a few hundred dollars to maybe a thousand dollars, depending on how lucky you get. Of course, closing costs on it are going to run around $800 so it might not be that easy to get a buyer. If you do an ebay search for bonnet creek you can see what recent contracts have gone for, it’s basically all over the place, but they do sell.

 

[Fido Chuckwagon]

Basically Wyndham timeshares tend to have some (slight) value if their maintenance fees are lower than CWA fees. If they are at or above CWA they tend to be worthless.
Bonnet Creek and Alexandria are both (a little) less than CWA fees and likely have some residual value meaning you should at least be able to give them away, or sell them for a minimal cost. Nashville is higher than CWA and is therefore likely worthless. I’m not sure what the maintenance fees are on Kingsgate. The last update to the TUG maintenance fees thread for them in 2021 shows them running below CWA at that time, so they might also have some residual value / giveaway potential.

 

[TUGBrian]

I have yet to hear a legitimate report from anyone who was actually denied a wyndham deedback other than those owners involved in the carriage hills/ridge/place dispute and or owners who still had a loan balance or were behind in maintenance fees. there might be a few other one off items im forgetting, but to my knowledge for the vast majority of wyndham owners out there if its paid off, it can be given back free of charge (and for some, you might even get a year or more worth of free usage as "thanks")

obviously as we get closer to the end of 2023 and the 2024mf payments start coming due, it would not be unreasonable to expect any resort system to request or expect that to be paid in order to surrender the ownership back.

 

[superfriend620]

@MattWSJ Yikes! I wish we'd had this conversation before you accepted the bequest. We have instructed our offspring to simply have the legal representative write the timeshare outfit that no heir will accept the negatively valued timeshares and offer to return the deed(s) to them.

But it seems that ship has sailed.

We are sorry for your loss.

I am not well versed with the workings of Wyndham. I know they do have a means to deed back ownerships. It isn't free, but at least it would relieve you of ongoing expense.

Consider reposting your request in the Wyndham forum. There are helpful folks who watch that forum that wouldn't see it here in the Buying/Selling/Renting forum

Best wishes! and Welcome to TUG!

Jim

is that a thing that works? an hier not accepting and the deed going back to the company?

 

[Passepartout]

is that a thing that works? an hier not accepting and the deed going back to the company?

Yes. What are they gonna do? Sue a dead person? It may not be neat and pretty, but eventually it will be foreclosed and auctioned off- most likely to the HOA or developer, but by then who cares? If the HOA is smart, they'll accept a voluntary deed back.

 

[Fido Chuckwagon]

is that a thing that works? an hier not accepting and the deed going back to the company?

Of course. You can’t force an heir to accept anything they don’t want to. The alternative would lead to ludicrous outcomes since you can list anyone you want as an “heir” on your will.

 

[MattWSJ]

Matt - I’m curious: are your MF not being covered? Have you checked out redweek to see what rental rates could be if you did it yourself?

Hello,

Yes, the monthly fees are covered as my mother was working with an agency who handles the points. I've taken up the lead on this and I've told them that they are free to rent out 100% of the points. I am basically now breaking even so it makes no sense to retain these timeshares. It has been an educational experience.

 

[MattWSJ]

@MattWSJ Yikes! I wish we'd had this conversation before you accepted the bequest. We have instructed our offspring to simply have the legal representative write the timeshare outfit that no heir will accept the negatively valued timeshares and offer to return the deed(s) to them.

But it seems that ship has sailed.

We are sorry for your loss.

I am not well versed with the workings of Wyndham. I know they do have a means to deed back ownerships. It isn't free, but at least it would relieve you of ongoing expense.

Consider reposting your request in the Wyndham forum. There are helpful folks who watch that forum that wouldn't see it here in the Buying/Selling/Renting forum

Best wishes! and Welcome to TUG!

Jim

Hello Jim,

Sorry it took me so long to respond; I've been traveling. Yes, I wish I had stumbled upon this site shortly after assuming these properties. I appreciate the condolences and the advice. I have spent hours and hours learning about these things and I think this site will be very helpful.

Thank you!

 

[MattWSJ]

Hi @MattWSJ
Sorry for your loss

Why are you unable to use these at all ?
Do you have vacation plans now or in the future ?

Thank you. I'm not unable to use them, I just typically go a different route when traveling. I don't take much vacation but when I have (the two times in about 4 years), I have utilized VRBO. There is an agency my mother used to manage the points on these properties for rentals (Resortshare). The money generated from the rentals after they take their cut basically covers the fees. I found documentation from years ago outlining what they promised my mother and they're coming up short on the money they said they'd generate from the rentals. If I remember correctly, the documentation estimated $100 would be paid for every 10,000 points utilized. So, for 1,000,000 points rented, they would pay us $10,000. They are falling short by about 60%.

 

[MattWSJ]

wyndham deedbacks are free.

though some of the larger ownerships might fetch a few bucks on the resale market depending on the maintenance fees.

also when you say you inherited them, are the ownerships actually in your name? or still your deceased parents?

Good question. I'm not sure. I have done nothing to change an official documentation. All I have done is assumed payments for maintenance fees. I knew as much about timeshares when my father died (mom died first) as I know about what Venus smells like. I know Wyndham knows to contact me when I forget to pay the bill. :/

 

[TUGBrian]

well wyndham would have no idea your parents have passed, so they will send the bill regardless.

if you dont want these, and are not listed as an owner you are under no obligation to continue to pay the maintenance fees. contact wyndham and explain the situation to get your options.

 

[MattWSJ]

@MattWSJ Yikes! I wish we'd had this conversation before you accepted the bequest. We have instructed our offspring to simply have the legal representative write the timeshare outfit that no heir will accept the negatively valued timeshares and offer to return the deed(s) to them.

But it seems that ship has sailed.

We are sorry for your loss.

I am not well versed with the workings of Wyndham. I know they do have a means to deed back ownerships. It isn't free, but at least it would relieve you of ongoing expense.

Consider reposting your request in the Wyndham forum. There are helpful folks who watch that forum that wouldn't see it here in the Buying/Selling/Renting forum

Best wishes! and Welcome to TUG!

Jim

By the way, for anyone curious, a few months after assuming these things I received a phone call (Toledo, OH area) from an agency offering to help folks get out of timeshare contracts. After telling them about the five properties and points, they offered me $100 to go listen to their sales pitch. I figured it'd be a good starting point to learn.

They said they would get me free and clear for $42,000. After I balked at that, the two presenters discussed amongst themselves and then came back - as long as I could get the ball rolling that day - with a reduced price of $28,000. :0

Jim, I'll repost over in the Wyndham section as suggested. Again, thanks for the feedback.

 

[MattWSJ]

I posted this in a different forum and a senior member suggested I throw it up here as well:

I inherited five Wyndham contracts from my parents. I knew nothing about timeshares initially but I've been reluctantly learning as I need to deal with these things. There is a rental company (Resortshare) that has been handling the points so I'm not getting slammed with maintenance fees.
The contracts are:
Old Town Alexandria (805,000 points)
Nashville (136,000 points)
(2 properties) Kingsgate - Williamsburg, VA (441,000 points total)
and
Bonnet Creek - Buena Vista, FL (203,000 points)
I'm looking for input on how best to go about relieving myself of these timeshares I am not using. It's been a lengthy learning process. I wish I knew about this site shortly after assuming managing these things.
Thank you!

 

[bnoble]

I'm looking for input on how best to go about relieving myself of these timeshares I am not using.

The easiest way is to contact Wyndham and see if they will take things back via Certified Exit.

Certified Exit – backed by Wyndham™

Certified Exit – backed by Wyndham™ is your trusted source for your ownership options.

www.wyndhamdestinations.com

I would do that sooner rather than later, because this part:

There is a rental company (Resortshare) that has been handling the points so I'm not getting slammed with maintenance fees.

is something that Wyndham may eventually take exception to. And if that happens, your divestiture is going to be a lot more complicated.

 

[DeniseM]

I'm going to move your thread there - don't repost.

 

[bnoble]

However, DO NOT listen to anyone who promises to get you out of your timeshares "for a modest fee." Those outfits do not do anything you can't do yourself, and as often as not will do nothing other than cash your checks until you stop writing them.