Ovation

[Bigrob]

A seller told me "The closing costs are $300 per contract plus a Wyndham transfer fee of $299 per contract.".
Is this about average?

Several of the big resellers charge more than that for closing, and insist upon using their in-house/captive closing company. $300 is probably at or below the average for closing cost from a big reseller. It is about double the typical closing with LT Transfer, however.

 

[Family_travel]

Several of the big resellers charge more than that for closing, and insist upon using their in-house/captive closing company. $300 is probably at or below the average for closing cost from a big reseller. It is about double the typical closing with LT Transfer, however.

Thanks for all the help!

 

[mwsmithmn]

I just got rid of my two Wyndham properties. There was no hassle or any fees. It may be that they want more inventory, but that is fine with me. I had offers from TUG buyers and Redweek buyers, but they wanted me to pay the closing and transfer fees. Wyndham did not. I am now $1000 a year better off. I think it was a win/win for both of us.

 

[Ty1on]

I just got rid of my two Wyndham properties. There was no hassle or any fees. It may be that they want more inventory, but that is fine with me. I had offers from TUG buyers and Redweek buyers, but they wanted me to pay the closing and transfer fees. Wyndham did not. I am now $1000 a year better off. I think it was a win/win for both of us.

It wasn't a win for those of us who wanted you to pay the fees :hysterical:

 

[Conan]

The Wyndham points I gave up had a 2015 calendar year - - I paid a few months fees and dues in 2015 before giving them back via Ovation/Limited Edition. The Limited Edition three-year points I received for them are for use years ending 6/2016, 6/2017 and 6/2018.

I called today to make my first Limited Edition reservation. The agent told me I also had cancellation points in my account--unused points from my 2015 year in the property I turned back to Wyndham that are good to 12/31/15.

So I'm having my cake and eating it too!

 

[shagnut]

Do they use this option for resales too?? shaggy

 

[Conan]

Do they use this option for resales too?? shaggy

They take back resales under what they call the CAP program. You don't get anything for them, but there's no closing cost and your responsibility for dues and maintenance ends.

I don't know if CAP gives you cancellation credit for your unused points.

 

[Family_travel]

Do they use this option for resales too?? shaggy

What are you trying to get rid of?

 

[shagnut]

205 K eoy points. I won't be doing it this year but just was thinking, esp if my health gets worse. I would be more inclined to get rid of my MROP.

shaggy

 

[VivZ]

Branson, Nashville and Sedona. No one ever called back when I responded to their email so I called the number I found in the thread They said the title search would take 2-3 weeks then they would send paperwork. I received it via email 3 days later for all three deeds. Went back to them in the mail yesterday. So far, so good.

Never heard back after returning the paperwork but just checked my contract status on the Wyndham site and they are gone!! It was almost too easy. And they left all my 2015 points intact.

 

[kev5982]

I called today about giving back my Tamarack (even year) and Williamsburg (odd year) and they said Tamarack doesn't participate in the program.

Thanks,

Kevin

 

[JudyWI]

I just called. I have 2 resale contracts at Glacier canyon, WI that they will take back. No money for them but mine are resale that I only paid $1500 for (including all closing fees) So we have used and really got our use out of them. We are getting older and harder to travel.

Feel for everyone who paid full price and need to get out.

 

[spackler]

With some of the next-to-zero prices I see for completed auctions on eBay, it seems as though not everyone is aware about Ovation yet.

 

[Bigrob]

With some of the next-to-zero prices I see for completed auctions on eBay, it seems as though not everyone is aware about Ovation yet.

What are you seeing "near to zero" pricing on? I unfortunately must have missed something.

 

[Ty1on]

What are you seeing "near to zero" pricing on? I unfortunately must have missed something.

There are quite a few fixed weeks that aren't getting any attention. And the usual overpriced Buy Me Nows that will never see the light of day.

2 BR WYNDHAM Pocono Mountains SHAWNEE VILLAGE Delaware River TIMESHARE Deed
Visa/AMEX/MC/Discover - NO RESERVE!
$1.00
0 bids
5h left (Today 7:20PM)

WYNDHAM RESORT @ FAIRFIELD HARBOUR 77,000 ANNUAL POINTS TIMESHARE FOR SALE
FREE CLOSING! RCI- DEED-ANNUAL-NO RESERVE!
$4.25
5 bids
6h left (Today 8:00PM)

84,000 WYNDHAM PLUS POINTS FREE CLOSE!!
$199.00
1 bid
17h left (Wednesday, 7AM)

Wyndham Pagosa (#0948)
$35.00
0 bids
18h left (Wednesday, 7AM)


WYNDHAM SHAWNEE RIDGE TOP VILLAGE TIMESHARE 2BD FIXED WEEK 28 STROUDSBURG PA
$0.99
6 bids
1d 2h left (Wednesday, 4PM)

Many many more.

 

[am1]

It wasn't a win for those of us who wanted you to pay the fees :hysterical:

Or for those people who will pay retail for the points that Wyndham takes back.

 

[spackler]

What are you seeing "near to zero" pricing on? I unfortunately must have missed something.

Just search for completed auctions for "wyndham points"; there's gotta be about a dozen points-related deeds just in July that ended under $200. There's a bunch of others that had no bids. Many of these are going thru PCC's, so the net proceeds to the underlying seller is probably negative.

If these people knew about Ovation, why on earth would they put up with that?

 

[Ty1on]

Just search for completed auctions for "wyndham points"; there's gotta be about a dozen points-related deeds just in July that ended under $200. There's a bunch of others that had no bids. Many of these are going thru PCC's, so the net proceeds to the underlying seller is probably negative.

If these people knew about Ovation, why on earth would they put up with that?

Those listings all had one thing in common...the Maintenance fees are out of this world, ranging from high $7s to over $10 per thousand points.

It isn't attractive to pay the closing and transfer and even the low bid amount they received given the annual expense.

 

[spackler]

Those listings all had one thing in common...the Maintenance fees are out of this world, ranging from high $7s to over $10 per thousand points.

It isn't attractive to pay the closing and transfer and even the low bid amount they received given the annual expense.

That's not the point. The question is, why would people still pay PCC's hundreds/thousands of dollars to get rid of their deeds for pennies on eBay? Just sign them over to Wyndham & be done with it.

 

[Ty1on]

That's not the point. The question is, why would people still pay PCC's hundreds/thousands of dollars to get rid of their deeds for pennies on eBay? Just sign them over to Wyndham & be done with it.

Wyndham doesn't accept every deed that is offered to the Ovation program. I don't know if they will accept every fixed week points conversion. The connection may be that they don't want high MF conversions because them would creep up their CWA MF when they deed them into that trust.

 

[Bigrob]

That's not the point. The question is, why would people still pay PCC's hundreds/thousands of dollars to get rid of their deeds for pennies on eBay? Just sign them over to Wyndham & be done with it.

I don't believe Ovation is an option for the ones you're seeing, and that's also the reason they aren't getting bids, or are going for next to nothing. Did we ever hear for sure whether fixed weeks were being accepted?

Fixed weeks are generally not going to fetch anything unless they are "special" (i.e., consistently rent for more than their maintenance fees) and even then they are not of interest to most of us.

And no doubt, people are operating on imperfect information. For every person who knows about Ovation, I'm sure there are 10-20 that don't. So there are probably a few that might get through. For sure the best thing to do if you have a "dog" property is to check first with Wyndham to see if it is eligible, but to the other poster's point - not all properties are.

 

[jmurp62]

I just got off the phone with Ovation counselor. I am giving back 3 contracts at Fairfield Glade and 1 at Fairfield Bay. These are all over $7 per thousand and push my average per 1000 to high for me. I was also told once the contracts are approved, meaning all paperwork filled out precisely correct, I am out of the responsibility of the special assessment at F Glade. Hopefully true
Murf

 

[spackler]

I just got off the phone with Ovation counselor. I am giving back 3 contracts at Fairfield Glade and 1 at Fairfield Bay. These are all over $7 per thousand and push my average per 1000 to high for me. I was also told once the contracts are approved, meaning all paperwork filled out precisely correct, I am out of the responsibility of the special assessment at F Glade. Hopefully true
Murf

Yeah, this is a great example of what I was referring to. These two properties are near worthless (according to completed eBay listings) but people are still paying the PCCs to get rid of them; makes no sense if they were aware of Ovation.

 

[ronparise]

Just search for completed auctions for "wyndham points"; there's gotta be about a dozen points-related deeds just in July that ended under $200. There's a bunch of others that had no bids. Many of these are going thru PCC's, so the net proceeds to the underlying seller is probably negative.

If these people knew about Ovation, why on earth would they put up with that?

That may be true, but when you add a $299 transfer fee and the sometimes up to $500 closing fees, thats over $1000 for a less than 100000 point contract or better than a penny a point.

I dont know why folks are still dealing with the post card companies, except that they dont know or dont care about the money. Which of course is the same reason they bought from Wyndhan in the first place. Its the same question and the same answer when I see someone driving a new Lexus. And perfectly good Toyotas are on the used car lot next door.

 

[Ty1on]

Yeah, this is a great example of what I was referring to. These two properties are near worthless (according to completed eBay listings) but people are still paying the PCCs to get rid of them; makes no sense if they were aware of Ovation.

Some folks don't know. I would imagine that over time, those contracts that are accepted under Ovation will dry up on ebay, which may be part of Wyndham ' s strategy for Ovation.