Ovation

[VivZ]

I spoke with an Ovations rep yesterday. Wanting to get out of three resale contracts due to life changes and keep my developer point. I was told they will do a title search on the three contracts and if they come up clean, they will send me paperwork to have notarized and return to them at which time the deed back will be complete and I'm out. Given what I paid which was closing costs only on these contracts and the raising MFs, this will be a win for me if it actually works!!

 

[ronparise]

I spoke with an Ovations rep yesterday. Wanting to get out of three resale contracts due to life changes and keep my developer point. I was told they will do a title search on the three contracts and if they come up clean, they will send me paperwork to have notarized and return to them at which time the deed back will be complete and I'm out. Given what I paid which was closing costs only on these contracts and the raising MFs, this will be a win for me if it actually works!!

Pretty sure it will work. They have been pretty aggressive in buying or taking stuff back. Even to the point of advertising the program in the members magazine that we all get

 

[theo]

As an irrelevant and anecdotal aside from a guitar player, I find myself wondering if the manufacturers of Ovation acoustic guitars might take offense at seeing their company brand name being "adopted" by the likes of Wyndham. It's surely safe to say that the name commonality won't help guitar sales, that much is for certain. :ignore:

 

[vacationhopeful]

Pretty sure it will work. They have been pretty aggressive in buying or taking stuff back. Even to the point of advertising the program in the members magazine that we all get

Way cheaper than building or foreclosing on unit/point/deeds ... increasing the stake CWA has in all the resorts - esp the CWP "desirable' resorts.

And glad they are NOW allowing owners to pick which deeds to give up .... verses the ALL or NOTHING stance.

 

[puppymommo]

I spoke with an Ovations rep yesterday. Wanting to get out of three resale contracts due to life changes and keep my developer point. I was told they will do a title search on the three contracts and if they come up clean, they will send me paperwork to have notarized and return to them at which time the deed back will be complete and I'm out. Given what I paid which was closing costs only on these contracts and the raising MFs, this will be a win for me if it actually works!!

I thought Ovation was only available for developer purchases. It's good to know it is available for resale purchases also.

I apologize if this has been noted earlier in this thread, I didn't read all of it.

 

[Tye8len9]

I contacted Wyndham on this wanted to get rid of some of my resale contracts, they told me that resale contracts can not be used for Ovation program. Has this changed?

 

[VivZ]

I contacted Wyndham on this wanted to get rid of some of my resale contracts, they told me that resale contracts can not be used for Ovation program. Has this changed?

I received the paperwork via email today. Have to have the signatures notarized and then send back to Wyndham. They took all three which I bought resale. Might make a difference based on the locations???

 

[vacationhopeful]

I received the paperwork via email today. Have to have the signatures notarized and then send back to Wyndham. They took all three which I bought resale. Might make a difference based on the locations???

Programs evolve ... corporate might have looked at a point is a point to be resold and/or put into CWA access. Remember, the OLDER resorts were fixed weeks (not getting any program fees on those units and usage/occupancy might be way lower, too) ... taking the resale weeks might be a better WEEK than those gotten via foreclosure.

And absorbing closing costs by Wyndham? ... it is all mostly smoke & mirrors with in house transfers. Plus CWA is a certificate program - no recorded anything.

 

[massvacationer]

Is ovation driving down the number of contracts available on the re-sale market ??

Are the experts here on TUG noticing a decrease in the number of contracts available on the resale market? Higher prices?

I would imagine that Ovation will drive down the supply of resale contracts available though ebay and resale brokers....I would also guess it will push-up resale prices.

Are we noticing this yet?

I know the improved economy may also be driving prices higher, as well. So, it may be hard to attribute anything to Ovation yet.

 

[Sloane S]

Are the experts here on TUG noticing a decrease in the number of contracts available on the resale market? Higher prices?

I would imagine that Ovation will drive down the supply of resale contracts available though ebay and resale brokers....I would also guess it will push-up resale prices.

Are we noticing this yet?

I know the improved economy may also be driving prices higher, as well. So, it may be hard to attribute anything to Ovation yet.

I'm no expert, but supply of resale Wyndham contracts (at least the "better" ones anyway) certainly seem down and prices up to me.

I looked at ebay for the last three months; Smoky Mountains had 9 listings, Grand Desert had 8 (including a 126,000 point contract that sold for $3800), and Canterbury had 4 listings (a couple of 300K contracts that went for around $4500 each).

 

[ronparise]

Are the experts here on TUG noticing a decrease in the number of contracts available on the resale market? Higher prices?

I would imagine that Ovation will drive down the supply of resale contracts available though ebay and resale brokers....I would also guess it will push-up resale prices.

Are we noticing this yet?

I know the improved economy may also be driving prices higher, as well. So, it may be hard to attribute anything to Ovation yet.

Absolutely The mid to larger contracts are almost impossible to find. I sold into these rising prices (at a profit, thank you very much) and now Im trying to build back up and do it again. What I was able to do at less that $2/1000 points in the past, now takes $10-$20 /1000

Remember where the supply used to come from... The PCCs that folks would pay to get rid of their contracts. Wyndham sellers dont need them any more, so the ebay sellers that used to get a steady supply of PCC product dont get it any more.

And $20 is not out of line. Buy a million point contract with 2015 points in it and what you are getting is 2105, 2016 and 2017 points you can use immediately. Pay the few months mf between now and the end of the year and in January you get your 2018 points. Thats the use of 4 million points worth roughly $6/1000 or $24000 So if I pay $20000 for the contract, and pay 4 months mf at $500 a month I have $22000 invested in something that will get me back $24000 right away. ie I got all my money back in just 4 months. and $2000 positive cash flow. My job from then on is to rent a million points for more than mf. Using my Platinum discount and the cancel- rebook game;
that hasnt been too hard.

So its no wonder folks like me have been grabbing every contract of any size directly from the ebay sellers, and looking for more sources to buy from.. We are bidding prices up. and leaving nothing to be posted on ebay or redweek.com for the rest of you

 

[Tye8len9]

VivZ, may I ask which locations your resale contracts were for, because according to the Ovations rep I spoke with it didn't matter what locations or how many points resale points could not be accepted in the program???

 

[Bigrob]

VivZ, may I ask which locations your resale contracts were for, because according to the Ovations rep I spoke with it didn't matter what locations or how many points resale points could not be accepted in the program???

You may need to try for a different rep.

 

[Bigrob]

Are the experts here on TUG noticing a decrease in the number of contracts available on the resale market? Higher prices?

I would imagine that Ovation will drive down the supply of resale contracts available though ebay and resale brokers....I would also guess it will push-up resale prices.

Are we noticing this yet?

I know the improved economy may also be driving prices higher, as well. So, it may be hard to attribute anything to Ovation yet.

I'd agree with Ron, but the uptick in price started long before Ovation. Prices have been climbing steadily for the past 18 months. Early last year there were several 600K+ contracts at $1500 or less. I see the same contracts selling for $8000. I'm also seeing some sellers trying to "bundle" unwanted small contracts with larger ones and listing it at the total point value... you have to read the fine print to see it's actually multiple contracts. Market has definitely changed.

 

[drknight]

Fixed weeks too?

Programs evolve ... corporate might have looked at a point is a point to be resold and/or put into CWA access. Remember, the OLDER resorts were fixed weeks (not getting any program fees on those units and usage/occupancy might be way lower, too) ... taking the resale weeks might be a better WEEK than those gotten via foreclosure.

And absorbing closing costs by Wyndham? ... it is all mostly smoke & mirrors with in house transfers. Plus CWA is a certificate program - no recorded anything.

So are you saying that fixed weeks are included in this "buyback" program? I have been scouring these threads, but can't tell. That would be the best news EVER!

 

[Bigrob]

So are you saying that fixed weeks are included in this "buyback" program? I have been scouring these threads, but can't tell. That would be the best news EVER!

I doubt fixed weeks at the Glade would be eligible, especially those undergoing a Special Assessment such as Kensington, but it couldn't hurt to make a call and ask.

 

[VivZ]

VivZ, may I ask which locations your resale contracts were for, because according to the Ovations rep I spoke with it didn't matter what locations or how many points resale points could not be accepted in the program???

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.

 

[VivianLynne]

This is great ... for the older owners.

I was thinking of buying a points contract --- like a 308K. I guess I will have to pay MORE now than 2 years ago.

Now I might look into another fixed week at Shawnee and convert my 2 fixed weeks to points with a small purchase. Only would need to buy 66,000 points to get Silver VIP.

 

[Bigrob]

This is great ... for the older owners.

I was thinking of buying a points contract --- like a 308K. I guess I will have to pay MORE now than 2 years ago.

Now I might look into another fixed week at Shawnee and convert my 2 fixed weeks to points with a small purchase. Only would need to buy 66,000 points to get Silver VIP.

While you will have to pay more than you would have 2 years ago, you will still definitely pay less on resale market than buying from developer. You may want to think carefully about it before doing this. Have you already bought 334K in developer-purchased points? Converting the weeks to points will not get those points as "developer purchased". It used to work that way many years ago, but it hasn't happened that way since at least 2009 (with a few exceptions, but not at Shawnee).

However; if your weeks were purchased directly from the developer, it may be that converting them would give you "developer-purchased" points.

You'll want to run the numbers because even the small developer purchase you propose will cost more than a large resale contract (over 500K). The savings will pay for a lot of HKs and RTs should you run out, and the points would be more than you could save using VIP discounts.

 

[roseamb60]

Glad to See So Man Having Luck

Hi I was one of the early one (early January) who got rid of my 517,00 points deeded at the Glade and two other places thanks to Buckspas early posting about Limited Edition in late Dec
Iwas happy to get rid of my points and am glad that other have also been sucessful under the followup Ovation
If you have been lucky enough to see your points at a profit good for you to but Limited Edition worked for meat the time an Iam very happy to be out from inder Rose

 

[Tye8len9]

VivZ ,Bigrob
Thanks, just got through to someone who know the program and they are now working on sending me the turn back documents for 5 of my contracts should be done in about 3 weeks... We shall see,,,, awesome.

 

[Family_travel]

Can't find deals on 300K contacts

I'd agree with Ron, but the uptick in price started long before Ovation. Prices have been climbing steadily for the past 18 months. Early last year there were several 600K+ contracts at $1500 or less. I see the same contracts selling for $8000. I'm also seeing some sellers trying to "bundle" unwanted small contracts with larger ones and listing it at the total point value... you have to read the fine print to see it's actually multiple contracts. Market has definitely changed.

I recently joined TUG BBS because I wanted to learn about buying resale. I briefly looked last year, but quickly relieved that I need more education.
It looks like I waited a year to long.

 

[Family_travel]

Buying "bundle" small contracts

I'd agree with Ron, but the uptick in price started long before Ovation. Prices have been climbing steadily for the past 18 months. Early last year there were several 600K+ contracts at $1500 or less. I see the same contracts selling for $8000. I'm also seeing some sellers trying to "bundle" unwanted small contracts with larger ones and listing it at the total point value... you have to read the fine print to see it's actually multiple contracts. Market has definitely changed.

Is there anyway to reduce the closing cost for multi-contract deals from a single seller?

 

[vacationhopeful]

Is there anyway to reduce the closing cost for multi-contract deals from a single seller?

The closing paperwork and county filing of deeds are not real expensive .. it is the $299 per deed that Wyndham charges to transfer ownership records on their computer ... and before you ask, "It is because they can (charge that much)!"

 

[Family_travel]

The closing paperwork and county filing of deeds are not real expensive .. it is the $299 per deed that Wyndham charges to transfer ownership records on their computer ... and before you ask, "It is because they can (charge that much)!"

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