Questions on resale /"taking over" existing Timeshare

[Lutz4tx]

We are first time purchasers and have been made an offer to simply take over a friends timeshare. The only cost to us would be what the closing costs would be which they estimated at a few hundred dollars. We wanted to check with someone who is also an owner at the same resort which is Wyndham's Fairfield Orlando Bonnet Creek Resort. What they are offering to us is 168,000 pts which cost $49/mo MF. They believe that there is also an annual fee of $300 and some as well. What about taxes? Is that included in the monthly maintenance fee?

Any info you might share would be extremly helpful. Although this would be the "home resort" we would most likely use the points to purchase stays at other locations more often than staying at the Bonnet Creek Resort. Is this difficult to do? We love to travel but to different places all across the country. Also, is adding points difficult and how do you do that?

 

[Ridewithme38]

Here's the Wyndham book with all the resorts and point values by week and size...Might help you figure out if that is enough points for you

http://www.nxtbook.com/nxtbooks/wyndham/memberdirectory11-12/#/1/OnePage

 

[glypnirsgirl]

Are the points free and clear or are they expecting you to make loan payments?

elaine

 

[Lutz4tx]

They are free and clear and they are asking $0 for them. They are on the verge of letting them go back as they do not want to pay the MF any longer. They purchased them in 2008 and have NEVER used it. Crazy! I have heard horror stories about TS and want to be sure this is something we can use. We will probably never stay at the "home resort" so I am curious if it is easy to use the points through RCI for other resorts? We travel quite a bit but short stays. Two to five nights max is typical. We are self employed so getting away for too long is difficult. So, I would only be interested in doing this if the points could easily be used elsewhere. From the looks of the points required on some places I would most likely need to double them too!

 

[glypnirsgirl]

They are free and clear and they are asking $0 for them. They are on the verge of letting them go back as they do not want to pay the MF any longer. They purchased them in 2008 and have NEVER used it. Crazy! I have heard horror stories about TS and want to be sure this is something we can use. We will probably never stay at the "home resort" so I am curious if it is easy to use the points through RCI for other resorts? We travel quite a bit but short stays. Two to five nights max is typical. We are self employed so getting away for too long is difficult. So, I would only be interested in doing this if the points could easily be used elsewhere. From the looks of the points required on some places I would most likely need to double them too!

i see people alot of times that own timeshares and don't use them --- CRAZY indeed --- but more common than people that own and use.

I love my timeshares. And I regularly use them (I have owned for 17 years and this is the first year that I have some points that I won't use --- but I will deposit them and use them next year)!

If you use your points, you will get plenty of value.

elaine

 

[rrlongwell]

If they are good friends. Add yourselfs to the deed to maintain the points as VIP eligable points. Consult with an attorney to draw up the new deed and whatever other paperwork that would be legally necessary for you to have sole use of the points. The price is right. I have seen Bonnett Creek go for about that price on E-Bay sometimes. I would strongly suggest not taking it if your intent is to trade into RCI or other tranding companies. The costs could get to be pricey. I would think a better way for the time being would be to enter into a 3 to 5 year rental agreement on the account and just use guest passes in exchange for the payment of the maintance fees. You should consult with a Attorney to make sure the contract is properly done. Your friends benifit would be self evident. They do not get the credit hit and cooresponding problems with a default. Be sure that a clause is in the contract that if Wyndham does not reconize the arrangement, then the contract is void.

 

[massvacationer]

My advice is to look at the book, that Ride posted a link to (above), and then think about:

Are there Wyndham resorts that you'll want to visit?

Are there Wyndham resorts, that are relatively close to home, that you can go to for long weekends?

If so, this might make sense for you.

Also, based on the maintenance fees that you quote, this may be a biennial contract, which means you'll get the 168k points every other year. You should check. You can borrow or pool points to use some on "off" years. I don't know what the annual $300 fee is that you refer to, as there is no such fee.

This would make a good Points contract to use to test out the system. If you like, you can add more later. If not, you can give it away here on TUG.

If you don't see any Wyndham resorts that you can see yourself visiting, then don't take their deed.

I also respecfully disagree with the advice in the post immediately above. IMO don't worry about VIP status as this is something that has value only to people who rent reservations as a business and is too expensive for most small owners who use their points for personal reservations. You don't need to consult with an attorney, just use a reputable closing company to transfer and record the new deed.

 

[antjmar]

$300 fee

They believe that there is also an annual fee of $300 and some as well. What about taxes? Is that included in the monthly maintenance fee?

The $300 fee ($299) is the Wyndham transfer fee you only pay this when buying the timeshare, not every year. Taxes are included in the MF. Sounds like an every other year contract.

 

[ronparise]

The $49/mo mf doesnt sound right.. Wyndham used to bill property taxes seperate from mf, at the Florida resorts, but thats changed now

I would expect mf on 168000 points to be more like $70 a month...perhaps this is a every other year contract, but $49 a month doesnt feel right for that either

You should get a look at your friends account either online or see a copy of their annual statement or perhaps get on the phone in a conference call


I know they say is "dont look a gift horse in the mouth" But I would this time...examine this thing first ...know what you are getting. Its not worth losing a friendship over

 

[massvacationer]

I would expect mf on 168000 points to be more like $70 a month...perhaps this is a every other year contract, but $49 a month doesnt feel right for that either

I agree - I think an every other year 168K contract (with plus partners) would be about $43 per month

unless the $49 includes the Wyndham "ding" fee for those that choose not to pay via automatic debit


get some more info from them

 

[Rob&Carol Q]

I know they say is "dont look a gift horse in the mouth" But I would this time...examine this thing first ...know what you are getting. Its not worth losing a friendship over

Best comment so far...

Waaaaaay too many friendships have been ended over ill thought out business transactions.

Seriously, what's another couple of days research going to cost you?

 

[AwayWeGo]

Good Luck With That.

They are on the verge of letting them go back as they do not want to pay the MF any longer.

"Letting them go back" is not an option.

The current owners remain responsible for paying maintenance fees & taxes until new owners officially take over.

Timeshare resorts typically do not accept deedbacks willy-nilly.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[Phill12]

Sounds like you never owned timeshare before. I would say before you go any father first question should be "Do you really want a timeshare and will your family use it". This is still only reason to buy into a timeshare and exchanging/renting only backup plan.

PHILL12

 

[Timeshare Von]

168k every-other-year is not very many points.

Personally, I would take a pass on this offer.

 

[Happytravels]

Here's the Wyndham book with all the resorts and point values by week and size...Might help you figure out if that is enough points for you

http://www.nxtbook.com/nxtbooks/wyndham/memberdirectory11-12/#/1/OnePage

Thanks for the link........very infomative..