Resale Purchase question

[liquidbread11]

I have been searching around for some answers in this site, so forgive me if I missed the right thread.

We bought an Odd Year 154,000 point contract with enough bonus points and whatnot to give us VIP until 2011. I would like to buy an Even Year contract resale contract from the same resort (Bonnet Creek).

1. What are the fees associated with purchasing a resale contract
2. How are the maintenance fees handled? Annually, monthly?

I'm new at this, so thanks in advance for any info you can share.

-LB-

 

[vacationhopeful]

Having one of those Even/Odd year contracts, the points for the MF are billed monthly and calculated yearly on 1/2 of the contract point total.

So, 154,000 comes 77,000 * the MF years rate on that CONTRACT number under your MEMBER number ... then divided further by 12 for the direct bill to your bank account.

If you buy RESALE, you will get another CONTRACT number to go under your member number.

If your current contract is RCI and you want & buy at a Wyndham II resort, you must alter the names on the CONTRACT (different than the first) to force a 2nd MEMBER number and then follow thru with Wyndham to give you a free II acount (they will default you into an RCI account).

A point to consider: your new RESALE contract will NOT count towards any totals on your VIP status (new rule) for Guest Certicficates. You might want to put a adult child/relative or four on this resale deed if one of them will be travelling with you OR you will be giving them vacations regularly. This must be done when you are setting up the NEW MEMBER number. It also will put them on the II/RCI account and avoids the cost of Guest Certificates there too. You can TRANSFER POINTS to/between these accounts for a Reversation Transaction (RT) - which todate is still free for VIP members. Still, with added names on the deeds -- you can run into OTHER problems like bankrupties, divorices, estate issues, disagreements -- were in 10 years some lawyer could make today's decision look PENNY WISE and DOLLARS FOOLISH.

 

[Jya-Ning]

I have been searching around for some answers in this site, so forgive me if I missed the right thread.

We bought an Odd Year 154,000 point contract with enough bonus points and whatnot to give us VIP until 2011. I would like to buy an Even Year contract resale contract from the same resort (Bonnet Creek).

1. What are the fees associated with purchasing a resale contract
2. How are the maintenance fees handled? Annually, monthly?

I'm new at this, so thanks in advance for any info you can share.

-LB-

Closing cost, resort transfer fee, and possible MF.

Once you purchase the contract, it will be based on your current setting, so if you have it monthly, it will be monthly. But for the resale contract, it will charge upto whatever the reseller want you to pay.

If it still possible, you may want to rescind the retail purchase and re-read the whole deal until you know what you want.

Jya-Ning

 

[liquidbread11]

Thank you for the responses.

I am pretty happy with my purchase even though I now realize (too late to rescind) that I overpaid for it. I created a Cost/value spreadsheet to see how long it will take for me to recover my initial investment, and it's not bad. The MFs would go up to $100/month if I bought the contract.

We picked Bonnet Creek specifically because of Disney and our children intially, but we expecte to use it to travel all over when we get the opportunity.

My intent is to buy this Even year contract to complement my Odd year contract. It's unfortunate that it won't give us VIP status as there are a lot of perks that are desireable with VIP. But I think we can live with that.

I just wanted to make sure I was not going to get ripped off with fees or other hidden charges. Basically the contract is 168,000 points every Even year for $2,500 total (fees included). It seems like a good price from what I have seen so far. Can you give me an idea if I am on the mark or if it is too much money?

Thanks

-LB-

 

[Jya-Ning]

We picked Bonnet Creek specifically because of Disney and our children intially, but we expecte to use it to travel all over when we get the opportunity.

My intent is to buy this Even year contract to complement my Odd year contract. It's unfortunate that it won't give us VIP status as there are a lot of perks that are desireable with VIP. But I think we can live with that.

I just wanted to make sure I was not going to get ripped off with fees or other hidden charges. Basically the contract is 168,000 points every Even year for $2,500 total (fees included). It seems like a good price from what I have seen so far. Can you give me an idea if I am on the mark or if it is too much money?

You already has Odd year point. So Even year will only benefit you for 2010 trip

For 2010 trip, unless you are thinking going there at president day which and you want to be in BC, than you will need to buy BC. With the time it takes to transfer the contract, you will not make it at 13 month, so you should have at least 2 to 3 month to study.

Go to on-line, study the inventory of BC, find out the time you want to travel, play with it. Pick at least few times per year so you know which time slot you will need to use ARP, which you will not. Run 10 month, and 7 month and 3 month and 20 days from today.

Than you can conclude if you need to own that resort or not.

The contract you mentioned is about $27 / K. Not a fortuante tell, but it is much lower than you will spend if you buy from Wyndham, so you need to decide if it is right value for you or not.

You should alos study the resell market, try this thread
http://www.timeshareforums.com/foru...f-fsp-point-contract-ebay-complete-price.html

I don't think you will get rip off unless the seller just take your money and run. But that is me. But if you are afraid of that, you should slow down and take it as 6 month project.

Jya-Ning

 

[Bill4728]

You should alos study the resell market, try this thread
http://www.timeshareforums.com/foru...f-fsp-point-contract-ebay-complete-price.html

Jya-Ning

What a great thread!!

I like the last part about the resale price of Wyndham pts decreasing over the the last few years from an average of $0.03/pt to now at about $0.01/pt

 

[Jason S]

Wyndham points

I just bought 350,000 annual for $6,800. The thing you have to consider is the closing costs. It was $1,000 per deed through GMAC but that was with title search and insurance. As for getting back your investment it will never happen because of the crazy MF's and there are some unbeleivable rent deals. It seems like people will almost give you the points just to get out from under the fees these days. You have to look at it as a pay to play. I am new at this as well so maybe I am wrong, that is just what I am seeing.

 

[acesneights]

How many deeds?

Spending several thousand dollars for title search and insurance for a few thousand dollar purchase doesn't make much economic sense.

The deeds are probably not worth $1000 each.

There chances of a defective title for a Wyndham timeshare are probably one in a million or so.

I've not heard of a loss on a WYN timeshare that would have required a title search and title insurance to pick up.

Why not buy 350K for $2000 or so and just take the risk of a total loss instead of $6800?


Stan

 

[Bill4728]

I just bought 350,000 annual for $6,800. The thing you have to consider is the closing costs. It was $1,000 per deed through GMAC but that was with title search and insurance.

How many deeds?

Spending several thousand dollars for title search and insurance for a few thousand dollar purchase doesn't make much economic sense.

The deeds are probably not worth $1000 each.

There chances of a defective title for a Wyndham timeshare are probably one in a million or so.

I've not heard of a loss on a WYN timeshare that would have required a title search and title insurance to pick up.

Why not buy 350K for $2000 or so and just take the risk of a total loss instead of $6800?


Stan

Most TS closing cost between $250 -$500 , so paying $1000 /closing is way too much. And as Stan said, when your paying $6800 for something you could buy for ~$2000, why wouldn't just risk not having title insurance?

 

[Jason S]

Wyndham points

This was through GMAC International Properties. The actual title search was only a couple hundred. Where they got me was the $450 attorney fee, $200 admin fee plus $100 Wyndham fee. $.02 was about the cheapest I found per point + closing. So when its all said and done I have $8,800 for 350K annual at Seawatch Plantation. How bad did I overpay and where is the best place to find good resale deals for the future?

 

[bnoble]

ebay is probably going to be the cheapest alternative, but you have to pay close attention, as many ebay ads have substantive errors.

I bought mine from Tom Cornelius at a fair price. Maybe a few bucks extra, but not bad, plus I knew exactly what I was getting.