Selling Worldmark

[daviator]

My late mom had some Worldmark points that she happily used for many years. I stayed in some of their properties over the years and they are a quality product (some properties are “decent” and some are quite nice. They are often well located.). I believe she bought the points back before Wyndham bought Worldmark, if that matters. (I’m not specifying the number of points here because I don’t want the moderator to construe this as an advertisement, which it isn’t!)

I already own more timeshare than I need, probably, and so even though I like the Worldmark product, it doesn’t make sense for me to take these points as I struggle to find time to use what I already own. I thought my brother was going to take them but he flaked out and wouldn’t sign the Docusign, which has now expired. So I guess I need to start over on getting rid of them so I can close out the trust which is the actual owner.

It seems like the value of the points is maybe 10¢ each or a little less. I did start down the road of transferring these to my brother, which didn’t work out. What I’m wondering is if the process of transferring them to someone unrelated (like a buyer) is the same or different?

1. These are not deeded, am I right? So the whole transfer process just involves Worldmark/Wyndham and there is no need to engage a transfer agent like LT Transfers, is that right?

2. I already know from the first go-around that it’s a very slow process. I’m sort of resigned to the fact that we will probably have to keep up with the MFs until the transfer is complete. Is that correct?

3. So if I advertise on TUG and find a buyer, do I just contact Worldmark with the buyer's information and request the transfer? Is it different if it's a sale vs. a family transfer? Is there any ROFR to worry about?

4. Would I be better off just giving the points back to Worldmark? Is that faster (and will they take them?)

5. If I were to take the points myself, could I reserve stays and rent them out to at least cover my MFs? I don’t know if this is allowed with Worldmark. Is there a way to rent or transfer points? I’m assuming the answer is no.

I hate the idea of just giving the points away but it seems like they just aren’t worth much, and I do need to get them out of the trust.

Thanks in advance for the help and apologies for my ignorance about the program.

 

[tananth]

1. Correct. Current selling price on wmowners.com is around 7 cents per point for an account that includes current year points.
2. Correct : Can take 6 months or more and seller needs to keep paying the MFs until transfer is complete.
3. There is a special family transfer process that preserves VIP benefits, but all other transfers are the same. No ROFR.
4. Not a guaranteed option and possibly even slower than selling/transfering yourself.
5. Worldmark allows rentals, subject to requiring guest certificates (a limited number are free). If you are lucky to book a desirable location, you can more than make your MF, otherwise typically not. You can also rent/transfer points, but the current going rate on wmowners.com is around 6 cents per point, which is less than the MF (MF is around 9 cents per point + $300 per year).

 

[easyrider]

4. Would I be better off just giving the points back to Worldmark? Is that faster (and will they take them?)

Yes. Mostly because of the wait time causing the buyer to decide to not go through with the deal even when it's free.

Bill

 

[geist1223]

Is this one of the Original No Housekeeping Accounts? It yes the value goes way up. About $15k.

 

[Huskerpaul]

I would offer them for free + $399 transfer fee + you pay the Dues until the transfer is complete. You could also make the asking equal 6 months of dues + the $399 and explain you are paying for credits the new owner will get to use. While it might be easiest to just give them back, Wyndamn will just sell them to some poor unsuspecting sucker for way too much. Who needs that kind of bad karma.

If there are unused credits available now, you could rent those out first to another owner. Going rate seems to be between 6 - 7 cents per credit (which is below the actual dues costs for those credits). You can rent them at wmowners.com. I have rented a number of credits from other owners there. WM allows an owner to rent in/out up to 2x the number of credits owned per use year.

 

[Huskerpaul]

Is this one of the Original No Housekeeping Accounts? It yes the value goes way up. About $15k.

You do need to make sure about this. If she bought after 1991 then it is likely a regular account.

 

[daviator]

You do need to make sure about this. If she bought after 1991 then it is likely a regular account.

The account is old but not that old. The dashboard shows housekeeping credits so I assume it is a regular account.

Thanks to all of you for all the info. Right now the account has a bunch of points available so I guess I should try to rent those while I look for someone to take it over. I assume that “rented” points get transferred out of the account and won’t be affected by a subsequent transfer? (I found out during the aborted transfer to my brother that if you have a reservation outstanding, they will cancel it during the transfer process.)

 

[easyrider]

The account is old but not that old. The dashboard shows housekeeping credits so I assume it is a regular account.

Thanks to all of you for all the info. Right now the account has a bunch of points available so I guess I should try to rent those while I look for someone to take it over. I assume that “rented” points get transferred out of the account and won’t be affected by a subsequent transfer? (I found out during the aborted transfer to my brother that if you have a reservation outstanding, they will cancel it during the transfer process.)

Renting out the points is a good idea. Once the transfer starts you still have to keep the mf current. I wonder if the new owner gets a loaded membership when the transfer is complete. The last one I took over had all of the credits available and the next years to borrow.

Bill

 

[ampaholic]

My late mom had some Worldmark points that she happily used for many years. I stayed in some of their properties over the years and they are a quality product (some properties are “decent” and some are quite nice. They are often well located.). I believe she bought the points back before Wyndham bought Worldmark, if that matters. (I’m not specifying the number of points here because I don’t want the moderator to construe this as an advertisement, which it isn’t!)

snip

So I guess I need to start over on getting rid of them so I can close out the trust which is the actual owner.




snip



I hate the idea of just giving the points away but it seems like they just aren’t worth much, and I do need to get them out of the trust.

Thanks in advance for the help and apologies for my ignorance about the program.

Why can't you just give away control of the trust if the timeshare is it's sole asset? The new trustee can then use it till forever by paying the Maintenance Fees - am I right?

trust info from a lawyer

 

[reoportland]

snip

Why can't you just give away control of the trust if the timeshare is it's sole asset? The new trustee can then use it till forever by paying the Maintenance Fees - am I right?

trust info from a lawyer

Yes. Is the Worldmark the only asset in the trust? If so, I would be interested in making over the trust and MF right away.