Wyndham Title requiring Letter of Intent?

[Bigrob]

Hi, I'm currently working on a couple of transfers with a new seller and I heard something I haven't heard before, wanted to check with those who have purchased a lot of Wyndhams recently who might know...

I was told that Wyndham is now requiring a signed "letter of intent" from the buyer and seller that confirms the intent and understanding for transferring in the deed and ownership. The person I was speaking to indicated that Wyndham was requiring this because deeds were being put in people's names without the knowledge or consent. Has anyone else heard this?

Obviously, none of the transfers I've done previously has required this and I'm not sure why a Purchase Agreement would not suffice.

 

[Bigrob]

The form of "letter of intent" the closing company is suggesting that Wyndham is now requiring includes:

I/We (insert name) (insert Wyndham Member #) consent to take over the XXX,XXX annual points at Wyndham XXX resort from (current Owner) (current member number).

Never seen this before or had any other closing company request it.

 

[Sloane S]

I transferred two last month, and Wyndham never requested anything like that.

Ron's probably been involved in a hundred recently, we'l wait to see what he says.

 

[CruiseGuy]

I had a contract transferred recently and was asked to provide a notarized document to include with the transfer for Wyndham. We hadn't done this with our previous contracts. However, my partner is frequently on the road for work, so we took our chances that the transfer would be delayed if Wyndham came back and asked for it. But it went through without a hitch. Possibly because we had used this same seller previously and we provided our account number to add this contract to. I don't know. But it seems this may be something new.

 

[ronparise]

I dont call it a letter of intent, but in my deals buyer and seller always sign a purchase and sale agreement (contract) that spells out the terms of the deal, and that contract goes to the closing company. Whether or not the closing company shares that with Wyndham I dont know, but it makes sense that they would

 

[Bigrob]

Yeah I always have a purchase agreement too, but this is something in addition to it. It sounds like you haven't had to do one.


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[Bigrob]

So I called Wyndham Title to check this myself directly and of course the information the seller/closing company had was wrong. According to Wyndham Title, the only thing they need for deeded property is a copy of the newly recorded deed and $299. Same as always.

The only time that's different is for non-deeded property such as CWA, Long Wharf, and Bentley Brook.

 

[jules54]

Is the seller on ebay? If so the seller probably has had to many people back out of deals once they see the Estopple from Wyndham and realized the ebay ad was wrong and they do not want what they won the bid on because it was not what was advertised. I speak from experience as this very thing happened to me this year.

 

[Bigrob]

Is the seller on ebay? If so the seller probably has had to many people back out of deals once they see the Estopple from Wyndham and realized the ebay ad was wrong and they do not want what they won the bid on because it was not what was advertised. I speak from experience as this very thing happened to me this year.

The listing originated on ebay but like many others, I approached the seller for a price before auction end.

I am waiting to hear back from my email to them where I explained what I found out to them. Nothing so far. Hoping this isn't turning south but not getting any warm fuzzies here.