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Considering returning via Resale account

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 PostPosted: Thu 12 Mar 2020 11:57 pm   
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Joined: Mon 18 Apr 2016 2:46 am
Posts: 129
Location: Spokane, WA
Hi ya'll! I've been absent for a couple of years after selling my 71K account back in January of 2018. To recap I always loved my WM trips but with all the policy changes, an account of that size wasn't right for me anymore. When I sold I figured I'd be back someday with a small account; a friend of mine is looking to sell her 10K account and I'm thinking now might be the right time. I'm looking for feedback to ensure we are treating each other as fairly as possible.

Account Size: 10K
Anniversary date: Aug?
Available credits/HKT/GC: 0
Available to borrow: In the 3K to 6K range

I checked out the recent small (20K and under) account sales that have ask prices listed and got an average of 20 cents a credit after deducting 7 cents a credit for 'available' credits. I did not take into account available HKT or GC.

I'm considering offering 2K flat with her paying the transfer fee (to offset the credits she's used from the 'available to borrow' category) and that she maintain the dues until the transfer is complete.

Thoughts?

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Owner since 2001
Ignorantly bought Developer Credits (and upgraded a few times) :(
Passionately advise others not to make my same mistake... buy resale, buy resale, buy resale!

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 PostPosted: Fri 13 Mar 2020 8:09 am   
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Joined: Wed 21 Jul 2004 4:51 pm
Posts: 15709
Location: California
Welcome back, Shayla!

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 PostPosted: Fri 13 Mar 2020 9:01 am   

Joined: Sun 03 Feb 2008 1:16 am
Posts: 42
Location: Northern CA
Hi Shayla.
Welcome back!

For what it’s worth, to give some perspective. I purchased a 10K acct. last year for 2K; we paid the transfer fee but there were points, 1 housekeeping token & a guest certificate in the acct with the potential to borrow a full years’ worth of points. I purchased it from someone on wmowners who was asking 2K, which I thought was fair. Check the sales section over the past few months to see the “going rates” of 5 to 20K point acct sizes... you’ll get a feeling what is a “fair” price, understanding the other elements of acct - anniversary date, points, housekeeping tokens, etc. I have found that larger account sizes, above 20K, the sales point value drops...compare apples to apples to get the fair market value.

Here’s some additional information to ponder that both you and your friend need to understand to prevent frustration with the process:
1) Due to Wyndham closing the Washington office last year, it is taking them about 6 months after receiving paperwork to transfer memberships; which is unjustifiable in my opinion. However, this affects seller & buyer because the account is frozen, as the seller continues to maintain the dues. If the dues are paid quarterly and the transfer occurs after the quarterly dues payment; to be fair you might want to have an agreement to pro-rate the dues. That way whoever is charged the quarterly dues will get paid back by the other party the daily amount for which that person owned the account, prior to transfer of the account.

2) I noticed a ? Next to the Anniversary month & you noted a “range” of available points with the opportunity to borrow. These are important details...
A) August is a perfect time, because it most likely will not transfer until about that time (based on recent transfers), which means you will get a “refresh” of points to the account.
B) On the other-hand, if the anniversary date is actually November to March...you’ll be waiting a long time to have a “refresh” of points in the account, which would make it difficult to use unless you “rent” points from someone else and pay out of pocket for housekeeping tokens. Just keep that in mind.
C) Also note that because she borrowed from the “opportunity to borrow bank” this will ultimately give you less travel opportunity for the first year, unless you rent points from someone else.

Best of luck to you both.
-Jazz


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 PostPosted: Fri 13 Mar 2020 10:14 am   

Joined: Tue 06 May 2014 2:12 pm
Posts: 2103
Location: Salem, Oregon
Closing the Washington Office has nothing to do with extended Transfer Time. Transfers have been handled by the Title/Transfer Department in the Wyndham Orlando Office for over a decade.

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Joined Worldmark August 2002
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Newly planned and Reserved:


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 PostPosted: Fri 13 Mar 2020 11:05 am   

Joined: Sun 03 Feb 2008 1:16 am
Posts: 42
Location: Northern CA
geist1223 wrote:
Closing the Washington Office has nothing to do with extended Transfer Time. Transfers have been handled by the Title/Transfer Department in the Wyndham Orlando Office for over a decade.


As stated, it is unjustifiable. It’s the excuse Wyndham is pushing for the reason it is taking so long. They will use all the excuses in the book...first they told us that it was probably because the seller or buyer didn’t provide all the necessary info in the paperwork. I explained that was not the case, we (both seller & buyer) returned the completed documents by courier and it was not our first rodeo. Then, they used the Washington office closure as an excuse. At that point, I saw no point in arguing, it wasn’t going to change anything. But, it is something both buyers and sellers should understand, so frustrations don’t peak.

In the past 20+ years, we have purchased several different accounts. NEVER had a transfer taken so long as the most recent transfer; prior to it the longest transfer was 60-90 days. Frankly, there is NO valid excuse for it. Wyndham is a huge company, they should be able to process these transfers within 60 days, tops...it’s just shameful and the Board should take issue with Wyndhams disgraceful business practices that affect WorldMark ownerships..sorry for the rant, this should be a topic for another discussion thread.


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 PostPosted: Fri 13 Mar 2020 3:03 pm   

Joined: Tue 06 May 2014 2:12 pm
Posts: 2103
Location: Salem, Oregon
Jazz wrote:
geist1223 wrote:
Closing the Washington Office has nothing to do with extended Transfer Time. Transfers have been handled by the Title/Transfer Department in the Wyndham Orlando Office for over a decade.


. . . It is just shameful and the Board should take issue with Wyndhams disgraceful business practices that affect WorldMark ownerships..sorry for the rant, this should be a topic for another discussion thread.


This assumes the WM BOD cares how Wyndham does its job as the day to day manager and that the WM BOD is going to get involved in these types of issues.

_________________
Tom and Patti
Joined Worldmark August 2002
Las Vegas-Boulevard, Victoria, Seaside, Windsor, Clear Lake, Running Y, Coral Baja, Kona, Kihei, Tropicana, Oceanside, Sydney, Daytona Beach, Coffs Harbour, Gleneden, Canadian, Fiji, Rotorua, Kapa'a Shore, Mission Valley, Camlin, Arrow Point, West Yellowstone, New Orleans, Park City, St. George, Seven Mile Beach, Long Beach, Reno, Discovery Bay. Spencer Street, Leavenworth, Melbourne.
Residence Club - Seaside. Royal Solaris. DRI. Formerly RVC.
II - Newport Coast.
RCI - Fitzpatrick Family Castle, Bali Hai, Dyserth Falls Resort, Haven Court, DVC Old Key West, DVC Saratoga, Sea Mist Resort Cape Cod, Point at Poipu, Kilconquhar Estate and Country Club Fife, Club Paihia, Grand Mayan Cabo, Ka'Eo Kai.
RVC - Cabo, Cancun.
DRI - Le Manoir Des Deux Amants France, Royal Regency France, Paniolo Greens, Sea Mountain, Point at Poipu, KBC, Hono Koa, Orleans at 519 Frenchmen Street, Cabo Azul, Modern Honolulu.
Newly planned and Reserved:


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 PostPosted: Mon 16 Mar 2020 1:10 pm   

Joined: Tue 08 Apr 2008 7:34 am
Posts: 12545
Location: San Francisco Bay Area, CA
I find that 20K is a good size, but you can always add on later.

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