What info do I need to get rid of a [Wyndham] timeshare

I am now involved with timeshares because Wyndham convinced my elderly parents into committing to a 1/2 Million Dollar purchase in National Harbor. They were taken in by the claims that timeshares can generate income. In addition to the Wyndham timeshares, there are others that they have paid off and can no longer use due to limited mobility.

I know nothing about timeshares except to stay away from them. I am in the process of contacting Welk to see what they can tell me. What would need to appear in a TUG or Redweek or eBay to get rid of this?

You cannot sell a timeshare unless it is paid off.

Most (paid 0ff) timeshares go for 0-10% of retail, on the resale market - check completed auctions on eBay for current resale prices.

If National Harbor is a new purchase, I recommend that you help your parents dispute the purchase on their credit card, on the basis that they are elderly and didn't understand what they were doing, and were defrauded.

By the way - this is a Wyndham timeshare - not Welk.

If they spent 1/2 million dollars with wyndham, they must be platinum, so there is some truth to renting timeshares and making money, however, it must be run as a business...The money doesn't roll in... Look at keeping it and learning the ropes and renting it out. Most likely, give away the others, but keep the Wyndham points because VIP benefits don't transfer upon sale.

check the Wyndham board for some suggestions...

obiwantedj said:

I am now involved with timeshares because Wyndham convinced my elderly parents into committing to a 1/2 Million Dollar purchase in National Harbor. They were taken in by the claims that timeshares can generate income. In addition to the Wyndham timeshares, there are others that they have paid off and can no longer use due to limited mobility.

I know nothing about timeshares except to stay away from them. I am in the process of contacting Welk to see what they can tell me. What would need to appear in a TUG or Redweek or eBay to get rid of this?

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Did your parents ever attempt to generate income from the timeshares? If so, depending on that worked out, you may have to do the same thing pending final disposition of the timeshare units.

As it relates to the Wyndham timeshares, are they VIP Platinum? If so, someone may manage or lease the account for you until the issue is resolved.

If you want to take a chance on Extra Holidays, Wyndham will try and rent them for you.

It looks like your parents had (have) timeshare potato chip-itis. You can't have just one. Or two. I am truly sorry for your situation, and can't imagine any scenario that will work out positively for you and them. As you will find out if you haven't already TSs are much easier to buy than to get rid of.

Denise will have lots of ideas for liquidating them, but in short, If you can get any of the resorts to accept deed-backs, do it. If you follow the basic outline on eBay, you can list them yourself, however sellers (like an individual) have a hard time with creditability with potential buyers. And hardly any sellers (like you) can face up to how little TSs are truly worth these days. The fact that they paid 6 figures (!!!Whew!) and you'd like to try to honor your fiduciary duty to look out for their assets, is immaterial. They are worth what they are worth and no amount of listing them for more will remedy that.

Above all, DO NOT fall for ANY outfit that wants money upfront to 'get you out', sell, donate, or otherwise unload these for you. They are ALL scams designed to get more of your money.

We wish you well, and might suggest you join TUG ($!5) so you can list them with your 25 free ads in the TUG Marketplace.

Jim Ricks

How long ago did yoou parents sign the paperwork for the National Harbor contract (purchase)?

There have been several threads where the elderly who brought (upgraded) their much lower point ownership UPPERWARDS, got the newest purchase rescind via a department in Wyndham Corporate. Wyndham sales calls this sales technic "stepping up" the contracts.

National harbor contracts are one of the few Wyndhams that can actually sell for some real money...nothing close to what your parents paid, but something. If they paid Wyndham $500000 for this, my guess is that you are dealing with something like 2,500,000 to 3,000,000 points....Im thinking $20,000 to 30,000 dollars

Take a look at the other redweek ads to get an idea of what to put in an ad.

resort
# of points
mf
who pays closing costs and transfer fees

For a contract of this size however I think Id go with a broker that specializes in Wyndham timeshare sales.

Are we talking about 500,000 Wyndham Points or 1/2 Million Dollars

If Wyndham swindled my parents out of $500,000 I would seek legal counsel since they are looking at a $ 480,000 loss.

The OP was originally confused whether he was dealing with Welk or Wyndham

I generally do not recommend an attorney as the standard contract and disclaimers one initializes covers Wyndham.

However, in this case I would go for elder abuse. Hopefully parents belong to AARP and are entitled to free 45 minute consulation with an attorney.

Worth a couple hours time.

Also, with Ron on RedWeek. Most people looking there are thinking in terms of hundreds of dollars, not thousands plus large MF that almost require renting to cover.

Based on my experience and other posters would steer clear of EH!

There used to be well respected broker on Wyndham Forum who could get some real money out of this.. I will see if I can find her name and PM! Sent PM with Angel's info!

DeniseM said:

You cannot sell a timeshare unless it is paid off.

Most (paid 0ff) timeshares go for 0-10% of retail, on the resale market - check completed auctions on eBay for current resale prices.

If National Harbor is a new purchase, I recommend that you help your parents dispute the purchase on their credit card, on the basis that they are elderly and didn't understand what they were doing, and were defrauded.

By the way - this is a Wyndham timeshare - not Welk.

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Yes you can sell a timeshare with a loan balance, but its not commonplace. Most timeshares are worth very little, but WYN does allow assumptions of loan balances, sometimes even 10-20% over market.

Murphiavelli said:

Yes you can sell a timeshare with a loan balance, but its not commonplace. Most timeshares are worth very little, but WYN does allow assumptions of loan balances, sometimes even 10-20% over market.

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In reality - no experienced buyer would buy a TS with a balance on the mortgage, when you can pick up timeshares that are free and clear, for pennies on the dollar.

DeniseM said:

In reality - no experienced buyer would buy a TS with a balance on the mortgage, when you can pick up timeshares that are free and clear, for pennies on the dollar.

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Most here would say Im an experienced buyer and Ive purchased 6 timeshares with assumable loans...Whether its anything that makes sense, depends on the timeshare, and the terms. I wouldnt be so quick with absolutes

ronparise said:

Most here would say Im an experienced buyer and Ive purchased 6 timeshares with assumable loans...Whether its anything that makes sense, depends on the timeshare, and the terms. I wouldnt be so quick with absolutes

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Let me rephrase - "I" would never buy a timeshare with a loan on it - I would never go in debt for a timeshare. YMMV

Do you know who Clark Howard is? If I were you I'd contact his team of consumer advocates via his website which will list their tollfree phone number. Btw Clark hates timeshares and if he hears about this he'll be outraged and maybe even talk about it on his syndicated radio or tv show. He will be appalled that your parents were talked into spending half a million bucks on timeshare points...even at an upscale place like National Harbor. Good luck to you and your folks.

Here's a link to a good recent article about timeshare rip-offs from Clark's website:

http://www.clarkhoward.com/news/cla...fs/beware-these-two-new-timeshare-scams/nFhW/

Clark Howard will go above and beyond what you can imagine to help your parents. A lot depends on where your parents were (what state) when they made this purchase. Contact the state's attorney general or consumer affairs office in that state and explain their age and what they did. It goes without saying, there was a lot of pressure to commit to a purchase, but tell them anyway.

Keep us posted...

Does he actually advocate for victims or just whine like a bad bearing

Man had a face for radio and a voice for debate club

DeniseM said:

In reality - no experienced buyer would buy a TS with a balance on the mortgage, when you can pick up timeshares that are free and clear, for pennies on the dollar.

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ronparise said:

Most here would say Im an experienced buyer and Ive purchased 6 timeshares with assumable loans...Whether its anything that makes sense, depends on the timeshare, and the terms. I wouldnt be so quick with absolutes

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DeniseM said:

Let me rephrase - "I" would never buy a timeshare with a loan on it - I would never go in debt for a timeshare. YMMV

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Here's another vote for assumable loans. I would've loved to take over a loan instead of buying retail.

At the time I knew vaguely about buying resale but I didn't have the funds. Yeah, I know, everyone should wait until they can afford to buy, blah blah blah. I didn't wait, but I cannot say that I bought before I should have. I have no regrets; it all worked out.

But, if I'd known about assumable loans and how to access them, yeah that would've been a much better alternative.

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In most cases, buying RESALE for pennies on the dollar, with no loan or interest, is an even better deal. I have paid cash for 3 Wyndham weeks myself.

DeniseM said:

In most cases, buying RESALE for pennies on the dollar, with no loan or interest, is an even better deal. I have paid cash for 3 Wyndham weeks myself.

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My point is that, rare though it may be, there is a market and it can be done. You were saying that it cannot be done, and that is not true.

I'm still trying to figure out why in a another thread you also gave incorrect information and didn't correct it (when you told someone it would be a filing a false report when it's not false.) But that's another topic.

Just trying to set the record straight, but I do fully acknowedge that you know way more about this stuff than I do! (I guess that's why your responses were so puzzling to me? )

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In most cases, the loan balance on a timeshare is going to be far more than the resale value, so selling a timeshare was a mortgage on it is going to be extremely difficult, when buyers can pick up the same thing on the resale market for pennies on the dollar.

Regarding the OP and the debit card - she GAVE the sales person her card. This is a perfect example of someone who is their own worst enemy - if you don't intend to buy - don't give someone access to your funds. I can assure you that she left with her card, so how could she report it as stolen? Just because you have a different opinion, doesn't require me to change my post...

lcml11 said:

If you want to take a chance on Extra Holidays, Wyndham will try and rent them for you.

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Not sure if anyone else already said but Extra Holidays is no way guaranteed and they take a huge % if they do rent it or even a day or so of it.