I rescinded my contract with wyndham...Where do I go now? (merged threads)

All the advise I have gotten has been awesome. My wife and I had bought a 308,000 point system for 23,000. It consisted of 154,000 for life and the extra 154,000 for 2 years to see if we enjoyed the VIP and could buy the other 154,000 next year for close to another 20.000. The game they played numbers made since at the time. So we bought. I sent e-mail, fax, and certified letters this morning to cancel our contract. I wasnt taking any chances. Its only been 5 days today so we "SHOULD" be fine. So where do I go now to start checking on buying resales? I will really investigate this time before buying. Thanks again!

Eric and Kim

If you are definitely interested in Wyndham, then

Join the message board at www.wyndhamowners.org.

Ask for opinions of resellers such as Tom Cornelius, Angel England, and Jeff Fudge.

Look at classified on TUG, www.wyndhamowners.org, timeshareforums, redweek, bidshares, etc.

If you want to consider other chains besides Wyndham, just start reading about them, then ask questions.

I bought my Wyndam's from Tom Cornelieus (a Wyndam Points Broker who owns the points he sales and is very knowledgeable and helpful), holidaygroup.com who you can talk down in price and have an inhouse title company, GMAC timeshare resales. I liked dealing with Tom the best though. For resale you can pay as little as .01-.03 per point, depending on the location and age of the resort. Good luck! and great shopping. Email me if you want any of their contact information.

You did the right thing now buy some resale points and enjoy the Wyndham system. You can get at least 200,000 and maybe even 300,000 annual points (no one time things) for around $6000 or less. The savings can pay your annual fees for years.

Start searching for resales & enjoy!

I too bought from Tom. I highly recommend him. Here's his yahoo group.
http://groups.yahoo.com/group/FairfieldResales/?yguid=59407217

I have purchased several times from different brokers on ebay. Generally the process is Ok, but I've encountered 2 sellers who didn't really have what they said they had , and they had to back out.

Pay what everyone has been telling you 1cent/point or a little more.

If a property goes for too hi a price pass on it, and wait for another.

Bodydoc2002 said:

So where do I go now to start checking on buying resales? I will really investigate this time before buying. Thanks again!

Eric and Kim

Click to expand...

1. Determine if you want to be owner first. There is "how to rent" sticky at "buy, sell, and rent" subforum. You can check some rent place. You may want take some rentals, and while there go look at these resorts.
2. Deterimne which resort/resort area/min system you want in. If you are looking for flexibility, Wyndham is pretty good. Generally, if you can use them without exchange company will be the better ones.
3. Determine what kind of accomodation you want to be in. Without exchange, the better you want, the more MF you should prepare to pay. Wyndham may not be the top one, but should be very close to higher level in the overall industrial, so don't expect its MF on the lowest level. On the other hand, it is in the middle pack of the servicing layer, so expect the MF to be in reasonable range. Some resorts just charge severice fee but does not actual provide service.
4. Now, sit down, and set your roughly budget you are willing to spend on 1 week vacation lodging.
5. Make sure you figure out how you going to fund it.
6. Figure out how much cash you have in hand and willing to spend on purchase a TS
7. Go to the resell site, find places and package that can support your 1 week vacation, and MF is within your range and purchase price is lower than your cash in hand, and within a reasonable range you can find in resell market
8. Make offer based on 7.
9, if get, make sure you read contract carefully, make sure you call resort to check facts that important to you (MF is in the range, view, size etc).
10. if not, there will always another one in the corner.

JMHO

Jya-Ning

There are all sorts of places to look. There is here and Redweek and a bunch of others.

The information you have gotten is good advise. A good closing company will order an estoppel certificate from the resort, some just prepare the deed and send it out and you are left to do the foot work.

If you want, and it is a deeded week, you can also have a title company prepare and close the transaction. They can order a title search or abstract, and issue you an owners title insurance policy that protects against defects in the title.

Do you need it on every transaction, well as a title agent I would say yes, but then you have to look at the situation. If you are spending 10,20 30000 for a timeshare, I would have to say yes, that is not a risk people want to assume for themselves.

If it is free, $1, $500 $1000 and you can afford to risk it, then title insurance is to costly. So it depends on the comfort level you have and the amount of risk you can take on.

Have I seen people that buy a timeshare for $1000 and pay $250-300 for title insurance and a full title search, yes, but if that is their comfort level, that is their choice.

An estoppel letter tells me as a closing company, if the dues are current, if the property taxes have been paid by the owner, if there is an outstanding mortgage THROUGH the developer and if the week being bought is available for use or the first time it becomes available for use.

Hope that helps you out.

Dave

Bodydoc2002 said:

So where do I go now to start checking on buying resales?

Click to expand...

eBay, TUG, redweek, and there are lots of resale companies. I often get emails from Holiday Group and though I haven't bought through them, they've been very responsive to my occasional email inquiries.

Also try googling wyndham for sale and see what you find.

Thanks so much!

Lots of good information! I'm sure I'll be back to ask more! Again thank you!

Eric and Kim