OT: Free Timeshares

[miTnosnhoJ]

There is a company called http://www.timesharenation.com/#!available-free-timeshares/c6gz Timeshare Nation that is offering free timeshares. Obviously, there are no DVC timeshares available because DVC timeshares have tangible value.

It seems to be a way for an owner who can no longer afford maintenance fees to get out of their timeshare, and for new buyers to get the timeshare for free in exchange for taking on the obligation of paying the maintenance.

Does anyone have experience with them?

Mods: If this is too far off topic, please delete.

 

[Brian Noble]

I don't know that company specifically, but these are almost all likely to be "under water"---as in, market rental rates for the week are below maintenance fees. Caveat emptor.

 

[bwvBound]

For free timeshare I keep an eye on The Time Share User's Group (TUG) "Bargain Deals" board: http://tugbbs.com/forums/forumdisplay.php?f=55

I am unfamiliar with the site you mentioned, bud did go visit. While browsing the Terms & Conditions page, a pop-up chat opened offering help. From the chat I learned that all closing costs and transfer fees are paid by the seller. The new owner is only responsible to take over the maintenance fees.

One would need to be very careful to determine if the 'free' property is a good value relative to the property location/quality, dues history, season/week/usage window, etc. Not all timeshares are good ... and not all are bad. My all-time favorite timeshare (heads and shoulders ABOVE DVC) was a $1 purchase off eBay. We used the property for 10 years and then got $~4500 for it when it closed. Still miss it -- glad we took the $1 eBay leap!

 

[miTnosnhoJ]

It strikes me that this would be excellent for other owners in that timeshare system who understood the rules and how the points could be used.

For example, there is a Marriott resort at Hilton Head available for free with a use week of November. If you are stuck with November, it is a bad deal. But if you can use it as an add on to other Marriott points to get a bigger property elsewhere, it might be worthwhile. I imagine the rules are complex, but would be easily grasped by someone who already owns at Marriott.

For me, without the knowledge of these other systems, I will probably steer clear. Besides, I can rent these properties for really reasonable rates.

 

[Dean]

Many free timeshares are worth that or less but many have reasonable value that are free or close to it. One just needs to do their due dilligence.

 

[MouseOfCards]

It strikes me that this would be excellent for other owners in that timeshare system who understood the rules and how the points could be used.

For example, there is a Marriott resort at Hilton Head available for free with a use week of November. If you are stuck with November, it is a bad deal. But if you can use it as an add on to other Marriott points to get a bigger property elsewhere, it might be worthwhile. I imagine the rules are complex, but would be easily grasped by someone who already owns at Marriott.

For me, without the knowledge of these other systems, I will probably steer clear. Besides, I can rent these properties for really reasonable rates.

Where do you go to find good rental deals (hope you don't mind sharing)? Thanks.

 

[miTnosnhoJ]

Where do you go to find good rental deals (hope you don't mind sharing)? Thanks.

No great secret here. I usually look at www.Expedia.com for Hotels. Under property type, click Condominium Resort.

 

[Dean]

Where do you go to find good rental deals (hope you don't mind sharing)? Thanks.

I'd look at Ebay, craigslist, VRBO, Air BnB, redweeks and TUG for starters.

 

[JimMIA]

It strikes me that this would be excellent for other owners in that timeshare system who understood the rules and how the points could be used.

For example, there is a Marriott resort at Hilton Head available for free with a use week of November. If you are stuck with November, it is a bad deal. But if you can use it as an add on to other Marriott points to get a bigger property elsewhere, it might be worthwhile. I imagine the rules are complex, but would be easily grasped by someone who already owns at Marriott.

For me, without the knowledge of these other systems, I will probably steer clear. Besides, I can rent these properties for really reasonable rates.

Well, obviously you need to have a thorough understanding of ANY timeshare, regardless of developer or acquisition cost.

"Free" is only free on the buyin, which is not where most of the cost is. The only thing "free" really gives you is a low cost exit strategy.

Most of the really poor purchase decisions I've seen over the years were caused by lack of due diligence leading to a clueless owner.

 

[TheGecko]

For these free time shares, I would recommend you establish a Trust and use it to hold the asset. If you ever want to dump the timeshare and there are no takers, they can't go after a trust with no other assets, so it would preserve your credit, etc if you decide to stop paying the fees.

 

[Dean]

For these free time shares, I would recommend you establish a Trust and use it to hold the asset. If you ever want to dump the timeshare and there are no takers, they can't go after a trust with no other assets, so it would preserve your credit, etc if you decide to stop paying the fees.

Better to make a good decision up front than have the hassle and cost of a trust. Plus to walk away simply on choice, trust or no trust, would be hugely unethical.

 

[Aliceacc]

Remember the old saying: "If it seems too good to be true, it probably is."

Color me skeptical.

 

[ziravan]

We bought two Wyndham contracts on eBay. We spent ~ $350 on the first one and $105 on the 2nd and both of those fees included closing and transfer ($299) costs.

So. For less than $500 and ~$160/month in MF, we have almost 300K Wyndham points. That's about 10 nights/year in 2BR at >50 locations, give or take season or resort.

It's a great adjunct to DVC. We've used our points about half the time so far to split stay DVC and Bonnet Creek. Neither of our home resorts are BC, but it's such a huge resort that we never have trouble booking at the 10 month window.

But Wyndham also lets us do things like stay in a 2br outside D.C. at Wyndham National Harbor, something we did earlier this month.

On eBay for Wyndham the three rules of search are 1. to look for a deal where closing/transfer are included, 2. then look for resort with cheapest MFs, 3. Avoid every other year contracts. You'll end up paying more in MFs than they are worth. $1/1000 points or less is a great deal, and they're out there.

TUGBBS - Timeshare User Group has detailed info on every timeshare out there.

 

[JimMIA]

We bought two Wyndham contracts on eBay. We spent ~ $350 on the first one and $105 on the 2nd and both of those fees included closing and transfer ($299) costs.

So. For less than $500 and ~$160/month in MF, we have almost 300K Wyndham points. That's about 10 nights/year in 2BR at >50 locations, give or take season or resort.

It's a great adjunct to DVC. We've used our points about half the time so far to split stay DVC and Bonnet Creek. Neither of our home resorts are BC, but it's such a huge resort that we never have trouble booking at the 10 month window.

But Wyndham also lets us do things like stay in a 2br outside D.C. at Wyndham National Harbor, something we did earlier this month.

On eBay for Wyndham the three rules of search are 1. to look for a deal where closing/transfer are included, 2. then look for resort with cheapest MFs, 3. Avoid every other year contracts. You'll end up paying more in MFs than they are worth. $1/1000 points or less is a great deal, and they're out there.

TUGBBS - Timeshare User Group has detailed info on every timeshare out there.

We've had a similar experience -- 500K Wyndham points at Great Smoky Mountains for just under $2000 including all costs, and $218 per month MFs.

(ETA: It's hard to compare system to system, but the best approximation I can make is that 500K Wyndham is roughly equivalent to 600-700 DVC points in what it will buy. Our first use of Wyndham was 3 two-bedrooms for a full week at Great Smokys, and I believe that used 498K points.)

Wyndham has at least 105 Club Wyndham Plus resorts (the core of their system than any owner can book) in about 70 different destinations. Last summer we did two weeks in two bedrooms in Flagstaff and Sedona, AZ plus 4-5 other shorter stays...all in 2 BRs. In June, we are doing 5 nights in a 3 BR Presidential at Smuggler's Notch, VT, and 4 nights in a 2 BR at Old Town Alexandria in October. Plus we'll probably throw in 3-4 nights in a 3 BR at Reunion in either July or December.

Our Wyndham MFs also include a full individual RCI Weeks account, which we have also used several times -- including a week at OKW (2 BR in Dec 2013) for about half the cost of using OKW points.

Wyndham's sales staff is among the sleaziest in the industry, but their resorts, staffs, variety, and locations are great. We've never been disappointed in the least with any of our Wyndham stays.

 

[ustasmom]

You have to watch the ones on eBay. They are sometimes odd or even years, so it seems to me that you are paying MF on the years that you don't have a week.

I wouldn't mind owning Wyndham. Which resorts have lower MF? Is it different than DVC's "own where you want to stay?"

 

[keishashadow]

We bought two Wyndham contracts on eBay. We spent ~ $350 on the first one and $105 on the 2nd and both of those fees included closing and transfer ($299) costs.

So. For less than $500 and ~$160/month in MF, we have almost 300K Wyndham points. That's about 10 nights/year in 2BR at >50 locations, give or take season or resort.

It's a great adjunct to DVC. We've used our points about half the time so far to split stay DVC and Bonnet Creek. Neither of our home resorts are BC, but it's such a huge resort that we never have trouble booking at the 10 month window.

But Wyndham also lets us do things like stay in a 2br outside D.C. at Wyndham National Harbor, something we did earlier this month.

On eBay for Wyndham the three rules of search are 1. to look for a deal where closing/transfer are included, 2. then look for resort with cheapest MFs, 3. Avoid every other year contracts. You'll end up paying more in MFs than they are worth. $1/1000 points or less is a great deal, and they're out there.

TUGBBS - Timeshare User Group has detailed info on every timeshare out there.

I've looked at bonnet creek in the past which was higher via resale
The member fees I'm seeing of over $1900 per year are more than price quotes I've gotten to rent a 2 br at Bonnet creek for 10 days at VRBO .
I must be missing something Would love to buy in if I could get the numbers to work

 

[ziravan]

I've looked at bonnet creek in the past which was higher via resale
The member fees I'm seeing of over $1900 per year are more than price quotes I've gotten to rent a 2 br at Bonnet creek for 10 days at VRBO .
I must be missing something Would love to buy in if I could get the numbers to work

I just looked at the Bonnet Creek chart. I own 287k points and BC for a 2BR for a week is 112k for value season, 189k for high season and 224k for prime season.

So. 9-18 nights, depending on how I stretch them. And Wyndham has a much larger split on weekdays vs weekends, another way to stretch points. I'll post the chart. Now, I normally split BC and DVC. Using DVC for weekends and BC for midweek stretches both further (I don't have to use DVC for whole reservation, and I use BC during the cheapest Wyndham part of the week). Like anything, it depends on how hard you work it.

My resorts are ok MF wise but not the best (not the worst).

One of the reasons Wyndham can be found as basic giveaways is exactly as you say, renting points essentially covers MFs unless you're an owner that really works it (buys at high demand places and times and concentrates rentals there, such as owning and booking New Orleans during Mardi Gras, or snow season at ski resorts in Colo).

I believe that having control of my reservations is worth a price for me. I like that with Wyndham I have access to lots of places, even though I typically use it at BC. You're right, the numbers don't make owning instead of renting a clear advantage. But. We work it, and we like it.

 

[ziravan]

Bonnet Creek Points Chart:

 

[DisneyfromDeland]

How difficult with Wyndham is it to get into a resort that is not your home resort? Is it possible to see the point charts for other resorts?

 

[TheGecko]

Better to make a good decision up front than have the hassle and cost of a trust. Plus to walk away simply on choice, trust or no trust, would be hugely unethical.

That is why foreclosure laws were established in this country. People always have an option to walkaway from a home, business, timeshare, etc. for whatever their reason may be. A trust allows you to walk away from an unknown timeshare without havong it intermingle with your personal finances. In all cases you need to live with the outcome of the decision in the context of the law. Ethics have nothing to do with the decision, same as when people go in for bankruptcy.

The wealthy use these tools everyday, and if the regular working man realized the benefits, they would be all over them as well. The costs can be very inexpensive if you do not get lawyers involved.