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Hi I have a RCI points package that gets 42200 pionts a year it has 84400 points saved and I want to sell it but I don't know how or for how much. Does any one have some ideas on this? The resort name is Xanadu but I can use it wearever. The mortage is paid. I need money.
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Worth about $1, put it on eBay for $1 and see what the market will bear.Originally posted by nichole View Post... not enough time for all the timeshares ® -
The timeshare market is really depressed now for resale, it is a buyers market! You can check ebay and see what is selling now and for how much. If you want to get rid of it, I would take Spence recommendation.Comment
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Hi and welcome to forums.....Originally posted by nicole View Post
You have gotten good advice.
We have a board here Freebies - Timeshare Forums where you can post your ownership for free if you want to give it away.
The fact that u r saying you need money makes me think you can no longer afford the yearly fees.
By giving this away, you will no longer have to pay this.
Good Luck!Comment
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RCI points transfers....
Welcome to the Forums!
You may want to take time to really think about whether or not you can use the timeshare in the future. Spend time on these forums to learn different strategies for both using and exchanging your ownership
Now, this post is going to seem pretty negative from here on in, so let me apologize in advance for the tone.
Your first step should be to call your resort directly and push them as hard as possible to simply cancel your contract.. It probably won't happen, but this should always be an owner's first step when thinking about liquidation!
If they won't cancel and you have to sell- make sure you research and fully understand the transfer process and procedures. When you find a buyer, you don't want to fumble through the transfer process.
In my opinion there are few other subjects as murky and purposefully confusing than the transfer of an RCI points membership. I often advise cooperating resellers to try and avoid these types of transfers as they are simply too problematical unless they are extremely confident they have the HOA or developer's full cooperation.
The primary risk of an RCI points transfer from a broker's point of view is that the underlying ownership has to be transferred before the exchange membership. The exchange membership transfer is always contingent upon the final approval and acceptance of the resort itself (RCI reps will always tell you that a membership can be transferred simply by both parties completing the form, but somehow always seem to forget that it's subject to the resort's final approval and verification). If the resort denies the new owner's RCI points enrollment- the broker is left with an incomplete contract and very few options as the underlying ownership will have already been transferred.
Recently, I'm aware of a Pahio (now Wyndham) transfer from a daughter to her mother. The ownership was transferred successfully, but Wyndham rejected the RCI points transfer- stating that the mother would have to pay another conversion fee. Their options are now: use it as a week, pay a reconversion fee of thousands, or hire an attorney to try and force the issue- again likely costing thousands....
Bottom line- if you plan on selling your ownership as RCI points, be sure to contact both RCI and your resort to confirm the required procedures and cost to do so. If you can get their instruction in writing, do so.. Since you are selling on you own- you don't have the same risk as a third-party brokerage. But if your resort doesn't cooperate, you could leave your buyer in a lurch!
If you plan on selling simply as a weeks ownership at your home resort, you'll need to check to ensure that no future usage has already been deposited into your RCI points account. Some resorts have a policy of pre-depositing weeks into the RCI account and this process isn't always made clear to the owner (this can happen with both weeks and points). I've seen instances where up to five years usage has been pre-deposited. It's possible a buyer can take ownership, and not have a week available to them until several years later, even though maintenance fees are still billed each year.
On a more positive note, I dealt with your resort frequently back in 07 & 08 and they were very helpful with transfers (but it is the Bahamas so they certainly worked on island time!). I do not remember any RCI points transfers however, and I can't remember seeing any recent transactions (as resale prices fall, the number of broker assisted transactions also declines).
Tom Tubbs is a respected broker out of Sarasota who I believe still does a fair amount of Caribbean transactions. He has a reputation for brutal honesty, so be prepared. I strongly doubt he will accept your ownership as a listing, but he should be able to reconfirm the estimates of value (or lack thereof) that you've gotten here.. You can simply google him to get his contact info (or send me a pm if needed).
It can really be a shock for owners if they hear that the current market value for their timeshare is little or nothing. It's wise to always get a few different opinions to be sure you've been told the truth!
Your next step is to post in the "freebies" section here. It doesn't cost you anything to do so, and it's possible you'll find another timeshare owner willing to add your timeshare to their ownership portfolio.
Finally, if you can't find a taker and have to advertise your ownership for sale somewhere else (regardless of what venues you advertise on)- be sure to price properly. There are THOUSANDS of sale ads that are priced far above the market value of the property and never sell.. Be prepared to liquidate, and hopefully you'll be successful in the very near future.my travel website: Vacation-Times.org.
"A vacation is what you take when you can no longer take what you’ve been taking."
~Earl WilsonComment
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thanks for such a detailed response!
I feel much better now.
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I paid 2 companies to sell my wyndham points.. needless to say no results even after 2 years. any way any company that charges upfront isnt worth a Dime. checkout one of the no upfront service fee companies(link to commercial site deleted).
-Vakas85
How i sold my timeshareComment
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