Be careful when buying a converted week!

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

A moderator asked me to post this info..

Just a quick point a newbie may need to know about Wyndham Vacation Club converted contracts (where the deed shows a week but the owner gets points). They have one big drawback- if the m. fees ever fall behind by 3 months- the developer has the right to cancel the point privilege.

Some closing agents disburse money and the "congrats it is closed" letter when the deed is sent to recording.. If the seller stops the automatic draft- and there is a delay with the resort notification- Wyndham will still complete the transfer but cancel the point privilege and try to get the buyer to reconvert..

I believe the conversion cost is still around $2,300.

Point conversion cancellations have happened twice with resales that I know of.. Both times the brokers paid the reconversion fee to protect their buyers- as the title companies refused the title claim (the issue was with usage- not a title error- therefore the policy couldn't be applied) and Wyndham was unfortunately not cooperative or apologetic....

In both instances, the ownership transfer was delayed beyond the three month timeframe (one deed was rejected and on the other the resort notification was lost and not completed within the timeframe)..

It doesn't happen often- but buyers should be aware of this (especially with the high number of wyndham pt sales occuring on eBay and all the new "closing companies" that keep popping up...

One of the TOA reps actually admitted to me that this happens a few times each month, and they are instructed to refer the buyer to the sales mgr at the home resort.

Now is a great time to buy Wyndham- resale prices have never been lower! Just be careful.....

(Mike- I hope this is where you wanted the post....)

[timeos2 Senior Member Find all posts View Profile Close timeos2]

There are other things unique to converted weeks that don't make them the best choice. A good choice - better than a non-converted week - but not as good as "pure points" (UDI) at a Wyndham resort.

You sure have it right that now is a great time to be a buyer of RESALE Wyndham points. There are so many available that buying a week or a converted week makes no sense when you can easily buy UDI points almost at will and at any resort.

[Bill4728 Super Moderator Find all posts View Profile Close Bill4728]

There are often problems buying a week (of any kind) when the MFs are not fully up to date.

My advise is to insist that the MFs be fully up to date thru the time of the closing. If the seller wants to be reimbursted, fine. But it is the seller's responsiblity to ensure that when the deed is transfered there are no moneys due.

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

Maybe I miss something. I don't see this as Wyndham's issue. It sounds more like a closing company and on the seller or broker's part.

The converted week MF is paid one year in advance. This year's pay is for 2009. At the time it default, it means it has not been paid for a long while. The closing company does not check on it, why should any TS company apology for that.

The buyer need to send the case to the local governemnt to close down the closing company. JMHO.

And the closng company may now need to pay more attention to those post card deal to make sure they did put MF in escrow first.

Jya-Ning