Posted on June 18, 2021
Wyndham Vacation Ownership, whether it is through the traditional Wyndham timeshare program or Club Wyndham points program, has been an industry leader in helping owners looking for an exit option to transition out of their ownership. But even six years into their exit program, owners still ask if Wyndham will buy back timeshare.
The short answer to owners asking “will Wyndham buy back my timeshare” is no, Wyndham does not have an established program where owners can directly petition them to buy back their timeshare. But owners still have options where they can either relinquish their ownership or sell Wyndham timeshare on the resale market as a way to get some money back from their initial purchase.
In 2015, Wyndham rolled out the Ovation program, becoming the first timeshare developer in the country to publicly establish a program designed to help owners looking to exit their timeshare. Previously, such requests were handled on a case-by-case basis but there was no official program on a scale such as the Ovation program.
Wyndham dedicated significant resources in creating a team of customer service staff who would answer owner questions and take them through the options of either handing back their ownership or selling their timeshare. Wyndham developed criteria for taking back timeshares and for companies they would work with so they could refer owners looking to sell to trusted resale providers. Hence, the Featured Reseller designation was born.
While there was no official buy back program, Wyndham acknowledged that there are owners who get to a stage in their life when they look to move on from their timeshare ownership. Therefore, specifications were established for owners to qualify for their take-back program such as:
The program was designed for long term owners who had benefitted from years using their timeshare or points. Hardship cases such as owners dealing with financial or health-related issues were given heightened status and, while there is no guarantee that Wyndham would take back their timeshare, owners now had a way they could make their case directly to the company.
Over the years, the program has evolved to adjust to the market forces that guide the resale market as well as the needs of owners. Ovation would transition to Wyndham Cares and the Certified Exit program that is now a feature of the overall Wyndham timeshare program.
The company understood that a healthy timeshare industry needed to provide owners and members with a way to conclude their ownership. Similar to the way the auto industry operates with the pre-owned car market, Wyndham works with third-party resale companies that they have vetted in order to ensure they work with trusted providers.
Wyndham Featured Resellers, of which we are one, work directly with Wyndham to ensure the resale process is as smooth as possible.
When an owner approaches Wyndham looking to sell, they are referred to featured resellers. The owner then begins the inquiry process and chooses a company to work with to sell their timeshare or Club Wyndham points.
A requirement of the Featured Reseller program is that a resale company cannot charge sellers an upfront fee to do business with them. As a licensed timeshare resale broker licensed under Florida real estate law, we have never taken upfront fees from sellers, so this was an easy condition to meet.
Sellers sign a listing agreement with the broker and the timeshare or Wyndham points are put onto the resale market. Agents then promote the ownership online and work with others brokers from around the country to match the seller with interested buyers. The agent negotiates the sale, handles the purchase paperwork, escrows the deposit from the buyer and guides the process with a closing company to complete the sale. Only after the sale is completed is the resale agent paid a commission, like the way a real estate transaction is conducted.
Wyndham is consulted during the sales process so that the correct ownership information can be confirmed and to streamline the closing process. When the sale is closed, the ownership is transferred to the new owner and a check for the proceeds is sent to the seller.
Let’s face the obvious truth – Wyndham would much rather have a new, maintenance fee-paying owner take the place of an existing owner looking to exit than to take the ownership back straight up. However, they understand that some owners face hardship cases and need to get out. Therefore, they have provided for both scenarios.
Owners looking for a buy back option have the blessing of Wyndham through their reseller program. Keep in mind that in the majority of states, licensed agents are the only ones who can legally price a timeshare on the resale market, apart from the owner and Wyndham itself. Assessing how much a Wyndham timeshare is worth on the resale market is probably the number one question we are asked, so this is a great way that sellers can begin the process. And even if an owner still has a mortgage on their ownership, featured resellers will still list the property for sale since not all mortgages are alike.
For owners looking for a straightforward exit option, Wyndham has that available as well but there is no compensation for the owner going down this path. The best way an owner can receive compensation for their timeshare or points is by selling with a featured reseller, with the added peace of mind that the resale company has been properly evaluated by Wyndham.
Buy back options do exist for Wyndham timeshares – but it will need to be by selling to a buyer through the resale market. Get the process started by clicking here for more information.