Will Diamond Resorts Buy Back a TS?

[falmouth3 Senior Member Find all posts View Profile Close falmouth3]

As has been mentioned, you might be able to rent it if you ask a reasonable rent.

I know that you said that you can't/don't vacation but in order to get something out of all that you are paying, you might want to consider it. There are some exchange companies that don't charge a fee to join. SFX happens to be one of them. I am a member there so I know a little about how they work. For a relatively small exchange fee, you can deposit your TS week for exchange and request another week in exchange.

The steps that I would take in this instance are:
1. Call SFX and see if they would accept your resort (I know that they accept Polo Towers) and get a range of dates that they find desirable.
2. Call DRI and try to reserve one of those weeks.
3. Join SFX (or other exchange company) and fill out the form to deposit your week.
4. Request a broad selection of locations and dates that you would like to vacation and put in the request - you will have 2 years to use your exchange.

With some other exchange companies, such as RCI or II, you would be able to view the potential exchanges. SFX doesn't work that way, but I suggest it because there is no fee to join.

I'm sure some other people can provide information on other exchange compaies such as DAE or Trading places for reasonable exchanges.

I wish you the best.

Sue

[brisket lover Member Find all posts View Profile Close brisket lover]

When I tried to reserve to do an exchange with II my original Villas reservation was cancelled. They said I couldn't do an exchange with a reservation more than 90 days out. I don't remember this being a rule, and others don't believe it is either. The problem is that there is no one to complain to that will result in any changes.

[mombie Junior Member Find all posts View Profile Close mombie]

diamond will take it back

if the resort iis paid in full diamond will take it back, we went deliquent on our maint fees in march they sent us a notice saying they would take it off our hands, dont pay any company to get rid of it

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

if the resort iis paid in full diamond will take it back, we went deliquent on our maint fees in march they sent us a notice saying they would take it off our hands, dont pay any company to get rid of it

Good advice based on no knowledge of timeshare in general or DRI in specific.

[logansmommy Junior Member Find all posts View Profile Close logansmommy]

Hi All- I just wanted to update on this post in hopes it helps other Polo Towers/DRI owners in the same boat I was in. I've waited this long to ensure it really worked out and didn't rear it's head again..I can't believe I am finally free of this!

I had no luck seeling for what we owed or for any amount, and had finally gotten a few interested folks to take it for free with them paying the closing fees and me payong of the remaining $5K mortgage so I called PT/DRI to get confirmation on amounts, time frames, etc. When I spoke with the Rep she gave me the costs to transfer the TS and told me about an additional fees that needed paid to sell it/pay it off that added on another several thousand dollars (can't recall the name of the fee but it was some sort of tax/mandatory fee). When I expressed my frustration that I wouldn't be able to give it away with all the costs- she asked how much I was selling it for and I said nothing- I just need out from under this and explained my MIL passing away and it becoming our financial burden. She then told me- "We will take it back if you are more than 50% vested" I asked her to repeat and explain this several times as we have called PT then DRI at least 3-4 times annually to ask about giving it back since it became ours and the answer was always a resounding 'No we don't do that'. (We had asked about them buying it back, taking it for free, etc. and was always no dice. I knew from here they had did a buy back that we missed but I couldn't even get anyone to acknowledge they did do one to me.)

What's more- since it was mid Oct- she said she would start the transfer paperwork that day and for me to not make any more payments- nor would we have the pay the upcoming 2011 Maint Fees of $1200... long story short, all we had to do was sign & notarize some paperwork and send a cashier's check for the $250 to have the deed transferred by the County.

The process went smoothly, and after waiting for the other shoe to drop, I can finally say- it worked.. it was transferred out of our names for nothing more than that $250 and we are free! My DH was angry we had wasted tens of thousands paying on it and with all the timeshare fraud resellers we tried since we were vested at 50% almost from the get go several years ago and should have been told about this back then- but I am just so happy to have been told at all- and for it to have worked!!

If you want the Rep's name or any details to help you give your vested TS back to DRI- pm me.

[Kpaul Junior Member Find all posts View Profile Close Kpaul]

Congrats Logansmommy! Way to stay with it. Problem with DRI is that the story and policy changes all the time and at each resort. Oh wait, that's only one problem with them. You are free and run the other way when you see a DRI time share presentation.

“Diamond Resorts does not buy back properties or points nor do we release owners from their financial obligations in the form of a voluntary surrender. You may have seen postings online which states we do, however the voluntary surrender program ended on (or around July 1, 2011). As this program was not a requirement of Diamond Resorts, there were no efforts made to inform our members/owners that this program was ending.”
David Conrado | Specialist | Hospitality Management | Diamond Resorts International® | Tel: 702.823.7129 | Fax: 702.684.8712

As posted at CDOPP Home Page