Buying, Renting, and Selling Timeshares

Selling Diamond Resorts Timeshare

0

votes

Dec 16, 2012

tanyas116 wrote:
I'm disheartened at what i'm reading. Basically, you cannot sell your timeshare. I bought a "half" a timeshare at $10,000 which equates to 2,500 points per year. (and by Steve C. who was mentioned above) My point balance is 5,000 and i just found out if you don't use them yearly, you LOSE them!!! Just like if you don't call around June to roll over points you didn't use, you'll lose those. what i find funny, is they have no problem reminding you that you owe your yearly maintenance fee. I'm so disgusted. I was considering not paying the maintenance fee anymore; but, that means they'll ding my perfect credit. AND i lost $10,000. Seems like a lawsuit could be in order. They are bullies.

and yes, i called sellmytimesharenow.com and ALMOST paid them the $1,800 to sell my timeshare until i did more research. and they're from Dover, NH! where i'm from! (doesn't make a difference but what a small world) Now they won't stop calling me even after i told them 'hell no!'

any advice?

I am not sure if you want to sell your timeshare or not but a couple of things I will share. First, you can roll your points over to the next year. I belive you need to do so by June 30th. This is not unusual for timeshare companies to do so. I belong to Marriott and they have a points system that requires owners to roll over by the same June date. Also, in DRI if you roll the points over you can still use them if you want to in the year the belong to. For example, if you rolled your 2014 year points to 2015, if you decided that you wanted to stay somewhere in October of 2014 you could still make a reservation with the 2014 points you rolled into 2015. I do this all of the time so that I don't lose points. However, once you use them you can't send them back to 2015 if for some reason you have to cancel that October trip.

Also, if you have paid for your points in full, you can not pay your maintenance fees and you will no longer have the points. Look at your club membership and you can read it yourself. DRI will just take away your points.

I will admit that 2500 points is not enough to take advantage of DRI's system in that you would have to save points, make reservations under 60 days or not mind staying in studios while traveling during off peak seasons to really make them work. However, there are DRI members that do it.


Charles S.

0

votes

Jan 04, 2013

I currently own points that I bought directly from DRI. I usually use II to swap these points for stays at other resorts, mostly Marriott. If I buy more DRI points resale, like the ones offered for sale on RedWeek, will I be able to use these resale points the same way?


Brad T.

0

votes

Jul 25, 2013

I only just bought my timeshare in March of 2013 and already looking to sell!! This is a horrible company I haven't even used it yet. They told me I could use my points toward airfaire, when I went to book my vacation to california in April 2013 DRI said I was past the "cutoff" and can not use my points toward airfaire. Anyway the ended up making an exception seeing as how we just bought in our Vegas vacation 2 weeks prior. Fast forward to today, they have withdrawn our 4000 points that we allocated toward the airfaire and are not sending us the cheque they promised. Every phone call is ours, they keep transfering my around, everything is COMPLICATED and DIFFICULT.

I aslo called sellmythimesharenow.com the guy, Andrew I think, said it was a "guaranteed sell" and asked me to pay $1200 up front.... Should I go for it?

Did you end up selling your timeshare? if yes please tell me how, and hopefully it'll be somewhat close to the amount I paid.

Thanks for your help

tanyas116 wrote:
I'm disheartened at what i'm reading. Basically, you cannot sell your timeshare. I bought a "half" a timeshare at $10,000 which equates to 2,500 points per year. (and by Steve C. who was mentioned above) My point balance is 5,000 and i just found out if you don't use them yearly, you LOSE them!!! Just like if you don't call around June to roll over points you didn't use, you'll lose those. what i find funny, is they have no problem reminding you that you owe your yearly maintenance fee. I'm so disgusted. I was considering not paying the maintenance fee anymore; but, that means they'll ding my perfect credit. AND i lost $10,000. Seems like a lawsuit could be in order. They are bullies.

and yes, i called sellmytimesharenow.com and ALMOST paid them the $1,800 to sell my timeshare until i did more research. and they're from Dover, NH! where i'm from! (doesn't make a difference but what a small world) Now they won't stop calling me even after i told them 'hell no!'

any advice?


Alex M.

0

votes

Jul 25, 2013

alexm168 wrote:
I aslo called sellmythimesharenow.com the guy, Andrew I think, said it was a "guaranteed sell" and asked me to pay $1200 up front.... Should I go for it?

Did you end up selling your timeshare? if yes please tell me how,

First of all, you should pay off any outstanding loans and maintenance fees on your timeshare. No timeshare with outstanding loans or maintenance fees will sell. Hundreds with loans and fees paid up are having a hard time being given away right now.

Never, ever pay anyone a large, upfront fee to sell, rent out market or "cancel" your timeshare. As for Sell My Timeshare Now, that $1200 fee is probably just to advertise it on their website. If you pay them, your best hope is that someone might find your ad and contact you to negotiate a sale.

So first order is to make sure everything is paid up.


Lance C.

0

votes

Jul 25, 2013

to alexm168: Read my prior post written in 2011 in this thread. These are the steps I took to resolve complaints I had against this timeshare company: 1. file a complaint with the better business bureau 2. File a complaint with the Nevada State Attorney General, the state in which Diamond home offices are located; 3. File a complaint with your state and federal legislators 4. File a complaint with the Nevada real estate licensing agency. Thanks to the Internet, it's easy to file complaints online or at least find their fax or physical address to send the complaints to.

Then I sent copies of all of the complaint letters I had filed with the above 4 listed entities to the TC company via the generic contact form they had on their website.

Sound like a lot of work? You bet it was but it's the only way I was able to get Diamond to pay any attention to my requests. If I have to go through this process again I would think about taking the additional step of writing a letter to various news entities letting them know how opaque and uncooperative this particular timeshare company.

You can not go it alone when trying to get a response from a timeshare company. You must get local, state and federal authorities involved before the TC company will do anything.


Louise B.

0

votes

Jul 25, 2013

At minimum -- file complaints here:

NV Real Estate License Div: http://red.state.nv.us/compliance.htm

Nevada State Attorney General: http://ag.nv.gov/

Better Business Bureau: http://www.bbb.org/us/

Nevada state legislature: https://www.leg.state.nv.us/


Louise B.

0

votes

Jul 25, 2013

Would you happen to have copies (templates) and adresses of these places so I can mail in my complaints? Did you ever sell? Did you get most of your money back?

louiseb11 wrote:
I no longer have the forms because my deal fell through. I can tell you that the way I got Diamond to send me the forms initially is by taking these steps: 1. file a complaint with the better business bureau 2. File a complaint with the Nevada State Attorney General, the state in which Diamond home offices are located; 3. File a complaint with state and federal legislators 4. File a complaint with the Nevada real estate licensing agency Then I notified Diamond of my actions via the generic contact form they had on their website.

Sound like a lot of work? You bet it was but it's the only way I was able to get Diamond to pay any attention to my requests. If I have to go through this process again I would think about taking the additional step of writing a letter to various news entities letting them know how opaque and uncooperative this particular timeshare company is when buyers are trying desperately to sell their timeshare.


Alex M.

0

votes

Jul 25, 2013

alexm168 wrote:
Would you happen to have copies (templates) and adresses of these places so I can mail in my complaints? Did you ever sell? Did you get most of your money back?

louiseb11 wrote:
I no longer have the forms because my deal fell through. I can tell you that the way I got Diamond to send me the forms initially is by taking these steps: 1. file a complaint with the better business bureau 2. File a complaint with the Nevada State Attorney General, the state in which Diamond home offices are located; 3. File a complaint with state and federal legislators 4. File a complaint with the Nevada real estate licensing agency Then I notified Diamond of my actions via the generic contact form they had on their website.

Sound like a lot of work? You bet it was but it's the only way I was able to get Diamond to pay any attention to my requests. If I have to go through this process again I would think about taking the additional step of writing a letter to various news entities letting them know how opaque and uncooperative this particular timeshare company is when buyers are trying desperately to sell their timeshare.

Alexm, I guess I can understand your concerns. I do want you to know that if your goal is truly to get what you paid for there is another avenue for you to consider. Come to Facebook and search for Diamond Resorts Members and request to be a member. On that site are about 460 DRI owners. We share how we get the most out of our ownership. We can probably provide you with the guidance you need to help get you the vacations you want. There are members who do use their points for airline tickets. It's not something we would not recommend because you get less bang for your buck using your points that way. I know it's difficult to sell points, so while you are waiting to sell them, join us and maybe you can squeeze in some vacations before you give it up. I think that is what you originally purchased the timeshare for which was to have fun with your family. Let's see if we can accomplish that.


Charles S.

0

votes

Jul 26, 2013

alexm168 wrote:
I only just bought my timeshare in March of 2013 and already looking to sell!! This is a horrible company I haven't even used it yet. They told me I could use my points toward airfaire, when I went to book my vacation to california in April 2013 DRI said I was past the "cutoff" and can not use my points toward airfaire. Anyway the ended up making an exception seeing as how we just bought in our Vegas vacation 2 weeks prior. Fast forward to today, they have withdrawn our 4000 points that we allocated toward the airfaire and are not sending us the cheque they promised. Every phone call is ours, they keep transfering my around, everything is COMPLICATED and DIFFICULT.

I aslo called sellmythimesharenow.com the guy, Andrew I think, said it was a "guaranteed sell" and asked me to pay $1200 up front.... Should I go for it?

Did you end up selling your timeshare? if yes please tell me how, and hopefully it'll be somewhat close to the amount I paid.

Thanks for your help.

You say you just bought your points in March 2013 .... did you mortgage the points or pay cash for them. If you have a mortgage then there's no way you can sell your points no matter what sellmytimesharenow tells you. All they want is that $1200 upfront fee .... it's a scam like all the other upfront fee timeshare listing companies.

Whatever you do never, ever pay any entity a large upfront fee to list your timeshare for sale or rent.

The best advice is to go to the DRI Facebook page someone posted and voice your concerns.


R P.

0

votes

Jul 26, 2013

Thank you, for your reply and assisstance, I will get my wife to join DRI on Facebook as I'm not very good with FB. As you said hopefully I can use it a little, but its that sour taste DRI left in my mouth that I can't stomach, all the lies and BS they told us just to get us to sign on the dotted line. Unbelievable.....


Alex M.

0

votes

Jul 26, 2013

Thank you for your reply. Yes everything is paid off, I just don't want to sell it for nothing and loose all that money.... is there any chance of me getting a decent amount back? Can I sell it back directly to DRI?


Alex M.

0

votes

Jul 26, 2013

jayjay wrote:
alexm168 wrote:
I only just bought my timeshare in March of 2013 and already looking to sell!! This is a horrible company I haven't even used it yet. They told me I could use my points toward airfaire, when I went to book my vacation to california in April 2013 DRI said I was past the "cutoff" and can not use my points toward airfaire. Anyway the ended up making an exception seeing as how we just bought in our Vegas vacation 2 weeks prior. Fast forward to today, they have withdrawn our 4000 points that we allocated toward the airfaire and are not sending us the cheque they promised. Every phone call is ours, they keep transfering my around, everything is COMPLICATED and DIFFICULT.

I aslo called sellmythimesharenow.com the guy, Andrew I think, said it was a "guaranteed sell" and asked me to pay $1200 up front.... Should I go for it?

Did you end up selling your timeshare? if yes please tell me how, and hopefully it'll be somewhat close to the amount I paid.

Thanks for your help.

You say you just bought your points in March 2013 .... did you mortgage the points or pay cash for them. If you have a mortgage then there's no way you can sell your points no matter what sellmytimesharenow tells you. All they want is that $1200 upfront fee .... it's a scam like all the other upfront fee timeshare listing companies.

Whatever you do never, ever pay any entity a large upfront fee to list your timeshare for sale or rent.

The best advice is to go to the DRI Facebook page someone posted and voice your concerns.

Actually, I put the balance on my credit line to its technically "paid off" Thanks for confirming sellmytimesharenow is a scam, they told my I could get pretty much what I paid for it back and were giving lots of hope.... PS he kept calling me back... I finally told him I would agree only if he would agree to collect his fees upon closing much like a real estate transaction. Needless to say that was enough that he hasn't called me back since.


Alex M.

Last edited by alexm168 on Jul 26, 2013 11:40 AM

0

votes

Jul 26, 2013

louiseb11 wrote:
At minimum -- file complaints here:

NV Real Estate License Div: http://red.state.nv.us/compliance.htm

Nevada State Attorney General: http://ag.nv.gov/

Better Business Bureau: http://www.bbb.org/us/

Nevada state legislature: https://www.leg.state.nv.us/

Thank you, Did you end up selling your timeshare?


Alex M.

0

votes

Jul 26, 2013

jayjay wrote:
alexm168 wrote:
I only just bought my timeshare in March of 2013 and already looking to sell!! This is a horrible company I haven't even used it yet. They told me I could use my points toward airfaire, when I went to book my vacation to california in April 2013 DRI said I was past the "cutoff" and can not use my points toward airfaire. Anyway the ended up making an exception seeing as how we just bought in our Vegas vacation 2 weeks prior. Fast forward to today, they have withdrawn our 4000 points that we allocated toward the airfaire and are not sending us the cheque they promised. Every phone call is ours, they keep transfering my around, everything is COMPLICATED and DIFFICULT.

I aslo called sellmythimesharenow.com the guy, Andrew I think, said it was a "guaranteed sell" and asked me to pay $1200 up front.... Should I go for it?

Did you end up selling your timeshare? if yes please tell me how, and hopefully it'll be somewhat close to the amount I paid.

Thanks for your help.

You say you just bought your points in March 2013 .... did you mortgage the points or pay cash for them. If you have a mortgage then there's no way you can sell your points no matter what sellmytimesharenow tells you. All they want is that $1200 upfront fee .... it's a scam like all the other upfront fee timeshare listing companies.

Whatever you do never, ever pay any entity a large upfront fee to list your timeshare for sale or rent.

The best advice is to go to the DRI Facebook page someone posted and voice your concerns.

alexm168 wrote:
Thank you, for your reply and assisstance, I will get my wife to join DRI on Facebook as I'm not very good with FB. As you said hopefully I can use it a little, but its that sour taste DRI left in my mouth that I can't stomach, all the lies and BS they told us just to get us to sign on the dotted line. Unbelievable.....

No problem. As long as you can communicate with everyone, that's what's important.

I doubt DRI will buyback, so don't expect that to happen. They tell this to owners all of the time on the DRI forums section on the website.

Salesmen do inflate or lie about the product when they don't even have to do so. The product should sell itself, but they don't do that as they want to pressure you to buy right now. They don't want people to go home and look at websites like this or Timeshare Users Group to find resales and then people would rescind. It's an unfortunate part of this industry. It's not unique to DRI. Many of the salespeople at all of these timeshare do tell lies. Some tell lies out of ignorance. They know little about the nuances of the product so they start saying things that are false. I have seen it done at Marriott, Westin, Wyndham and others when I have gone to their presentations. DRI is right along with them.

First, never use your points for airfare. Your points are priced in such a way that you get the most value for them when you use them for accommodations. When you are using your points for airfare, cruises, maintenance fees and all of those other things that DRI pushes for you, you are more than likely overpaying for them. The reason is that you can usually get those same flights or cruises for less than the points you are putting forward. If you paid cash for those things you would more than likely pay less. So my advice is to always use your points for accommodations. If you are going to lose the points, then use them for those other items.

We'll share a lot of these nuances with you when you come to the website. All of the rules are on DRI's website, but many don't read them at all and then some are a little tricky.

Stay away from the postcard companies trying to sell your timeshare. If you think you're made with DRI for selling it to you, you will be enraged with YOURSELF for paying an upfront fee and then never hearing from those folks again. :-)


Charles S.

0

votes

Dec 10, 2013

I used to own 4 timeshares and got rid of all of them. At the beginning it was all fun using points or weeks and booking at resorts around the globe. It seemed to be a pretty good idea, however as time passed the fees kept creeping up with no sight at end that this was going to ever stop. I was threatened once to be taken to court, etc. It wasn't until I did my research on the internet that I found an organization who was willing to accept my timeshare as a donation, in turn they were going to send me a voucher or certificate for a tax write-off in the amount of 5,000 dollars. It worked like a charm and I have never looked back. The title/escrow/company involved was Trejesto title transfers. Nowadays, when going on vacation around the world, I use websites such as www.homeaway.com in which I can stay in places a lot cheaper of what I use to pay using the timeshare which included fees such as + maintenance fees + exchanges fees+ annual membership fees and in some instances even resort fees at check-in. It is true that in order to donate these timeshares I had to fork-out about 700 dollars (500 dollars to the donating institution and 200 to the title company which is kept in a escrow account until the title and or ownership has been completely transfer).


William C.

0

votes

Dec 10, 2013

williamc728 wrote:
I used to own 4 timeshares and got rid of all of them. At the beginning it was all fun using points or weeks and booking at resorts around the globe. It seemed to be a pretty good idea, however as time passed the fees kept creeping up with no sight at end that this was going to ever stop. I was threatened once to be taken to court, etc. It wasn't until I did my research on the internet that I found an organization who was willing to accept my timeshare as a donation, in turn they were going to send me a voucher or certificate for a tax write-off in the amount of 5,000 dollars. It worked like a charm and I have never looked back. The title/escrow/company involved was Trejesto title transfers. Nowadays, when going on vacation around the world, I use websites such as www.homeaway.com in which I can stay in places a lot cheaper of what I use to pay using the timeshare which included fees such as + maintenance fees + exchanges fees+ annual membership fees and in some instances even resort fees at check-in. It is true that in order to donate these timeshares I had to fork-out about 700 dollars (500 dollars to the donating institution and 200 to the title company which is kept in a escrow account until the title and or ownership has been completely transfer).

This is a sales ploy and not allowed on this site.


Charles S.

0

votes

Dec 11, 2013

It might look like a sales ploy, however let me assure you that I am for real. What I am saying on my posting its the real truth. I was just sharing one of the many ways in which I was able to get rid of the never ending maintenance fees that kept increasing ever year. My last timeshare resort that I owned was Orange Tree Resort in Arizona. I either paid 700 dollars for maintenance fees this year (Bill was due on the 1st of January 2014) or pay these people who help me get out of the other three time-shares 700 dollars. It was a no brainier for me. I could have paid the 700 dollars to the resort and wait for the next bill the following year or pay these people 700 and put this behind me. I can prove what I am saying. I am not interested on anyone to buying anything. I could care less (at least at this point) who is out to make money out of who. I am just sharing my story. like they say "talk the talk and walk the walk"...


William C.

0

votes

Dec 13, 2013

williamc728 wrote:
I used to own 4 timeshares and got rid of all of them. At the beginning it was all fun using points or weeks and booking at resorts around the globe. It seemed to be a pretty good idea, however as time passed the fees kept creeping up with no sight at end that this was going to ever stop. I was threatened once to be taken to court, etc. It wasn't until I did my research on the internet that I found an organization who was willing to accept my timeshare as a donation, in turn they were going to send me a voucher or certificate for a tax write-off in the amount of 5,000 dollars. It worked like a charm and I have never looked back. The title/escrow/company involved was Trejesto title transfers. Nowadays, when going on vacation around the world, I use websites such as www.homeaway.com in which I can stay in places a lot cheaper of what I use to pay using the timeshare which included fees such as + maintenance fees + exchanges fees+ annual membership fees and in some instances even resort fees at check-in. It is true that in order to donate these timeshares I had to fork-out about 700 dollars (500 dollars to the donating institution and 200 to the title company which is kept in a escrow account until the title and or ownership has been completely transfer).

While your story seems plausible, there are a couple of things I would watch out for.

First of all, the voucher for a $5000 "donation" might get you in trouble with the I.R.S. How can you claim $5000 fair market value for something you had to pay someone to take off your hands? How did this outfit come to the conclusion that your unit was worth $5000? The I.R.S. might see a red flag here and ask you to prove your "donation" was worth $5000.

Secondly, is that they charged you only $500. Charities that take possession and continue to pay the fees owners are required to pay usually charge in the thousands. This means that this outfit will either default on the fees and let it go into foreclosure or it will transfer ownership to a shell corporation and bankrupt the company (often called the "viking ship" scheme). Even though you might no longer be the owner, there are some resorts launching lawsuits against such companies AND the previous owners (in this case, that would be you) for fraudulent conveyance.

If I were you, I would not consider myself out of the woods just yet and would tread very carefully claiming a $5000 write-off for a worthless property.


Lance C.

0

votes

Jan 06, 2014

Hi I am in the middle of buying DRI timeshare points, Hawaiian colletion. DRI is taking 3 months to close the deal. I still have a month to go, is there a way to get out of this deal? Thank you Scott


Wincent M.

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