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[ 2012 ] Does Diamond Resorts (DRI) do "take-backs"?

Discussion in 'Diamond Resorts International - DRI' started by Bill4728, Jun 24, 2012.

  1. Bill4728

    Bill4728 Moderator

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    Does any know if Diamond Resorts (DRI) is doing any take-backs?

    Let's say You own (free & clear) at a DRI resort and want to give the ownership directly to DRI. Will DRI take it back from you?
     
  2. csalter2

    csalter2 TUG Member

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    It Depends..

    From what I understand it depends on the resort and if they want it. They used to buy back units on Kauai at The Point on Poipu. However, I have not heard of any recent buybacks.

    You can call DRI to find out.
     
  3. timeos2

    timeos2 Tug Review Crew: Rookie TUG Lifetime Member

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    According to their current web site they do not accept deed backs at this time. They suggest you find a buyer on your own while trying to avoid the many ongoing "timeshare relief" and PCC scams we are all too familiar with.

    If you bought into one of the DRI Trusts then you're in a different situation. The resale of those is at best complicated and any return on your original purchase price is likely to be little or nothing. On the other hand if your ownership is fully paid for- you can't have an outstanding loan - and all you owe each year is the annual fees then by simply failing to pay one year your membership will be terminated. No foreclosure required as it isn't a deeded ownership. Of course you'd lose any money you paid to buy it but that is usually gone (as in no resale value) anyway so just being out of future fees due may be enough to make that choice attractive to those owners. DRI just turns around and resells those defaulted times to new buyers as they hold the titles regardless. It may work out for everyone in those cases.
     
  4. fluke

    fluke TUG Member

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    They did until right before The Point at Poipu fiasco, they abruptly stopped right before the Special Assesment was announced.

    Initially they were saying it would return in the near future but now they are more vague about whether it will return.

    I suspect they were afraid of numerous deedbacks and point surrenders from the Point. I think it probably will return after the Point at Poipu issue evolves.
     
  5. DiamondResorts

    DiamondResorts Guest

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    Does Diamond Resorts (DRI) do "take-backs"?

    Hi Bill
    So that we can have a look into your enquiry and respond appropriately, please can you send an e-mail to CustomerServiceSM@diamondresorts.com with your membership details. We will be sure to get straight back to you with the information which you require.
     
  6. amycurl

    amycurl TUG Member

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    Kudos to the DRI rep for showing up here, albeit not often. Interesting to know that they are still actively monitoring the forums...
     
  7. amycurl

    amycurl TUG Member

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    Oops. Duplicate post
     
  8. falmouth3

    falmouth3 TUG Review Crew: Veteran TUG Member

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    I got an unhappy surprise yesterday. I tried selling my Polynesian Isles in 2009. Got an offer and signed a contract with an individual, who apparently was from Diamond Resorts. Then I heard nothing for months. Never got my check and the real estate agent they had engaged also never heard anything.

    So yesterday I called to book my 2013 floating week. They tell me that I haven't owned the week since 2009, although I've paid my maintenance fees through 2012 and got my weeks to use each of those years. Apparently they didn't put it in their records until January 2012. I spoke with someone at the resort and then a person in finance. Apparently the deed was switched over a while ago.

    We've decided not to bother going through the aggravation of fighting them since we were thinking of giving the week away, but this is one weird situation. So I'm not sure if the new owner hasn't used her week in all that time or if two of us were paying maintenance fees and getting weeks or what. All of my weeks were deposited for exchange.

    Has anyone else ever experienced anything like this?
     
  9. cigarzan

    cigarzan TUG Member

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    Bill4728, How did this play-out? What did the Diamond Rep say?
     
  10. flexible

    flexible TUG Member

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    Bill,

    Which resort do you want to 'deed back?'

    Yesterday we mailed $250 and the notarized paperwork to eliminate a Diamond resort we are Founding Members of. We are hoping they will be willing to return the original death certificate of my husband's previous wife after the deed is recorded. (Pono Kai and Jockey Club returned the same death certificate last year.)

    Call "loss mitigation" at your resort or Diamond's HQ. It is the department that forecloses on people who do not pay MF. Even though your MF is paid they are the department that accepts deedbacks when and if they happen to want them. It is very, very random. If they say NO today, you need to call them monthly or weekly because they are not willing to notify members.

    We missed the opportunity to sell our resort to Diamond Resorts in 2007 or so for $2500 when they wanted units so bad they even purchased them from EBay. We wish we knew our resort was available for deedback from January-July 1,2011. I called ONE WEEK LATE and had to wait 10 months for the opportunity to pay $250 to deed it back to them.

    We are celebrating the elimination of our lasted DEEDED U.S. timeshare. We have plenty of timeshare weeks but I do NOT wish to own "deeded" timeshares that randomly charge outrageous "special assessments" and report negative information to credit bureaus if you tell them "NO, we do not want your timeshare any more." I feel sorry for the Point at Poipu owners.

    We do not want to add more timeshares to our portfolio at this time. Our non-deeded timeshare have LOWER risks of special assessment. Most are in Mexico. IF the decide to charge SA or increase MF higher than I want to pay, I can decide whether to 'cancel' those contracts at that time.
     
    Last edited: Jul 24, 2012
  11. T_R_Oglodyte

    T_R_Oglodyte TUG Lifetime Member

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    You're dreaming if you think you have escaped the possibility of special assessments by owning non-deeded timeshares.
     
  12. Bill4728

    Bill4728 Moderator

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    We have two we just sold one of them and DRI has asked to talk to us about the other one.

    We have waited for the one we're selling to close before we talk to them.

    So I'll update soon.

    Bill
     
  13. flexible

    flexible TUG Member

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    Did Diamond Resorts contact YOU to buy your week? Or did they see your EBay ad?

    Could you please share WHICH Diamond Resorts you own/size etc? And if Diamond Resorts contacted you because of a TUG post/marketplace ad, EBay, Craigslist etc.

    I wonder IF I had listed our Polo Towers unit on EBAY IF Polo Towers would have tried to purchase it. It would have saved the $250 check I mailed them last week.

    I missed the opportunity when the wanted to buy Polo Towers units about 2007. I heard they paid close to $2,500.
     
  14. flexible

    flexible TUG Member

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    Could you please share WHICH Diamond Resorts you are willing to buy on TUG?

    I wonder IF I had listed our Polo Towers unit on EBAY IF Polo Towers you might have contacted us to purchase it. It would have saved $250.

    I missed the opportunity to when Diamond Resorts wanted to buy Polo Towers units about 2007. I heard they paid close to $2,500.

    It is very nice of you to monitor TUG. But it would be helpful if you created a ASK Diamond Resorts thread, posted IF and WHEN you are willing to buy deeds back.

    BTW, do you know anyone who might want the bronze polo player #4 we received as founding members. It would seem to be a shame to sell it for scrap metal. Maybe one of your staff would like it as a decoration. I believe your gift shop might have sold some for a huge amount of money. It is worth a complimentary 2 night certificate at a Diamond Resort. If so, I'll trade it for one the next time we are in Las Vegas.
     
  15. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

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    Diamond Resorts has such a forum on their own website where you can ask them and they answer. http://www.diamondresortsforums.com/default.aspx
     
  16. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

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    In reading through the DRI forums, it looks as if they will consider deed backs if/when there is severe enough financial hardship. I would imagine in cases such as those, it's cheaper and easier for DRI to do some sort of deed back vs the expense of foreclosure with the unlikelyhood that they'd ever be able to collect any significant amount by putting past due fee's into collections.

    Still, I believe it would be best to ask DRI directly on their owner forums or contact DRI's customer service to see what options might be available.
     
  17. fluke

    fluke TUG Member

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    I recently asked this question earlier this week on the DRI Member forums. I got the personal email w/o a public posting. No deedbacks or point surrenders allowed except in cases of documented severe financial distress. Those will be evaluated on a case by case basis.
     
  18. AZpeeps

    AZpeeps Guest

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    Are you sure about that? Can you elaborate just a bit.
     
  19. pedro47

    pedro47 TUG Review Crew: Expert TUG Member

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    Timeos2 cannot comment on his post because he has passed away.
     
    Last edited: Oct 14, 2014
  20. DeniseM

    DeniseM Moderator

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    This thread is from 2012.
     
  21. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

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    What he was talking about was a "glitch" in trust based ownerships. The rules of the trust are such that if you don't pay your trust fee's ontime, the option for the trust is to terminate your membership/ownership.

    This was discovered several years ago when a trust member/owner failed to pay their fee's ontime and had their membership/ownership revoked. Their recourse was to beg to be reinstated which, if memory serves me correctly, wasn't granted. They were simply out of their ownership. Of course if there's a loan against the ownership (mortgage for lack of a better word), you're still on the hook for the balance of the loan.

    So, trust ownership, don't pay fee's, ownership revoked without a forclosure and you're out. Relatively simple compared to owning a deeded week. You'll still possibly see a ding on your credit record for the non-payment of the fee's but, after the trust membership/ownership has been revoked you can always pay those fee's off and minimize the damage to the credit record.

    NOTE: I am not a trust owner. This is all THEORY based upon a post from a trust owner who had their membership revoked when they forgot to pay their fee's. That information is now several years old and I have no way to verify/validate it but, in theory, it sounds possible.

    As mementioned John passed away several months back. How close I am to what he was getting at is up for speculation.
     

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