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Does diamond have a buy-back program?

Discussion in 'Buying, Selling, Renting' started by akbmusic, Jul 22, 2012.

  1. akbmusic

    akbmusic TUG Member

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    Trying to look at all options in helping my in-laws get rid of their timeshare so we can do what's best for them. My FAther-in-Law has Parkinson's and they are No longer able to travel, and we have enough weeks. I didn't know if anyone knew if Diamond resorts would take back weeks or not.
    I know I can list it on eBay or place it in the bargain forums here...
    Just trying to decide what will be the easiest and most expedient for them.
    Thanks for your input!
     
  2. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

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    With DRI it's been an on again/off again thing. A few years back I had struck a deal with them to sell back our two Polo Towers units, then the economy went flat and they closed up shop on buy backs. Then they started allowing deed backs if your MF's were current, you paid next years MF's and you paid their closing costs. Then the HUGE assessment at the Point at Poipu came along and they stopped accepting deed backs.

    I would imagine at some point in time they may begin to accept deed backs again but, the P@P situation will have to be completely worked out first. about the only thing you can do is call their loss mitigation department (sorry, I don't know the number) and ask what you options are.
     
  3. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

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  4. bogey21

    bogey21 TUG Member

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    I'm not trying to be a smart ass, but the best way to find out is to call them and ask. If they say "No" write down the name of the person you talked to. Then call back in two or three weeks and if you get through to someone different, ask them. Keep repeating the process keeping track of the names of the people you have talked to.

    Using this strategy I was finally able to get through to the right individuals at two Resorts who agreed to take my Weeks back via Deed Backs. In both cases there were small fees involved. I think it was $50 at one Resort and something like $125 at the other.

    George
     
  5. T_R_Oglodyte

    T_R_Oglodyte TUG Lifetime Member

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    Were you calling Diamond's offices in Las Vegas or were you calling in to the specific resorts? If it was to the resorts, what department or position were you asking for?
     
  6. Rent_Share

    Rent_Share Guest

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    Were they independents or part of s mini system ?, If so what system
     
  7. bogey21

    bogey21 TUG Member

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    The Resorts where I was successful were not Diamond. On my first call I would start the conversation by asking the person who answered the phone if they had Weeks for sale. If the answer was "Yes" I would ask to be transferred to the Sales Department and let the conversation flow from there. If there was no Sales Department I would ask to be transferred to the individual who disposed of foreclosed Weeks and let the conversation frow from there. You have to be persistant and nimble but in many cases if you keep talking, you can get it done.

    George
     
  8. bogey21

    bogey21 TUG Member

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    All my Weeks were at Independent HOA controlled Resorts. Before I started divesting my Weeks I had Weeks at 8 different Resorts and have been able to get rid of 7, four via deed backs. I've kept one Week, a Colorado ski week my Son likes to use.

    George
     
    Last edited: Jul 22, 2012
  9. Rent_Share

    Rent_Share Guest

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    IMHO the Managers/Directors of an Independently controlled HOA are likely to be more pragmatic than an employee of a DRI,Wastegate, Wyndham . . .

    YMMV
     
  10. bogey21

    bogey21 TUG Member

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    One of the many reasons to limit your TS portfolio to well run HOA controlled Resorts. As many of you know I started out with 4 Marriotts; saw the light; sold; bought exclusively at stragetically located (for me) Independents; divested when I got older; and overall didn't lose any money during my 20 year plus TS experience.

    George
     
  11. Rent_Share

    Rent_Share Guest

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    Need to warn me to put my boots on before you start slinging that stuff, my grandpa was from the DFW area and he could spin some whoppers :wave:
     
    Last edited: Jul 22, 2012
  12. JulieAB

    JulieAB Tug Review Crew: Rookie TUG Member

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    I deeded back Scottsdale Villa Mirage to Diamond in 2009, I think. It cost $80 and I didn't have to prepay anything. The year prior they were saying you had to pay your fees and loose the week, so they def change frequently. I simply called loss mitigation and said I was current on everything, but I just did my budget and didn't think I'd be able to afford the maint fees next year. ;) I asked if I could just give it back since I had already tried giving it away to no avail. They said sure!

    No regrets! :D
     
  13. bogey21

    bogey21 TUG Member

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    Well like it or not you are wrong. I sold my 4 Marriotts for over $85,000 and made a $16,000 profit most of it coming from my Monarch Crown Suite on HHI. I think the most I paid for any of the independents I bought (in Biloxi, Ruidoso, Myrtle Beach, Deerfield Beach, Mesquite, NV, Galveston, Dillon, CO, etc) was $1,200 for the Week in Myrtle Beach. Almost all had MFs around the $400 level when I bought them and although all increased over the years, it wasn't by much. All in all I did damn good.

    George
     
  14. akbmusic

    akbmusic TUG Member

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    I don't think you're a smart-aleck

    I just kind of got this thrown in my lap yesterday. We have 2 college visits with DD this week (one requires and overnight), and I am switching teaching jobs, so in 3 weeks school begins and I am still moving/organizing my room. Plus there are senior pictures to schedule, a 3-day workshop to attend, the patio to mark out, and carpet and tile to be picked out for the last room of our 18-year home improvement project (never buy into the line "it would be fun to buy... and fix it up. Hey-we could save $$ and do it ourselves...")
    Sorry for the venting - just feeling a little piled upon and my MIL is convinced the timeshare will be gone in a couple of weeks (which would be nice for them).
     
  15. akbmusic

    akbmusic TUG Member

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    Bless you! Thanks so much! I will contact them and see what happens. If not, it will be listed on the bargain forum shortly.
     
  16. theo

    theo TUG Review Crew: Veteran TUG Member

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    Reminds me of an old Lovin' Spoonful song....

    ...entitled "Do You Believe in Magic?" ;)

    The DRI timeshare won't be "gone in a couple of weeks", in any imaginable scenario. MIL is expressing wishful thinking which is not reflective of reality or procedural timetables for a completed transfer.

    There are precious few "buy backs" in this sorry economy; you'll actually be very fortunate if DRI will even accept a "deed in lieu of foreclosure" (i.e., take it back for free).

    My own suggestion is to very clearly correspond in writing with DRI corporate (wherever that may be), clearly explaining the situation and overtly and specifically requesting their written response and acceptance of a "deedback". When they ponder and realize that the ownership might just be ultimately abandoned anyhow, ultimately requiring the costs of initiating foreclosure, they might be more inclined to accpt. Making a lot of phone calls to assorted clueless minions who have no subject knowledge (or any decision-making authority) in the first place is certainly not an efficient or effective use of your limited time or energy, IMnsHO. One "deedback" offer letter, requesting a written response, is IMnsHO a much better idea. It can't hurt to ask, but I strongly suggest that you do so in writing.

    There is always the "Bargain Deals" section here on TUG too. I'd pursue both avenues if in your shoes, and I'd proceeed promptly with the first responses received --- from whatever source that may be.
     
    Last edited: Jul 24, 2012

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