Questions on giving away Diamond Resorts Points

---added 8/23/14 summary of timeshare to be sold with incentives--
Timeshare Description: Diamond Resorts US Collection
Status: Loan paid off in full, all dues current
First usage: 2014 (Note: Points in the amount of 9714 from 2013/2014 will be given to buyer to use for a vacation before the transfer process starts. However, an agreed upon escrow amount from the buyer will be put in escrow and returned to the buyer IN FULL after successful completion of the timeshare transfer.)
Points: 7500 Annually
Unit Size: Varies
Maintenance Fees: $ 1272.80 paid in 2014. Buyer will be responsible for fees starting in 2015, due 12/31/14.
Closing Costs, Tax and Resort Transfer Fees: Paid by seller and handled by TUG recommended transfer company JRA Associates
Purchase Incentive: $200 paid by seller into escrow account given to buyer after successful completion of transfer, in addition to 2014 vacation described above
--end part added 8/23/14

Hi everyone, I have never posted on TUG before but have been a member for several years. Thanks to all of you for all the valuable info on TUG.

I need to give away my timeshare - the sooner, the better - Diamond Resorts - 7500 Points US Collection. Loan is paid off. 2014 maintenance fees are paid. All 2014 points are available and some 2013 points too.

I will pay all transfer fees and I plan on using Janet from JRA SERVICES, INC. to handle the transfer so it's done right. JRA was recommended on TUG. I contacted Janet with many questions - she was prompt, detailed and kind with her responses. I will pay all the fees for JRA’s services too.

I called Diamond Resorts today and they said if I transfer my TS to someone else, the new owner cannot use any of my banked points; that they would only get my annual allotment of 7500 points starting in 2015.

I have 9714 banked points that will be lost once the transfer is complete. At Diamond Resorts, 9714 points can get someone a really nice vacation especially if the timeframe is within 60 days. I want to include this as an incentive to someone to take my timeshare. So the buyer would get a great vacation in 2014 and the first fees they would have to pay are the 2015 maintenance fees due by 12/31/14 (2014 fees were $1273).

I will also sweeten the deal with a $200 incentive put in escrow for the buyer after the transfer takes place.

So here are my questions:
1) How do I handle the vacation incentive? I’m not sure how I could do this and at what point I would do this to ensure the deal is going through. I don’t want to end up giving away a free vacation and then the deal would fall through after someone takes the vacation. I would have to book the vacation for the buyer, and then give them all the info to take the vacation and take it before the transfer is complete so those points don't get wiped out. Has anyone done this before to help sell their TS?

2) I am considering putting an ad on Ebay (starting bid $1). I have written the ad after spending time reviewing successful past sales of Diamond Resorts US Collection points on Ebay. I would like to post on TUG in the bargain basement but I am afraid it may take too long and Ebay may give me more exposure. I have to check the Ebay cost but I think it’s $35 to post the ad and then another $35 if it sells. I don’t think it’s fair to potential buyers to put an ad in both places so I’m trying to figure out the best way to handle this.

3) Can you think of anything I missed or should tell someone who might want to take my TS? I want to make sure I am very clear about what people would be getting. And I want to give it away ASAP to someone who can use it.

Sorry for the long post. Thanks so much for any advice you can give me. I have no experience with giving away a timeshare but hope to get it right the first time.

Regards,
Alexis

Hi Alexis - I just moved your post to the Bargain Deals forum on TUG where you can give away your timeshare at no cost. My advice is to try it here for a couple of months, before trying ebay.

MORE INFO - http://www.tugbbs.com/forums/showthread.php?t=132509

It seems to me that upon finding a buyer you could make a reservation(s) with most -- if not all -- the banked points and put the buyer on as a guest.

Don't sell the Bargain Basement short. It sounds like you have a lot of incentives so that should find you a TUGer who is interested fairly quickly.

Don't 2BR red weeks generally require about 9600 points?


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Thanks, Denise and Chris.

Denise, do I just leave my post here and is that considered the ad? Or should I create a real ad like I was planning to do (this post was meant to have my questions and not be the ad)? Is there anything else I should be doing so people on TUG see that I am trying to give away my timeshare?

Chris, yes, Diamond said I could make a reservation for the buyer and put them on as a guest. But how will I know that once the buyer has taken the vacation that they won't back out of the deal? And I also need to make sure they can take the vacation before the transfer goes through and I am no longer the owner (and the banked points go out of my name and are no longer available).

High demand weeks do cost more points but I have found that it depends where you are going. I have gone to some of the Orlando resorts (I love Disney) and they are really nice. I don't like big crowds so I never went on a high demand week. I just checked Xmas week availability in Orlando via Diamond and there are a couple one bedrooms for 6000 but the 2 bedrooms are more. With Diamond if you can wait until 60 days before, the points values are a lot less but then of course the availability is not always there for what and when you want. It's a trade-off. You can also reduce the points cost, for example, by going for 5 or 6 days instead of 7. I cannot always get a full week off at a time from work so the flexibility worked for me but then I ended up with points left over each year. Now, with some medical issues, I cannot travel and don't want to keep paying the fees for something I cannot use.

Thanks again,
Alexis

I don't know about Diamond transfers, so these are only suggestions.
First off, adjust your first post to have an ad style at the beginning. You can keep the rest of the post there, but make easy to read ad for the beginning since most people only skim the posts.

If you are going to book a vacation for the new owner, you can have them put a $500. (or any amount) refundable deposit in escrow with JRA. They can get their full $500. back at the close of the sale. Put it in the contract that if they do not close the sale, they won't get their $500. back.

Since I don't know if Diamond will cancel reservations during a closing process, make sure you know if they will do that or not. If they will, maybe you would be better off booking a week and depositing it somewhere like SFX and tell the buyer that they will get an exchange through SFX with the purchase, rather than a vacation with your banked points. That would all be about timing, though.

I hate to say this but, I think I'd forget about the points that won't transfer. As I understand it, in order to use those DRI points, the account will need to remain in your name until AFTER the new owners take their vacation. You'll need a guest certificate for them to travel. If you complete the transfer before the points have been used and vacation taken it's my understanding the reservation will be cancelled by DRI. I'd keep it simple and just offer to give the points away and pay all closing costs and transfer fee's.

Thanks, Presley and dougp26364,
Presley – what do you mean by booking a week and depositing it somewhere with SFX? Can I do that with Diamond points? How does that work and how would I then give what I deposited to the buyer?

dougp26364 – you are correct – Diamond will cancel a reservation if the vacation has not been taken before the transfer goes through. That’s why I would have to time it well. I could require that the buyer take the vacation within a few weeks and just hold off the transfer paperwork until then and then at least I would have escrow money if the buyer backs out after taking the vacation, as Presley suggested.

Thanks for your help.
Alexis

Presley,
Thanks for the suggestion - I edited my first post by adding a section in the front to describe the TS sale and incentives.
Alexis

alexisb2000 said:

Thanks, Presley and dougp26364,
Presley – what do you mean by booking a week and depositing it somewhere with SFX? Can I do that with Diamond points? How does that work and how would I then give what I deposited to the buyer?

Click to expand...

It's probably more work than it is worth. You'd join SFX and deposit a week you have booked through Diamond soon like in the next 60days in a high demand location. That would allow SFX to let someone use that week right away. Other exchange companies might be better suited to this, idk. So, all those points will be gone by the time you transfer membership. You would have a vacation exchange coming to you and you could transfer that to the new owner, or worse case scenario, book their exchange for them and get a guest certificate. They would be able to use it in the next 2 years.

You could do all that but it is extra work for you with no return to you. So, someone may just be happy to have whatever transfers since it is free.

If you really hate seeing your banked points go down the drain, can you transfer them to another Diamond member before you sell? Or, book something and rent it out? I don't know rules for Diamond.

I could book a vacation for a friend or family member, I guess and at least the points would get used. I don't want to deal with rentals. Not sure if I can transfer the points to another member.

Thanks for all your help. I will leave it for now, as you suggested, with putting an amount in escrow for giving someone a vacation with my points to be lost. If someone doesn't take it soon, I can change how I want to proceed.

I don't see my timeshare coming up in the "bargain basement" ad section, just under this bargain basement BBS section/thread. Can I also list it there for more exposure?

Thanks,
Alexis

Alexis - If you want to start a new thread, and write a new post in "Ad format," I can delete this thread for you.

Thanks, Denise. Please leave this thread for now. As Presley suggested, I did edit my first post in this thread and put it in a brief ad format so it's a summary of my TS and my purchase incentives. I like the fact that someone who might be interested can read down and see the details of our conversations, if they want, or just read the ad part, which is first now.

But am I allowed to also put an ad in the bargain basement ad section that the search works from? It seems to be a different part of the website than the BBS.

I really appreciate all your help.
Alexis