Diamond Resorts Buy Back Program
Salespersons also actively deceived potential owners by leading them to believe that there was a buy-back program through Diamond Resorts itself, a kind of money back guarantee, as it were. However no such program existed, leaving the consumers stuck without the ability to sell the property to the public or back to the company, all the while having to pay yearly maintenance fees.
diamond resorts buy back program
We bought points in Sedona AZ and were made promises that they did not follow thru on. But, the biggest problem is that they transferred some points to US collection at a higher maintenance fee and we did not understand that our Cabo collection is so much less on maintenance.We tried calling diamond contracts and other Representatives and they told us we had to get the salesman to go over it and make the changes with corporate. We left no less than five messages and I tried to visit and the salesman would never come out and see me or would he call back. At one time he had an assistant call and she indicated we would have to talk to him and she would let him know. He has never called.
Diamond Resorts has a program designed to help Diamond timeshare owners call Transitions, but to our knowledge they do not buy back timeshares from owners. The program is in place to help owners looking to transition out of their ownership, and several criteria must be met in order to quality.
Diamond owners are able to apply to Diamond to hand back ownership of their timeshare, which will basically cancel their Diamond timeshare ownership if they are accepted into the program. Known as Transitions, an owner contacts Diamond to see if they quality for the Transitions program.
Short answer: Yes, Marriott is the latest major developer to introduce a buyback and take-back program for longtime owners who have intervals that Marriott wants to acquire. But, unless you have a prime week and don't really care how much you get back for it, you may want to take the time to explore your other options.
MVC's exit program has two prongs: a buy-back program as well as a take-back or deed-back service. Both are straightforward and efficient (in terms of time and ease of use). They also provide benefits that owners cannot always count on getting from third-party resale companies: certainty of a legal exit and relief from scammers.
Marriott's surrender or deed-back program has operated, below radar, for several years, usually in the context of taking back properties from owners in default because of hardship (financial, medical, or familial). As one Marriott representative said, "this is not something we advertise." The terms are simple: IF the company wants to take back ownership of a specific deeded week, MVC will prepare the documents and close the transaction within 90 days.
The industry's dynamic started to change four years ago, when Wyndham, the world's largest timeshare company, introduced its "Ovation" exit program for longtime members of Club Wyndham. Diamond Resorts unveiled a similar sounding "Transitions" exit program two years later. Both programs are selective, meaning the companies don't take back all intervals --- only the ones they want, which typically means deeded weeks at high-demand destinations.
The emergence of profitable exit-and-relief companies — some of whom are being sued by developers for interfering with timeshare contracts — explains why the industry is beginning to consider exit solutions for their owners. The other factor is just plain good business that works for owners and developers. Many longtime owners simply want viable solutions for getting out of their timeshares. Developers who offer legitimate exit programs, meanwhile, can reclaim valuable inventory at high-value resorts at low or no cost which they can sell, all over again, at current retail prices for their points programs. A workable, consumer-friendly exit program also enables brand-name developers to protect their reputation from the advertising claims of third-party exit-and-relief companies that denigrate the whole concept of timeshare ownership as part of their pitches to solicit owners who are desperate to divest their timeshares.
Diamond Resorts introduced a "Transitions" program two years ago, but it is not a full-scale exit program. Diamond will take back intervals that it wants to resell. It will not take back all intervals. The program is discretionary on Diamond's part. It is only offered, so far, to members of Diamond's Club. It is not available to members of other clubs that were acquired by Diamond (Intrawest, among others). Owners who want to surrender their Diamond weeks should call owner services for information and details. Diamond does not offer a buy-back program. It advises owners who want to sell their timeshares to use timeshare realtors and third-party listing companies (such as RedWeek). Diamond also enforces, periodically, its ban on owners who try to rent their units.
"At this time, MVW is offering an opportunity for you to relinquish your ownership, a direct deed back, at no cost to you. While this transaction will not result in any financial proceeds, it is a quick way to exit the program and eliminate your ongoing annual maintenance fee commitment. The anticipated time to complete the ownership transfer is 90 days. The first-year occupancy to MVW will be 2021; therefore, you will retain any remaining usage balance for prior years and you will be responsible for the maintenance fees associated with those use years.* Any usage option or reservation you have made for 2021 will be cancelled. Should you subsequently terminate the repurchase transaction, we cannot guarantee the reinstatement of any 2021 reservation or usage option that may have been previously confirmed for you. The offer to deed back your ownership is valid for the next 7 business days and is subject to change at any time with or without notice."
Just came across this forum and thought I would throw my 2 cents in.At one point I owned a red week with Marriott at Royal Palms in Orlando and probably about 10 yrs later purchased a blue week at Marriott Grande Ocean Resort in Hilton Head. Marriott was one time color blind and you could trade a blue week for a red week usually with very little problem by just paying the Interval Int fee. Then they wised up and blue was not much benefit unless you enjoyed traveling in the off season. I purchased my Grande Ocean week at a Marriott Resale Center located in a villa on the grounds of the Grand Ocean resort in 2000. The Marriott Sales Center was charging $9k for a blue week and the Marriott Resale Center charged $5.5 K.... so I saved quite a bit and got all the benefits since it was sold by Marriott themselves. Several years after purchasing at Grand Ocean I decided to sell the unit at Royal Palms. Back then Marriott had a program to sell your unit. There was a ridiculous commission of 30% or 40% as I recalled but it included all fees. It took awhile but they actually sold it and I even made a few dollars off the sale. Fast forward to now about 17 yrs later and I want to unload the Grande Ocean week. Its still a great place, and they keep it like new, for a price. My maintenance fee has gone from about $750 when purchased around 2000, to something like $1461 now in 2020. It is no longer worth it as I no longer have the same family situation and no longer bring 6 or 7 people with me. The other thing that rubs me the wrong way is that I like to go down in early December..... no crowds, no heat, no bugs. Thing is I find a lot of people there at this time bought cheap timeshares (only paid a few hundred $) with much cheaper maintenance fees then trade them through places like RCI and II and end up staying there a lot cheaper than what I paid in maint. fees each year. Furthermore they have no obligation to continue paying the unreasonable fees Marriott passes along to its owners years after years. Marriott does now offer a buyback program but only for limited resorts and limited seasons. They will pay you pennies on the dollar and turn around and sell it again at an exaggerated price. If they opt not to repurchase the week they may offer you a way to unload it with their deed back program. You walk away with absolutely nothing but they do pick up the closing costs, transfer fees etc. If your objective is only to avoid paying the maint fee in the future the program works just fine. Whatever you invested in it initially (use the term invested loosely) is lost. It's tough to even give one of these away these days let alone recoup some of your capital. With a deeded week the obligation exists in perpetuity and is passed on to your heirs. Over the past few years I have checked with a number or realtors and the legit ones which take no upfront money have no interest in attempting to resell them on your behalf. You can always find plenty of companies that tell you what you want to hear but also take a good bit of money upfront. Typically that will be the last you hear from them unless you want to extend the contract with them...... for another fee of course.
Deed-back programs allow you to sell your timeshare interest back to your resort developer. Technically, you don't receive any money in return for a deed back, but it can deliver you some future savings with your mortgage payment and maintenance fee. The first step to deed the property back to the resort is finding out if it is an option.
Although many timeshare companies claim to inform owners regularly of their deed-back program's existence, it is true that no timeshare resort will go out of its way to promote it. Capital Vacations is one such organization. Capital Vacations has a deed-back program they call, "Graceful Exit."
RCI is not a timeshare resort. To start, we must define the RCI program. This company has global affiliations with almost 4500 resorts in more than 100 nations. Nearly 4 million people belong to RCI, and they all do so to exchange their timeshare points from one of the affiliated resorts for use at another resort of their choice. Membership in RCI is frequently offered as one of the ownership "perks" at the time of the timeshare purchase by timeshare developers. In addition to the affiliated resort maintenance fee, RCI also charges an annual maintenance fee. 041b061a72