Owning a Diamond timeshare can provide you with years of enjoyable vacations, but at some point, you may find yourself wanting to get rid of Diamond timeshare. This can be a tricky task because most timeshares decrease in value significantly after purchase. Many timeshare owners have difficulty giving away their timeshare for free. This is why there are hundreds of timeshares being advertised by current timeshare owners on sites like eBay and Craigslist for as low as $1 with no buyers.
Some Diamond timeshare owners have found success with giving away their Diamond timeshare by offering to give prospective buyers a $500 – $1000 Visa gift card along with the sale in addition to paying all closing costs and transfer fees. This can make your advertisement stand out from others and increase the number of offers you receive.
Even with these added incentives, it can be hard to find someone that wants to buy your timeshare or take it for free, especially if you’re not advertising it in the correct places. As May 14, 2021 the best places to advertise a timeshare for sale online include:
- Craigslist (free)
- Ebay ($50)
- Myresortnetwork.com ($34.95)
- tug2.com ($15/year membership)
- Redweek.com ($59.99 – $125)
These site’s all have one thing in common – low up-front fees.
Watch Out of For High Up-Front Fee Timeshare Resale Scams
If you’re looking to sell your timeshare you may come across a few websites offering to “advertise” or “list” your timeshare on their website for a high up-front fee. These are scams designed to take your money. Typically, you’ll pay the high up-front fee and then your timeshare doesn’t sell. These websites do not have your best interests in mind. They’ve already been paid their up-front fee so they have no incentive to actually sell your timeshare after you become a customer.
You may have also been called out of the blue by someone offering to buy your timeshare. Typically, this person will offer to buy your timeshare at a higher price than what you paid for it. They’ll ask you to pay an up-front fee to cover things like “taxes” or “transfer fees” and once they collect this up-front fee, they’ll disappear with your money and you’ll still own your timeshare. If anyone offers to buy your timeshare for more than what you paid for it, it is almost always a scam. Why would someone buy your timeshare for more than what you paid for it if the same timeshare could be purchased on eBay or Craigslist for $1?
How To Complete the Sale of a Diamond Timeshare
To complete the sale of a Diamond timeshare, your timeshare will almost always need to be paid off first. You should also be current on any maintenance fees. If at one point you fell behind on your payments, it’s a good idea to make sure your timeshare has not entered the foreclosure process as well. A simple call to Diamond before the sale should be able to answer most of your sales related questions.
Timeshare Resale Brokers
Similar to a traditional real estate agent, a timeshare broker may be able to help with the sale of your timeshare. Timeshare brokers are licensed by the state, so they are usually very trustworthy.
Timeshare brokers typically work on commission and do not charge up-front fees. In some states such as Florida, it is actually illegal for a timeshare broker to charge an up-front fee. Because timeshares are usually much harder to sell than traditional real estate, a timeshare broker will usually charge a much higher commission of around 50% of the sales price.
The problem with using a timeshare broker to sell Diamond timeshare is that many timeshares will not be worth enough to make it worth their time. For example, if your timeshare is only worth $1, a timeshare broker would only make 50% of that off the sale. This is why many timeshare brokers focus on high value timeshares in Aruba, Hawaii and Colorado when the sales price can be several thousand.
However, if you’re able to find a buyer for your timeshare yourself, you may want to seek the services of a licensed timeshare broker to help complete the sale. This isn’t required, but it can help provide a smooth transition for both buyer and seller.
Brokers will typically perform services such estoppel requests for buyers and sales agreements for sellers. Estoppel requests show buyers that the seller owns what he/she says they own. Sales agreements outline everything the buyer will receive along with the sale in writing to prevent any disputes after the sale. For example, a sales agreement can outline if the buyer will receive use of the current year’s timeshare time. It may also include legal language that can protect each party.
Can You Give Diamond Timeshare Back to Diamond?
In some cases, you may be able to give your timeshare back to Diamond. This is typically your best option if you’re unable to sell your Diamond timeshare points for any sort of small profit on a site like eBay or Craigslist. Diamond’s “deed back” program is called Transitions™ by Diamond Resorts.
Your timeshare will typically need to meet the following criteria to qualify for Transitions™:
- Be paid off and current on maintenance fees.
- No future reservations scheduled. Does not apply to fixed week/fixed unit deeded week owners.
- EU Collection Diamond owners do not qualify for this program as of 5/24/2021
- Timeshare could not have been purchased on the resale market
We always recommend contacting Diamond first before engaging with any third-party timeshare resale or exit company. Giving your timeshare back to Diamond will almost always be the safest, low cost option to cancel Diamond timeshare.
Get rid of Diamond Timeshare with a Timeshare Exit Company
If you’re unable to sell Diamond timeshare and can’t give it back to Diamond directly, you may want to reach out to a few timeshare exit companies to get rid of Diamond timeshare. Timeshare exit companies came in to existence because of how many timeshare owners failed to sell their timeshare or give it back to their timeshare company directly.
Most timeshare exit companies do not attempt to sell your timeshare. Instead, they use various tactics and techniques to encourage your timeshare developer to take your timeshare back and stop your maintenance fees. Sometimes this will involve lawyers. Other times it won’t.
No matter the method used, you shouldn’t expect to receive any proceeds from a sale if you choose to work with a timeshare exit company. In fact, you’ll likely need to pay several thousands of dollars just exit Diamond timeshare. Take a look at the average cost to get out of a timeshare here.
Tips to Avoid Getting Scammed By a Timeshare Exit Company
Similar to the up-front fee scams prevalent in the timeshare resale industry, several timeshare exit scams also exist in the timeshare exit industry. There have been several timeshare exit companies that promised timeshare owners they’d be able to cancel their timeshare, but instead never cancelled the timeshare and simply kept the money instead.
To avoid common timeshare exit scams, we typically recommend owners use a timeshare exit company that offers an escrow payment option. When you pay with escrow, the timeshare exit company does not get paid in full until after the timeshare has been cancelled. Learn more about escrow and why it’s important here.
Some other tips to avoid scams in the timeshare exit industry include:
- Avoid companies that do not have an online presence. If the company doesn’t have a website, it’s likely a scam. Online ratings and reviews of timeshare exit companies can help with this research.
- Avoid companies with a poor BBB rating or no rating.
- Avoid companies that do not have a track record of successfully getting timeshare owners out of their contract.
- Always get everything in writing! A contract is always a good idea when engaging with a timeshare exit company.
- Always shop around. Prices can fluctuate significantly by company.
It is certainly possible in 2021 to get rid of a Diamond timeshare if you no longer wish to be an owner. Engaging with Diamond’s Transitions™ program will almost always be the easiest and safest option, but if you’re unable to pay off your loan you may need to seek alternative options. Have a look at our recommended timeshare exit companies or give us a call at 949-229-7748 for a free consultation.