Wondering how to get out of your Diamond Resorts timeshare? Here at Timeshare Broker Associates, we’re experts on responsibly exiting timeshares, and we’ve got decades of experience helping owners like you through the process. In this article, we’ll break down all your options so we can make the process as smooth as possible, whether you sell with us or not.
Should You Exit Your Timeshare At All?
Before you begin the timeshare exit process, consider why you want to get out of your timeshare. For many people, the reasons are financial: they don’t want to pay the maintenance fees. This is totally valid, and if your timeshare is putting too much pressure on your finances, feel free to skip ahead to the next section. Similarly, if you’ve just bought your timeshare and are having second thoughts, go ahead and skip to the rescission section: it’s time-sensitive.
But if you can comfortably afford your Diamond Resorts Timeshare, take a moment to reflect. Have you gotten everything you want from your timeshare? Maybe you’re no longer satisfied with Diamond’s resort collection. Maybe you’re interested in a different vacation club and can’t justify two memberships. Either way, you can breathe new life into your Diamond Resorts Timeshare with a few extra perks.
The Power of HGV Max
Did you know that Hilton Grand Vacations (HGV) acquired Diamond Resorts in 2021? Despite the merger, Diamond and HGV are still distinct vacation clubs. You don’t have access to Hilton’s portfolio as a Diamond Resorts member.
That is, unless you’re also a member of HGV Max! This upgrade to your Diamond Resorts membership lets you access both Hilton and Diamond’s resort portfolio. It also grants you an automatic Hilton Honors membership, giving you access to every Hilton resort worldwide. In addition, you can get access to exclusive events like private concerts, golf tournaments, and celebrity meet and greets!
To join HGV Max, you need to have purchased your timeshare directly from Diamond Resorts or Hilton Grand Vacations. There’s a $7,000 initiation fee and a small increase in maintenance fees, but the added flexibility makes the expense well worth it for many members.
Interval International: Exchange Your Vacations
If you bought your timeshare on the resale market, or just don’t want to spend $7,000 to upgrade to HGV Max, there’s another option: vacation exchange! With Interval International (II), you can exchange your timeshare for points you can use on stays at other resorts or on a variety of other travel experiences.
These aren’t limited to Diamond and Hilton resorts either: you can stay with brands like Wyndham, Hyatt, and Marriott. There are over 3,200 Interval International resorts at destinations worldwide. There is a fee to sign up and exchange points through II, but it’s much lower than the initiation fee for HGV Max and can add unparalleled flexibility to your vacation ownership.
How To Get Out of Diamond Resorts Timeshare
So, you’re set on getting out of your timeshare. We can help. The exit process varies depending on how long ago you bought your timeshare and whether you bought it from the developer. However, one thing is consistent: you don’t need to pay exorbitant upfront fees to get out of a timeshare.
Make no mistake, getting out of a timeshare isn’t usually free: there are things like title transfer fees, advertising fees, and the commission you pay to your real estate agent. You may also need to pay off your loan balance and any outstanding fees. At the very least, you’ll have to pay for a certified letter. However, you’ll never have to pay thousands (or tens of thousands) of dollars up front just to exit a timeshare. We’ll look at timeshare scams to avoid later, but for now, let’s focus on the exit process.
The Right of Rescission: The Remedy for Buyer’s Remorse
Let’s say you or a loved one just walked out of a timeshare presentation with a brand-new contract, and now you’re having second thoughts. We’ll admit, those timeshare presentations can be a whirlwind. However, provided you’re still within your rescission period, you’re not on the hook yet.
The Right of Rescission refers to your ability to render a contract null and void within a few days of signing it. This can be anywhere from 3 to 10 days, depending on your state. When you rescind a contract, it’s as if you never signed it. You’re no longer bound by the terms and aren’t required to make any payments. The Right of Rescission applies to all timeshare sales, whether you bought from a developer or not.
To invoke your Right of Rescission, you’ll need to send a certified letter to the other party in the contract. Since this article is about how to get out of a Diamond Resorts timeshare, you’ll probably want to send it to them. Make sure you send it before the rescission period is over!
Do You Need a Lawyer To Invoke Right of Rescission?
Certified mail is a USPS service, not a legal one. You can buy a certified envelope at any post office for about $5, though you’ll want to spring an extra $5 for the return receipt. When you send a certified letter, the postal service keeps a record of when it was sent, when it was delivered, and who signed for it. If you requested a return receipt, you’ll receive a card confirming receipt of the letter. This means that the other party can’t argue that you attempted to invoke the Right of Rescission after the Rescission period. It’s a formality, but it’s important for protecting your rights.
You don’t need to hire a lawyer to invoke your Right of Rescission. You just need to write a formal letter that includes your personal information, contract details, your intention to cancel, and any required documentation. You’ll also need to provide instructions for refunding your payments. You can find letter templates online.
Disclaimer of Interest: For Unwanted Inheritances
If you inherited a timeshare, the rescission process is a bit different. You’ll want to write a Disclaimer of Interest letter instead. This is similar to a rescission letter, as you have a limited period (around nine months) to submit certified letters to the probate court and the executor of the estate. The laws and procedures surrounding a disclaimer of interest depend on the state, so you’ll need to do some research or ask a lawyer for assistance.
Disclaiming your interest in an inherited timeshare doesn’t affect anything else you might inherit. You just need to specify what properties you’re refusing in your letter. Once everything is submitted, the timeshare moves to the next available heir. If everyone refuses the timeshare, it enters foreclosure. The estate will need to pay any outstanding fees, but this won’t impact anyone’s credit score.
If you own a timeshare and are worried about how it will affect your heirs, consider transferring your ownership to a revocable trust. This allows you to provide more explicit instructions about what you want to happen to your timeshare. It also bypasses probate, making things easier on your heirs.
Be aware: If you’ve inherited a timeshare and don’t intend to accept it, don’t use it before disclaiming your interest. Using the timeshare is considered an acceptance of ownership, so your Disclaimer of Interest may be rejected.
How To Get Out of a Diamond Resorts Timeshare After Rescission
If you’re outside your rescission period, the exit process will take a bit more effort. You can’t simply cancel your contract at this point. Instead, you need to transfer ownership to someone else. This is commonly done by selling the timeshare, but there’s a bit more nuance to the process. In the following sections, we’ll go over the process in more detail, starting with Diamond’s official exit program.
How To Get Out of a Diamond Resorts Timeshare Through the Resort
Transitions is the official exit program for Diamond Resorts and HGV. If you purchased your timeshare from the developer, contacting the developer should be your first step in the exit process. This might sound straightforward, but there are a few things to keep in mind.
When you’re working with a developer to exit your timeshare, keep the following in mind.
- Always put it in writing: Begin your communication in writing, typically over email. Make sure you save copies of all communication. This keeps things focused and serves as a backup if you’re talking to a different representative.
- Wait for a response: You may receive canned responses initially. Don’t take any further steps until your concerns are directly addressed. This helps keep things on track.
- Be objective: Timeshare companies are more likely to respond to facts than appeals to emotion. Be calm, present your case logically, and be reasonable about your expectations.
- Look before you leap: When you receive an offer, review it in detail and make sure it actually meets your needs. Consider all your available options, as some internal exit programs may not fully release you from your obligations.
Transitions might not be as fast or efficient as you might hope. The process can take months and be frustrating at times. Still, keep at it. Keep your documentation in order, keep a paper trail, and feel free to reach out to a company like Timeshare Broker Associates if you ever need assistance. We’re here to help.
How To Get Out of a Diamond Resorts Timeshare Without Transitions
If you bought your timeshare on the resale market, you’re not eligible for the Transitions program. You may also decide that the program doesn’t work for your needs. That’s okay! There are alternative ways to get out of a Diamond Resorts timeshare. Here are some tips.
Be aware: If you pursue an alternative exit option, you won’t be able to use Diamond/Hilton’s internal exit program. Make sure you’ve exhausted your other options first.
Be Wary of Timeshare Exit Companies
There’s a whole industry of companies promising to help you get out of a timeshare, and some of them make claims that are too good to be true. They might promise full refunds or even profits. Or they might say they have hordes of eager buyers waiting in the wings. They might even contact you out of the blue with an offer on your timeshare. Unfortunately, many of these too good to be true offers are scams.
Here at Timeshare Broker Associates, we want to set realistic expectations. Here’s the truth:
- You’re unlikely to make a profit from selling your timeshare: In almost every case, timeshares on the resale market sell for 30-50% less than what you initially paid for them. They’re not a financial investment; they’re a luxury product. Think of them like a car: the second they roll off the metaphorical lot, their value drops. However, you don’t usually buy a car to resell it. You buy one to drive it. Similarly, a timeshare is an investment in your lifestyle rather than your portfolio. Long story short: if a company promises big returns on a timeshare sale, they’re probably lying.
- Selling your timeshare takes time: This isn’t a process that resolves in a few weeks. The closing process alone takes several months, and that’s after you find a buyer. We can’t predict how long it’ll take you to find a buyer for your timeshare; it could be a few weeks. It could take over a year. The only thing that’s certain is that there are no instant results.
Common Red Flags
Many timeshare exit companies will use improbable claims to draw you in, before springing the actual scam. This usually involves charging large, upfront fees for their services. Often, they don’t even do anything to help sell your timeshare. Here are some things to look out for.
- You can’t simply cancel a timeshare: Timeshares aren’t a Netflix subscription. The only way to get out of your contract is to transfer ownership, either to the resort or to a new owner. Some timeshare exit companies claim that they can get you out of your timeshare through nebulous legal means. These companies aren’t real law firms and are likely just out for your money.
- Don’t stop paying your maintenance fees: Some companies will tell you to stop paying your maintenance fees, or worse, they’ll tell you to send any annual dues to them. This is dangerous for your credit, as it can lead to foreclosure. If you’re sending your dues to a third-party company, they’re likely just pocketing them.
- Don’t pay someone to take your timeshare: There are fees involved in the ownership transfer process, but they are handled at closing. The only advance fee you may need to pay when selling your timeshare is for ad space on a service like BuyATimeshare or Timeshares Only.
If you’re looking for a legitimate timeshare resale company, look for one certified by the American Resort Development Association (ARDA). They maintain a list of recommended services that we’re proud to be a part of, but you don’t need to take their word for it. Services like the Better Business Bureau and Trustpilot can help you identify a legitimate company as well.
How To Get Out of a Diamond Resorts Timeshare By Selling It
The best way to exit your timeshare without going through the developer is to sell it. That’s where a company like Timeshare Broker Associates comes in. This isn’t necessarily a fast process, but it’s a lot easier than you might think. To get started, gather all the documentation connected to your timeshare. These include:
- Your deed or membership agreement.
- Your contract.
- Usage information: use year, usage week, points, and any banked or borrowed points.
- Receipts for your most recent maintenance fee.
Once you’ve gathered your documentation, contact a reputable broker. If you choose to work with us, you can call us at (407) 917-8432 or email us at [email protected]. One of our licensed real estate professionals will help you get started. We’ll help you list at fair market value on our marketplace and handle all the behind-the-scenes work. There’s no upfront fee. We don’t get paid until you sell your timeshare.
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At Timeshare Broker Associates, we’re here to help you sell your timeshare. If you’re ready to get started, you can call us at (407) 917-8432, email us at [email protected], or fill out the form below. One of our licensed real estate professionals will get back to you ASAP! If you prefer to chat over text, try our live chat feature: there’s a real person on the other end waiting to help!
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