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Reliable Company?

Lyn K

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Our friends listed their week 6 Royal Sands penthouse with a company named Timeshare Hot deal. They were told 4 months ago that a sale was made, but have not received a check, which was suppose to be deposited into their bank account. Phone calls were not returned until their lawyer called, and now they're told the check will be cut on Monday. Has anyone either done business with this company or heard of them? Any information will be appreciated it. Thank you.
 

pjrose

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Our friends listed their week 6 Royal Sands penthouse with a company named Timeshare Hot deal. They were told 4 months ago that a sale was made, but have not received a check, which was suppose to be deposited into their bank account. Phone calls were not returned until their lawyer called, and now they're told the check will be cut on Monday. Has anyone either done business with this company or heard of them? Any information will be appreciated it. Thank you.

Nope, I've never heard of them.
Your friends should contact ISCO at 800-930-5050 and ask for the resale department to find out if the villa is still in their name or has been transfered to someone else's name.
 

Lyn K

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Thanks, I'll pass that info along to them. They signed papers without having any money exchanged. A bit scarey!
 

pjrose

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Thanks, I'll pass that info along to them. They signed papers without having any money exchanged. A bit scarey!

Yikes! I hope the papers didn't include signing their deed. I don't see a week 6 Sands for sale on timesharehotdeal.com.

If they don't get the check, they should also contact the Florida Attorney General.
 

tonyg

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The "hot" doesn't sound good.
 

Joe L

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Did they submit their original "Membership Agreement" (the contract) to this company? They can sign anything they ask for but if the above "Agreement" is not submitted, ISCO will not process the sale. I'm wondering if they just wanted the bank account info and the sale was part of the scam. They should contact their bank and notify them of any possible unauthorized withdrawls.
 
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Lyn K

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Yes, they sent their contract to this company. Last week they were told that the check was written out incorrectly, but they would have it re-written and over-night it to them. (what happened to depositing it into the account # they gave them???) They never received it, and today they were told that it was sent out priority mail yesterday. This has been going on for 4 months now. I'll keep you posted.
 

tonyg

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They should call ISCO at 1-800-930-5050 and ask them to hold up the transfer of that week if they filled out the transfer forms from the Royals ?. They should put a hold on any withdrawals from that bank account and should contact the Real Estate department of the state this sales outfit operates out of and file a complaint.
 

DonTBS

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TimeshareHotDeal.com

As the Managing Broker for TimeshareHotDeal.com, this thread was brought to my attention, prompting my review internally. I found out the following:

The check to the Sellers was indeed sent on March 17.

The closing timeline for this transaction was not unusual for a Mexico sale. The deal was agreed upon on 11/14/07, and contracts were sent to the parties. The signatures were returned on 11/14 from the buyer and 11/27 from the Seller. The Estoppel was received 12/12/07. Escrow from the Buyer received on 1/15/08, with the resort notifying the Buyers on 1/30/08. The resort requested an affadavit from the Seller on 2/7/08. Ownership confirmation from the resort was made on 3/14/08, with Escrow disbursed on 3/14, and checks sent 3/17/08.

There was nothing unusual regarding the timeline. In fact, it looks like it went pretty smoothly. My agent provided a timeline on contacts to the parties, and he followed procedures of keeping the parties informed.

We all strive to close transactions as quickly as possible. After all, we don't get paid until the Seller gets paid. If there were promises made, or things said that were misleading in anyway, then my apologies to those offended. We make every effort to maintain the integrity of the process, and service to the customer.
 

Joe L

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Welcome to TUG Don. The timeline you indicate does not sound unreasonable.
 

pjrose

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I hope the original poster will confirm to us that the check was received.
 

tonyg

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So why would the sales company request a bank account number and then send a check ? Excuse my suspicion, but I would never give out my bank account number.
 

Lyn K

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My friend received the check today for the full amount of the sale. Not sure if it's a bank check or not. I'll check with her in a couple of days to make sure that it cleared. I still can't understand why they had to give their account # when they received a check in the mail. They had an attorney call the selling company a couple of days ago so maybe they put a scare into them. I'll post again and let you know if the check cleared or not.
 

DonTBS

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First of all, Timeshare HotDeal does not even have an escrow account, and never will. All of our transactions involve bonded escrow companies specializing exclusively in timeshare sales. THD has a deposit authorization form for the Buyer's eyes only, to provide credit card information for the escrow company. Deposits do not exceed $1000., and are processed only when the complete sales package with signatures is received. The escrow company processes the deposit and the form is destroyed. On occasion, Buyers want to charge the full amount of the purchase, which is allowed, providing they pay the cc fee that exceeds the deposit amount.

Further, it is a matter of routine for the closing company to ask a Buyer for method of payment, and a Seller for method of disbursement. In both cases, electronic transfer is allowed, where bank information and routing is provided to the escrow company. THD is not privy to that info, nor have interest in that information due to privacy laws, common sense, and respect.

To that end, apparently bank information was given for the intention of a transfer of funds. The closing company was moving the week of March 10 to new offices which may account for the reason that a check was sent instead of making a transfer. There was nothing malicious intended beyond trying to keep the business running and unpacking boxes. And...I can assure you, the check cleared!
 

easyrider

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It does take a while for every thing to happen with most TS in Mexico.
 
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