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[Response to TUG Ad: Scammer - Sister Vincentia Goeb] [merged]

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scottbey

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I currently have a buyer for my timeshare. I was going to use the timeshare closing company recommended by TUG, however my buyer has me in a loop. They want to use their broker for the closing. They will be using a company called american title transfer, and the funds will be held in escrow through this company. Buyer will pay closing cost and title tranfer fees and broker fees. I'm fine with this, but wondering if there's any thing I need to watch out for before, sharing any private information to the broker. thanks
 
Look for reviews on the company and also don't send them any money for any reason.
 
This could be a scam - are they asking YOU to pay any upfront fees? If so, this is a huge red flag!
 
IMHO the most important thing in a transfer is to be sure that the deed is recorded in the buyers name and the HOA accepts the deed and acknowledges the new owner is responsible for the maintenance fees. YOU SHOULD SELECT AND CONTROL THE CLOSING PROCESS

Notwithstanding resort fees, including county recording fees it should be less than $ 200 total for you to control the closing process.

The resort fee is non negotiable - And up to the parties to agree as to who pays it.

I would chose the closing company and be willing to pay for it to make sure that the maintenance fee obligation is transferred to the new owner.


PS - I did it myself, AND DO NOT RECOMMEND THAT AS A POSSIBLE SOLUTION
 
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Ditto...

Rent_Share said:
<snip> I would chose the closing company and be willing to pay for it to make sure that the maintenance fee obligation is transferred to the new owner. <snip>
Click to expand...

I agree wholeheartedly. I'd gladly spend the few hundred dollars to make very certain and have the peace of mind that the transfer of ownership was completed properly and lawfully --- and permanently.

In addition, I guess I instinctively detect a faint but clearly unpleasant aroma when a buyer wants (...for no apparent or credible offered reason) to "use his / her own broker" for a closing, with funds held in (alleged) escrow by an obscure and unknown closing entity. Call me cynical, but that particular wording and suggested process simply has the introductory earmarks of a potential scam to me.... :shrug:

P.S. A Google search yields no American Title Transfer. That "faint aroma" is getting a whole lot stronger --- and it sure ain't the lovely fragrance of blooming lilacs. :rolleyes:

Unless OP has incorrectly named First American Title Company, a completely legitimate closing and escrow entity (... one peddled quite heavily by RedWeek), I'd be very wary of this "American Title Transfer" --- an unknown and obscure "sound alike" entity which somehow can't even be found by Internet search...
 
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I don't see anything wrong with a buyer who is paying for the closing wanting to choose their own closing company.

Are we talking real money here or is this a give away? If it's real money I would not send a deed with my signature on it without being certain I was going to receive the money.

You did not give us much detail in your OP.
 
I agree, as I read the post it appears the BUYER is paying all closing costs...id expect that buyer to want to use the closing company of his choosing.

Its also something we suggest all buyers to do if they are paying closing costs (vs using the sellers closing company).
 
One minor detail...

TUGBrian said:
I agree, as I read the post it appears the BUYER is paying all closing costs...id expect that buyer to want to use the closing company of his choosing.

Its also something we suggest all buyers to do if they are paying closing costs (vs using the sellers closing company).
Click to expand...

I certainly agree with your logic and thoughts Brian (and John before that as well) that a buyer should indeed be able to select his / her own closing company --- particularly if that buyer is the one paying the freight for closing costs. That being said however, does it not concern you a bit that there is apparently no entity called "American Title Transfer" to be found anywhere in the course of a Internet search? :shrug:
 
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dont see anything wrong with him doing his due diligence for sure....id just be far more concerned if he(seller) were shelling out money out of pocket.

maybe you can compromise and agree on a different (and reputable) escrow company?

or find out what his costs are for closing and see if JRA or one of the other more well known transfer entities can give him a better deal.
 
scottbey said:
I currently have a buyer for my timeshare. I was going to use the timeshare closing company recommended by TUG, however my buyer has me in a loop. They want to use their broker for the closing. They will be using a company called american title transfer, and the funds will be held in escrow through this company. Buyer will pay closing cost and title tranfer fees and broker fees. I'm fine with this, but wondering if there's any thing I need to watch out for before, sharing any private information to the broker. thanks
Click to expand...
Share the information with the escrow/closing company, not the broker nor the buyer. If any funds are involved, they should go directly to escrow, not the broker. I'd give the broker as little information as possible. Let the closing/escrow company do their job.

I did a Google search for "american title transfer", but didn't see any information. Sure it's not "First American Title" or "North American Title"?
 
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scottbey said:
I currently have a buyer for my timeshare. I was going to use the timeshare closing company recommended by TUG, however my buyer has me in a loop. They want to use their broker for the closing. They will be using a company called american title transfer, and the funds will be held in escrow through this company. Buyer will pay closing cost and title tranfer fees and broker fees. I'm fine with this, but wondering if there's any thing I need to watch out for before, sharing any private information to the broker. thanks
Click to expand...

Additional information: I have offered to pay the closing cost, and the transfer fees, with the exception of the deed transfer.They prefer to pay those fees, closing to be done with their broker. They prefer to pay for the closing cost and title transfer fees. The actual company is First American title transfer (www.firstam.com/title), funds will be held in escow during closing.
 
Ron98GT said:
Share the information with the escrow/closing company, not the broker nor the buyer. If any funds are involved, they should go directly to escrow, not the broker. I'd give the broker as little information as possible. Let the closing/escrow company do their job.

I did a Google search for "american title transfer", but didn't see any information. Sure it's not "First American Title" or "North American Title"?
Click to expand...

Yes, sorry it's first american title transfer
 
theo said:
I certainly agree with your logic and thoughts Brian (and John before that as well) that a buyer should indeed be able to select his / her own closing company --- particularly if that buyer is the one paying the freight for closing costs. That being said however, does it not concern you a bit that there is apparently no entity called "American Title Transfer" to be found anywhere in the course of a Internet search? :shrug:
Click to expand...

Sorry it's first american title transfer
 
csxjohn said:
I don't see anything wrong with a buyer who is paying for the closing wanting to choose their own closing company.

Are we talking real money here or is this a give away? If it's real money I would not send a deed with my signature on it without being certain I was going to receive the money.

You did not give us much detail in your OP.
Click to expand...

It's real money.
 
theo said:
I agree wholeheartedly. I'd gladly spend the few hundred dollars to make very certain and have the peace of mind that the transfer of ownership was completed properly and lawfully --- and permanently.

In addition, I guess I instinctively detect a faint but clearly unpleasant aroma when a buyer wants (...for no apparent or credible offered reason) to "use his / her own broker" for a closing, with funds held by an obscure and unknown closing entity. Call me cynical, but that particular wording and suggested process simply has the introductory earmarks of a potential scam to me.... :shrug:

P.S. A Google search yields no American Title Transfer. That "faint aroma" is getting a whole lot stronger --- and it sure ain't the lovely fragrance of blooming lilacs. :rolleyes:

Unless you have incorrectly identified First American Title, which is a completely legitimate closing and escrow entity (and peddled quite heavily by RedWeek), I'd be very wary of this "American Title Transfer" --- an unknown "sound alike" which somehow can't even be found by Internet search...
Click to expand...

Sorry, yes , it's actually First American title transfer
 
Really odd that there is no hit on that name in google

"First American Title Transfer"

except

http://www.scambook.com/report/view/167676/Fredrick-Asmussen-Alvin-Ranit-Complaint-167676-for-$0.00

<LI class=comment>I was contacted by "Fredrick Asmussen" and his broker "Alvin Ranit" as well. Scam was to buy my timeshare for 85% of asking price, send me a check for $2,900, I would keep $500 in Earnest money, but wire the remaining $2,400 to some guy in Egypt (3rd name) to pay for title transfer process. Check is FAKE, if you wire the money, you lose.

Here is a copy of the e-mail I received from Alvin:


<LI class=comment>Sorry for my delay in getting in touch with you as I have been away from home and just had access to my email. I was instructed to contact you by my client Mr Fredrick Asmussen to arrange the sale and transfer procedures for your timeshare. I am informed that the agreed sales price for your timeshare is 31,000 dollars. Mr Asmussen has also informed me that an initial deposit of 500 dollars is already on its way to you along with my fees of 2,400 dollars as soon as funds are deposited and available.

Please note that we shall be making use of First American title transfer company which is a national title transfer company with licence to effect title transfer in all states. The process which I shall be undertaking is explained clearly in 7 steps as below

1- As soon as I get my fees, I will contact First American title to begin the process. When I pay the title transfer and escrow costs, we will be issued with a title transfer agent or contact person who will handle the process. I will provide the contact information of that person so you can be in touch with him or her if you like.

2- Broker(Alvin Ranit) initiates the closing process with First American title by completing simple online forms.

3- Buyer and seller receives an email from First American title (with username and password) requesting that he or she complete the online buyer and seller forms for the timeshare details and verify information.

4- Seller and buyer receive an email that includes the escrow number.

5- First American title prepares and emails escrow instructions, the transfer deed and closing documents ...
Posted 10/17/2012

Phone: +201116076173... Check out the www.2itb.com - no professional broker would use this as their means to communicate with clients.

Fredrick Asmussen: aasussenn@yahoo.com Phone: (702)545-6295

I have contacted the local authorities and opened a case with the FBI. Doubt anything will come of it, but... If someone asks you to wire money to someone you don't know or have never met -- SCAM!!! Check will bounce and you will be responsible. BEWARE!!!

  • Posted 10/17/2012
  • I should also mention that these people write e-mails in very well written English and speak of using First American, a legitimate agency to transfer your timeshare title, and are quick to absorb all title/transfer costs. The check they send is from TruWest Credit Union, also a legitimate institution in (I think) Arizona. The post mark that they sent the check was from Portland, OR; I have heard other people getting checks postmarked from Salem, OR. The biggest clue that this is a scam is that they want you to WIRE money for them -- (why can't "Fredrick" do this himself??)... They send you a bad check -- which you won't find out it's bad until weeks or months after you have deposited it, then ask you to wire money to a stranger. Wiring money to people is like giving cash out - it is virtually untraceable and should ONLY be used to send money to people that you know. After receiving these funds, you will never hear from them again, the check will bounce, and you will have wired $2,400 (or whatever sum) to them and you will not get it back. Not to mention, you will still be stuck with your timeshare. The contact they wanted me to wire money to them is the following:

    Stephen Nwankwo
    10 Mohamed Mokaled St.
    Nasr City, Cairo
    Egypt

    Good luck and I hope this helps someone...
Click to expand...
 
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scottbey said:
It's real money.
Click to expand...

Please elaborate the offer and property, your initial question was innocent enough, most assumed you were giving away a time share for free and answered the question in that light.

Since the title company cannot be found on the internet, except in one reference to a scam alert, In this case I do believe you need to discuss the offer, I am afraid you are in communication with a Nigerian scammer


Here's a warning from a legitimate title sight whose name was being used to perpetuate a scam

http://www.chicagotitletimeshare.com/index.php?option=com_content&view=article&id=76
 
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I agree that real money involved changes the equation. If this is a timeshare worth some money, you don't want to sign the deed to anyone unless you are fine with the escrow agent.

I have to ask, did someone offer you more money than the TS is selling for on eBay or elsewhere?

If they are, you are about to be scammed.

You didn't give enough info for some of the excellent sleuths here to dig deeper for you.
 
I agree as well, I simply assumed this was a freebie timeshare you were giving away.
 
I am concerned that this is one of those "fake offer" scams. Without knowing all the details of the transaction, it's hard to say.

To the OP:

-What resort?
-How did the broker contact you?
-Did you have your timeshare advertised for rent?
-How much are they (allegedly) selling it for?
 
Which is why I said initially, if you select the closing company you are less likely to get scammed
 
Redweek seems to endorse this company and on their FAQ for both rentals and sales they recommend the buyer/renter use First American Title to avoid being scammed. Personally I find it annoying that they endorse only this one company and wouldn't be surprised if they receive some sort of kick back.
http://www.redweek.com/resources/sale_process/escrow/.

If you buyer contacted you through redweek I would probably be less worried. Or if they indicated that they have done several rentals through redweek and always used the company. The fact that it is through a broker who insists doing it this way makes it a little more suspicious.

Even though the company is different- the whole my broker using X company makes it seem very much like a scammer who contacted several members from the TUG classified a while back.
 
it's a sound alike

Just Like

Timeshare Transfer dot com does not equal Timeshare Transfers dot com

First American Title Transfer does not equal First American Title

Put quotes around the name and you only get 2 hits in google

These are the Boulay People
 
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scottbey said:
I currently have a buyer for my timeshare. I was going to use the timeshare closing company recommended by TUG, however my buyer has me in a loop. They want to use their broker for the closing. They will be using a company called american title transfer, and the funds will be held in escrow through this company. Buyer will pay closing cost and title tranfer fees and broker fees. I'm fine with this, but wondering if there's any thing I need to watch out for before, sharing any private information to the broker. thanks
Click to expand...

additional information: I'm not feeling very good about this. The email is from a person that goes by the name of : Sister XXXX. It's well detailed and well written, detailing steps of the transaction. It's not asking me for any money up from, but stating a cash offer for my timeshare, and saying that the closing will commence within the next few days. Asking me to let them know if this works.
 
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