I am looking to buy a week (newbie). Someone got a hold of me and seems to have exactly what we want. We have had some email back and forth and have agreed on price. Now he is telling me he wants a deposit on the purchase and after he gets that he will go to the closing company (who he has named) and arrange transfer, etc. Would he be doing this because he does not really know if he is dealing with a scam and wants to make sure it isn't ? Has anyone had to deal with this before? Or is this a scam?
-
The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!
Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day! -
TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!
Read about our 30th anniversary: Happy 30th Birthday TUG! -
TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!
Free memberships for every 50 subscribers!
Visit TUG on Youtube! -
TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!
Read more here: TUG saves owners more than $21 Million dollars -
Sign up to get the TUG Newsletter for free!
60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners! -
Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!
All T-shirt options here!
Scam or Not?
- Thread starter kirby3
- Start date
tombanjo
TUG Member
- Joined
- Aug 18, 2018
- Messages
- 1,540
- Reaction score
- 2,605
- Points
- 324
- Resorts Owned
- HCNY
how did they get your contact info ? Are they a company or individual ? Any internet history on their name ? Also - tell them you want to name the closing company and escrow service.
The process is pretty standard, so asking for a deposit is normal. What kind of total value are you looking at ? And of course, the biggest question is - is the deal so good it's unbelievable ? Unbelievable deals tend to be too good to be true for a reason.
The process is pretty standard, so asking for a deposit is normal. What kind of total value are you looking at ? And of course, the biggest question is - is the deal so good it's unbelievable ? Unbelievable deals tend to be too good to be true for a reason.
- Joined
- Sep 7, 2006
- Messages
- 5,176
- Reaction score
- 2,779
- Points
- 649
- Location
- San Francisco
- Resorts Owned
-
WKORV-OF (Maui)
WKV x2 (Scottsdale)
What closing company? Is it legitimate and independent? If you have a written contract for the purchase and put money into a true escrow -- one not controlled by the seller -- you will be fine (apart from wisdom of the transaction itself).
No he chose the closing company and he is supposed to paying for it. He said he will contact Timeshare Closing Services after I send the deposit to his address. He is not a TUG member if I searched it correctly. I told him I thought all money was to go through the closing company and he said no send him the deposit and the rest will go through closing. He sent his address which I googled and it is under his name. But just something about sending this money and I don't even know if he even has this place or if there is leans on it. He tells me he is 95 years old and has to get rid of it, etc. ??? I want to believe him but....
- Joined
- Jul 13, 2015
- Messages
- 6,781
- Reaction score
- 9,969
- Points
- 499
- Location
- Florida
- Resorts Owned
- Hgvc Anderson, Blue Ride Village Resort
Do not send any money directly to the seller. You have no way to know if he is legit. Tell him you have no problem paying upfront but only to the closing company. If you proceed do not follow the email or phone numbers of the closing company he provides. Look up the closing companies info on you own and contact them to make sure someone isn’t posing as them.
Ok I will do that. Very disappointing! I have a feeling it is a scam... he wanted my our name and address to put on the deed too.....The procedure would be for next time I find one I want would be to- 1) agree on price with seller 2)The buyer always arranges the transfer/closing company even if they are paying for it 3) That closing company will instruct the buyer and seller on what they are to do and they will make sure there is no money owing on it, it is legitimate and what they say it is, and will instruct the seller to obtain the estoppel from the resort, etc 4) Sit back and wait for it to be transferred. Anything else?
- Joined
- Dec 19, 2008
- Messages
- 16,018
- Reaction score
- 4,680
- Points
- 748
- Location
- Maryland
- Resorts Owned
- A few in S and VA, a single resort in NC, MD, PA, and UT, plus Jamaica and the Bahamas
I wouldn't say the buyer always arranges the transfer/closing company. A lot of times I have come across buyers who have no clue. If its a giveaway and I am paying for the transfer as the owner or even paying half, I am strongly suggesting LT. They are one of the least expensive and very competent. If the buyer seems to know what he is doing, chooses another reputable company and want to pay or at least pay the difference I would be open to that.
In terms of 3 usually the closing company gets the estoppel from the resort not the owner although in some cases the owner can request one. I would still feel better if it was sent to me from the closing company and not from the previous owner.
Are you talking token amounts of money like a $25 or $50 deposit just to show you are really interested or something significant?
Go with your gut
In terms of 3 usually the closing company gets the estoppel from the resort not the owner although in some cases the owner can request one. I would still feel better if it was sent to me from the closing company and not from the previous owner.
Are you talking token amounts of money like a $25 or $50 deposit just to show you are really interested or something significant?
Go with your gut
RX8
TUG Member
- Joined
- May 5, 2011
- Messages
- 4,137
- Reaction score
- 4,501
- Points
- 449
- Resorts Owned
- HGVC and DVC
Hard to say if this is truly a scam at this point. However, you said that he was the one who contacted you first and that would be a red flag. How did this guy get your information?
This guy is essentially asking for an upfront fee with the promise that he will pay for and handle the closing. Wouldn’t be too surprising if his scam was to steal the deposit and disappear.
This guy is essentially asking for an upfront fee with the promise that he will pay for and handle the closing. Wouldn’t be too surprising if his scam was to steal the deposit and disappear.
RX8
TUG Member
- Joined
- May 5, 2011
- Messages
- 4,137
- Reaction score
- 4,501
- Points
- 449
- Resorts Owned
- HGVC and DVC
Well if this turns out to a legit deal I would be impressed that this 95 year old guy, not even a TUG member, is able to search and find buyers for his timeshare on the World Wide Web in addition to having also lined up the closing. How many 95 year olds are there free dealing on the internet?
bogey21
TUG Member
Number One, this is good advice. Number Two, I would walk away from this transaction. I have always been leery of those making unusual requests...
George
- Joined
- Jun 6, 2005
- Messages
- 4,507
- Reaction score
- 3,967
- Points
- 598
Check out the closing company. If it is legit then tell him you will send the deposit to the closing company. If he balks at that run. The only reason I would see he wants the money is if that is what it costs to open up with the closing company. Unfortunately even in a sale with a closing company involved there has to be some semblance of trust, The two of you could get the sales contract signed and maybe your seller would feel better as he could sue if you back out.
There was a reply and he has no problem with me sending the deposit to the closing company. Now he says to send the whole amount to a Lawyer's office and he has supplied with me with the name and number. I am planning on giving them a call to get some info. We have not signed any sales contract. Would they not have to send me that first? I mean before any money has been exchanged?
- Joined
- Jul 13, 2015
- Messages
- 6,781
- Reaction score
- 9,969
- Points
- 499
- Location
- Florida
- Resorts Owned
- Hgvc Anderson, Blue Ride Village Resort
Only in a ebay sale, from a known reputable seller, have I paid upfront. With private sales i have left from 0-$500 for a deposit with the rest paid right before closing.
Being he supplied the lawyer, you need to independently verify this lawyer is legit. Calling the number he gave you is not enough. Personally I would tell him you want to hire and pay for your own closing company and use them as escrow.
What are you Buying? What are you paying? Are there others out there to buy? Is this deal worth taking a chance to lose your money? Your gut is usually right.
- Joined
- Jan 8, 2012
- Messages
- 3,448
- Reaction score
- 1,923
- Points
- 398
- Location
- San Diego
- Resorts Owned
- Sands of Kahana, Desert Springs I, DSV2, Shadow Ridge Enclaves Dlx
Too often, if someone calls you out of the blue, and then asks for money, it is a scam.
If he got your name through some legitimate source or contact, then maybe it is not a scam. But if you cannot figure out how he got your name, I would pass on it.
Just letting everyone know that it was a legit deal. Everything is coming along nicely. Thank you for the advice as it helped me a lot! I talked to and sent the money to his closing company and they are looking after it. Plus peace of mind counts for a lot too. The ROFR was not exercised and we are very happy about our purchase. The seller is happy and so are we!!! Re-sale is the way to go!