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View Full Version : The new wave of scammers- fake escrow companies!



rikkis_playpen
03-05-2011, 09:54 AM
With the new wave of timeshare scams being reported, timeshare owners need to be always check the validity of any closing and escrow company. Many of the new scams involve an unsolicited offer that is much higher than should realistically be expected- followed by the assignment of the file to a "fake" escrow company.

Some of the companies that have recently been reported as escrow scams include: Resort Escrow Exchange & International Event Coordinators, Vacation Solutions Network and Diamond Escrow Services, Ultimate Vacation Network and Premier Escrow Services, Prestige Property Consultancy and Elite Escrow Management, and Elite Resort Services and Direct Escrow Transfers.

The fake closing agent requires various false charges be paid in advance by the timeshare owner, after which no closing or rental ever occurs.

f you feel you have been a victim of an escrow scam, please contact the department which regulates escrow agencies in your state, the attorney general in your state, as well as the Federal Trade Commission at 1-877-FTC HELP (382-4357), or online at Federal Trade Commission (http://www.ftc.gov).

Also, if these scammers obtain access to your personal info, bank account information, and/or credit card numbers, you should also consider yourself to be a victim of identity theft and take appropriate precautions.

do wino hue
04-22-2011, 11:44 PM
I've received two offers very similar to what this sounds like, just this week.

One company called and said they had a buyer, that I don't have to pay anything, that they make their money by providing the financing to the buyer. THey will get the agreement and approval from the buyer, that the buyer will have to put a deposit in escrow, and that once all is approved, I will have to pay for the title research and closing. the first company said the cost was $1500. they had a buyer, after 3 days of me not deciding, they said the buyer moved on.

The next day i get a simliar call from a different comany "Luxury Vacation Exchange" out of Las Vegas, said that i've im interested in selling, they will try to find a buyer.

Today he called with a buyer offering $2k less than what I was hoping for, they say they will get the deposit, draw up the purchase agreement, send it to me, at which point I have to pay $2200 for title research and closing (or something like that). If the sale falls through, I get the non refundable deposit that the buyer put down into escrow.

The companies website shows contact as Timeshare Closing Services, Inc.

Any Advice?

eal
04-23-2011, 11:02 AM
Advice? Yes - don't post the same message twice.

Tia
04-24-2011, 09:25 AM
NEVER pay upfront $$$. Tell them to take the money out of the proceeds from the sale.


I've received two offers very similar to what this sounds like, just this week.

One company called and said they had a buyer, that I don't have to pay anything, that they make their money by providing the financing to the buyer. THey will get the agreement and approval from the buyer, that the buyer will have to put a deposit in escrow, and that once all is approved, I will have to pay for the title research and closing. the first company said the cost was $1500. they had a buyer, after 3 days of me not deciding, they said the buyer moved on.

The next day i get a simliar call from a different comany "Luxury Vacation Exchange" out of Las Vegas, said that i've im interested in selling, they will try to find a buyer.

Today he called with a buyer offering $2k less than what I was hoping for, they say they will get the deposit, draw up the purchase agreement, send it to me, at which point I have to pay $2200 for title research and closing (or something like that). If the sale falls through, I get the non refundable deposit that the buyer put down into escrow.

The companies website shows contact as Timeshare Closing Services, Inc.

Any Advice?

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