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Author	Topic: Timeshare scams
hansonmp unregistered TUG Member Posts: 1009 From: Sun City, CA, Villas of Sedona,Harbortown Pt., Dikhololo, LWRV, Marriott Desert Springs Registered: DEC 2000	posted 12-14-2000 05:17 My husband has received two phone calls this week from companies saying that our timeshare at Fairways of Palm Aire in Pompano Beach, FL, is a hot item, and they want to list it. They are saying we can get $8500-$10000 for our 1-bedroom, Week 48 timeshare. Of course, I am leery. One company said they are Century 21 and want $350 upfront to get an assessment. The other company is Dream Vacation Properties, Timshares R Us out of Brooklyn, NY. They insist that for some reason the Ft. Lauderdale area is hot right now. This second company wants $585 upfront to do a title search and have an open house. Advice?
Bamasteve TUG Member Posts: 40 From: Harvest, AL Registered: DEC 2000	posted 12-14-2000 05:49 Don't even think about writing the check. If your timeshare were so hot, they would really be wanting to sell it quickly and collect the commission. There is a law in Florida about collecting fees up front, when selling timeshares. In most cases it is illegal. This law was passed because of the large number of agents that would collect the fee and then never be heard from again. The reputable agents don't collect up front fees. ------------------ BamaSteve Harvest, AL
Dave M Administrator TUG Member Posts: 6257 From: Boston, MA Registered: DEC 2000	posted 12-14-2000 06:02 I concur, 100%. I'm sure others will chime in and agree with Bamasteve's advice. You should note that no one will tell you how satisfied they were with getting a quick sale at a good price after paying such a significant up-front fee! These people want your up-front money and will tell you almost anything to get it!
tonyg TUG Member Posts: 6990 From: East Canaan, CT -- Own at:Royal Mayan, Seapointer Registered: DEC 2000	posted 12-14-2000 06:45 One of the first signs of a con is to tell you how wonderful, desirable and profitable selling your timeshare can be. I have had people tell me they can get $ 18k for a timeshare I would gladly dump for one fifth of that price. If its incredible news-it usually is. ------------------ Be nice to your Kitty this year. Come on down to Feline's Basement and get a little underground.
Makai Guy Administrator TUG Volunteer Posts: 5396 From: Aiken, SC Prefer to be: Hawaii Registered: DEC 2000	posted 12-14-2000 07:13 Offer to pay them twice (or 3X or 5X) that amount out of the proceeds of the sale in lieu of an upfront listing fee, and watch them disappear.
hansonmp unregistered TUG Volunteer Posts: 5396 From: Aiken, SC Prefer to be: Hawaii Registered: DEC 2000	posted 12-14-2000 11:20 Thanks to you all. That's exactly what I thought!!!
ttt TUG Member Posts: 1047 From: Matawan, NJ Registered: DEC 2000	posted 12-14-2000 16:40 These bunch of these crooks are in the process of being shut down by Law inforcement. There offices were raided this week!
hansonmp unregistered TUG Member Posts: 1047 From: Matawan, NJ Registered: DEC 2000	posted 12-15-2000 04:30 Just, curious. Were they specifically shutting down some of these in southern Florida? They sure try to pull you in. The"Century 21" agent has called three times. We told her we were checking it out, and she's still supposed to call back today. Do you think she's really from Century 21? Do they use such tactics?
Makai Guy Administrator TUG Volunteer Posts: 5396 From: Aiken, SC Prefer to be: Hawaii Registered: DEC 2000	posted 12-15-2000 06:31 Century 21 is a franchise operation, and its way of doing business will vary from franchise owner to franchise owner.
M. Henley TUG Member Posts: 2543 From: Murray, KY (USA) , Home of Murray State University, rated as one of top 50 in the US by Kiplinger Report Registered: DEC 2000	posted 12-15-2000 08:44 In my opinion Century 21 will live (if "live" can be used in conjunction with an organization, or entity) to regret allowing these scams to be perpetrated using the Century 21 name. I believe that this practice will eventually taint their name to the point that no one will trust it. I was contacted recently by an agent and was able to tell her what I thought of her, their sales practices, and the entire scammer system. Won't be bothered again by that particular section of the scam industry. ------------------ M. Henley
hansonmp unregistered TUG Member Posts: 2543 From: Murray, KY (USA) , Home of Murray State University, rated as one of top 50 in the US by Kiplinger Report Registered: DEC 2000	posted 12-15-2000 10:09 Just gotta pass on the word....my husband just called me for the phone number and name of the gal who had called him about selling(NOT Century 21) as she was very very upset when he told her we weren't interested. When she started cussing at him, he hung up on her. SHE CALLED HIM BACK to continue the verbal abuse, only worse verbal abuse!! I hope somehow we are able to contact her supervisor, but who knows? He just got a recording with the number she had left him. Guess you all were right!!!!!
Makai Guy Administrator TUG Volunteer Posts: 5396 From: Aiken, SC Prefer to be: Hawaii Registered: DEC 2000	posted 12-15-2000 10:59 quote: Originally posted by hansonmp: Guess you all were right!!!!! No doubt about it. For years now, questions about this type of scam operation have been the the most frequent topic we get on the bbs!
AnneC unregistered TUG Volunteer Posts: 5396 From: Aiken, SC Prefer to be: Hawaii Registered: DEC 2000	posted 12-18-2000 14:19 Do not do anything with Century 21. They require upfront appraisal fees, and then do nothing. We wasted $400. Forget it
JLB TUG Member Posts: 7189 From: Add another 2500 posts!!! Table Rock Lake, Branson. Registered Dec. 2000 Registered: MAR 2002	posted 12-18-2000 18:10 Unfortunately, as was posted here a couple months ago, a Florida court recently held that C21 (and others) had a right to charge an appraisal fee, despite the fact that upfront fees are illegal. The posting had indicated that the Prosecutor might appeal that ruling, but nothing more has been posted.
JLARRY unregistered TUG Member Posts: 7189 From: Add another 2500 posts!!! Table Rock Lake, Branson. Registered Dec. 2000 Registered: MAR 2002	posted 12-19-2000 12:14 I WAS CONTACTED BY RESORT INVESTMENT TRUST REGARDING BUYING MY TIMESHARE. HAS ANYONE HEARD ANYTHING ABOUT THIS COMPANY?
Makai Guy Administrator TUG Volunteer Posts: 5396 From: Aiken, SC Prefer to be: Hawaii Registered: DEC 2000	posted 12-19-2000 13:13 Resort Investment Trust (also doing business as Swiss American Bank and several other names) is probably the MOST asked-about of the "we've got a buyer for your timeshare" outfits here at TUG. All you have to do is supply them with an appraisal, and they will even refer you to a list of appraisers from which you can make your choice. In the last couple of years their pitch usually includes the provision that they will even reimburse you the cost of your appraisal when they close the sale. Appraisal charge is usually in the vicinity of $400 or so. Over the years we have heard from lots of folks who have paid for the appraisal. I think we have heard from a grand total of ONE who received an offer from them, and it was for something like 10% of the appraised value. Draw your own conclusions as to whether they are really after your timeshare or your appraisal fee. You might benefit from reading some of the articles in the TUG advice section ( http://www.tug2.net/tugadvic.shtml ), specifically Scott Hakula's article on Timeshare Appraisals (the bottom third of the page deals specifically with Swiss American Bank and Resort Investment Trust. While you're in the advice section, check out some of the other articles regarding selling your timeshare.
snelson TUG Volunteer Posts: 6520 From: Belly-View, WA. Owner: Embassy Poipu (floating); Winners Circle (Week 52), Raintree Vacation Club; Club Regina Registered: DEC 2000	posted 12-19-2000 15:44 Doug is being gracious and diplomatic. I'm more blunt and direct. RIT is a well-known SCAM!! It's good you checked here before sending any money. ------------------ Steve Nelson Rituals are important. Nowadays it's hip not to be married. I'm not interested in being hip. - John Lennon [This message has been edited by snelson (edited 12-19-2000).]
Janet TUG Member Posts: 276 From: Mtn. View CA Owner at Sunburst (Steamboat Springs CO), Sand Pebbles (Solana Beach CA) & Strand Pavilion (So. Africa) Registered: DEC 2000	posted 12-19-2000 19:19 Resort Investment Trust just contacted me today to let me know they want to buy my timeshare "at fair market value, which is more than you're asking for it on the ebay auction site".... all I had to do is get an appraisal. I told them I'd be willing to do that only if the appraisal fees could be paid through the escrow, the woman said they weren't willing to do that. I asked why they wouldn't be willing to do that since they were willing to offer me more than my asking price -- obviously, there would be enough money in the escrow to pay the appraisal. She made some excuse & got off the phone FAST! Tells you exactly what they're interested in.
JLB TUG Member Posts: 7189 From: Add another 2500 posts!!! Table Rock Lake, Branson. Registered Dec. 2000 Registered: MAR 2002	posted 12-20-2000 06:34 Just to add my 1/2 cents worth. I have tried before to file a complaint against RIT-and others-with the FTC, which is the federal agency regulating the timeshare industry. I've found that the FTC is as clueless as to what's really going on in the timeshare industry as RIT and the others are unscrupulous. Some people don't care how they take your money and, unfortunately, there are plenty of people naive (trusting) enough to believe that others would never be that way. It's very similar to the TS salesperson who doesn't care what they have to say to get you to buy. They know you can't touch them because you sign an agreement that says none of what they said counts. I had encouraged Salina Khan to look in that direction when she was working on the USA Today article, but it seems to nobody wants to really address the dark underside of the industry. A good rule of thumb is that if someone contacts you wanting to sell your timeshare, they don't really want to sell your timeshare. You might check and see if your state has a "NO CALL" list. Missouri just adopted one and the sign-up rate has been overwhelming. There's a $5000 fine for calling a consumer on the list. But, how do you collect a fine from an off-shore operation! That's just my opinion, but I could be wrong! [This message has been edited by JLB (edited 12-20-2000).]
ttt TUG Member Posts: 1047 From: Matawan, NJ Registered: DEC 2000	posted 12-20-2000 07:55 Those of you that have complaints about the appraisal scams and would like assistance from a Federal Agency, Contact the Postal Inspection Service. It you received or mailed any thing to these firms(like a check or a contract), the Postal Inspection Service has authority as per the mail fraud statutes. They are "working a case" in Florida now and the more complaints they get, the better.
KenM TUG Member Posts: 4 From: Harbor City, CA Registered: DEC 2000	posted 12-24-2000 12:03 RIT tried to sucker me as well. Never trust someone who calls you "Hun" and you don't even know them. I especially got a kick out of the guys who kept calling me back wondering why I wasn't returning their calls for my all-important appraisal. I received a great deal of back-up info re: the scam from "legitimate" resales companies in Waikiki (where my targeted timeshare is). I was somewhat taken aback by one of those resales company's offer to list my TS, the minimum fee was $2000 (best sales price would be $4000) and that they get their fee even if I sell it myself during the one-year life of the "contract" I was encouraged to sign. While this scenario seems a little more upfront, the "terms" are ridiculous.
Jalexander TUG Member Posts: 205 From: New Jersey, USA Registered: DEC 2000	posted 12-25-2000 11:56 For those of you that don't know, the owner of the "Century 21" name is Cendant (owner of RCI) Interesting?
kmoss unregistered TUG Member Posts: 205 From: New Jersey, USA Registered: DEC 2000	posted 12-26-2000 12:42 My experience with RESORT INVESTMENT TRUST is that they are a ripoff company. I placed an add with TUG last spring to sell my timeshare and was contacted by this company. They sent me a letter that I would receive an offer at fair market value after I had an appraisal done which cost me $500. It took six months to get the offer which was for approximately $1500. My appraisal came out at $8750. Whatever we can do to shutdown this scam would save others from losing money like I did.
Makai Guy Administrator TUG Volunteer Posts: 5396 From: Aiken, SC Prefer to be: Hawaii Registered: DEC 2000	posted 12-27-2000 06:15 kmoss - $500 for an appraisal is of course, outrageous, as the appraisal itself ain't worth spit. Knowing nothing about your resort, can't evaluate the dollar values you mention. The appraised value for your resort, unless you have a really nice place in a very high demand location and season, may well be quite a bit above what you can reasonably expect to receive on the resale market. It could well be that the offer, when finally made, might actually reflect market realities, although we don't have enough information to know one way or the other on that. You are one of the few we've heard from who has actually received an offer from them -- did this follow naturally, albeit slowly, or did you have to bug the heck out of them to get them to follow through with the offer?
kmoss unregistered TUG Volunteer Posts: 5396 From: Aiken, SC Prefer to be: Hawaii Registered: DEC 2000	posted 12-27-2000 16:57 I purchased a time share with Marriott Mountainside in Park City, Utah, in January 2000 for $8600. This property is brand new. I called and e-mailed frequently to see what the status was for them giving me an offer. I was informed that they purchase in matrix groups and it took six months to reach my matrix group. I did get an offer, but was appalled by the miniscule amount based upon my initial correspondence with them that "I would be pleased with the offer because it was at a fair market price."

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