Original Message:
Re: Sending $20.000 - How do I know I'm not getting scammed? (by John F.):
I own a timeshare closing company in NJ myself. Here are some things to ask them that no legitimate company should object to:
1) Ask for the name of the Branch Manager at the bank where they maintain their client escrow accounts. They should be happy to supply this in writing. Call the manager and see how well he/she knows them.. 2) Ask for the names of 5 clients that they have done closings for in the last year. Call each of the references. Were they satisfied, did the closing proceed as per original schedule, etc. 3) Call the Better Business Bureau in their community/state to see if any complaints have been lodged. Many times State Officials are legally unable to disclose even with complaints on file, the BBB will.
Worst case, use a known third party company as escrow in addition to this company for closing efforts (you will have to pay the extra fees). Any legit company should agree unless they are TOO MUCH in bed with the seller. Any lawyer should be acceptable as escrow agent to all parties as they have legal responsibilities enforced by their state. If dealing with an unknown lawyer, talk to the State Bar Association. If they confirm that the lawyer is a current member in good standing, you should be OK. Many states actually have an insurance fund to cover you in the VERY rare case where a lawyer runs off with his escrow account money. Just make sure the lawyer is responsive in general or he/she could show things up a little.
Hope this helps!!!
John Faeth
brentb27 wrote:I'm in the process of purchasing a timeshare and now I need to send the the money to the escrow company. How do I protect myself from being ripped off? The escrow company I am sending the money to is Duncan Realty and Escrow in Gower, MO. Has anyone delt with them before?Thanks