LMP Property Management: Anyone dealt with them?

I was contacted by an individual who claimed she was interested in buying my timeshare for her family. We chatted awhile, agreed on a price, and she gave me this company as the broker she was using to finalize the purchase. I found one report on them through Google and that person believed they were a scam.

Anyone have any experience actually working with them and closing a deal?

Thanks,

stephena75 wrote:

I was contacted by an individual who claimed she was interested in buying my timeshare for her family. We chatted awhile, agreed on a price, and she gave me this company as the broker she was using to finalize the purchase. I found one report on them through Google and that person believed they were a scam.

I would strongly recommend that you contact this prospective "buyer" and promptly offer to pay all of the closing costs YOURSELF--- but only to to an independent, third party closing company of YOUR identification. Cost to you for this will be about $300 out of pocket. The third party closing company will handle all escrow of all funds, deed prep and recording, resort notification. Neither one of you can scam or get scammed with the middleman involvement of a respected, legitimate third party closing company handling the details. Timeshare Transfer in Vero Beach, FL is my favorite, followed by JRA Closing Services of Sunrise, FL. I've used both several times each.

If the buyer is legitimate, they will likely be absolutely delighted to be saving some work (and some closing cost money). If the buyer is a scammer, however, or somehow in cahoots with this alleged "broker", then the "buyer" will either have some lame excuse for not liking this "third party closing company" approach --- or they will simply run like h*ll in the other direction. Either way, you'll promptly discover whether they are sincere and legitimate, or merely involved in some scheme of some kind which is not at all in your best interest.

That's my advice, to take or ignore as you see fit. Good luck.

GREAT advice!! Thank you for your help.

Hi, did you find out if it was a scam? I got the same call and didn't really seem legit. Any advise would be greatly appreciated.

thanks, Jamie

jamiev24 wrote:

I got the same call and didn't really seem legit. Any advise would be greatly appreciated.

ALL the advice you need appears just 2 posts above. It is VERY easy to immediately prove (to yourself, by yourself) that this is a scam. Once you mention to the alleged "buyer" that you want to use (and pay for yourself) an independent, respected, third party closing company of your choice, the "buyer" interest will suddenly disappear and the scam will then be immediately obvious to you. They will want NO part of ANY legitimate closing company, since this scam is very obviously one in which the (alleged) "broker" is involved (and maybe even the mastermind behind the scheme). The supposed buyer is probably an employee or partner of the "broker". Don't fall for it.

There are no victims in these matters, only unwise volunteers. So...DON'T VOLUNTEER!

Two days and no response to my inquiries. I left messages with both the company and the individual. They have not responded as of today. At this point, they appear to be a scam.

stephena75 wrote:

Two days and no response to my inquiries. I left messages with both the company and the individual. They have not responded as of today. At this point, they appear to be a scam.

NO... a scam??? Well, I'm just SHOCKED!!! ;-)

Good job, Stephen --- you didn't "volunteer".

Got a call saying they were interested in our timeshare and now have the emailed papers to be faxed back so checking them out. Thanks all.

Is putting settlement money into escrow usually done with timeshare sales?

dianeg228 wrote:

Is putting settlement money into escrow usually done with timeshare sales?

There is really no "one size fits all" or "usually" answer to this question, particularly with private transactions.

However, the SMART thing to do is to use an independent, third party, professional timeshare closing company which is not directly "associated" with either the buyer OR the seller. Such outfits will serve as "middleman" for escrow of all funds involved in the transaction, as well as preparing and recording a new deed. Using a closing company helps protect BOTH buyer and seller from any errors, misunderstandings, misrepresntations and scams. It's a wise $300 spent when conducting a timeshare transaction, in my opinion.

The paperwork I received included the contract and the buyer's prequalification letter. However, here are the problems I have found thus far: 1) If you look closely, there is no bank name on the prequal letter; 2) I cannot find any information on the internet or otherwise about the closing company; and 3) LMP is not willing to provide me the name of the buyer's financing company nor are they willing to give me contact information for the closing company.

So, as I see it, this company could also be the closing company and, therefore, control the escrow account. Considering the contract gives them up to several months to close, they could easily disappear with our money all the while claiming to be "closing".

Finally, the advice here was perfect. If the buyer were really interested in closing, they would call me back and take me up on the nationally recognized closing company. They have not called me.

Keep us all posted, but at this point I am not moving forward with them.

I know...it is amazing how excited I got when I actually thought I sold our timeshare! Thank you again for the advice.

stephena75 wrote:

I know...it is amazing how excited I got when I actually thought I sold our timeshare! Thank you again for the advice.

You are more than welcome --- and CONGRATULATIONS on NOT becoming just another unwise "volunteer". Good job, well done!

This is some great advice as I'm in the middle of working with one of their agents who is hounding me for the signed contract and wire transfer information which he's not getting now. About going direct, what if the buyer says he's paid $5,000 in earnest money? I've talked to him and he sounds legit but I worry that he's in on the scam too. So, since reading this string, I called him and offered to sell my timeshare for $5,000 less than the quoted amount and pay for the closing cost through another transfer company but he said that he's committed to LMP as he is also being financed by a lender LMP has provided. People must really work hard to figure out how they can get your money.

brucem219 wrote:

People must really work hard to figure out how they can get your money.

Actually, it's not really "hard work" at all to just tell a few tall tales , make some meaningless verbal empty promises --- and then get some gullible individual to turn over their credit card info to the tune of hundreds of dollars. In fact, as in virtually all phony scam operations, it's EASY money for very little investment of time OR effort.

By the way, the possibility of a "lender financing" in a resale timeshare transaction is somewhere between zero and none, even more so in the current economy. It just doesn't exist or happen. This (alleged) "buyer" claim is entirely without merit or credibility. If asked to identify this alleged "lender", I suspect there would just be a very awkward silence on the other end of the phone line, or the naming of a non-existent entity.

There are no "victims", only VOLUNTEERS! So...DON'T VOLUNTEER!

Thanks ken1193. Points well taken.