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- I received an offer on my timeshare...
I received an offer on my timeshare from Optimistic Vacations in Sevierville, TN, Jim Reagan is his name
philipm109 wrote:Does any one know Jim Reagan or done business with him? Also, has anyone heard of Superior Time Share Closing? Should I sell my timeshare to these people? If you have any information on these people or Company let me know.Thank You!
Don't know these particular entities, but if you're trying to sell your timeshare and these people ask for a huge upfront fee (hundreds of dollars) to list it, then they're a scam. These are called upfront fee resale scammers.
Another clue is if they tell you that they can get far above and beyond what your timeshare is worth in this down economy when many people are giving their timeshares away or selling them for pennies on the dollar .... some timeshares can't even be given away.
Or, they might be a postcard company that tells you they'll rid you of your timeshare ownership for $3000+, however many of the postcard companies don't bother to change ownership and you still remain the owner with owner obligations such as rising yearly maintenance fees.
In the timeshare world, if it sounds to good to be true then 99.9 percent of the time it is.
R P.
Last edited by jayjay on Jan 08, 2011 09:50 AM
You said in the title you received an offer. Did you actually have it listed or advertised for sale?
If you did not, then this is probably a scam. Legitimate, serious buyers do not have to go looking for people who are selling or cold calling them. They go to legitimate resale websites such as RedWeek, TUG, My Resort Network, or even E-Bay.
Lance C.
I received a sale agreement from Jim but no settlement date was proposed. I plan to set a 60 day settlement date or the agreement becomes void. It seem to me that Jim want to flip my property for more money and close the sale with someone else. Do you have any knowledge of this type of deal? Thanks,
Phil
Philip M.
Well, we might be able to help if you answer my last question: Did you actually have this property listed for sale on a reputable resale website?
If not, then this person probably looked up your information in Public Records. That's what scammers do. They find your information and assume that, because you own a worthless timeshare, that you will probably fall for such a scam.
Lance C.
philipm109 wrote:I received a sale agreement from Jim but no settlement date was proposed. I plan to set a 60 day settlement date or the agreement becomes void. It seem to me that Jim want to flip my property for more money and close the sale with someone else. Do you have any knowledge of this type of deal? Thanks, Phil
Bottom line ... if you gave them an upfront fee in the hundreds of dollars then you can kiss that money goodbye .... you're history to them.
R P.
philipm109 wrote:No up front fees, I have it listed on Red Week and they contacted me thru Redweek.Phil
If that's the case, then make sure you pick a good closing company (there's one recommended on RedWeek's website). Read everything carefully on this website talking about selling your timeshare (click on "Sell or Rent Your Timeshare" at the top of this page) and follow the directions carefully.
Lance C.
I receive routine phone calls asking me if I want to sell my Pueblo Bonito Rose timeshare. As I've posted in older forums, I'm an idiot that didn't find Red Week until AFTER I paid the upfront fee to a one of those callers to sell my timeshare. Here we are a year later, I've lowered the price twice down to a fraction of what I paid for it, and I still own the timeshare. In addition to the company taking my money, the transaction also generated calls from a new group of vultures. For another up front fee, they can tell me how to get my money back. They can even furnish me with a couple of actual letters to send the robbers! Well today, I got a different phone call. Like the others, this company asked if I would be interested in selling my timeshare. They told me that they have people inquiring for the PBR. When I told them that I was, he asked what I wanted for it. I told him I would entertain offers, and didn't commit to a price. The man said he works for REPUBLIC PARTNERS PROPERTIES. What was different about this guys pitch was that I don't collect any money from me until they have a legitimate offer from a qualified buyer that has signed a letter of intent to purchase at the agreed upon price. At that point, I would have to pay them $1,850.00, and they would pay for all of the closing costs including title insurance. Since it didn't cost me anything up until that point, I told him that I would listen to an offer. Within a couple of hours, he called back with an offer of $7,200 offer. He said that it wasn't a guaranteed sell until they qualified the purchaser and did a property background to make sure I didn't owe money on the timeshare. They were simply seeking my acceptance of the price. I told him that I would take that price. He said that I would hear from them either later in the day or tomorrow. To me, this still sounds like an scam. But I've already been victimized once, so I'm not sure I would beleive any of them. Has anybody heard of them or this approach? It also sounds like its still an upfront fee?
Lisa
Lisa B.
lisab810
Lisa,I know nothing of this company but this game plan has been used many times over the years. Knowing nothing of your resort the price sounds high at this time of timeshare value. If they have buyer that will pay you $7200 then what price did you have it at on Redweek that had no interest? They are telling you that money will not change hands until they have a legitimate buyer that they have qualified. At this point you turn over $1850.00 to them and they pay everything else. Sounds slezzy to me and I will only say I would never give them the money until I had checked everything out. I don't mean just getting my opinion or others on here because you have no idea who we are. Many of these scams have people come on here and talk like happy customers of these companies {Shills}. After they sell and pay all cost that wouldn't leave much of a profit from the $1850 your paying them.
There is nothing stopping the buyer if there really was one from changing their minds up until they have paid and signed timeshare into their name. Most of the time you pay then the company tells you the buyer backed out but we will keep looking for another buyer. You would have a better idea of what your resort is really selling for than I do. Check other sites and see what prices are being ask for and then understand asking prices not close in most cases of sales price. You say you have been scammed once so your probably on scam company target list. Hope this helps!
Lisa I did go check the Tug Market Place on your resort and only found three units for sale. It looks and sounds like a beautiful resort except its in Mexico! Not knowing the size or price or how many more years you have on your RTU I just checked out the three ads. One studio, sleeps 4 $1000 asking One bedroom,two bath sleeps 6 asking $1950 RTU 2027 Exective suite w/two balconies Two bedroom sleeps 8 fourth floor next to beach, RTU 2027 asking $10,000. Week 28 1311 sq.ft MY RESORT NETWORK has listings that run from $500-$750 for studio{sleeps 4} larger units from $1950- $5000 and one unit for ocean view holiday week asking price $5900. They have about eight units just asking for offers and some state buyer needs to sell. You would need to see which of these units are close to yours plus years left on your RTU to decide your price. You should also check other sites for fair comparing of your unit. Remember these are only asking prices as your ad was on Redweek. Also not trying to be mean but buyers couldn't careless what you paid because their only concern is what they pay.
I would say unless you have one of the largest ocean front units that sleeps 6-8 people and many years left on your RTU your asking price way out of line and any company telling you they can sell for this price is trying to scam you!
PHILL12
Phil L.
Last edited by phill12 on Jan 12, 2011 09:45 PM
lisab810 wrote:I receive routine phone calls asking me if I want to sell my Pueblo Bonito Rose timeshare. As I've posted in older forums, I'm an idiot that didn't find Red Week until AFTER I paid the upfront fee to a one of those callers to sell my timeshare. Here we are a year later, I've lowered the price twice down to a fraction of what I paid for it, and I still own the timeshare. In addition to the company taking my money, the transaction also generated calls from a new group of vultures. For another up front fee, they can tell me how to get my money back. They can even furnish me with a couple of actual letters to send the robbers! Well today, I got a different phone call. Like the others, this company asked if I would be interested in selling my timeshare. They told me that they have people inquiring for the PBR. When I told them that I was, he asked what I wanted for it. I told him I would entertain offers, and didn't commit to a price. The man said he works for REPUBLIC PARTNERS PROPERTIES. What was different about this guys pitch was that I don't collect any money from me until they have a legitimate offer from a qualified buyer that has signed a letter of intent to purchase at the agreed upon price. At that point, I would have to pay them $1,850.00, and they would pay for all of the closing costs including title insurance. Since it didn't cost me anything up until that point, I told him that I would listen to an offer. Within a couple of hours, he called back with an offer of $7,200 offer. He said that it wasn't a guaranteed sell until they qualified the purchaser and did a property background to make sure I didn't owe money on the timeshare. They were simply seeking my acceptance of the price. I told him that I would take that price. He said that I would hear from them either later in the day or tomorrow. To me, this still sounds like an scam. But I've already been victimized once, so I'm not sure I would beleive any of them. Has anybody heard of them or this approach? It also sounds like its still an upfront fee?Lisa
Please, please, please read this general rule before you lose more money. Never...ever...ever pay a large upfront fee to any entity to sell, rent out, market, or relieve you of your timeshare. It is always a scam.
It does not matter what euphemism they label this fee (lien search fee, title search fee, money held in escrow, back taxes, closing costs, insurance, etc.). It does not matter what this entity labels itself (resellers, brokers, real estate agents/firms, brokerages, timeshare experts, etc.). Anyone that charges you a large, upfront fee is a scam!
And yes, you figured it out. Once they get your money, this mythical "buyer" that they've allegedly lined up will have disappeared into thin air. There is no buyer.
If they say that the money is for closing costs, then tell them that you will pay the closing company of your choice. Not theirs.
You also said that you receive routine phone calls from this entity. That's usually another sign of a scam.
Another red flag is that they said they could get you an unreasonably high price for the sale (or rental) of your property. Properties like yours are not selling for (I emphasize "selling for" and not "listing for") $7000 on the resale market. Check out what similar properties have sold for on E-Bay. I'm guessing it is no more than $1000. Some listings have probably closed without any bids!
Lance C.
lancec13 wrote:lisab810 wrote:I receive routine phone calls asking me if I want to sell my Pueblo Bonito Rose timeshare. As I've posted in older forums, I'm an idiot that didn't find Red Week until AFTER I paid the upfront fee to a one of those callers to sell my timeshare. Here we are a year later, I've lowered the price twice down to a fraction of what I paid for it, and I still own the timeshare. In addition to the company taking my money, the transaction also generated calls from a new group of vultures. For another up front fee, they can tell me how to get my money back. They can even furnish me with a couple of actual letters to send the robbers! Well today, I got a different phone call. Like the others, this company asked if I would be interested in selling my timeshare. They told me that they have people inquiring for the PBR. When I told them that I was, he asked what I wanted for it. I told him I would entertain offers, and didn't commit to a price. The man said he works for REPUBLIC PARTNERS PROPERTIES. What was different about this guys pitch was that I don't collect any money from me until they have a legitimate offer from a qualified buyer that has signed a letter of intent to purchase at the agreed upon price. At that point, I would have to pay them $1,850.00, and they would pay for all of the closing costs including title insurance. Since it didn't cost me anything up until that point, I told him that I would listen to an offer. Within a couple of hours, he called back with an offer of $7,200 offer. He said that it wasn't a guaranteed sell until they qualified the purchaser and did a property background to make sure I didn't owe money on the timeshare. They were simply seeking my acceptance of the price. I told him that I would take that price. He said that I would hear from them either later in the day or tomorrow. To me, this still sounds like an scam. But I've already been victimized once, so I'm not sure I would beleive any of them. Has anybody heard of them or this approach? It also sounds like its still an upfront fee?Lisa
Please, please, please read this general rule before you lose more money. Never...ever...ever pay a large upfront fee to any entity to sell, rent out, market, or relieve you of your timeshare. It is always a scam.
It does not matter what euphemism they label this fee (lien search fee, title search fee, money held in escrow, back taxes, closing costs, insurance, etc.). It does not matter what this entity labels itself (resellers, brokers, real estate agents/firms, brokerages, timeshare experts, etc.). Anyone that charges you a large, upfront fee is a scam!
And yes, you figured it out. Once they get your money, this mythical "buyer" that they've allegedly lined up will have disappeared into thin air. There is no buyer.
If they say that the money is for closing costs, then tell them that you will pay the closing company of your choice. Not theirs.
You also said that you receive routine phone calls from this entity. That's usually another sign of a scam.
Another red flag is that they said they could get you an unreasonably high price for the sale (or rental) of your property. Properties like yours are not selling for (I emphasize "selling for" and not "listing for") $7000 on the resale market. Check out what similar properties have sold for on E-Bay. I'm guessing it is no more than $1000. Some listings have probably closed without any bids!
Judi Kozlowski - Re/Max P.
I saw a website where the company takes the timeshare and deeds it to an LLC. They charge a fee of around $9-$1200.depending on what state the timeshare is in. They do get it out of your name and assume all fees if nothing is past due. I believe the phone number was 270-799-0531. I called a couple of people they had helped. They are a legitimate company lic. in the state of Tn. I am going to try it. I will post later.
Colvin D.
colvind wrote:I saw a website where the company takes the timeshare and deeds it to an LLC. They charge a fee of around $9-$1200.depending on what state the timeshare is in. They do get it out of your name and assume all fees if nothing is past due. I believe the phone number was 270-799-0531. I called a couple of people they had helped. They are a legitimate company lic. in the state of Tn. I am going to try it. I will post later.
Did you try entering the above-mentioned phone number into a search engine? If you did, you would notice that that phone number is tied to Timeshare By Owner.
Then, if you go to My Florida Legal (a website from the Florida A-G), you will see that Timeshare by Owner is under investigation by the FL A-G!
Lance C.
No! I owned in Lake Tahoe Nv. We sold one of our two units while up for our July 4th week. Sold to another owner by just having a conversation.
I don't like ebay so don't shop on there or sell. Also I don't figure timeshare value from ebay ads as many are just being dumped by post card companies that some owner already gave them thousands of dollars to take. That is their profit not the sale of the unit.
PHIL
Phil L.