• Report: #1000114

Complaint Review: Summit Managements

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  • Submitted: Sun, January 20, 2013
  • Updated: Tue, January 22, 2013

  • Reported By: anonymous — California United States of America
Summit Managements
17304 Preston Road, Dallas, Texas 75252 Internet United States of America

Summit Managements American Closing Solutions Offer to buy timeshare for high price but requires prepayment of fees Internet

*Consumer Comment: Never pay an up-front fee in an effort to sell your Timeshare!

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I am just trying to warn others to stay away from this scam.  They used a variety of different names when talking to me but I am sure these are made up.  Others I know were interested in this offer initially as well and talked to other people, but I listened in on the conversation and the same voice but different names.

We were contacted by Summit Managements who knew some information about me and that I purchased a timeshare in Mexico and some specifics about the sale making it sound pretty legitimate.  They said that they had a buyer for timeshares and were offering me a very attractive price (first red flag).  I have looked and on Craigslist or ebay, these go for about 10% - 20% of what they were offering.

They sent me a letter of intent and asked me to send a copy of the first page of the contract which I did.

They provided followup calls indicating that there would be an 8% commission that sounded fair.  Again making it clear that I wouldn't have to pay it until I closed.  Sounds legit but I wanted to make sure that the payment cleared before I sent any payment to them.

I received a contract indicating that there would be liquidated damages if I canceled the contract (yellow flag) but not that uncommon.

They game me the name of the escrow company - American Closing Solutions which had a nice website.

When I received additional paperwork, it showed that an amount higher than my contract price was deposited into escrow.  They indicated this was to cover the closing costs costs and transfer fees charged by my timeshare.  They said that I had to front these costs but they would be reimbursed through escrow (red flag 2).

I contacted my timeshare to verify these costs and they were lower than the ones I was being charged.  The sales man / escrow agents were smooth and tried to tell me that these couldn't be paid in escrow because of the mexican timeshare but I would be reimbursed through escrow.  My timeshare company warned me that this sounds like a scam. They said they have heard of this scam before and if I wanted I could pay the fees directly to the timeshare company and if I don't sell it, my fees would be refunded.

When I talked to Summit Managements and American Closing Solutions again and told them that I would pay the timeshare transfer fees directly, they said the money for this was already in escrow and could not be reversed.  I have not heard back from them.

I have done a little more research and the american closing solutions website looks very close to another website from another ripoff report.  (Red Flag 3)

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This report was posted on Ripoff Report on 01/20/2013 10:09 AM and is a permanent record located here: http://www.ripoffreport.com/r/Summit-Managements/internet/Summit-Managements-American-Closing-Solutions-Offer-to-buy-timeshare-for-high-price-but-re-1000114. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Never pay an up-front fee in an effort to sell your Timeshare!

AUTHOR: IsabellaP - (United States of America)

Thanks for the warning. The resale of a timeshare is a legitimate business. Companies agree to advertise a timeshare for a fee on their websites. As with advertising, the membership doesnt need to sell in order the fees to be legitimate.The difference between an honest timeshare resale company and a scam, is when the company falsely suggest they have a buyer waiting for their timeshare, or picture unrealistic, overoptimistic selling possibilities. The information on this website might be interesting for you: 

(((link redacted)))

and most important rule: Never pay an up-front fee in an effort to sell your Timeshare!

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