- Report: #1000114
Report - Rebuttal - Arbitrate
Complaint Review: Summit Managements
Summit Managements17304 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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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)
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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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