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Selling a Timeshare [Cold Call - RH Financial Holding Inc]

Discussion in 'Buying, Selling, Renting' started by baitcaster54, Jan 26, 2012.

  1. baitcaster54

    baitcaster54 Guest

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    Is anyone familiar with a company called RH Financial Holding Inc in Wilmington Del. They have contacted me for a add I have saying they have a buyer for my property. They say they have received the down payment and closing cost from the buyer. They want me to wire transfer a sum greater than 2k to the R H Revenue office in Orlando FL. They have emailed me a cotract with buyers name and address. It seems on the up and up but also feels like a scam.
     
  2. Gophesjo

    Gophesjo TUG Review Crew: Veteran TUG Member

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    I would probably send the info straight to the Fla. Attorney General. What could they possibly present as the reason for wirinig those funds - do you owe money to a lender on this, or did they feed you some bs about fees?

    Seriously, I would inform the AG.
     
  3. DeniseM

    DeniseM Moderator

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    There is a simple rule of thumb for dealing with timeshare business offers:

    Any company that charges you a large upfront fee of any kind to sell or rent your timeshare, or to get your money back from another company, makes their money from the upfront fee - they have NO intention of providing any services to you. They make their money with the upfront fee and then they make no attempt to sell/rent your timeshare, or to get your money back. They ALREADY have your money - why should they!

    Legitimate businesses charge a commission after the service, but these companies all ask for a large upfront payment.

    Here are some warnings signs with these kinds of companies:

    1) Did you get an unsolicited sales call or mailing or email from them?

    2) Do they say that they already have a renter/buyer for your timeshare? (Or an established market like people attending conventions.)

    3) Do they claim that they can get your money back from another scammer?

    4) Do they want you to pay hundreds/thousands of dollars for a title search, or transfer fees, or taxes, or a closing fee, or appraisal, or ANY large fee, UPFRONT?

    5) Are they offering to rent/sell it for far more than the market value?

    6) Do they want you to pay a large up front fee that supposedly you will get back?

    7) Do they want your credit card number over the phone?​

    If you answer yes to any of these questions, then this is the usual scenario:

    Once you pay the fee and receive the contract, you discover that the company has only promised to advertise your resort, not to rent/sell it, and they don't mention having a renter/buyer in the contract.

    Then, you won't hear anything from them for a long time, and when you contact them, they will tell you that the renter/buyer backed out, but they will advertise your timeshare on their over-priced website.

    Finally, when you try to get your money back, they will point out that you signed a contract, and it's only for advertising.

    When you try to challenge it with your credit card company, they will tell you that you only had 60 days to dispute the charge, and that it's too late to do anything.​

    This is a bitter pill to swallow, but right now, most timeshares are selling for 0-20% of the original retail price. It's not a good time to sell a timeshare.

    To see what your timeshare is really worth on the current resale market:

    1) Register with ebay
    2) Sign in
    3) Search for your resort by exact name
    4) From the menu on the left click "completed listings"
    5) The next page will show you current selling prices

    (Be sure you look at the completed listings - those are actually SELLING prices - you will find asking prices all over the place, but what really counts is what they actually sold for.)​
     
  4. baitcaster54

    baitcaster54 Guest

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    It was for title search, South Carolina Documentry stamp, writing a letter to the resort Etc. Of course the first thing I read in TUG was to not send money upfront!
     
  5. DeniseM

    DeniseM Moderator

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    It's bogus - a full service closing should cost no more than $400 or so, and they should take the fees out of the proceeds.
     
  6. Gophesjo

    Gophesjo TUG Review Crew: Veteran TUG Member

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    Like I said - call the AG, but of Delaware and SC, too. Put these bleeps behind bars where they will meet others like them who have already been convicted.
     
  7. T_R_Oglodyte

    T_R_Oglodyte TUG Lifetime Member

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    compare the modus operandi of your contact with the description in this summary? Count up the similarities.


    Investigation by Florida Attorney General’s Office Leads to 15-Year Federal Prison Sentence for Woman who Committed Timeshare Resale Fraud
     
  8. baitcaster54

    baitcaster54 Guest

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    Selling a Timeshare

    Thanks to all for your response. I have contacted the Delaware AG office and they told me that the address for R H Financial Holding at 1209 Orange St. is only a drop box. They have had complaints but this company was operating under another name before but the lady at the State AG was answering my questions with the question like " Were the buyers Mr. James and Debra Smith in North Carolina?" The AG said that this was definately a scam. So sellers beware.
    Thank you all,
    Baitcaster54
     
  9. Gophesjo

    Gophesjo TUG Review Crew: Veteran TUG Member

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    You are welcome - bless you for calling the AG! I hope they are able to get these guys.
     
  10. Carolinian

    Carolinian Guest

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    A title search is a buyer's expense, not a seller's expense. Documentary stamps are a very small amount and near the end of the process, and the letter to the resort is also a buyer's expense and a small amount of money.

    This is wire fraud. The buyer is bogus. It would be nice to get law enforcement involved and nab the crooks.
     
  11. refjoey

    refjoey Guest

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    omg, i just got the same call today. same company, dave swartz he said his name was..what a joke..i fugured i would google the company and this is what i found(this site), he said they are on the online business bureau when i asked him..it unbelievable these people prey on decent citizens..[********]
     
    Last edited by a moderator: Jan 30, 2012
  12. timeos2

    timeos2 Tug Review Crew: Rookie TUG Lifetime Member

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    Thanks for letting us know our campaign to thwart these operations is having at least some effect. The more people are good enough to post the names & warnings the more likely the next potential victim will find a warning as you did when they search.

    Anyone that cold calls YOU with a "buyer" for your timeshare is 99.99% likely to be looking for upfront money from you and has no buyer. Best to blow them all off & report them as the the scam artists they tend to be.
     
  13. hobkjoe

    hobkjoe Guest

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    Timeshare Seller

    I have not heard of that company, but I was recently contacted by a company out of Richmond, Virginia. The gent asked if I wanted to sell my timeshare in PV, Mexico. He said they were looking for sellers. He gave me an offer that sounded very good. He said there were no upfront charges and his company would not be paid the 5% commission until I am paid for the timeshare. The buyer is also to pay the selling company 5%. He said there were no hidden charges involved.
     
  14. RX8

    RX8 TUG Member

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    You don't say the name of this "other company" in Virginia that contacted you but here is how it will go down. They call you and are very nice on the phone. They provide you with a price that "sounds good" i.e. more than it is worth. They tell you no upfront fee. Now you are starting to think about how you are going to spend this big sum of money you are about to receive when BAM!

    Oops, they forgot to tell you about the Mexican taxes, government fees, photocopying fees, flour tax, etc... It doesn't matter what they call it - they tell you your check is WAITING for you but they can't send it to you until you send them money. If you do send the money, you won't hear from them again.
     
    Last edited: Jan 31, 2012
  15. hobkjoe

    hobkjoe Guest

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    I was doing more checking on this company, Madison and Weiss. On Zillow, I could not see any building with the same address provided by the agent. The telephone number, according to BBB sources advise that it is a mobile phone. The agent also mentioned the name of the broker (Executive Properties) that, according to the salesman at the Sheraton in PV, would rent out our unit. That was a joke. The guy on the phone from EP said, "Oh yeah, you have to pay us $800 so we can get busy on renting out your unit."
     
  16. arniehusd

    arniehusd Guest

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    RH Financial Cold Call

    I received a cold call from this company, too. They sent me a Sales Agreement with the name and address (PO Box) of a buyer that allegedly accepted an offer they got from me on the cold call. They want over $2,000 for title searches, etc if/when I sign the contract.

    Has anyone else done business with this company? I'm very concerned about sending a bank transfer (same as cash) up front. They will not take it through PayPal or a credit card or any other means that might give me some secuity.
     
  17. DeniseM

    DeniseM Moderator

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    Have you read the other posts in this thread?

    IT'S A SCAM!
     
  18. tyketwo

    tyketwo TUG Member

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    I received a so called offer from the Elite Liberty Properties of Charlotte, North
    Carolina, for my Mayan Palace TS in Sea Garden, Mazatalan today for a sum
    which they say they have a buyer ready and qualified, willing and able to
    complete the transaction. They only want the 8% commission, but I have to take care of the transfer fee, etc. They claim no up front money, but I am
    sure this is some kind of a scam, which I have no intention of entering into.
    Has anyone been contacted by this Co. ? Would be interested if anyone has
    had contact with this outfit. Their offer is $5000 more than a previous offer
    I had from an outfit in California. I am interested in getting rid of this TS, but
    as yet have not pursued any means.
     
  19. DeniseM

    DeniseM Moderator

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    Different name - same old story. Don't send money to an upfront fee company, unless you are prepared to lose all of it! :doh:
     
  20. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Added to Denise's: They will take your money and you'll still have the TS.

    Jim
     
  21. tyketwo

    tyketwo TUG Member

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    Elite Liberty Properties

    I'm sure this is a boiler room affair, as I received another call 5 minutes
    later, and no one was on the phone, but I could hear in the back ground
    several people talking on phones to what I assumed were TS owners.
     
  22. RX8

    RX8 TUG Member

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    There is absolutely ZERO info on the web for anything called Elite Liberty Properties. They are not legit.
     
  23. LannyPC

    LannyPC TUG Member

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    Timeshares in Mexico are virtually worthless. You may have to simply give it away. If you feel that that is the best option for you right now, use the free giveaway method here on TUG:

    http://tugbbs.com/forums/showthread.php?t=132509
     
  24. tyketwo

    tyketwo TUG Member

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    I'm not defending them, but check out www.elitelibertyproperties.com
    they are on the web with quite an impressive layout.
     
  25. T_R_Oglodyte

    T_R_Oglodyte TUG Lifetime Member

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    Harldy "impressive". Very basic web design. Riddled with grammatical errors and typos. The overall level of content is about what any reasonably intelligent 13-year old could produce, ignoring the errors in spelling and grammar.
     

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