RCI Innovations - Scammer warning and owner arrested!

Hawaiibarb · May 20, 2010

I just read through the previous thread, and I agree with the red flags being waved. However, the question I have is this: what are the legitimate closing costs when you sell a time share. Especially when you've been cheated, you're very suspicious of any additional fees upfront.....are there fees related to escorw and closing that are valid?

Thanks for the clarification!

Barb

itisme · May 20, 2010

I have seen anywhere between $190 to $499. There is a recommendation somewhere on the board for a closing company that chrges around $250 I think. I am sure someone will post a link.

However, on Ontario I have heard that there is additional lawyer fees involved and the closing costs may run in the $700 range.

Found the link

http://www.timesharetransfer.com/timesharetransfer/

DeniseM · May 20, 2010

You can spend as little as $25 + the county fee and resort fee, if any, and do it yourself w/assistance from a Document Prep Company, or you can pay hundreds - especially if you want an (optional) title search.

Some of the common costs:

-Closing/escrow company's fee
-Title Search
-Reimburse seller for maintenance fee and taxes
-County recording fee
-Resort recording fee

You can get a professional closing from a reputable company for $450 or less. Note that some states/countries require you to use a lawyer, which costs more.

I have use a Document Prep Company to prepare and file the paperwork for me for $100 for a free timeshare I got from a friend.

Talent312 · May 20, 2010

A RE broker may better enumerate the typical split, but from my observation...
Unless othewise agreed in wiriting, typically a seller is only required pay for the preparation and delivering of a deed, any other documents required to assure title, any documentary stamp taxes (for making the deed) -- all fairly nominal exepenses. The broker's commission, if any, is deducted from the proceeds only at closing.

Buyers's expense typically consist of escrow or closing services, title search or insurance, and recording and transfer fees, as these things are done to protect the buyers' interest. But in the interest of making the sale, many sellers offer to pay some or all of these closing costs, and local practices may dictate that some are shared.

However its divided, the sellers' costs typically are deducted from the proceeds at closing and not collected up-front, unless the sale price is clearly insufficient to cover them.

Hawaiibarb · Jun 12, 2010

A new twist

Thanks for your answers....this is helpful.

No progress.....still feels like a scam. But today I get a call (at 5 a.m. which in itself I am suspicous of i.e. did they deliberately call then so I wouldn't be able to think? I told them I was in Hawaii,,,,,didn't they know about time zones?)

Well, they did call back. This company is called RCI Innovations, and they claim that, of course, their company is not under investigation by the Attorney General in Florida. OK.....The original scam was through Creative Vacations. Now they say they are taking over that listing and they can get my money back from Creative Vacations. They claim they have a buyer, BUT (surprise, surprise) they want me to put up $1897 which they say is for legal fees, make sure it isn't under foreclosure, etc. I offered to have an addendum in the contract that I would pay that fee after I got my money, but naturally, they don't want to do that, and claim that this fee is set aside in a separate account that cannot be touched until the sale goes through. They also claim that I have 7 days to rescind the contract, after I review it, but if I do it their way, they have gotten that up front fee, and I'm not so trusting that I believe I would ever see it again.

The are going to send me a voided contract on Monday for me to review (without any fee attached.) But they really tried hard to pressure me into giving them my credit card number today or "we can't guarantee that the seller will still be available."

So......those of you who are more experienced.....still sounds like a scam? I would like to sell this TS. I don't need it, and the ones I use are much more fun. Although I'm suspicious, if this is a reasonable fee, I could do it.....but I also don't want to be scammed again. I'm afraid that this falls under the category of "if it sounds too good to be true, it probably is".

At this point I've kinda kissed off the money I lost in the scam, but I hate to throw any more money away.

Many thanks for your advice!

Barb

AFARR · Jun 12, 2010

BAD news...

Any company that calls themselves RCI Innovations (trying to associate with RCI the exchange company) is a MAJOR red flag.

I'd forward the "voided" contract to the FL Atty General immediately....and tell them that the original scam company is now working under a different name.

AFARR

Bill4728 · Jun 14, 2010

They claim they have a buyer, BUT (surprise, surprise) they want me to put up $1897 which they say is for legal fees, make sure it isn't under foreclosure, etc.

So they want almost $1900 to ensure that the TS isn't in foreclosure?? That should cost them about $25.

This is a SCAM!!

rickandcindy23 · Jun 14, 2010

I am kind of lost with this thread. I guess you had a company that charged an upfront fee because they said they had a buyer, and you had to pay the fees for closing?

This is a scam, and of course you know that.

I had RCI Innovations call me once, and I told RCI this company was using their name to their benefit, but I think they were trying to get some fees to stay in one of several different resorts in Orlando, a low price, if I attended a timeshare presentation. The resorts were all related to Vacation Village at Parkway. He was a jerk.

Hawaiibarb · Jun 15, 2010

Update

Well, I surely had my doubts, and you all are confirming them. The sample contract he said he would send me never arrived....big surprise. At least they didn't get any more out of me. It's amazing how plausible they can sound, and how they can vary the "twist" just a bit to make you think "maybe this time it's for real!"

Thanks, all.......we should meet for a drink when you come to Hawaii!

theo · Jun 16, 2010

For what it's worth...

Hawaiibarb said:
Well, I surely had my doubts, and you all are confirming them. The sample contract he said he would send me never arrived....big surprise. At least they didn't get any more out of me. It's amazing how plausible they can sound, and how they can vary the "twist" just a bit to make you think "maybe this time it's for real!"

It sounds like you've already reached a wise and prudent conclusion, but if you're interested in reinforcement and other experiences with "RCI Innovations" (none of those experiences being positive), there are some discussions of same on the RedWeek forums.

The RedWeek forums are generally quite lame and uninformative (and full of shills posing as "happy customers" while "touting" their own companies), but when people there chime in with warnings and very specific details of very specific negative personal experiences, I tend to believe them... :shrug:

TUGBrian · Jul 18, 2014

Hawaiibarb said:
Thanks for your answers....this is helpful.

No progress.....still feels like a scam. But today I get a call (at 5 a.m. which in itself I am suspicous of i.e. did they deliberately call then so I wouldn't be able to think? I told them I was in Hawaii,,,,,didn't they know about time zones?)

Well, they did call back. This company is called RCI Innovations, and they claim that, of course, their company is not under investigation by the Attorney General in Florida. OK.....The original scam was through Creative Vacations. Now they say they are taking over that listing and they can get my money back from Creative Vacations. They claim they have a buyer, BUT (surprise, surprise) they want me to put up $1897 which they say is for legal fees, make sure it isn't under foreclosure, etc. I offered to have an addendum in the contract that I would pay that fee after I got my money, but naturally, they don't want to do that, and claim that this fee is set aside in a separate account that cannot be touched until the sale goes through. They also claim that I have 7 days to rescind the contract, after I review it, but if I do it their way, they have gotten that up front fee, and I'm not so trusting that I believe I would ever see it again.

The are going to send me a voided contract on Monday for me to review (without any fee attached.) But they really tried hard to pressure me into giving them my credit card number today or "we can't guarantee that the seller will still be available."

So......those of you who are more experienced.....still sounds like a scam? I would like to sell this TS. I don't need it, and the ones I use are much more fun. Although I'm suspicious, if this is a reasonable fee, I could do it.....but I also don't want to be scammed again. I'm afraid that this falls under the category of "if it sounds too good to be true, it probably is".

At this point I've kinda kissed off the money I lost in the scam, but I hate to throw any more money away.

Many thanks for your advice!

Barb

as if anyone needed confirmation...but its sad that it took 4 years to shut this scumbag down

http://www.bizjournals.com/southflo...er-of-timeshare-boiler-room-fraud-scheme.html

Mike&Edie · Jul 18, 2014

Denise,
Edie and I have a timeshare we'd like to give away, and we consider you a friend...interested?

Mike and Edie
www.fulltimetimeshare.com

DeniseM · Jul 18, 2014

I'm sorry, but I already have a TS in Tahoe

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RCI Innovations - Scammer warning and owner arrested!

Hawaiibarb

itisme

DeniseM

Talent312

TUG Review Crew: Veteran

Hawaiibarb

AFARR

Bill4728

rickandcindy23

TUG Review Crew: Elite

Hawaiibarb

theo

TUG Review Crew: Veteran

TUGBrian

Mike&Edie

DeniseM