Full Spectrum Lending

robertjacobson · Nov 24, 2010

Has any delt with the above company out of Missouri who called me with an offer on my timeshare listed for rent. They want to refer me to Diversified Land Services out of NY for title and closing for $699, which they claim has to be paid up front as it is illegal for the costs to be taken from proceeds.

DeniseM · Nov 24, 2010

It's a total scam - ANY company that charges a large upfront fee to rent or sell your timeshare is a scammer. Don't do it!

theo · Nov 24, 2010

Run, run away...

robertjacobson said:
Has any delt with the above company out of Missouri who called me with an offer on my timeshare listed for rent. They want to refer me to Diversified Land Services out of NY for title and closing for $699, which they claim has to be paid up front as it is illegal for the costs to be taken from proceeds.

Denise is absolutely correct. In addition, it would customarily be the buyer (not the seller) responsibility to pay those closing costs and to do so entirely separately from the purchase funds. I'd have been suspicious right from the 'git go, since you had a rental ad and out of the blue suddenly appears an (unidentified --- and ultimately non-existent) buyer.

T_R_Oglodyte · Nov 24, 2010

robertjacobson said:
Has any delt with the above company out of Missouri who called me with an offer on my timeshare listed for rent. They want to refer me to Diversified Land Services out of NY for title and closing for $699, which they claim has to be paid up front as it is illegal for the costs to be taken from proceeds.

This is about the ninth time you have asked essentially the same question; the only thing that changes is the name of the outfit that wants an upfront fee. You have gotten the same answer each time.

Which makes me curious to know what is there about the replies you have received that is unclear?

DeniseM · Nov 24, 2010

Steve is right - We have NEVER heard of an upfront fee company that was not a scammer.

The most cost effective way to rent or sell your timeshare is to do it yourself. There is no magic company out there that is going to get big bucks for you. You have to be realistic.

robertjacobson · Nov 24, 2010

clarity

In an effort to be brief, I apparently didn't make myself clear. The broker is not charging an upfront fee. The title and closing company (Diversified Land Services out of NY will want $699 upfront for their services and I have not yet spoken with them so I think I will lower my price by that amount and suggest tthe buyer pay those charges. Any comment would be appreciated.

Stefa · Nov 24, 2010

robertjacobson said:
In an effort to be brief, I apparently didn't make myself clear. The broker is not charging an upfront fee. The title and closing company (Diversified Land Services out of NY will want $699 upfront for their services and I have not yet spoken with them so I think I will lower my price by that amount and suggest tthe buyer pay those charges. Any comment would be appreciated.

This is still an upfront fee. They are asking for $699 which you are required to pay and for which they are not going to produce any results. This is a well-known scam.

DeniseM · Nov 24, 2010

Robert - it doesn't matter WHO is charging the fee. If there is a large upfront fee OF ANY KIND - it is a scam. The "title and closing company" is affiliated with the broker.

I think I will lower my price by that amount and suggest tthe buyer pay those charges.

They are not going to accept your terms because THERE IS NO BUYER - it's a scam! They just want the upfront fee and that's the last you will ever hear from them.

Please read this carefully-

ANY company that charges a large upfront fee is trying to scam you. They make their money with the upfront fee, and then they make no attempt to sell your timeshare.

There are a lot of scammers out there taking advantage of desperate timeshare owners these days. Most timeshares are selling for 0-10% of retail, but that's a bitter pill to swallow, so owners grasp at shady offers, hoping they are for real. Legitimate resellers charge a commission after the sale, but the scammers all ask for a large upfront payment.

Here are some warnings signs with these kinds of companies:

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

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

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

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

5) Do they want your credit card number before they send you a contract?

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.

Stefa · Nov 24, 2010

No company that cold calls you about selling or renting your timeshare is legit. It would be wonderful if it were that easy, but it isn't.

teepeeca · Nov 24, 2010

robertjacobson

I think "YOU SHOULD" pay the fee !!! Apparently, only then, when you lose your $$$, you will see that "IT IS A SCAM" !!!

Others have given you very good advice, and, apparently, you are ignoring it. Could it be, that you have already paid the "upfront $$$", and you are "hoping" that what "everybody has told you" is incorrect??? I'm sure that I don't know WHY you think the advice givers are wrong, BUT, PLEASE take their sage advice !!!

Tony

Somerstarr · Dec 10, 2010

I think you are a little confused

I just sold one of my timeshares in August with Full Spectrum Lending. Yes, they used Diversified Land Services. I paid the title fees of $691 which were held in an escrow account. I was a little nervous too but I did my homework on both companies and took the chance.

Funny, when I received my check and settlement statement for the proceeds of $24,275 there was nothing to complain about. I cashed the check and have paid off some things with it. :cheer:

Perhaps before knocking on real companies, you should do more homework.

Go after the scammers, not real companies.

Im just saying...

PS - I still have 2 timeshares that I use.

Stefa · Dec 10, 2010

SCAM

There is absolutely no reason for a company to collect title fees (or any other "fees") and then simply hold them in escrow.

It is NOT illeagal to have the buyer pay closing costs. it happens all the time.

No sane person is going to contact an obscure company and offer to overpay for a timeshare provided said company can find them a seller.

This is a total scam.

aliikai2 · Dec 10, 2010

S*ill be coming round the mountain when she comes

There is no way that you received $24,275 for the sale of a timeshare in today's market.

What was it ?:ignore:

The Tashmahal? When even the best Starwood or Marriott units aren't selling for that amount, how can you come here and dig up an old thread and post this garbage.

We understand all about timeshares here on TUG, and we really don't take kindly to company shills coming here to attempt to sway opinions with this B*** S***,

Greg

Somerstarr said:
I just sold one of my timeshares in August with Full Spectrum Lending. Yes, they used Diversified Land Services. I paid the title fees of $691 which were held in an escrow account. I was a little nervous too but I did my homework on both companies and took the chance.

Funny, when I received my check and settlement statement for the proceeds of $24,275 there was nothing to complain about. I cashed the check and have paid off some things with it.

Perhaps before knocking on real companies, you should do more homework. Go after the scammers, not real companies.

Im just saying...

PS - I still have 2 timeshares that I use.

DeniseM · Dec 10, 2010

Somerstarr said:
I just sold one of my timeshares in August with Full Spectrum Lending. Yes, they used Diversified Land Services. I paid the title fees of $691 which were held in an escrow account. I was a little nervous too but I did my homework on both companies and took the chance.

Funny, when I received my check and settlement statement for the proceeds of $24,275 there was nothing to complain about. I cashed the check and have paid off some things with it.

Perhaps before knocking on real companies, you should do more homework. Go after the scammers, not real companies.

Im just saying...

PS - I still have 2 timeshares that I use.

This poster is OBVIOUSLY a shill - this story is totally unbelievable.

Somerstarr · Dec 13, 2010

Sounds like Jealousy

Call me what you will. I didnt get scammed out of money, you did. Sad that people try to ruin someone else's happiness. Yes, I did get that amount for my old timeshare in this time. :whoopie:

Maybe if you do your homework before stupidily handing over your credit card, you wouldnt have gotten scammed in the first place. :doh:

In the meantime, I am enjoying my other timeshares and exchanging.

Goodbye unhappy people. I will pray for you to find happiness. :shrug:

DeniseM · Dec 13, 2010

Good bye back to you...you are banned from TUG....

Full Spectrum Lending

robertjacobson

DeniseM

theo

TUG Review Crew: Veteran

T_R_Oglodyte

DeniseM

robertjacobson

Stefa

DeniseM

Stefa

teepeeca

Somerstarr

Stefa

aliikai2

TUG Review Crew: Veteran

DeniseM

Somerstarr

DeniseM