Anybody ever had a "Comparative Market Analysis"?

[Brerrabbit]

I got a post card from a company called www.timeshareresales.net. I called them up and they said that they were licensed real estate brokers/agents and that the fees and commissions would be added to the sales price and paid by the buyer.

However, this lady told me that I would have to have a "Comparative Market Analysis" so that the buyer would know that they were paying a realistic price for it when they went to get financing, and that I would have to pay $500 or so for this. I am sure she wanted me to get one from someone she was recommending (who would probably give her a kickback of some kind) and was very uncooperative when I asked her to send me the requirements of what this had to contain in order to be acceptable to the lender, so I could get one on my own. As far as I was concerned it was just another scam that they came up with.

I am just curious if anyone else has ever done this or had any experience with this kind of thing.

 

[rrlongwell]

I got a post card from a company called www.timeshareresales.net. I called them up and they said that they were licensed real estate brokers/agents and that the fees and commissions would be added to the sales price and paid by the buyer ...

Interesting sales pitch. I would think that is something they could do cheaply and I would also think they would not charge for it.

 

[Passepartout]

WOW! I sure wish I could charge $500 to go to eBay, check 'completed auctions' and report that actual, proven, comparative values for (this resort week) were $x or $xx or $xxx.

Even better- send the dough upfront!

Ya gotta love the creativity.

Jim

 

[richardm]

It's a scam.. Appraisal scams have been common in timeshare.

Florida law specifically prohibits a licensed real estate broker from charging upfront fees to sell timeshares. This is probably their "method" of trying to skirt the law. If you have documentation to prove your claim that this company is telling you a $500. CMA is required to list your timeshare, file a complaint with the Florida Attorney Generals office at http://myfloridalegal.com/timeshares.

You can get a CMA from any licensed real estate associate. I have prepared hundreds for clients (primarily estate and bankruptcy attorneys) over the years to be used primarily for legal purposes and the most I have ever charged is $59. simply because to be done formally in a proper written form takes time and specific research.

I give sellers informal estimates of value over the phone for free on a daily basis! Any broker worth a damn should be able to give you a realistic expectation of value within a few minutes verbally, and at no charge!

Again- if you have proof, please take the time to file the complaint.. It will take about ten minutes at most and this would appear to be an easy case to prosecute for the state of Florida if what you have said is true..

 

[timeos2]

I got a post card from a company called www.timeshareresales.net. I called them up and they said that they were licensed real estate brokers/agents and that the fees and commissions would be added to the sales price and paid by the buyer.

However, this lady told me that I would have to have a "Comparative Market Analysis" so that the buyer would know that they were paying a realistic price for it when they went to get financing, and that I would have to pay $500 or so for this. I am sure she wanted me to get one from someone she was recommending (who would probably give her a kickback of some kind) and was very uncooperative when I asked her to send me the requirements of what this had to contain in order to be acceptable to the lender, so I could get one on my own. As far as I was concerned it was just another scam that they came up with.

I am just curious if anyone else has ever done this or had any experience with this kind of thing.

Nothing new just a recycle of one of many ways to get an upfront fee for no service that was very prevalent 5-6 years ago. It was shut down then by authorities who correctly surmised that it was just an up front fee in disguise.

Don't pay it and don't try to deal with the group that contacted you or you will likely be out your money and still own your timeshare.

 

[ronparise]

We real estae agents do CMA's all the time for free. Its our way of showing a prospective customer what their home is worth, and its also a good way to guide a buyer when they are trying to decide how much to offer for a particular property

I know with regular realestae there is nothing wrong with a realestae agent in Florida charging a fee for their services, instead of or in addition to a percentage based commission. and there is nothing wrong with charging those fees upfront...as long as the service they are providing is actually delivered. For example if I list a piece of property for sale, my deal with the seller may be that the seller pay for all the marketing and advertising fees in addition to a percentage based commission and that they pay for the advertising up front...Pinnacle timeshare here in Fort Myers (they are the only authorized Blue Green points reseller) does that...they charge a $39 advertising fee up front when you list your timeshare with them. and a $2000commission at closing. And its perfectly legal

I dont think charging you $500 for a CMA is illegal, as long as they actually do the work and deliver their opinion to you..However I wouldnt advise that you do it...It is just another way of extracting money from you, with little or no hope that your timeshare will actually get sold

 

[ampaholic]

...
I dont think charging you $500 for a CMA is illegal, as long as they actually do the work and deliver their opinion to you..However I wouldnt advise that you do it...It is just another way of extracting money from you, with little or no hope that your timeshare will actually get sold

As a retired Real Estate Broker I would say while charging $500 for a CMA may well be legal (or not) it certainly is overpriced.

I can't see it being worth more than fifty bucks.

I used to drive out to a property for out of state owners, do a CMA, take 6 pictures outside and 12 inside (if available) and fax it to them for $50 to $75 all the time. The $50 to $75 was mainly for car expenses and my time.

 

[Rent_Share]

Just a recycled SCAM upfront fee

 

[BocaBum99]

I got a post card from a company called www.timeshareresales.net. I called them up and they said that they were licensed real estate brokers/agents and that the fees and commissions would be added to the sales price and paid by the buyer.

However, this lady told me that I would have to have a "Comparative Market Analysis" so that the buyer would know that they were paying a realistic price for it when they went to get financing, and that I would have to pay $500 or so for this. I am sure she wanted me to get one from someone she was recommending (who would probably give her a kickback of some kind) and was very uncooperative when I asked her to send me the requirements of what this had to contain in order to be acceptable to the lender, so I could get one on my own. As far as I was concerned it was just another scam that they came up with.

I am just curious if anyone else has ever done this or had any experience with this kind of thing.

It's totally legal to charge for a CMA. However, it won't give you any useful information.

I'll charge you $250 for a CMA that will be probably as accurate.

If you want to do it yourself, I'll tell you my methodology. If you like it, you can send me $100 for teaching you the method.

Here it is.

Get a dart, throw it at a dart board. Multiply the number hit by $1000. That's your CMA. Try it. It works great.

 

[rrlongwell]

WOW! I sure wish I could charge $500 to go to eBay, check 'completed auctions' and report that actual, proven, comparative values for (this resort week) were $x or $xx or $xxx.

Even better- send the dough upfront!

Ya gotta love the creativity.

Jim

Just goes to show you are not a scammer.

 

[rrlongwell]

It's totally legal to charge for a CMA. However, it won't give you any useful information.

I'll charge you $250 for a CMA that will be probably as accurate.

If you want to do it yourself, I'll tell you my methodology. If you like it, you can send me $100 for teaching you the method.

Here it is.

Get a dart, throw it at a dart board. Multiply the number hit by $1000. That's your CMA. Try it. It works great.

You forgot the footnote for timeshares. Divide by 0.

 

[bizaro86]

In many cases, multiplying by zero would be more appropriate.

 

[rrlongwell]

In many cases, multiplying by zero would be more appropriate.

Sorry, you are right, I was never great at math.

 

[richardm]

I'm of the opinion that "requiring" any type of fee for service in order to "list" a timeshare with a licensed real estate broker in Florida is in fact illegal...

FS721.20

(6) It is unlawful for any real estate broker, broker associate, or sales associate to collect any advance fee for the listing of any timeshare estate or timeshare license.
(7) It is unlawful for any broker, salesperson, or broker-salesperson to collect any advance fee for the listing of a personal property timeshare interest.

While everything is obviously open to interpretation, I think the intent of this legislation is clearly to prohibit licensed brokers from charging any type of upfront fee. Currently, the Florida Attorney General has her hands full fighting the unlicensed scams- but I'm willing to bet that when she receives a validated complaint proving that a Florida broker is requiring an advance payment in order for a consumer to "list" their timeshare, it will lead to an easy investigation..

 

[BocaBum99]

I'm of the opinion that "requiring" any type of fee for service in order to "list" a timeshare with a licensed real estate broker in Florida is in fact illegal...

FS721.20

(6) It is unlawful for any real estate broker, broker associate, or sales associate to collect any advance fee for the listing of any timeshare estate or timeshare license.
(7) It is unlawful for any broker, salesperson, or broker-salesperson to collect any advance fee for the listing of a personal property timeshare interest.

While everything is obviously open to interpretation, I think the intent of this legislation is clearly to prohibit licensed brokers from charging any type of upfront fee. Currently, the Florida Attorney General has her hands full fighting the unlicensed scams- but I'm willing to bet that when she receives a validated complaint proving that a Florida broker is requiring an advance payment in order for a consumer to "list" their timeshare, it will lead to an easy investigation..

A broker can charge for a CMA. It's the same as paying for a pet rock. Legal, just not useful.

 

[Carolinian]

A broker can charge for a CMA. It's the same as paying for a pet rock. Legal, just not useful.

Charging for it may be legal, but making it a condition for listing the timeshare probably is NOT.

Also saying that a CMA is necessary a lender for financing for a buyer is hogwash. Almost no resale timeshare involves financing in the first place. Secondary, if one did, no lender is going to use a CMA to establish value, but to the contrary are going to demand an appraisal, which is a lot more involved and needs a qualified appraiser. Additionally, an appraisal is normally a buyers expense, not a sellers expense.