Has anyone been approached by Industrial Fund Commodity Firm to broker a deal

[SandTimes]

Has anyone been called buy this commodity firm? They said they contacted members who had trial weeks and are brokering a deal to buy them.
They open an escrow account with citibanamex (account opening request) and it goes from there. I've had a lawyer and a banker review this and it appears on the up and up so far... they will give villa del palmar first right of refusal and they can buy it back or leave it with the buyer who is collecting these trials as a commodity, some group that just buys and sells things.

Any comments?
Greatly appreciated

 

[Passepartout]

When there are so many Mexican TSs for FREE on eBay and elsewhere, why do you suppose they'd call you and offer you money? Once the hook is set, they'll want you to pay them something.

Nobody EVER cold calls anyone to give them money.

We have seen these 'deals' for years. Don't waste your breath.

Jim

 

[rickandcindy23]

Has anyone been called buy this commodity firm? They said they contacted members who had trial weeks and are brokering a deal to buy them.
They open an escrow account with citibanamex (account opening request) and it goes from there. I've had a lawyer and a banker review this and it appears on the up and up so far... they will give villa del palmar first right of refusal and they can buy it back or leave it with the buyer who is collecting these trials as a commodity, some group that just buys and sells things.

Any comments?
Greatly appreciated

You must be joking. A banker and a lawyer looked into it? You need to tell whoever it is to POUND SAND, SandTimes. This is a ridiculous post, and I am very suspicious of anyone who posts something like this on TUG. Every savvy TUG member is thinking, "SHILL!"

 

[SandTimes]

You must be joking. A banker and a lawyer looked into it? You need to tell whoever it is to POUND SAND, SandTimes. This is a ridiculous post, and I am very suspicious of anyone who posts something like this on TUG. Every savvy TUG member is thinking, "SHILL!"

Well the banker is a family member and she said the escrow form looked legit. My lawyer (a good friend) said she didn't like the grammar but wasn't familiar with the process that much and to take it to a local lawyer who could read between the lines and decypher jargon. Who should I have look at the offer to purchase and the paperwork then?
I'm just asking for help - I thought that is what this forum is for...

 

[Passepartout]

Well the banker is a family member and she said the escrow form looked legit. My lawyer (a good friend) said she didn't like the grammar but wasn't familiar with the process that much and to take it to a local lawyer who could read between the lines and decypher jargon. Who should I have look at the offer to purchase and the paperwork then?
I'm just asking for help - I thought that is what this forum is for...

I gave you advice. We see these things often. They are ALL scams designed to take your money. At first they all sound legit. But sooner-or later, they will say something like they need taxes or appraisal or something sent to a Mexican bank account. You will never see it again and there will be no way to contact them.

follow up on this at your peril. Is that enough help?

Jim

 

[Pathways]

I'm just asking for help - I thought that is what this forum is for...

Ok then here it is - throw the papers away, delete any electronics communication about it, and to keep your friends 'friends', don't ask them any more about this or advice for anything else.

And if you are seriously thinking this is not a scam, please stop answering the phone/opening mail as you are very susceptible to being taken

 

[pittle]

I have been a timeshare owner for 28 years.

Anytime someone calls and wants to buy your timeshare it is a scam.

The sad truth is that these are not anywhere near what you paid originally. An example is that we bought a 2-bedroom Mayan Palace in 1999 for $15,800 and in 2003, I bought one just like it (same amenities, date, MF, bonus weeks) on eBay for $1500 and that included Closing Costs and transfer fees. The original owner got zip.

I have purchased quite a few for $1 - $100 plus closing costs/transfer fees. The best deal we got was for $5.50 INCLUDING closing costs/transfer fees. It was for a 2-bedroom 3 bath unit at a Gold Crown resort.

Do not fall for this.

 

[RX8]

You must be joking. A banker and a lawyer looked into it? You need to tell whoever it is to POUND SAND, SandTimes. This is a ridiculous post, and I am very suspicious of anyone who posts something like this on TUG. Every savvy TUG member is thinking, "SHILL!"

What Cindy says ^^^

The reason why this seems unbelievable is that this is one of the oldest timeshare scams there is. The M.O. behind it is enough to call scam even if you didn’t know it was related to timeshares. No one legit EVER cold calls people and say they want to give them thousands of dollars. Put another way, if a stranger calls someone and tells them that they want to pay $20,000 for their car in the driveway that isn’t for sale (and is only worth $8,000) they would hopefully call scam. This is no different except 98% of Mexican timeshares are only worth $1. The initial advice given by the banker and lawyer was not good advice. I would like to think that once the company asked you to wire funds that the banker and lawyer would then realize the scam.

Another huge red flag. A Google search of Industrial Fund Commodity Firm reveals ZERO hits. They simply don’t exist on the web. Probably because they just created their scam website.

You should show this thread to the banker and lawyer.

 

[SandTimes]

I gave you advice. We see these things often. They are ALL scams designed to take your money. At first they all sound legit. But sooner-or later, they will say something like they need taxes or appraisal or something sent to a Mexican bank account. You will never see it again and there will be no way to contact them.

follow up on this at your peril. Is that enough help?

Jim

ahhh yup. Thanks Jim

 

[SandTimes]

I have been a timeshare owner for 28 years.

Anytime someone calls and wants to buy your timeshare it is a scam.

The sad truth is that these are not anywhere near what you paid originally. An example is that we bought a 2-bedroom Mayan Palace in 1999 for $15,800 and in 2003, I bought one just like it (same amenities, date, MF, bonus weeks) on eBay for $1500 and that included Closing Costs and transfer fees. The original owner got zip.

I have purchased quite a few for $1 9 $100 plus closing costs/transfer fees. The best deal we got was for $5.50 INCLUDING closing costs/transfer fees. It was for a 2-bedroom 3 bath unit at a Gold Crown resort.

Do not fall for this.

Thanks Cindy. The odd thing is how we convince ourselves that this is different somehow. We know many people who get good use and know how to use time shares... its unfortunate there is so much of THIS going on around travel and vacations.
Cheers

 

[SandTimes]

When there are so many Mexican TSs for FREE on eBay and elsewhere, why do you suppose they'd call you and offer you money? Once the hook is set, they'll want you to pay them something.

Nobody EVER cold calls anyone to give them money.

We have seen these 'deals' for years. Don't waste your breath.

Jim

I didn't know there were time shares out there for sale like that... Thanks for the advice.

 

[Iggyearl]

https://www.tugbbs.com/forums/index...ervice-escrow-holding-management-scam.282366/

This fellow came to Tug to let everyone know that there are scammers out there. Most Tug members already know that, but the humility of this gentlemen is striking. No one from this forum will "forbid" you from doing business with those you choose, but you WILL be asked to wire money to Mexico and it will disappear. Good luck.

 

[Passepartout]

I didn't know there were time shares out there for sale like that... Thanks for the advice.

I have a hunch there are other uses of your timeshares you haven't considered. We'd love to have you as a member here. It might be the best $15 you ever spent on your vacations. And the advice is free.

Jim

 

[TheTimeTraveler]

Has anyone been called buy this commodity firm? They said they contacted members who had trial weeks and are brokering a deal to buy them.
They open an escrow account with citibanamex (account opening request) and it goes from there. I've had a lawyer and a banker review this and it appears on the up and up so far... they will give villa del palmar first right of refusal and they can buy it back or leave it with the buyer who is collecting these trials as a commodity, some group that just buys and sells things.

Any comments?
Greatly appreciated

RUN as quickly as you can......

With all the many postings above mine need I say more?







.

 

[SandTimes]

I have a hunch there are other uses of your timeshares you haven't considered. We'd love to have you as a member here. It might be the best $15 you ever spent on your vacations. And the advice is free.

Jim

I know we don’t get full use of our TS. We own with Marriott and every time we go to our meeting we understand things perfectly...then when the fees need to be paid we wonder what we have. My mother and I feel foolish all over again. Mom always say,”I don’t know why we ever bought this!” As the fees just go up and it’s confusing. It’s taken us both years to understand what we have lol! Of course we love it when we are on vacation!
What forum do you run?