Scam alert -- Platinum Realty Exchange

[Taylorh]

Beware -- Platinum Realty Exchange is a SCAM! I was approached by Platinum Realty Exchange (Houston Texas) about selling my Mayan Palace timeshare.
They said there were no upfront fees and sounded legitimate. After agreeing to receive their information about selling, you get connected with a company called American Title Escrow Services (Chicago). Platinum Realty tells you that they have a buyer and the buyer has deposited money in Escrow for you to collect. It's all a SCAM. They send you contracts which look very official, and even my attorney said the contract looked good. The hitch is, they say the only money they need to get started is the "transfer fee" which Mayan Palace charges, and they say they have money in Escrow from "the buyer" to reimburse the owner for the transfer fee. As soon as you send that money, you get told about some additional taxes etc... and after you have sent lots of money, you never hear from them again and they don't answer any calls or emails. Please spread the word -- these people should be arrested!

 

[LannyPC]

It looks like it they are trying to piggyback off of the good name of Platinum Exchange which is a legitimate and recommended (by some timeshare owners anyway) exchange company.

 

[Jasmine658]

A couple of things learned about TIMESHARE Scams!

** BBB is useless, and they do not even report that there is a complaint until it is "closed". Resolved to them means simply answered, meaning they can answer anything they want, LIE, and voila, the complaint is closed. This is a "seller" paid advertising service, not ANY protection for consumers.

** Learn what a "shill" is. Friends and employees of these scam organizations are all over TUG, Yelp, Trustlink, etc, posting false "glowing" reports as to how great these Timeshare SCAM "companies" are, sometimes admitting slow processing and delays (due to so many files) to sound convincing. They are often FAKES.

** Never use Postage Paid Envelopes that may go to different addresses than the real business, and provide NO confirmation of receipt. Everything mailed should be mailed "Return Receipt, signature required" to the business address on record, not the address on envelope if not an exact match.

** Check out CORPORATIONWIKI to see who the players are. Then click on all the links to view their network. http://www.corporationwiki.com/BusinessDirectory.aspx

** If website does not mention a Manager's full name, first and last name, has only a 800 #, BBB Accredited, and an e-mail that reads: info@****transfers.com, no licensing numbers (like BROKER license or ESCROW license) and a form to fill out on line, then probably a SCAM PCC (Post Card Companies) that hires "telemarketers" to scam and re-scam desperate to sell timeshare owners. Once done with their scam job, they sell their lists of timeshare owners to another Timeshare SCAM operation that pretends to be a "rescue" operation, repeat of scam operation of the owner. If reads LLC (limited liability corporation), red flag right there, especially if all else they can say is "BBB" Accredited. BBB means NOTHING, just another paid advertising scheme. Make sure they are a licensed broker, or escrow company at very least.

** If you do not have your deal closed within 45 days, fully executed contracts in hand (both parties - BUYER & SELLER having signed), CANCEL immediately and get your money back (45 days max for both PayPal and eBay), credit cards give up to 120 days, but call to check first.

** Never sign a Power of Attorney! Some of these timeshare organizations will have you pay them an upfront commission, part of which sometimes goes to pay back maintenance fees not paid, then have you sign Power of Attorney for them to take over managing your timeshare interest. Big HUGE mistake!

** Do not answer your phone unless you know who is calling you! The people are hired and trained as aggressive telemarketers, and are not trained real estate or escrow professionals.

** Sell or give away the timeshares yourself selling on eBay, etc, using your favorite escrow company (mine is Chicago Title) and work with the timeshare legal department or HOA itself to get the paperwork done. Other option is to hire a licensed Realtor.
http://www.chicagotitletimeshare.co...oducts-a-services&catid=50:services&Itemid=46

** Another scam - I was sent paperwork to have notarized (page 4 & page 7, partial documents, not full), and Notary Public immediately said SCAM!!!