Victim scammed for $300,000 by Timeshare Resale company

[TUGBrian]

absolutely mindboggling... quite literally less than 2 minutes of reading on TUG would have identified this as a scam from the start.

Offer to buy timeshare for over $1 million turns out to be elaborate scam using phony business address

The timeshare owner says the business sent him elaborate emails and documentation, but the requests for money went on and on – until he was out more than $300,000.

www.cbsnews.com

Edited to add: This weeks Talking Timeshares episode discusses this scam in particular:

 

[RX8]

Recent thread on this scammer.

Intercontinental realty, Chicago

Any one had any solicitation from theses people. Calling regarding Vidante resorts in Mexico

tugbbs.com

Ironically, I sent an email about this company to the Chicago BBB through their website three days ago. While there is a soft alert their BBB rating is still a C+ which is likely based on the 2016 entity start date. I advised the BBB that this company is a scam who is using that company name/unrelated corporate entity to make themselves appear legit and also that they weren’t at the address they have listed on their website. As of today no change to the BBB profile.

Intercontinental Realty | Better Business Bureau® Profile

This organization is not BBB accredited. Real EILs in Chicago, IL. See BBB rating, reviews, complaints, & more.

www.bbb.org

@STLBBB any way to share this thread with the Chicago BBB?

 

[RX8]

Many on TUG have said that the big offer makes people blind to the red flags. This victim admits it.

"Foolishly – I mean, I have to tell you, Dana – greed drove this thing. I kept – the little voice in the back of my head kept saying, 'There's something not right here,'" the owner said. "But that million dollars kept waving at me."

 

[Luvtoride]

How?…just HOW!?


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[pedro47]

Many on TUG have said that the big offer makes people blind to the red flags. This victim admits it.

"Foolishly – I mean, I have to tell you, Dana – greed drove this thing. I kept – the little voice in the back of my head kept saying, 'There's something not right here,'" the owner said. "But that million dollars kept waving at me."

RX8, thanks you did the right thing.

 

[RX8]

These scammers are successful because of people like this victim. He was expecting $1.08M for just one week. This victim had to convince themself that this small condo was worth $56M ($1.08 x 52). Not only that, the monthly HOA fee would have been $2166 ($500 estimated weekly maintenance fee x 52).

 

[dioxide45]

How?…just HOW!?


Sent from my iPhone using Tapatalk

$1,000,0000. Or the lure of it...

 

[LannyPC]

How?…just HOW!?

See RX8's post just above yours.

 

[LannyPC]

This victim had to convince themself that this small condo was worth $56M ($1.08 x 52).

Isn't that of what the TS salesperson originally convinced the victim?

 

[dioxide45]

Isn't that of what the TS salesperson originally convinced the victim?

I don't think the victim paid $1 million for their week.

 

[LannyPC]

I don't think the victim paid $1 million for their week.

I don't think so either. I'm saying that the TS salesperson convinced the buyer that it was worth that much but that the buyer was getting a "deal" by paying "only" [whatever the buyer paid for it].

This might be a little off track for this thread but, that's how TS sales people operate. They convince buyers that the interval is worth say, $35,000, and then convince the buyers that they're getting a "deal" by paying "only" $20,000 for it.

 

[TUGBrian]

certainly the story of the week, and the subject of this weeks video!

 

[chaparrusa]

TIMESHARE OWNERS ARE THE EASIEST FISH IN THE POND , IF THEY FELL FOR IT THE FIRST TIME THEY WILL AGAIN AND AGAIN.
NO WONDER WHY THEY SELL LISTINGS WITH THE OWNERS NAMES AND PHONE NUMBERS , IMPULSIVE BUYERS , THEY JUST CAN'T SAY NOT .

 

[Arusso]

I don't think so either. I'm saying that the TS salesperson convinced the buyer that it was worth that much but that the buyer was getting a "deal" by paying "only" [whatever the buyer paid for it].

This might be a little off track for this thread but, that's how TS sales people operate. They convince buyers that the interval is worth say, $35,000, and then convince the buyers that they're getting a "deal" by paying "only" $20,000 for it.

I take it from the article that the the property in question is a Vidanta TS in Mexico. They are top tier in terms of development and amenities. That said, your analysis is correct. If we apply it to this particular example (and especially if the owner bought from the developer), he may have been told that the retail price of the unit he purchased "X," but he could purchase it for "Y." Several years ago I attended a sales presentation out of curiosity. Having lived in Mexico, I am familiar with some, but not all, of the nuances related to business dealings and law. So, for example, I was told a one BR luxury unit in Vidanta's premier offering was worth $200k. Then, after the magic of TS math, the deal could be had for 75% less.

 

[tk25]

It’s hard to believe $300,000 loss. This person is really naive.
In any real estate transaction all/most proceeds to seller or buyer should come at closings executed by title Company

 

[RX8]

Still no change to the scammer’s BBB profile as of now. It has been eight days since I sent the first email. I just sent a second email to the BBB again explaining that this “company” is a scam. This time I included a link to this thread.

 

[RX8]

The BBB has now updated the Intercontinental Realty BBB rating from C+ to NR. No other changes to the profile.

 

[RX8]

The BBB has now put up an additional alert about these scammers.

Intercontinental Realty | Better Business Bureau® Profile

This organization is not BBB accredited. Real EILs in Chicago, IL. See BBB rating, reviews, complaints, & more.

www.bbb.org

 

[LannyPC]

In any real estate transaction all/most proceeds to seller or buyer should come at closings executed by title Company

That is correct. However, the scammers tell the owners that the Mexican Government requires that the seller pay these (bogus, but legitimate-sounding) taxes or fees before the sale and transfer can be finalized but that the (alleged, mythical) buyer has already paid these fees into escrow and these fees will be reimbursed upon closing.

 

[LannyPC]

The BBB has now put up an additional alert about these scammers.

Intercontinental Realty | Better Business Bureau® Profile

This organization is not BBB accredited. Real EILs in Chicago, IL. See BBB rating, reviews, complaints, & more.

www.bbb.org

What's a little confusing to me is the difference between a BBB profile and BBB accreditation. These scammers have a profile but, under the profile, it starts by saying this company is not BBB accredited.

Does anyone know the difference? If so, please enlighten me.

 

[RX8]

What's a little confusing to me is the difference between a BBB profile and BBB accreditation. These scammers have a profile but, under the profile, it starts by saying this company is not BBB accredited.

Does anyone know the difference? If so, please enlighten me.

This is my understanding. A BBB profile can be created at the request of the business or by the BBB (usually due to a complaint). BBB Accreditation is a paid membership that provides some comfort to a potential customer. In return, the member has to abide by certain requirements, including responding to complaints.