Sending $20.000 - How do I know I'm not getting scammed?

I'm in the process of purchasing a timeshare and now I need to send the the money to the escrow company. How do I protect myself from being ripped off? The escrow company I am sending the money to is Duncan Realty and Escrow in Gower, MO. Has anyone delt with them before?

Thanks

I own a timeshare closing company in NJ myself. Here are some things to ask them that no legitimate company should object to:

1) Ask for the name of the Branch Manager at the bank where they maintain their client escrow accounts. They should be happy to supply this in writing. Call the manager and see how well he/she knows them.. 2) Ask for the names of 5 clients that they have done closings for in the last year. Call each of the references. Were they satisfied, did the closing proceed as per original schedule, etc. 3) Call the Better Business Bureau in their community/state to see if any complaints have been lodged. Many times State Officials are legally unable to disclose even with complaints on file, the BBB will.

Worst case, use a known third party company as escrow in addition to this company for closing efforts (you will have to pay the extra fees). Any legit company should agree unless they are TOO MUCH in bed with the seller. Any lawyer should be acceptable as escrow agent to all parties as they have legal responsibilities enforced by their state. If dealing with an unknown lawyer, talk to the State Bar Association. If they confirm that the lawyer is a current member in good standing, you should be OK. Many states actually have an insurance fund to cover you in the VERY rare case where a lawyer runs off with his escrow account money. Just make sure the lawyer is responsive in general or he/she could show things up a little.

Hope this helps!!!

John Faeth

brentb27 wrote:

I'm in the process of purchasing a timeshare and now I need to send the the money to the escrow company. How do I protect myself from being ripped off? The escrow company I am sending the money to is Duncan Realty and Escrow in Gower, MO. Has anyone delt with them before?

Thanks

Thank you for the information, I will be making several phone calls tomorrow

Brent

Hi,

I have used them before and had no problems. You can get more information on that company and more if you go to www.tug2.net

This is a forum for timeshare owners and they can answer a lot of your questions including what a good prices is for a resale unit.

Good luck,

Have you checked to see if you can buy at this same resort on the resale market? You can save tons of money by doing so. If your rescission period has not passed (this should be quoted in your contract), I would rescind immediately and research buying resale before paying $20,000 for a timeshare week.

Jayjay was right, specially if you find some on ebay, but ebay is not good place for seller!

The problem is that it is a Marriott resort and if it goes too low Marriott has the right of first refusal to buy it back. It's our belief that anything under $20,000 probably wont make it through ROFR. Marriott currently wants $32,000 for the same week.

How do you find an escrow company in your area if you are buying a timeshare? Does the seller pick one or do I? Do most banks have this capability? Thanks

rodiw wrote:

How do you find an escrow company in your area if you are buying a timeshare? Does the seller pick one or do I? Do most banks have this capability? Thanks

Closing is normally paid by the buyer but it can be negotiable between buyer and seller.

The closing company doesn't have to be in your area or the area where the timeshare is located. Many timeshare buyers use www.timesharetransfer.com for closings and escrow services. They have a very reliable reputation in the timeshare world. You can access their fees on their webpage above. Their specialty is timeshare closings.

I believe Redweek also uses a closing and escrow service but the name of it doesn't come to mind at the moment. Look in their help section at the top right corner of this page for more information.

Yes I have delt with Duncan escrow they are bonded and very reliable many transactions for us they are best in timeshare closings

Thanks

We just closed with Duncan. They are TOTALLY disorganized. Took from Oct. 2014 to June 2015 for 1 Marriott week sale to close. After the sale concluded and new Owner's deed was registered, ...Duncan repeatedly claimed ".. the check is in the mail" for over 6 weeks, but sent NOTHING. We finally had to threaten them with legal action if they did not immediately process the proceeds and overnight a check to us. They finally agreed to wire the cash, BUT then our bank charged US for not 1 but TWO $15 wire transfers because DUNCAN forgot to include the refund of pre-paid maintenance fees in the first wire. Both Ms. Duncan and Ms. Lorenz seem nice enough, but displayed very poor process-management.