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Timeshare proposal to buy

Binghamton, New York
posts: 13
reviews: 4
Timeshare proposal to buy

Has anyone delt with or received a call from Northwest Realty International based in Tacoma Washington with a offer to buy their Krystal timeshare in Cancun? We were contacted and received a proposal to buy our's for a specified amount. No upfront money or any mention of wanting any money from us at all. They are claiming that they actually have a buyer willing to pay the amount specified. All we did at this point was signed the proposal (not a contract) agreeing to the sale price. Waiting to see what happens next. Can't find anything on the internet, went to their web site. Looks like they are a realty/property management company. Does anyone know if Krystal is "maybe" buying back their timeshares? Heard they were bought out. Maybe they hired this company to buy back their units. Does anyone have any input?

65 replies to this topic
Wellington, New...
Destination Expert
for Wellington, Bay of Islands
posts: 9,273
reviews: 105
1. Re: Timeshare proposal to buy

The proof will be in the pudding and that you get transfer papers followed by a cheque. I wouldnt pay any monies up front, nor would I pass over bank account details for money transfer. With so many shady chracters involved in Timeshare sale one needs to take proper precautions. My comments are general comments no aimed at the company mentioned above

Binghamton, New York
posts: 13
reviews: 4
2. Re: Timeshare proposal to buy

I agree. We are going to see where this goes. If asked for any money..will just tell them to deduct from the proceeds and sent us the rest by check via mail. Right now it's in their legal department. I will keep everyone informed how this goes. It would be nice to come across an actual ligit timeshare resale company.

Wellington, New...
Destination Expert
for Wellington, Bay of Islands
posts: 9,273
reviews: 105
3. Re: Timeshare proposal to buy

It would be a first on these forums

Rochester
posts: 6
reviews: 1
4. Re: Timeshare proposal to buy

I got a phone call about renting my Krystal units in Puerto Vallarta and Cancun. I was told their client is hosting a fishing competition in Puerto Vallarta and Cabo San Lucas. When I finished talking with Greg Sosa, I received proposals to buy and/or rent my weeks at the Krystal and Grand Mayan resorts. Like you, I was only able to find info at their website. They are not listed with the Better Business Bureau.

I told Greg I would not pay any money out of my pocket. He said they buyer would send the check and they, Northwest, want me to send them an 8% commission. They claim they cannot deduct the commission from my check. I have received nothing in writing about this 8% commision.

I really hope this turns out to be legit. I get nervous when they rush me to make a deal i.e. 5 days to sigh the proposal.

Binghamton, New York
posts: 13
reviews: 4
5. Re: Timeshare proposal to buy

Don't worry about signing the proposal. It is not a contract. It is just an acknowledgement that you agree to the amount offered. We signed the proposal and now actually have received a contract which states how much money we are to send them for commission once we receive the check. We have our lawyer looking at it now and will hear back from her today. The contract "when we looked it over" looks good. No money up front. Anything owed "dollar amounts outlined in contract" will be distributed by us after we receive the check. So far this actually really seems ligit. We were also told that this could take up to 45 days. Not an issue with us just as long as this actually happens and is ligit. Maybe we actually "do have a ligit timeshare resale company out there after all"! It is my understanding, per what I was told by them, that they are only interested in timeshares in Mexico.Will keep everyone posted as this progresses.

Rochester
posts: 6
reviews: 1
6. Re: Timeshare proposal to buy

Sounds positive--hopeful. Can't wait to hear what your lawyer says.

Wellington, New...
Destination Expert
for Wellington, Bay of Islands
posts: 9,273
reviews: 105
7. Re: Timeshare proposal to buy

Why isn't their commission deducted at source ie before you get paid. If the cheque is coming from overseas I would instruct the company to pay you by bank transfer. Thee is an international scam going around whereby the customer is paid by cheque and then pays money back to the originator ( Commission) and weeks or months later the cheque is bounced and the recipients bank reverses the payment leaving the recipient out of pocket by the amount of the Commission. Check out the bonafides of all concerned before you pay out any monies from your bank account. I smell something fishy from what you have said.

Binghamton, New York
posts: 13
reviews: 4
8. Re: Timeshare proposal to buy

First,(and I have delt with this in my line of business) If a check, of a substational amount, is deposited, there is a waiting period before the funds are actually deposited into your account. "Therefore the bank verifing that the transaction is valid". I have never heard of a check being deposited and four months later becomming a"bounced" check. If the check is going to "bounce" it will do so in the 5 day waiting period. Not weeks or months later.That is what the "waiting period" is for. If you have a check for rent from one of your tenants, you deposit it, the funds are in your account, are you really worried that 3 weeks,4months from now, that money will be deducted from your account cause the check "bounced"? Please, if you have some insite on how this can happen, enlighten me. However, my husband and I have discussed a wire transfrer transaction just to see if that sparks any resistance(red flags). I am also going into my bank and ask if such a thing could happen.(the bounced check/reverse funds,what if the funds are not there (we have spent it)after weeks/months senario).

I reaIly find it hard to believe that funds can be reversed after that length of time and especially if "the funds are not there to extract". How can someone extract $$ thats not there once it went thru as a valid transaction.

Binghamton, New York
posts: 13
reviews: 4
9. Re: Timeshare proposal to buy

Cherl,

Just to let you know our lawyer just found a few very "MINOR" and as you can see I said minor things in the contact.

One was just and ommission of to whom the payment goes to "seller". Another was making sure the president of the company's signature is valid because it was emailed, (and the official transaction will be via fax/email. This is not legal in NY but maybe in WA? We will find out. Finally, because we elected to go thru escrow to pay the resort their fee the days allowed for distribution of funds is kind of confusing, but they are doing that ,so, really not anything to worry about. We have also written the Washington Attorney General. (still waiting for a reply). My husband also "knows someone in that area of Washington and he is going to reach out to him and ask if he can find out anything about this company. It really is a sorry state when you have to go to such extremes to have to THOROUGHLY EXPLORE the possibility of a LIGIT organization vs a SCAM! Everything is under the microscope!

As always will keep posting with any additional info.

Wellington, New...
Destination Expert
for Wellington, Bay of Islands
posts: 9,273
reviews: 105
10. Re: Timeshare proposal to buy

The scam comes about not if the cheque payment is via a local bank but if an international bank is concerned. Where your bank having banked the cheque will clear the funds after a few days if they get a default when the cheque finally makes its way back to the original bank they will reverse the funds advanced and you will pay plus defaulting bank charges. The delay with international transfers is the returning of the cheque back to the issuing bank. This is how the scam is played. The scammers in the interim have got your legitimate money. The scam originated initially in Nigeria but is now used worldwide.

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