My mom and dad called me at work to tell me that they "finally" had a buyer for their timeshare in Ormond Beach, Florida. They've owned their unit for many years and are ready to sell it. They told me they'd been contacted by "Mark" at American Marketing Group and that a "bonafide" buyer had put down $2,700 hand money for their particular unit. If my parents were ready to sell, all they needed to do was give a downpayment of $1298 for their closing costs. Both parents questioned "Mark" extensively and it almost sounded too good to be true!
I work for real estate attorneys/title insurance company, so I said I would call our title company contact in Florida to find out what "closing costs" would be customary to charge a seller in Florida. I was told that the seller does pay title search, title insurance, deed transfer, etc. When my dad said that he'd been told his "deposit" of $1298 was to be credited toward these items per "Mark" at American Marketing Group, I said - sounds good, but show me a sales contract stating exactly that before you sign anything.
What was sent was a contract to MARKET the property and nothing about title insurance or "deposit". Unfortunately, my dad had already given his credit card number to the "secretary"...! My heart sank. I went to their house and got "Mark" on the phone and began to calmly grill him on all of my questions which he would not really answer but said I was being "combative". I said that he misrepresented himself and lied to my parents telling them that this money was only a deposit and that it would be "credited" toward their closing costs. (I did not thell him that I am their daughter)- I told them that I've been in the attorney/title business for 18 years (true) and that he needed to provide me a breakdown of how they would be "credited" for their $1298, which he flatly refused to do and got angry with me saying that I was being difficult.
Of course my parents have NOT actually signed the contract - even though American Marketing Group charged my parents credit card!"Mark" said he would refund their money if they did not sign the contract. We'll be waiting anxiously for the return of $1298. I pray that this will not be an expensive mistake for them. I hope this helps someone!!
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