Summit Managements and American Closing Solutions

January 21, 2013

Two more companies mentioned in the Ripoff Report on January 21 have hit again. This time, they defrauded an owner of a Grand Luxxe contract.

We do not know the full extent of the pitch. However, you can read a full account contributed by someone who demanded to make payments directly to his timeshare company rather than the companies referenced above in Ripoff Report. Just seach for Summit Managements and American Closing Solutions when you reach the Ripoff Report site.

Here are sommary comments that we took away from the post in the Ripoff Report:

1. "They said that they had a buyer for timeshares and were offering me a very attractive price (first red flag). I have looked and on Craigslist or ebay, these go for about 10% - 20% of what they were offering." Offering more than the market price!
   
   
2. "They provided follow-up calls indicating that there would be an 8% commission that sounded fair. Again making it clear that I wouldn't have to pay it until I closed. " Focus on until it closed.
   
   
3. "I received a contract indicating that there would be liquidated damages if I canceled the contract (yellow flag) but not that uncommon." Read - We will sue you if you do not comply, BUT we won't be around if WE don't comply.
   
   
4. "When I received additional paperwork, it showed that an amount higher than my contract price was deposited into escrow. They indicated this was to cover the closing costs and transfer fees charged by my timeshare. They said that I had to front these costs but they would be reimbursed through escrow (red flag 2)." Here is the requirement for the Seller to Pay Fees Before Closing even though the sales person guarantees THERE ARE NO UPFRONT FEES.
   
   
5. "When I talked to Summit Managements and American Closing Solutions again and told them that I would pay the timeshare transfer fees directly, they said the money for this was already in escrow and could not be reversed. I have not heard back from them." Great point! Offer to pay transfer feeds directly to the timeshare developer.

The comments listed above are exerpts from comments made by a contributor to Ripoff Report. We present them as an example of the path people follow when they try to sell excess timeshare weeks to folks who cold call them. Clearly, the contributor did not lose his or her money. However, others have. It is too bad.

Bottom Line: Involve the developer, and require all Seller Payments be taken from the proceeds of sale!

Enjoy your weeks...or let someone else enloy them.....you will be happier....

Return to Possible Scams ...OR... Return to Timesharing