Scam Tip Report #1047 - Timeshare Resale Scam

Anonymous
Wheeling, WV, United States
2011-11-08 22:33:11
Business Venture Scam
+2 Timeshare Resale Scam 
 Scammer Information
Name:
First Capital Financial Services Corp.
Email Address:
admin@firstcapitalfinancials.com
Scam Website:
Fax:
The following two items can be easily discovered: (1) names of owners of timeshare units and (2) the date when bills for annual maintenance fees are to be sent out. Possessing this information, First Capital Financials contacts unit owners stating that there is a buyer for their timeshare unit if they wish to sell, thus also relieving them of the obligation to pay the maintenance fees.

The scam worked like this: First Capital Financials stated that they have a willing buyer who will pay for the unit about $5,000 more than the original purchase price. This makes the prospect of a sale all the more attractive – especially with the immediate prospect of paying the maintenance fee.

First Capital Financials would handle the sale of the timeshare unit if I advanced them $2,260 for title search and other details relevant to the sale. They stated that this money would be refunded to me at the time of the sale and a letter of intent was sent in convincing “legalese” specifying this.

This, of course, contrasts with the usual real estate sale methodology in which the buyer pays such up-front costs rather than the seller.

On the advice of my attorney, I contacted the resort and was told that this is a common scam of which they are well aware.
Follow Ups/Extra Information. Most recent is listed first.
Diddo - they contacted me with a buyer and offered $28,000 - seemed way to easy. Checked them out on the Better Business Bureau and they have had one complaint filed and only been in business since 10/2011. Wanted me to send them $2.276 to search the title etc and this would be refunded at closing.
alicen   (Highlands, NC, United States) Added the following extra information on :2011-12-29 21:30:47
 Scammer Information
Name:
www.firstcapitalfinancials.com
Email Address:
admin@firstcapitalfinancials.com
Scam Website:
Fax:
They say they have a buyer for your timeshare, and seem legit, but they want you (as a seller) to pay for costs upfront. They have only been in the market since October 2011, beware! They have a short time frame while still looking legit to catch as many timeshare owners as possible.
 Claudia   (Laguna Beach, CA, United States) Added the following extra information on :2011-11-22 17:41:20
 Scammer Information
Name:
First Capital Financial Services
Email Address:
admin@firstcapitalfinancials.com
Scam Website:
Fax:
(702) 605-3889
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