Marketing Southern California Real Estate and Marketing Your Home at the Highest Level... Here to Help Make Your Move Easier, Questions? Call Us 714•694•0880 jim@jimsalem.com
Jul 26, 2011
Orange County Bank Owned REO Low Priced Homes
These are the most affordable Bank owned homes listed for sale in Orange County by all brokers in the Socal MLS. Contact us for a custom list of homes for sale or for real estate information.
Jul 20, 2011
Fraud alert: Timeshare property resale scam
Fraud alert: Timeshare property resale scam
A federal court has temporarily halted a telemarketing operation that targeted consumers trying to sell their timeshare properties. The defendants allegedly charged consumers thousands of dollars, falsely claiming they had buyers lined up for sales that supposedly would be reviewed and approved by the Federal Trade Commission.
According to court papers filed by the FTC, the Orlando, Florida-based defendants, who operated out of mail drop addresses in places such as Las Vegas, Boston, and Orlando, contacted consumers trying to sell their timeshare properties and told them they had buyers for their properties. In order for the sale to proceed, the defendants charged consumers up to $3,150 – either as an “earnest money deposit” to commit them to the sale, or for sale-related expenses – which, consumers were told, would be refunded when the sale closed. Consumers were instructed to pay by cashier’s check or money order sent by overnight delivery, and to immediately sign and return a “sales agreement” or “sellers’ document” that would be mailed to them.
In the complaint, the FTC alleged that the “sales agreement” was a marketing contract for advertising the property, not a sales contract. Consumers who signed the contract and sent their payment to the defendants often were not contacted again, and consumers’ properties were never sold.
Contrary to the defendants’ alleged assertions, the FTC does not review or approve timeshare sales.
A federal court has temporarily halted a telemarketing operation that targeted consumers trying to sell their timeshare properties. The defendants allegedly charged consumers thousands of dollars, falsely claiming they had buyers lined up for sales that supposedly would be reviewed and approved by the Federal Trade Commission.
According to court papers filed by the FTC, the Orlando, Florida-based defendants, who operated out of mail drop addresses in places such as Las Vegas, Boston, and Orlando, contacted consumers trying to sell their timeshare properties and told them they had buyers for their properties. In order for the sale to proceed, the defendants charged consumers up to $3,150 – either as an “earnest money deposit” to commit them to the sale, or for sale-related expenses – which, consumers were told, would be refunded when the sale closed. Consumers were instructed to pay by cashier’s check or money order sent by overnight delivery, and to immediately sign and return a “sales agreement” or “sellers’ document” that would be mailed to them.
In the complaint, the FTC alleged that the “sales agreement” was a marketing contract for advertising the property, not a sales contract. Consumers who signed the contract and sent their payment to the defendants often were not contacted again, and consumers’ properties were never sold.
Contrary to the defendants’ alleged assertions, the FTC does not review or approve timeshare sales.
Jul 18, 2011
Orange County Bank Owned REO Estate Homes
These are Orange County Bank Owned REO Estate Homes Listed by all brokers in the Socal MLS. Call Us for a Custom List of Bank Owned Homes
Jul 15, 2011
LAW AGAINST SHORT SALE DEFICIENCIES EXPANDED
Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units. Any purported waiver of this rule shall be void and against public policy.
Subscribe to:
Posts (Atom)