BBB Warns Consumers of Phony Timeshare Escrow Service

4/4/2012

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The Better Business Bureau has undertaken an investigation into the legitimacy of a company going by the name, Wade Capital Management. The company purports to be located at 668 19th Street in Des Moines, Iowa; however, mail sent to this address has been returned as undeliverable. The address is a 7 unit apartment building. The owner of the building states that there is no business known as Wade Capital Management operating from such location. The BBB has also determined that there is no corporation by this name registered with the Iowa Secretary of State.

The company claims to be involved with timeshare ownership sales and alleges to be a “vacation ownership closing company.” They appear to have a links to another organization named TransWestern Group in Billings, Montana. The BBB of Eastern Washington, Northern Idaho and Montana maintains a report for TransWestern Group where they presently have an “F” rating.

One consumer provided the BBB with email communication from Wade Capital Management in which they requested a l0% transfer commission fee to be made via a wire transfer to an address in Mexico. Never wire money to individuals you don’t know personally. Wiring money is like handing over cash; once the transaction is complete, it is irretrievable.

If you or someone else you know has fallen victim to this company, please let us know so we may further develop our report.

The BBB along with the FTC offer the following advice for those wishing to sell their Timeshare:

• Don’t agree to anything on the phone or online until you’ve had a chance to check out the reseller. Contact the BBB and the state Attorney General where the reseller is located.

• Ask the salesperson for all information in writing.  

• Ask if the reseller’s agents are licensed to sell real estate where your timeshare is located. If so, verify it with the state Real Estate Commission. Deal only with licensed real estate brokers and agents, and ask for references from satisfied clients.

• Ask about fees and timing. It’s preferable to do business with a reseller that takes its fee after the timeshare is sold. If you must pay a fee in advance, ask about refunds. Get refund policies and promises in writing. 

• Don’t assume you’ll recoup your purchase price for your timeshare, especially if you’ve owned it for less than five years and the location is less than well-known.

About the BBB. The BBB is an unbiased non-profit organization that sets and upholds high standards for fair and honest business behavior. Businesses that earn BBB Accreditation contractually agree and adhere to the organization’s high standards of ethical business behavior. The BBB of Greater Iowa, Quad Cities and Siouxland Region was founded in 1940 and is one of 116 BBBs. Locally, the BBB has over 3,000 Accredited Businesses and provides reports and on companies throughout the company. Contact the BBB at 1-800-BBB-1600 or info@dm.bbb.org.

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