Vacation Solutions Network will contact timeshare owners with a very high offer to sell or rent their timeshare. The consumer is told that there is no upfront fee, but that a commission will be charged at closing. At this point, Diamond Escrow Services is introduced as the escrow and closing company.
It's important for consumers to know that Washington State law requires that “any person [engaging] in business as an escrow agent by performing escrows or any functions of the escrow agent” must be licensed by the Department. RCW 18.44.02.
Consumers are then "required" to pay various fees to the closing agent, but the promised closing and seller funds never occur. Consumers who question why the funds cannot be taken from the proceeds at closing are often told that it is "against the law" to do so. This is not true.. A timeshare closing process is very similar to a residential closing, in that any seller fees or charges would simply be deducted from the seller proceeds.
Read the Scam alert from the Washington State Department of Financial Institutions HERE.