Washington consumers report that the companies appear to be conducting a Mexican timeshare escrow scam.
How the Scam Works
Representatives of International Event Coordinators contact Mexican timeshare condo owners offering to rent their condo at a high price. They claim condo’s are in high demand due to events and conventions.
Once International Event Coordinators has received preliminary approval from the owner, Resort Escrow Exchange is presented as the company that will provide the escrow services for the transaction. Representatives of the company indicate that Resort Escrow Exchange doesn't have be licensed to perform escrow services because "it does business internationally." This is false. Washington State law requires any person engaging in business as an escrow agent must be licensed by DFI.
Condo Owner Never Paid
The owner, however, needs to pay various fees to Resort Escrow Exchange and International Event Coordinators before the condo can be rented. Some of these fees may be a $1,000 or more. After these fees are paid the owner becomes unable to directly contact International Event Coordinators or Resort Escrow Exchange regarding the disbursement of funds due them under the contract. Unfortunately, DFI has received no verified reports of consumers actually receiving a payout for renting of the condo.
To view the alert, visit http://dfi.wa.gov/consumers/alerts/resort-escrow-exchange.htm