Brewer Caldwell Property Managment mortgage company ripoff, fraudulent schemes Gilbert Arizona
When my wife and I decided to sell our home we were pleasantly suprised at how quickly we had offers. Once the offer/ counter offer portion was complete and we had come to a deal, which included a close of escrow date, we proceeded to get busy with aquiring another home and packing and such. Keep in mind that part of the deal was a certain amount of earnest money, which would be awarded to us if for any reason the buyer backs out of the agreement.
Three weeks prior to the close of escrow we are told that the buyer that Brewer Caldwell had aquired backed out but not to worry for there was a second buyer willing to take over and the escrow date would not change. By this point we had already made arrangements for another home in which we were supposed to take control of one week after close of escrow. One week before close of escrow our realtor informs us that Brewer Caldwell backed out of the agreement, never had a second buyer and was not awarding the earnest money to us.
This basicly caused us to lose the money we had already used to retain the next home, we are well off but so to the point to make a two mortgage payments. Anyone wanting to deal with this company be very cautious. I am in the process of aquiring and attorney to rectify this legal matter. Will try and keep you posted.
John
Apache Junction, Arizona
U.S.A.
4 Updates & Rebuttals
Chris
Gilbert,Arizona,
U.S.A.
In response to Earnest Money
#5UPDATE Employee
Wed, September 20, 2006
The executive director and I completely reviewed the documents we had on this contract, including the paperwork from your realtor.
I know this is the last thing that any seller wants to hear, but the buyer simply didn't get approved for the loan. A copy of the denial letter was sent to your realtor as soon as it was received, and since the loan contigency was still in the contract, it trumps most anything else.
Your realtor made an attempt to claim statutes violated, but in fact they were not. Again, this was a decision made by the Title company, not by us. Had we violated them, the Title company may very well have awarded the Earnest money to you.
Although neither side likes it, sometimes the buyer doesn't get approved, and the deal falls out. I'm sure every effort was made to find another qualified buyer for your property, as we obviously don't make anything if the deal doesn't go through, but it looks like it simply didn't happen. I realize this isn't the response you would like, but unfortunately there's nothing else I can see we can do for you. Again, I empathize with you on losing the deal, but everything was done legally and in good faith, it just didn't go through. Good luck in your future real estate endeavors.
Sincerely,
Chris Epperson
Director of Public Relations
Brewer-Caldwell Property Management, Inc.
John
Queen Creek,Arizona,
U.S.A.
Response to BC
#5Author of original report
Sat, September 02, 2006
Chris,
After discussing this issue with my realtor it was determined a breach of contract was committed. Paperwork was sent out to your organization as well as the title company specifying specific codes that were violated and to relinquish the earnest money.
Nothing at all was ever received after that, no phone calls, no paperwork, and most of all no earnest money. If you wish to discuss this with my realtor I can supply you with that number.
John
Chris
Gilbert,Arizona,
U.S.A.
In response to BC's dealings
#5UPDATE Employee
Wed, August 30, 2006
John -
I talked to the manager over the agent that handled this contract, and found the reason the earnest money was returned. As you may know, the initial buyer was denied by the mortgage company. I saw the letter to them stating they were denied. Setting that aside however, the decision about returning earnest money is in the Title company's hands, and they awarded the money back to the buyer.
If the buyer had been approved and everything else was as it should be, I'm sure they would have awarded it to you. To be honest, the earnest money is usually given back to the buyer if they have to back out for this reason.
I'm looking into the second buyer you mentioned. I should have an answer for you on that by the end of the day.
In general terms... believe me - I'm sure every effort was made to solidify a second buyer for your home. If the deal doesn't go through, the agent or BC doesn't get paid. It was obviously in our best interest to do everything possible to complete the purchase of your home.
Unfortunately, it sounds like that didn't happen in the time frame you were expecting. I can empathize with the situation it put you and your family in. I've had several real estate deals personally fall out "at the last minute", and they definitely are not my favorite! One happened to be the purchase of a primary residence that we lost as well.
John, please let me know if there's anything else I can answer for you. Again, I ask you to post your response in this forum.
Regards,
Chris Epperson
Brewer-Caldwell Property Management, Inc.
Chris@BrewerCaldwell.com
Chris
Gilbert,Arizona,
U.S.A.
John - get in touch with me
#5UPDATE Employee
Mon, August 28, 2006
John -
My name is Chris Epperson. I am the Director of Public Relations for Brewer-Caldwell. I am very interested in looking into this matter for you. Please provide me with the agent's name and the address of the property we had an offer on. After researching the situation, I'll be able to respond more intelligently. Afterwhich, if our correspondence happens outside of this forum, I will repost with an update, and invite you to do the same. I look forward to hearing from you.
Regards,
Chris Epperson
Chris@BrewerCaldwell.com