CASH REWARDS REBATE ON HOME SALE A RIPOFF. YOU WAIT THREE YEARS TO CASH IN THEN THEY REJECT IT. Dallas Texas
We sold our house and the realtor told us of this Cash Rewards rebate program for boats, cars and home purchases or sales. We trusted our realtor because we had known him for years so we agreed.
The way it works is, at closing you pay 1/2 % of the sale price and that gets sent to this rebate program. After closing you get the paperwork and within 7 days had to send in photocopies of several documents wait a 3 year period then send in additional documents within a 7 day timeframe again.
I was uncomfortable with some of their requirements but made sure that every last detail was sent in properly. We had waited 3 years for this rebate and I wanted to be sure everything was in order.
They were supposed to send my rebate within 60 days. 60 days passed and nothing. I called them and was told that it was being processed and they didn't see any problems and I would get my rebate check with 30 more days. That they were overwhelmed with all of the rebates. 28 days later I got a letter stating that document I sent showing my mortgage payoff wasn't dated within 90 days of closing therefore they were rejecting my rebate and their decision was final and would not be subject for review or appeal.
I took it to a lawyer and he said that the wording on the paperwork was intentially worded so that it could be interpreted several ways. That way they could find a way to refuse to pay. I GOT RIPPED OFF, in other words.
Pam
Ruther Glen, Virginia
U.S.A.
1 Updates & Rebuttals
Friendly Help
Anderson,South Carolina,
U.S.A.
"Don't trust anybody"
#2Consumer Comment
Sat, March 01, 2008
My FIL might have been a bit harsh with that admonition, but it has its merits.
The more complicated a 'deal' is, the more warning bells that go off for me. Your 'deal' did sound way too complicated. Which I inferred was also your feeling.... but you trusted someone you knew. I would be curious (if I were you) to know if your RE agent made a comission on that 'rebate' deal.
B/t/w I presume you left out some details, like what made this rebate seem appropriate, and how much was the rebate supposedly going to be considering that you paid the '1/2% of the sales price' fee. The entire comission? I would doubt that. Was it 1% of the sales price? That would seem to be a bite on the RE agent's, as well as the RE agency's, pocket.
Companies offer rebates as a form of a direct-to-consumer price reduction- which many buyers then fail to collect- to generate buyer interest. Many people find 'free' and 'money back' deals to be irresistible.