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  • Report:  #1036887

Complaint Review: Factory Exp Homes Chandler AZ

Factory Exp Homes Chandler AZ Alta Cima Corp Not refunding my $7K Escrow even though I did not qualify for a mortgage loan. No products or services were redered. Chandler, Arizona

  • Reported By:
    Ulysses — Tombstone Arizona
  • Submitted:
    Fri, March 22, 2013
  • Updated:
    Thu, April 18, 2013
Factory Expo Home Center of Chandler Arizona will keep all good faith or escrow monies whether the deal has completed or not, unless you specifically stipulate it in the contract as an addendum. 
I did not qualify for a mortgage loan because I am retired US Army Veteran and living off of my pension and it was not considered adequate income even though I offered a large down payment, had a high credit score, and owned the land.
Therefore, the deal collapsed the home manufacturer refused to refund my "down payment". They did not begin the project and they did not incur any costs.  No product or service was exchanged.
This caveat was never explained to me upon signing of the contract to build a manufactured home. I consider this an unethical business practices. They just gave me excuses, stalling, and lies, but not a refund.

3 Updates & Rebuttals


Bertha

Tombstone,
Arizona,

Issue Resolved

#4Author of original report

Thu, April 18, 2013

I am writing to clarify my earlier statement/post regarding Alta Cima Corp. d/b/a Factory Expo Home Center. There was a misunderstanding between Factory Expo and myself regarding my Purchase Agreement. My statements were made in error and without attempting to contact Factory Expo to resolve the situation. I would like to officially rescind my original statements and, further, clarify that Factory Expo has resolved this issue, in its entirety, and to my complete satisfaction.


Bertha

Tombstone,
Arizona,

A.R.S. 41-2180 Trust & Escrow Requirements, Rules, Exemptions

#4Author of original report

Tue, April 02, 2013

AZ Revised Statutes: Rel to Manufactured Housing

8. Date and payment for all goods and services the dealer has contracted to provide.

I All earnest money deposited in the trust or escrow account shall be held in such account until one of the following is completed.

1.  An application for title transfer has been made.
2.  The transaction involved is consummated or terminated and a complete accounting is made.

J. Upon completion of subsequent of this section the earnest money deposit shall be conveyed to the lending institution, or dealer, broker, purchaser, seller manufacturer, or lienholder, whichever is applicable.

L.  The deposits referred to in this section shall not be utilized for any purpose other than the transaction for which they were provided.


Bertha

Tombstone,
Arizona,

A.R.S. 32-2151

#4Author of original report

Sat, March 30, 2013

State of Arizona Legislature

Section 1. Section 41-2180, AZ Revised Statutes, is amended to read:

A.  Each dealer or broker licensed pursuant to this article shall establish an independent escrow account with an independent financial institution or escrow agent authorized to handle such account in AZ as prescribed by title 6, chap 7 or 8, for each transaction involving:

1. A new manufactured home.
2. A new factory-built building designated for use as a residential dwelling.
3. A manufactured home, mobile home or factory-built building designed for use as a residential dwelling that is previously owned ant that has a purchase price of $50K or more.

I. N. All earnest money deposited in the trust or escrow account shall be held in such account until one of the following is completed:

1. An application for title transfer has been made.

2. The transaction involved is consummated or terminated and a complete accounting account is made.

J. O.  Upon on completion of pursuant to subsection I N of this section, the earnest money deposit shall be conveyed to the lending institution or the dealer, broker, purchaser, seller, manufacturer or leinholder, whichever is applicable.

L. Q.  The deposits referred to in this section shall not be utilized used for any purpose other than the transaction for which they were provided.

Above is only an excerpt:
Go to for the complete source document:
AZ Revised Statutes: Rel to Manufactured Housing

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