Complaint Review: Roofstock Inc. - Oakland California

Roofstock, Inc., located at 2001 Broadway Suite 400 Oakland, CA 94612 phone number (800) 466-4116 consistently misrepresents the value and the condition of single family investment properties that it provides for sale over the internet  to buyers all over the United States and internationally.  

On their website, along with their properties for sale, they advertise a 30-day money back guarantee which reads, "Your satisfaction is important to us. If there’s any reason you are not satisfied with your purchase, please notify us within 30 days from closing on your property.

Roofstock will re-list the property for free on our marketplace or any other channels. When the property sells, we will refund the original purchase price at closing regardless of whether it sells for more or less. If the home doesn’t sell within 180 days, Roofstock will buy back the property and you will receive your refund when the property closes. You are responsible for applicable closing costs associated with any of these transactions.

While you still own the home, you are responsible for maintaining the property, as the home must be in materially the same condition as when you purchased it. You are responsible for typical costs of ownership, which may include insurance, upkeep and property management fees.

Properties must meet Roofstock’s certification parameters and pass a property inspection conducted by a Roofstock-approved vendor within 4 months of the purchase date.

Only one guarantee claim may be made by a buyer during any 180-day period."

On April 30th, 2021 I remotely closed on an investment property that their inspection report stated as being relatively free of issues and defects.  Their stated value of the property, located 285 E. 52nd Street N. Tulsa Oklahoma 74126 was in the range of $62,000 - $68,000.  As it turns out, a local real estate agent who is also Roofstock, Inc.'s "approved property manager" for that area reported to me that the actual value was closer to $27,000 or less, possibly much less. 

When learning this, I promptly sent a return request letter to Roofstock's California office and I also emailed the company's general inbox requesting that I be availed of their 30-day money back guarantee.  I don't have documented evidence of their refusal to honor their 30-day money back guarantee, I asked them to state their refusal in writing but during a telephone conversation with one Ms. Shanna Smith from their Texas office Roofstock's intention to "make it right" in their own manner and they refused to list my property for sale on their website, free of charge, as they advertise on their website.

Prior to my purchase of this property, I watched several videos on their YouTube page and I also signed up for their "Roofstock Academy", an internet-based coaching division of Roofstock, Inc.  The cost for that to me was $1400.00. In some of the course material in their academy, they also mention the 30-day money back guarantee.

Sir, I took out a home equity line of credit on my primary residence as well as loans from an internet-based lender and the personal loan division of my credit card company.  The loans that I took out total $69,000 so that I could purchase an investment property worth $65,000.  The payments on these loans total approximately $900 per month.  The property's value was stated as being in the general range of $65,000.  The nature of the property was misrepresented in several different ways on Roofstock's online marketplace and now they refuse to honor the 30-day money back guarantee as clearly advertised on their website.

Due to the fraudulent practices of Roofstock, Inc. I may possibly have to declare bankruptcy and I could quite possibly lose my home.  I am ruined if nothing is done about this.

I am not a lawyer and so I am not sure what sort of action can be taken but I strongly feel that Roofstock, Inc. must be in some way held accountable for its deceptive, dishonest and in my view fraudulent online business practices.