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Updated about 6 years ago on . Most recent reply

User Stats

37
Posts
7
Votes
Christopher Short
  • Flipper/Rehabber
  • Charlotte, NC
7
Votes |
37
Posts

Lender Issues costing me the deal

Christopher Short
  • Flipper/Rehabber
  • Charlotte, NC
Posted

Good Evening Everyone, 

So I have this issue where I have a property under contract and the lenders are letting me down tremendously. I won't mention their names but the lender is a Hard money lender and I had to make a substantial investment to become a member with the company. Long story short, a time and date was set for an evaluation to be done. Also, my agent's contact info was sent out to the lender for them to coordinate dates and times to access the property. Well the company they sent out did not call my agent, therefore could not access the property. There was no follow up email or call sent to me, I had to find this out by calling  the lenders myself. The lender is saying that they are trying to get more evaluators out to the property but some have cancelled and others don't operate in the area. On top of that, they won't allow a referral for a company by my agent. Basically i'm in limbo here and the closing date is rapidly approaching. What should I do? I don't want to lose this deal, and I cant just request the money back that I put in to become a member. Anybody ever dealt with anything like this?  

Most Popular Reply

User Stats

16,433
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12,718
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Ned Carey
  • Investor
  • Baltimore, MD
12,718
Votes |
16,433
Posts
Ned Carey
  • Investor
  • Baltimore, MD
ModeratorReplied

@Christopher Short the reality is lenders kill a lot of deals. May deals fall apart for all kinds of reasons. 

In this case it looks like you have been taken advantage of. If I understand you correctly, you paid to "Join" their company? My guess is the rarely if ever fund deals they make their money suckering people to "join"

If  you feel comfortable, it is certainly withing the rules here to call them out.

  • Ned Carey
  • Loading replies...