These guys are crooks, STAY AWAY, Im actually looking for others that have been scamed by this company. I want to form a class action lawsuit against these "fakes". Again these guys will take your money and leave you hanging. If anyone out there has been robbed as well pleae post a thread and I will contact you with my plan.
Well I am in for the wole thing. I have paid them there money and what was to be 5 days is now 3weeks. I am starting to get worried. My Co. is running out of Cap, and I am startting to get a bad feeling about these guies. Well let you know whats going on wiht this.
Quote:
On 2007-03-08 09:28, tnics wrote:
Well I am in for the wole thing. I have paid them there money and what was to be 5 days is now 3weeks. I am starting to get worried. My Co. is running out of Cap, and I am startting to get a bad feeling about these guies. Well let you know whats going on wiht this.
These guys are getting away with thousands of dollars for doing NOTHING!!!!! They take your deposit (say $10,000) for "due dilligence" and then come back with a term sheet saying they need tens of thousands more for "due dilligence" which does not include site visits, appraisal, or fees incurred for travel, etc.... Neither "deposit" is refundable, so since they already have the ten thousand, you either have to cough up more or write off the original $10,000. Would be interesting to know how many have lost money this way. Is this even legal?????? If so, why?????
If anyone here can help me....I sent these people $7500 dollars and the letter of interest clearly stated that the deposit was refundable...they never could get anything started, so I requested the refund and they tell me no refund...now what do I do?....my contact info is **Please See My Profile** or my cell is 8642663248. I have all documented paperwork and would be willing to talk to someone if needed...
Stay away, stay away; I deal with a circle of seasoned investors who have had negative results in their dealings. I advise to look else where for financing.
I take it all of these deals with Remington are Aquisiton and Developement? None of you are getting taken this way for completed and rent ready props right?
Has anyone checked out the BBB lately regarding Remington Financial Group? It might be worth doing so before making a decision to move forward with your deals. If nothing else it may help you make a better decision for your financing.
capresman: If you are still on this thread contact the attorney mentioned before; Neal Swensen regarding your clients and see if you have a valid case to be filed.
This is the reason this board needs sticky posts. This thread with eventually drop down into the archive and more people will not find this post and be scammed.
Not sure how sticky posts would help that. But it is a good reason to sign up for the more advanced memberships so that you have access to the forum search function.
Another alternative would be to get a HELOC. You can get them for free and there would be no interest charges until you took a draw against it to fund your next deal. Have you considered that option?
Thanks Loon, I didnt really change my mind and do still agree that if I was to refi, it would be better to have a deal in mind. Thanks a lot for the input. Matt
I didnt mean title seasoning for mortgages. Even with cash deal banks are imposing a 90 day deed restriction before you can resell the property. But I understand what you are saying.
Delays like this are routine... unless the contract had wording like "time is of the essence" about the closing date, there is no reason or grounds to pursue this further.
Thanks for the reply. The contract is specific in that it say on May20,2009, or earlier. In other states where I have done business this contract would have needed an extension. The sad thing is that this situation is a result of two very incompetent realtors and me putting my faith in them.
Does the harmed side (you) have to put the other party on notice when the clock struck midnight on the 20, that they were in breach and need to cure in 3-days.
I make my contract active that I HAVE to write that a contingency is waiver rather than silently happening.
That was my read. Something just made the hair on the back of my neck stand up.
They are a broker that pretends to be a lender. Be very wary...
These guys are crooks, STAY AWAY, Im actually looking for others that have been scamed by this company. I want to form a class action lawsuit against these "fakes". Again these guys will take your money and leave you hanging. If anyone out there has been robbed as well pleae post a thread and I will contact you with my plan.
Well I am in for the wole thing. I have paid them there money and what was to be 5 days is now 3weeks. I am starting to get worried. My Co. is running out of Cap, and I am startting to get a bad feeling about these guies. Well let you know whats going on wiht this.
Quote:
On 2007-03-08 09:28, tnics wrote:
Well I am in for the wole thing. I have paid them there money and what was to be 5 days is now 3weeks. I am starting to get worried. My Co. is running out of Cap, and I am startting to get a bad feeling about these guies. Well let you know whats going on wiht this.
any updates?
These guys are getting away with thousands of dollars for doing NOTHING!!!!! They take your deposit (say $10,000) for "due dilligence" and then come back with a term sheet saying they need tens of thousands more for "due dilligence" which does not include site visits, appraisal, or fees incurred for travel, etc.... Neither "deposit" is refundable, so since they already have the ten thousand, you either have to cough up more or write off the original $10,000. Would be interesting to know how many have lost money this way. Is this even legal?????? If so, why?????
If anyone here can help me....I sent these people $7500 dollars and the letter of interest clearly stated that the deposit was refundable...they never could get anything started, so I requested the refund and they tell me no refund...now what do I do?....my contact info is **Please See My Profile** or my cell is 8642663248. I have all documented paperwork and would be willing to talk to someone if needed...
Stay away, stay away; I deal with a circle of seasoned investors who have had negative results in their dealings. I advise to look else where for financing.
I take it all of these deals with Remington are Aquisiton and Developement? None of you are getting taken this way for completed and rent ready props right?
This sounds like a Job for Dateline NBC! Like the internet, the scam artist can get exposed to millions on TV saving real investors thousands.
Has anyone checked out the BBB lately regarding Remington Financial Group? It might be worth doing so before making a decision to move forward with your deals. If nothing else it may help you make a better decision for your financing.
capresman: If you are still on this thread contact the attorney mentioned before; Neal Swensen regarding your clients and see if you have a valid case to be filed.
This is the reason this board needs sticky posts. This thread with eventually drop down into the archive and more people will not find this post and be scammed.
Random,
Not sure how sticky posts would help that. But it is a good reason to sign up for the more advanced memberships so that you have access to the forum search function.
Another alternative would be to get a HELOC. You can get them for free and there would be no interest charges until you took a draw against it to fund your next deal. Have you considered that option?
Just get a HELOC. Refinancing for no purpose is just plain dumb...and expensive...
if you dont qualify for a HELOC, u certainly wont refinance cheaply.
Thanks Loon, I didnt really change my mind and do still agree that if I was to refi, it would be better to have a deal in mind. Thanks a lot for the input. Matt
Thanks Loon,
I didnt mean title seasoning for mortgages. Even with cash deal banks are imposing a 90 day deed restriction before you can resell the property. But I understand what you are saying.
Has the bank explained why?
From my understanding its to prevent investors from quick flips. They want to make sure the buyer is looking to live there or rehab.
part - a is the only guy on the loan
title issue, llc v. individual. (which you mention)
have the right to buy him out.
look at non std. distribution of profit / loss.
Delays like this are routine... unless the contract had wording like "time is of the essence" about the closing date, there is no reason or grounds to pursue this further.
Thanks for the reply. The contract is specific in that it say on May20,2009, or earlier. In other states where I have done business this contract would have needed an extension. The sad thing is that this situation is a result of two very incompetent realtors and me putting my faith in them.
Is the contract active or passive on "changes"?
e.g.
Does the harmed side (you) have to put the other party on notice when the clock struck midnight on the 20, that they were in breach and need to cure in 3-days.
I make my contract active that I HAVE to write that a contingency is waiver rather than silently happening.
Thank you to all who have responded to my posts. I guess this a live and learn situation and if you want it done right, do it yourself. Thanks again.
I hope the contract is specific to the time period?