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Cardinal Realty Complaint - Cardinal Realty Are Swindlers And The Real Estate Commission Lets Them Get Away With It

Review by cears on 2008-12-31
FOREST CITY, NORTH CAROLINA -- We went to Cardinal Realty in NC in hopes of getting into a lease to own. She told me the owner of the house we were interested in wanted us to put down $5,000 more to do the deal. I said o.k. I went to her office to sign the papers. She gave me a contract to sign and I said if we could not get financing we would get the money we put down back. She told me yes. She could just not fill in some of the contract right now because she needs to get more info, but when everything was ready to go all the questions would be filled in and the n/a’s she put in would be taken out. She then gave me a hard time about getting an inspection done and about getting things ready for us to own the house. I told her never mind I would go elsewhere and she said no, I'm sorry, I'm just not use to someone wanting to get an inspection and appraisal done when they are going to lease. I told her we are not just going to lease we want to buy. This is the reason you said we had to put down thousands of dollars. We finally got the inspection etc. done and I asked her if I needed to get an attorney and she told me I could but her's would do the same things and for less money. So the day comes to sign the final papers and we show up in our moving truck ready to sign and move in.

We sit down at the table with the realtor, the current owners, the attorney's assistant and some people just sitting around listening. She hands out the contracts to us and it is not the same contract title. I ask her why it is a different contract. She tells me it is the same contract just the laws changed in Jan. 08 and just the name has changed. As we go through the contract it says if we don't buy then the thousands we put down go to the owner instead of us getting it back like she told me before. I didn't have a choice except to sign because we left our old house and gave the keys back to our old landlord and our moving truck was sitting outside the office with our family in it ready to go to our new home. If I didn't sign where was my family going to live? In the moving truck we rented for 24 hours?

We put all we had down on this house and didn't have the money to go rent a new place or to pay hotel bills. I wrote the Real Estate Commission in NC and showed them the two different contracts she gave me to sign. I also told them I found out the agent and sellers have also been friends for 20 years and she never disclosed this to me or had me sign what I now know to be a disclosure of seller statement. She also told me several other things that turned out not to be the truth. She then told the commission she gave me the first contract because it is the only one she had available at the time. I guess she then printed out a disclosure statement and put on it I refused to sign. She sent this to the commission as her reasons for doing these things. and they said o.k. They then sent me a letter stating the realtor did nothing wrong.

Now, if we can't get financing we lose our thousands in down payment. This just can't be o.k. for them to get away with.
Comments:6 Replies - Latest reply on 2009-01-01
Posted by RestaurantGuy on 2008-12-31:
Why didn't you get the financing before you went to the closing? I'm asking because I have never done a rent to own. When I bought our house we went into closing with financing in place. Just asking
Posted by moneybags on 2008-12-31:
What you probably are doing is a "lease with option to purchase." In these, the seller does retain the deposit if you don't close the deal. How long do you have to close? you can continue to lease for a while, but if you have decent credit and employment history, you should be able to qualify for a mortgage. Check with Ditech or Lending Tree, They have multiple lenders looking at your hiostory,etc. and even with the added fee (around $500) with todays conventional or FHA loan, you'll comeout o.k.
Posted by cears on 2009-01-01:
We didn't get financing before hand because we don't use any credit cards so whom ever gives us financing will have to use secondary credit. My husband also just got laid off because his company ran out of work so he didn't have a job to put down at the time. I am a stay at home mom and didn't have a income at the time either.

We have 3 years till closing. Thanks for your responses.
Posted by spiderman2 on 2009-01-01:
I hope it all works out for you. It doesn't sound like this was a good time in your life for you to be attempting to buy a house though.
Posted by Ponie on 2009-01-01:
Ouch! Hope things work out to your advantage.
Posted by Anonymous on 2009-01-01:
moneybags is correct, when you do a lease to own, the seller keeps the down payment in the event that you don't close. This should have been clearly explained to you both verbally and in writing before you signed anything.

Good luck!

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