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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 12547
Experience:  B.A.; M.B.A.; J.D.
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a friend got approved for a low income loan section 502 rural

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a friend got approved for a low income loan section 502 rural development but couldn't find suitable property so told her I would sell her 1 acre for $10000.00 so I met with the homebuilder he also was the one that got her loan approved I told him that I would sell my friend 1 acre for $10000.00 witch is far below apprasel price inorder to help her out fiancully the builder said that because he was the one that got her loan approved I would need to deed the property to him so finance people would know that the property was a surething so I said fine so long as she gets the property for $10000.00 well at closeing I was led to believe that that was what we were doing and so did my friend nothing was said about the builder selling the property to her for $21000.00 the money I was paid was paid from her escrow not from the builder he made $11000.00 and wasent out a dime my friend was supposed to get the 1 acre for $10000.00 as we all agreed
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  Phillips Esq. replied 7 months ago.
Hello: This is PhillipsEsq. I am a licensed Attorney and I will be assisting you today.

a friend got approved for a low income loan section 502 rural development but couldn't find suitable property so told her I would sell her 1 acre for $10000.00 so I met with the homebuilder he also was the one that got her loan approved I told him that I would sell my friend 1 acre for $10000.00 witch is far below apprasel price inorder to help her out fiancully the builder said that because he was the one that got her loan approved I would need to deed the property to him so finance people would know that the property was a surething so I said fine so long as she gets the property for $10000.00 well at closeing I was led to believe that that was what we were doing and so did my friend nothing was said about the builder selling the property to her for $21000.00 the money I was paid was paid from her escrow not from the builder he made $11000.00 and wasent out a dime my friend was supposed to get the 1 acre for $10000.00 as we all agreed


Response: I am not even sure why the builder made you transfer the property to him first and then he transferred it to your friend. The builder was deceitful and fraudulent—he made material misrepresentation to you and your friend and must not be allowed to get away with it. There is no legal reason why the transfer could not have been made directly to your friend and then you receive your payment for the property from her escrow account .The builder was not the one making the loan. USDA was the one making the loan available to your friend. The builder must be forced to return the $11,000.00 he made from scamming you and your friend. Otherwise, your friend must file complaint against him with the 502 program (with USDA), and, your Attorney's General's Office. The builder can also be sued to force him to return the $11,000.00 that he made for doing absolutely nothing. He made more than 100% commission for doing nothing. That is quite outrageous!


Complaint to USDA

Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 12547
Experience: B.A.; M.B.A.; J.D.
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