My wife and I own a property in Waterloo Iowa that is up for sale. On 12/7/2013 we accepted an agreed offer from a realtor that works for Inspired Real Estate and who was representing a rental company that he owns through them as well. As agreed up in the offer they placed a contingency on the sale that he would notify us in writing by 1/20/2014 if he in good faith was unable to obtain a 80/20 loan. I obviously understand that I agreed to the contingency and for that I don’t have a problem with the terms. The problem I have is that we didn’t receive a written notice until 1/22/2014 that we had to request and and at that point it didn’t spell out why he wasn’t able to get a loan and there was no burden of proof, he didn’t provide us w/ any denial letters. It pretty much said I didn’t get financing I want my $500 of earnest money back. Through this ordeal the carrying cost came up to be a little over $2000, not to mention we had our lawyer write up the deed, sent the abstract to get updated b/c there only 3 business days left before closing and b/c we live out of state we took days off of work, booked a hotel, pulled our son out of school and the list goes on w/ time and money spent I wouldn’t be surprised if my wife and I didn’t spend close to or above $4,000. Due to the amount of money we have wasted we requested that the Inspired Realtor provide us w/ denial letters in which he has refused. I’m posting this to warn people of this guy and Inspired Real Estate practices b/c I can’t help to think what if this was some elderly person who was depending on the selling of their home for nursing home care or a family was selling to pay off their ailing parents health care bills. This is a lesson learned for my wife and I. Hopefully I can help protect others. Personally, I don’t care what realtor it is no one at Inspired is allowed to show my home.
Inspired Real Estate is a US Real Estate Agency based in Cedar Falls, Iowa. Inspired Real Estate is located at 3006 Rownd St, Cedar Falls, IA 50613, USA.
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