My husband an I wanted to purchase property so that we (my dad and my husband) couled build our dream home. We went to Wells Rargo bank and were referred to Markita in home mortgage.
My husband explained our intent to her and she started the processes for our loan and contuined to process our loan knowing our intent. When we were told we needed a contractor she stated that we would just need to find a contractor who was willing to work with us and let us build. (but we needed one for their license)
When we worked out a deal with a contracted and he contacted Markita (11 days before close) and she told him we were not allowed to build or be a part of any building on the property When i called her to complain she stated she had told us that information and that we knew.
I contacted two of her supervisors (Danny and Jay) whom both within 30 minutes of talking to them told me it is against Wellsfargo policy to have owners build their homes. BUT, if we found a contracted who would secretly let us, what they don't know won't hurt us, and we would only be able to build a home that is a little over half the square footage we wanted. RIGHT! My husband and I lost $10,000 in ernest money to the seller.
We tried several other lenders who were kind enought within a few minutes of my time to let me know that we could notbe able complete the project we wanted to do without more money than we had.
We lost $10,000 of our own money and my father moved here to start building he lost 6,000 in moving expeses.
It would have taken this one women 5 minutes of her time to explain that simple policy to us and we would not have lost all we have.
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