I will make this short and sweet. Barry Wallis and Peachtree Financial provided an LOI to us to do a loan on a piece of property in southern California. We provided all of our personal information along with an appraisal that had been completed on the property in the spring of 2007. The appraisal was ordered by a bank that we were going to get a construction loan through so it was not one we had requested or paid for.
We received an e-mail from Mr. Wallis stating that all of our paperwork was in order but that he had to order another appraisal on the property. We were charged more than was is the accepted cost for this area but that is another story. When the appraisal, from his "independent" appraiser, came back it was HALF of what the bank's appraiser came back with last year. Now I know that properties values are down in most areas across the country, but this is 2.89 acres (9 lots) of ocean view property in San Clemente, CA. Less than 5 minutes from the water.
Mr. Wallis now states that because "our" appraisal, which is not even ours, it was the previous banks, was "incorrect" he has the right to keep our $50k ($10k was paid at the beginning and then another $40k upon signing the LOI). THIS IS A SCAM! They never had any intention of providing the loan. They string you a long, get a low ball appraisal and then blame it on you so they can "try" and keep your money.
We are going after Mr. Wallis and Peachtree Financial. I just want to warn anyone else out there before they get involved with these crooks!
0 comments