Cesar Deschamps of Remax referred me to Mrrge Weber of Carl Burr Realty/Homes. I signed a contract for a new piece of propery. This was a construction loan. I had never been involved in a construction loan before. Mr. Deschamps and Ms. Weber kept telling me nothing would move forward until I received loan approval. I never received loan approval but as of 2/9/06 Burr started surveying and permitting on the land. I was continuosly told that I would be able to cancel this contract (I was haviang alot of questions on the loan aspect, isks, etc.
I signed the contract in January and never received theexecuted contract back until March 7th. (They apparently signed it mid January—but I didnt get any notification of that. The mailed executed document came to my door 3/7/06. They sent me (in Feb.) to their loan broker (Michelle Hannah/Gulfside) who never sent me any good faith estimate and whom I terminated in the beginning of March because between this broker (Michelle Hannah from Gulfside Mortgage, Cesar DEschamps and Marge Weber— I was conerned that they kept telling me "not to worry".. I was already making money in appreciation!" I changed lenders and he (Dan Talley, from First COast Mortgage) was the first to describe the risks and costs of a construction loan. No one else had taken that apporach. Cesar Descahmps told me nothing was started until escrow closed and I recieved loan approval. Little did I know that they were already working on the land! Little did I know that escrow is different with a construction loan (that surfaced later). I had been in touch with Weber, Deschamps at least 2x a week, sometimes daily and no one informed me the project had begun.
Later Burr told me that the project starts upon receipt of the deposit money ($3100). Why wasnt I informed that they were already expensing in Feb? I hadnt received the executred contract, nor any loan approval yet?
I cancelled the contract and was told by the referring agent (Deschamps)—no problem, you can get out. I sent written and verbal notice.
In April, I recieved a check for $490.24. That was it. On April 10th I received a breakdown of those costs which was on a Quick book ledger— no original bills at all.
Why wasnt informed that the work started in Feb?
Why did they say—"nothing starts till escrow closes?
In April Marge Weber confirmed that Michelle hannah had givin Burr "loan approval". I called Michelle Hannah/Gulfside Mortgage and she said she did send them (Burr) written approval.
She could not produce evidence of this to me. I had in fact never received any good faith estimate from her...
Help me get my money back. I feel they over sold me, and that the referring agent did not act a fiduciary protecting me and informing me of my rights and what was happening. I feel Burr acted without proper authorization, misled me and did not disclose the fact that work had begun in February, even though we were having conversations back an forth... And now I am paying the price. It may be that they have strong working relationships and forgot to act on behalf.
Any help is apprciated.
Sincerely
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