We went on a free tour of these properties back in July. We found an acre we loved and made our purchase. We were so excited about owning real estate in an expensive CA market. We were told that our lot was guaranteed buildable and that we were getting a deal on the purchase price.
We made our payments (over our minimum) for two years and were ready to build. Well come to find out the land is not buildable! We would have to remove trees, and level the land at a price of $50,000 and by the way the land will not perk so we can't put in a septic. So our dreams of a cabin in the woods were crushed. We got the land appraised and guess what??? The $22,000 piece of property is worth maybe $7,000.
The saga continues:
We called National recreation properties and were given no assistance. We stopped making our payments in a hope to get some help. Well after a while we got calls for the finance company when we explained they are in breech of contract (yes our sales contract says the land will perk) We simply got demands for money. We advised if they would not fix the issue we either wanted the money back or the deed to the land free and clear as we've already paid $15,000 for a $7,000 piece of property. Still our concerns were not even acknowledged and no help offered.
Finally we received an offer to buy our land from national recreational properties and put $5,325 cash in our pocket. Finally we thought we were out of this and agreed to the purchase. We electronically signed the agreement. Weeks went by and nothing. I called to check on the status and was told due to the real estate market they would not be buying out land, we would receive a letter stating this. So, needless to say no letter was ever received! So as far as I am concerned we still have an agreement for National recreation properties to buy our land back and owe us $5325.
Well now we are told they are foreclosing on our land but we can sign paper to give them the deed in lieu of foreclosure. So we will be out $15,000 they own the land and can re-sell it to some other poor smuck. Oh but they are doing us a favor because it won't be on our credit and we don't have to pay the $7000 balance on the loan! (yes I'm being sarcastic if those of you reading didn't know)
So we are consulting an attorney if any one else wants to go into and sue these scam artist. We know what they do the get money out of hard working people. Take the land and then sell it and take the land again. They make money by selling the same piece of property over and over. Eric Estrata you sould be ashamed. We also plan on going to the media and telling everyone stay away from NRPI land!
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