Scott Griggs & Carl Grewe attempted to pull a fast one on us. The typical unethical type of developer was looking to finance a property that they overpaid for back during the refi boom and then let it foreclose with us knowing the current lender couldn't even get the balance of the note. After flying to San Clemente, Ca to look at the property and making a professional determination of the value, Scott began to throw a temper tantrum because guess what this is the same answer he got from the last valuation. This whole transaction was orchestrated by Scott Griggs and Carl Grewe to simply take out a hidden investor so they could save face on a dreadful purchase transaction.
Furthermore, after sitting with Carl Grewe in a coffee shop for a couple of hours to discuss the transaction several factors came out which solidified our discomfort.
1. They have been trying to sell the property with no interest what so ever even at a discounted rate.
2. The current lender can't even find a taker for the current balance which is only $2.5mm.
3. Carl Grewe offered me the entire profit as well as stating Scott would do the same thing if I would convince an investor to fund the project.
4. After numerous statements that they had sincere interest for builders on the property it was made clear by Carl Grewe the Scott Griggs and himself merely where going to have one of the contractors they work with draw up some LOI's to doctor up some fake interest.
5. After our call yesterday we still had no resolution yet Scott Griggs still felt it was necessary to call me a scammer and say that I haven't given him a refund when the broker asked me to do a conference call this afternoon to discuss ordering an appraisal.
6. Carl made it clear that he has went from a net worth of $14mm down to less then a million.
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