Dear Sir/Madam,
My whole family just moved to Peoria, Arizona on June 22 from the Illinois after more than a month of searching for our dream home we finally found the right one for us a single level SPEC HOME built in 2006. On July 29th my husband and I purchased a home from TW Lewis for $662,000 expected closing date September 1st. We are so happy and excited starting a new life in a warm place, with good and honest intentions we put our life long savings of $40,000 as earnest money/down payment required by TW Lewis to purchase a home, it was cashed in right away by TW Lewis Company on August 5th. I told TW Lewis we only have money for a 10% down payment. TW Lewis provided us a lender through WJ Bradley Company they are the only one that would accept a 10% down plus if we go through their preffered lender they (TW Lewis) will give us an incentive worth $10,000 how ever we want to use it (for closing cost or price deduction). We decided to use it towardss our closing cost.
On August 1st I filed the application with WJ Bradley Company. I told them that our contract closing date was September 1. On August 20 Sam from TW Lewis notified me that the house won't be ready until September 15 I told him that's OK. I also notified the lender they provided WJ Bradley Company about the change of closing date. September 1st I was notified by Fernando Albarran, Sr. Loan Consultant that the 10% down no longer exist and that we have to give a 20% down payment. I told both parties (TW Lewis and WJ Bradley) that Me and my husband do not have the money for 20% down payment. TW Lewis told me that the earnest money/downpayment ($40,000.00) is not refundable if we dont proceed with the contract. I was so scared and intimidated by them knowing that I'm going to loose our savings of $40,000. I told WJ Bradley that I have to pull out my retirement funds to be able to cover the difference.
I was forced to empty all my retirement accounts. WJ Bradley told us we are going to have 2 loans, 1st loan for $417,000 30 year fixed with 5% interest rate 2nd loan is through home equity line of credit for $112,000 variable interest payment only for 40 years. We felt that we have no choice but to proceed with the sale because we don't want to loose our money. We won't be able to buy and afford another home if we loose our earnest money/downpayment. September 17th appraisal was ordered, I was charged through my Chase credit card for $400.00 September 18th appraisal report was done receipt was for $340.00. My credit card was over charged. Appraisal report states that the value of the home were purchasing was $635,000. The asking price for this house was $662,000. On September 23 email from TW Lewis the President of the company wants us to pay half of the difference which is $13,500 in cash WJ Bradley Company verified to TW Lewis that we didnt have that funds.
September 29 email from TW Lewis that we pay the $27,000 difference for 3 years with no interest. It will be a 3rd loan on our part and we told them we cannot afford it. September 30, TW Lewis agreed to lower down their price to $635,000. With 20% down of $127,000 the 1st loan for $417,000 30 year fixed now for 5.375% interest rate, the 2nd loan from TCF Bank which is a home equity line of credit for $89,000. TCF Bank wants to do their own appraisal. On October 7th appraisal was done for the 2nd loan. October 14th appraisal report was $580,000, TW Lewis demanded a review of the report claiming inaccuracy. October 20th TCF bank informed me that the value of the house after the review of the appraiser and the bank area manager is still the same and that they're only going to loan us the amount that they appraised it for. There is now a $55,000 dollar difference, per Mike Thompkins, Team Lead/Loan Consultant of WJ Bradley Company, TW Lewis would not go down on their price and wants us to pay the difference, in their own terms without getting our approval they decided if we cannot pay it cash, they (TW Lewis) wants us to pay it installment payable within 5 years with 6% interest.
I called TW Lewis to beg them to give us the house to what the bank appraised it for, we like to buy the house but the bank won't loan us the difference, I spoke to Kevin Egan, president of TW Lewis I've never been scared in my life talking to him, trying to make him understand that the bank only approved us for $580,000 not $635,000, he told me "no matter what you will loose your earnest money/downpayment even if we cancel the sale and that you are welcome to fight for it. You will never win because our contract is not subject to loan approval or financing". I've never felt so bad and intimidated by this person I felt sick. They are a huge company with lots of money and we are nothing to them. Our dreams of owning a home was shattered, after liquidating all my assets to achieve the 20% down they want, we are still going to end up loosing $40,000 our life long savings and hard earned money, which they have and have been using for the past 6 months. We do not have $55,000 in cash, we cannot afford to take a 3rd mortgage, it is not our fault that the house did not appraised well and that the bank won't loan us money.
We recieved a letter of LOAN DENIAL from the bank. We informed TW Lewis about our loan being denied they did not care and kept our $40,000.00 anyway and mailed us a letter that the contract is forfeited because we failed to come up with the money or loan and we no longer have rights to the said property. We are so trapped and hopeless I cried all night for days, no appetite to eat, I fall asleep crying, our kids are in misery we don't know what to do? During this process we moved 3 times renting a place for a short term lease, we are leaving in a suitcase, we cancelled our container storage from Illinois and appliance delivery multiple times. This experience was very traumatic for us most especially for my children. How can we move on, we cannot afford to buy house. Filed a complaint to Department of Real Estate they told me "they cannnot do anything about a contract dispute" because they are not Lawyers and they don't do litigation. We hired a Lawyer. It's been a very slow process and we're still waiting... My advice do not by a home from tom lewis company they're the worst in arizona they will steal your life savings... They are the "home builder theives"
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