Complaint / review text:
As shown below we did all that was possible to obtain a loan on the property in question below, we attempted to purchase from this company. I have no idea why they would withhold all the deposit money.
Bt their actions they have put us between a rock and a hard place, we have to rent a truck to move, (Cost $675.00) load it and head out to our old home in North Carolina all in one day on. The house we have been renting in Florida has been sold, we believed the property we were attempting to purchase from this company in Deltona, FL at 2625 Courtland Blvd was a done deal, if we are not out of this house by the date listed above, it will also cost us our deposit something we cannot afford and make it back to North Carolina.
We were hoping they would understand and return if not all at least some of the deposit so we will be able to make it back to North Carolina and find a place to rent.
After almost a month and a ton of paper work, the mortgage Company we were working with gave us notice from the underwriters at GMAC, they would not grant the loan.
This came after we had already collected and had us pay the following, $1000 for the deposit, and $1,000 for the House, Termite inspection, and the Appraiser.
We have exhausted all of our current savings as described above, I am a disabled veteran with congestive heart failure, collecting disability from the Veterans Administration and Social Security, it may take at least six months to a year to recoup what we have lost, the $2,000 was borrowed from my life insurance policy which also must be paid back.
I received the following from the Gorilla Capital Company Chief Executive Officer.
I do not know whether you were represented by a realtor in this real estate transaction. If you were represented by a realtor, the realtor should have explained the terms of the agreement to you. Gorilla Capital has a policy of 100% full refund of deposits within 10 days with no questions asked. This policy is clearly stated in our contract for the purchase of the home. If the contract is not canceled by the buyer within 10 days, the deposit is not refundable. Please understand that while the home is under contract, Gorilla Capital is not able to sell the home to another buyer. The delay caused by a buyer being unable to close the agreed purchase creates additional holding costs, including taxes, HOA fees, utilities, maintenance, and interest. Our loss due to a buyer being unable to close the purchase as required by the contract is much more than the $1,000 deposit amount. Like you, we thought that the purchase of the home was a done deal, and we are going to suffer losses due to the failure to close this transaction just as you are. While we are not pleased to learn that you were unable to obtain a loan from your lender, in order to offer the low prices on homes, we must adhere to our rules regarding deposits in order to cover our additional costs.