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Report: #1305592

Complaint Review: Hervieux Real Estate Group - Encinitas California

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  • Reported By: Joe — San Diego California USA
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  • Hervieux Real Estate Group 12780 HIGH BLUFF DR STE 130 Encinitas, California USA

Paul and Emily Hervieux AKA Hervieux Real Estate Group: Top 3 Biggest Mistakes Home Sellers Make: Paul and Emily Hervieux! Encinitas California

*REBUTTAL Owner of company: Bell listing

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I contacted Paul Hervieux of the Hervieux Real Estate Group, AKA Paul & Emily Hervieux, Broker Associates, Keller Williams Realty in 2012 in response to his workshop on how to sell one's home during the national financial crisis.

My wife and I attended his workshop and met with Paul Hervieux at his offices to review our situation. He recommended his joint venture partner attorney Mr. Brian Cain to whom we paid $250 to review our financials and eligibility to short sell our son's property which we co-owned.

We received advise from Broker Hervieux recommending we miss payments for a number of months to get the ball rolling assuring us we could receive a cash bonus from the banks to assist in the process of short selling it.

Once the initial 30-day loan payment due date passed, I had grave misgivings about our situation and the enormous hit we were going to experience with the three credit bureaus.

As the months wore on, Paul Hervieux kept contactin me trying to move up the short sale date. This picqued my curiousity.

I began performing extensive research on our local market and to my surprise learned that in our location, home prices were quickly rising. So much so, that our home was not only not underwater, we would be able to make a sizeable 5-figure profit after all selling expenses were paid.

This revelation took place in April 2016. With newfound optimism, my wife and I contacted Paul Hervieux to meet and terminate our real estate listing with him. Up to this point we had never met his wife (we saw her at the workshop, yet, didn't speak with her, only Paul). I told Paul we didn't want to finalize our agreement and met with him. To our surprise, his wife was waiting for us in their conference room as we entered. We believe he knew we had discovered his plans to purchase our home and profit from it rather than short sell it. Our proof is that a seller can not short sell a property which is worth more than what the remaining loan balance is. Plain and simple! In addition, Paul's frequent calls to move up the sale due to the changing marketplace is further proof of his deceitful plan.

We didn't want to make waves at the time believing terminating our listing ageement might be met with resistance so we remained polite, explained our perception of the current real estate market (which he concurred) and we mutually terminating the listing agreement.

Since 2013, we have received many direct mailings from Hervieux Real Estate Group. I call each time and explain we do not want mail from this company. The mailings never cease. Yesterday's mail brought another promotion entitled, "Inside Are Your FREE TICKETS To The HOME SELLING EVENT. Attendees with receive $50 for Home Depot... www.HomeSellerSuccess.com. Inside the mailer exclaims:  "Top 3 Biggest Mistakes Home Sellers Make and How to Avoid Them", to which I say, avoid Paul and Emily Hervieux!... Paul and Emily Hervieux!... Paul and Emily Hervieux!

This company and its attorney partner (at the time), had to have known the local real estate landscape was undergoing rapid change as they make it their business to advise home owners' who were underwater how to dispose of their property with the least impact on them. The sole purpose of their workshops was new business development.

Shortly after terminating our agreement with the Hervieux Real Estate Group, we placed our home on the market and received two offers. We chose the highest and best and reaped a tidy profit. We could have lost it all to the Hervieux Real Estate Group who like credit repair agencies, and ambulance chasers, are bottom feeders whose mission in life is to take from those less fortunate and perhaps gullible, through deceit, subterfuge or any other nafarious means at their disposal.

Our bottomline lesson:  Consumers must perform extensive due diligence and use common sense before entrusting what is typicially the largest asset one will ever purchase, to Realtors, Attorneys, and all those entities in the financial food chain.

This report was posted on Ripoff Report on 05/14/2016 02:15 PM and is a permanent record located here: https://www.ripoffreport.com/reports/hervieux-real-estate-group/encinitas-california-92024/paul-and-emily-hervieux-aka-hervieux-real-estate-group-top-3-biggest-mistakes-home-sell-1305592. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
0Author
0Consumer
1Employee/Owner

#1 REBUTTAL Owner of company

Bell listing

AUTHOR: Paul Hervieux - (USA)

POSTED: Tuesday, May 17, 2016

I met with Joseph & Sara Bell on March 6, 2013 in my office to discuss the sale of their home.  We discussed two scenarios; 1) a traditional sale which would pay off the lender in full and cover all sales costs, and 2) a short sale.  At the meeting, we reviewed market data and recent sales.  At the time, there was a sale on the same street (3038 Wohlford Dr), two doors down from the Bell’s property.  That home was a model match/identical floorplan and sold for $352,000 four months prior.  The Bell’s owed over $400,000 on their mortgage and the house was tenant occupied.  Each month they were negative, losing money, after paying their mortgage.  Because of these factors, Joseph & Sara decided to move forward with a short sale.

We then discussed two important factors of a short sale: credit implication & tax implication.  I explained the negative impact a short sale has on your credit score and that you cannot obtain a conventional mortgage for 2 years after the short sale closes (this was based on guidelines at the time, the guidelines have since changed to a 4 year wait period, this change took place in August 2014).  I also explained that the bank will send a 1099-C for the difference between the amount owed to the lender and the amount they receive from the short sale.  I suggested the Bell’s speak with a tax professional (Mr. Cain) to determine if there would be a tax liability since the house was a rental property and not owner occupied. 

Stating that I had a “deceitful plan” to purchase their home is completely false and a baseless accusation.  The Bell’s lienholder was Bank of America and Bank of America’s short sale process required us to initiate the short sale WITHOUT an offer.  Meaning, the bank would conduct an appraisal to determine what they felt fair market value was and then Bank of America would tell us what price to list the home at in the MLS.  Even though the Bell’s decided to list their home with me, I never saw the inside of the property because it was tenant occupied and they did not want the tenants to know the house was for sale.  I expressed no interest in purchasing the home.

In meeting with the Bell’s, it was always our primary goal to find a solution that best fit their needs.  It greatly saddens me that they were left with a negative impression of the experience when we were never given the opportunity to actually list/market the home for sale and evaluate the offers which would have been received.  During the time we worked with the Bell’s, they never expressed any of these concerns with us, and to read this posting about events the occurred over 3 years ago is both surprising and disappointing.  Had the Bell’s expressed their concerns with us, we would have done everything in our power to ensure they were comfortable with the process and that their objectives were all being met.

 

 

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