• Report: #1133316

Complaint Review: WPI, WholeSale Properties Inc, Carl Ferrel, Lee

  • Submitted: Mon, March 24, 2014
  • Updated: Thu, May 15, 2014

  • Reported By: Realestateinvestor — ronkonkoma New York
WPI, WholeSale Properties Inc, Carl Ferrel, Lee
3440 Toringdon Way, Suite 205, Charlotte, NC 28277 Charlotte, North Carolina USA

WPI, WholeSale Properties International, Carl Ferrel, Lee This company has been 100% dishonest, I am still trying to get back a $20,000 deposit. Wholesale Properties International claims to help investors find properties(specializes in multifamily) at discounted prices through the bank. My dealings have been nothing but a headache and one lie after another. Last February I called because I was looking for a multifamily property in Charlotte, I spoke with Lee who told me they could help with the whole process, finding the property to getting tenants and management in place. Lee informed me that in order to look for properties I must give them a $10,000 deposit to hold a property which is 100% refundable if they don't find anything in three months. Three months have gone by and they kept showing me the same beat up properties. Nothing has been resolved and it's been over a year. Be Careful. Charlotte North Carolina

*Author of original report: Report update part 3

*Author of original report: Take this report Down

*Author of original report: Please take this post down

*UPDATE Employee: Company Response To Complaint

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Wholesale Properties International claims to help investors find properties(specializes in multifamily) at discounted prices through the bank.  My dealings have been nothing but a headache and one lie after another. Last February I called because I was looking for a multifamily property in Charlotte, I spoke with Lee who told me they could help with the whole process, finding the property to getting tenants and management in place. Lee informed me that in order to look for properties I must give them a $10,000 deposit to hold a property which is 100% refundable if they don't find anything in three months.

                Three months have gone by and they kept showing me the same beat up properties. I flew down to Charlotte to look at 3 different properties. Finally we found one of interest and I made an offer. Lee said I must put down another $10,000 for a total of $20,000 refundable if the property doesn't close. I stated that the only way I would move forward is if we could have the property traditionally finance(no hard money) which he assured me we could. As we are going through the final stages of underwriting the loan get's denied because the property is distressed(in foreclosure). I have great credit and make a good living, qualifying for the mortgage isn't an issue. It was totally the property. I requested my  $10,000 back and he blew it off said it would take two weeks but we'll keep looking for other properties. This was in July mind you.

                In August he showed me a property of interest and I had a trusted advisor go down and look at it. Reports came back that it was in total disarray. Now I requested the full $20,000 back again. At this point I lost all trust in their operation and I looked for a different broker. This broker happened to show me one of the properties I visited prior 320 Hamilton DR Concord NC.  Well he was trying to sell me the property saying it would cost between $400k-$420k. This same property was listed at $350k.

                These guys are just brokers trying to sell properties much higher than the banks and listing agents have them listed for. They still have my deposit and I have a lawyer working to get it back. They claim it is tied up in the property and that's why they haven't returned it. They claim to have added $2,000 to the debt. At this point if I don't gain traction trying to get the money back we will go to litigation. Carl Ferrel is the owner and he has been informed of what is going on. Nothing has been resolved and it's been over a year. Be Careful.

Jon, Charlotte, New York


This report was posted on Ripoff Report on 03/24/2014 05:36 PM and is a permanent record located here: http://www.ripoffreport.com/r/WPI-WholeSale-Properties-Inc-Carl-Ferrel-Lee/Charlotte-North-Carolina-28277/WPI-WholeSale-Properties-International-Carl-Ferrel-Lee-This-company-has-been-100-dish-1133316. 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.

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REBUTTALS & REPLIES:
3Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Report update part 3

AUTHOR: Realestateinvestor - ()

I have requested this report be taken down. I have been in contact with WPI and Lee and we have worked out a resolution which satifies both sides. We have had a professional and open dialogue and I want this report to be removed.

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#2 Author of original report

Take this report Down

AUTHOR: Realestateinvestor - ()

Please take this report down. I have spoken with Lee at WPI and they are working to refund my deposit. They are working on a resolution. I am requesting this report be taken down immediately.

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#3 Author of original report

Please take this post down

AUTHOR: Realestateinvestor - ()

I have been working with WPI on getting our dispute resolved. Please take down the prior complaint. We have the framework of a resolution in place.

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#4 UPDATE Employee

Company Response To Complaint

AUTHOR: WPI Client Services - ()

WPI clients benefit from all our full service brands of providing private money real estate loans, buying and selling real estate and our “Buy/Lease” program for homebuyers or investors with good or bad credit. Consumers should be aware that there are always two sides to every story and that anyone can post anything online without the full facts. Justified complaints can be filed by contacting your local BBB. A companies business practices can also be research by contacting the BBB in your state.  WPI is an Accredited Business with an A Rating which is publicly displayed on our site.  

 

                                                                   Testimony 

 
"As an experienced real estate broker and investor, I have worked with numerous other lending sources, however WPI proved to be one of the best and fastest. I contacted them with only a little over a week to close on an REO Rehab Project and they got it done in record time and at much better terms than I was able to secure on my own. They will even be assisting me with finding a qualified buyer once we are done with renovations. Thank you WPI for your hard work and professionalism. I look forward to building a long business relationship with WPI, and I encourage others who are looking for an outstanding experience, to do the same."  G. Dabney - Investor/Owner Broker  
 
     See Additional Testimonies and our  "A" Rating with BBB on our site



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Thank You
The WPI Team
www.buywpi.com/buywpi.htm

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