ED Magedson – Founder
HBI Group, Inc.2401 Fountainview Dr., Suite 622 Houston, Texas USA
HBI Group, Inc. Home Buyer Investor GroupHBISA Group, Inc.Barry PowerBarry PowersThien CaoTania MendozaBelinda RodriquezTillynGary Cain Texas Deceptive Trade Act Loans Houston Texas
Found a house within their criteria and was approved for a loan with $1,500 of repair money towards the house. Two months of delays with Earnest Money Contract. When they ordered appraisal, it was missing bathroom and storage room so basically the appraisal was no good but to make matters worse, HBI, shopped out the loan to Red Door, whcih they were on a list with my investor club and I did not like this investor since they seemed on the shady side, which I was right due to the appraisal they gave me and they wanted more money down.
I noticed the rooms were missing and called them on the carpet and then HBI did a desk appraisal and asked for another extension on Earnest Money Contract when their own title company said it would take five days. This appaisal came out within their criteria with $1500 in repairs. After the approved to close on May 23, 2014, they backed out the closing on May 26th by phone stating I need and said they would send me a letter the next day. The closing was on May 30th. They stated I needed to put the repair money equal to the repairs in escrow and it would be returned when I made the repairs, which this was never explained to me when I signed up.
They called the realtor and cancelled deal and never consulted me. Also, I asked continously regarding fees and clsosign clost which HBI never wanted to give me any figures. They strung me along for two months and back out and I almost lost my Earnest Money if the realtor said I could find another investor. The realtor informed me that the even two days before the closing they were sending people who could not even speak English to try to get a loan so this tells me that they have no investors in place when they approve a loan.
They have violated the Texas Fair Practices Act due to misleading and deceptive actions. I took a money order to HBI on April 17th and it was cashed on April 21st but they never turned the money over the Title Company. I almost lost the deal since they would not turn in the Earnest Money Contract and my earnest money until 5/5/14. I am requesting my $2,500 I gave them to get me a loan and the $400 for the lousy appraisal. They will not even respond regarding the mediation that is on their contract.
This report was posted on Ripoff Report on 06/07/2014 07:27 PM and is a permanent record located here: http://www.ripoffreport.com/reports/hbi-group-inc/houston-texas-77057/hbi-group-inc-home-buyer-investor-grouphbisa-group-incbarry-powerbarry-powersthien-ca-1152977. 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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