Report: #1035553

Complaint Review: National Asset Advisors

  • Submitted: Sun, March 17, 2013
  • Updated: Sat, April 12, 2014
  • Reported By: Kimberly Reed — Detroit Michigan
  • National Asset Advisors
    4350 St. Andrews Rd Columbia, SC 29210
    United States of America

Show customers why they should trust your business over your competitors...

National Asset is a complete SCAM! They go state to state finding vacant homes that has ALOT wrong with them taking people money, and put a forsale sign in front & a Combination lock on the door, When you call them to inquire about a house that has there forsale sign out front, they ask you for your Personal information so they can do a "CREDIT CHECK" and they will call you back with a move in price Depending on your credit, then they called you back with a price like $2000 to move in & $600 a month then they ask you to wire the money to them by MONEYGRAM & once they recieve the money they call you and say you can take the Combination lock off and move in! It's a scam I looked online to see who name the house once I moved in it was a different name from the company name DO NOT FALL FOR THIS SCAM
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This report was posted on Ripoff Report on 03/17/2013 04:38 PM and is a permanent record located here: 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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#1 Consumer Comment


AUTHOR: Bryan wickizer - ()

I got a house through them and everything is good no problems.

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#2 Consumer Comment

National Asset Advisors Helped my family

AUTHOR: Heather1215 - ()

National Asset Advisors is not a scam. I have spoken with Judy personally although she was never represented to me as the manager. They purchase properties and sell them on land contract to people with poor credit like myself and my husband. The properties we looked at with them before we found the home we are currently in contract with them in all had some repairs needed ranging from minor to major and it was made very clear to us that we would have to make these repairs ourselves. Our initial investment was less than $5000 dollars including the down payment and necesary repairs before we could move in and our monthly payment is less than $500 for a 4 bedroom home on a VERY large lot with a fully enclosed back yard across the street from a park in a terrific neighborhood on the upper east side. Yes we did make our down payment through money gram - the company is in South Carolina, and the contract and all of the paperwork was done through the mail. I have never met face to face with an employee of the company, but I did my reserch on the company before we did business with them and was able to proceed with certainty that it was not a scam. Yes they do ask for your information before you start the contract process but they didn't do a "credit check" on us - they performed a criminal background check and we had to show proof of income. Initially to look at the houses we had to give them our State ID numbers and state our monthly income then they gave us the combinations to the locks of the properties we were interested in inspecting. We are very happy that we found them and were able to purchase a home through them. Yes it's not as convenient as renting but I like the freedom of home ownership (even if it's just a contract - the bank owns your house until you pay it off anyway) I don't have to wait on a maintenance person to come if something needs fixed I can have my own contractor or I can fix it myself. Purchasing a home with them was similar to buying a car from a buy here pay here. We didn't have to have perfect credit - we just had to have sufficient income. We bought our house in the early spring of 2012 and are still loving this program. I recommend it to all of my friends that are looking for something affordable even if it is a fixer upper. This past year has further cemented how much we like this company becuase we have had a good deal of financial set backs where we had to ask to get a months mortgage deferred which they did for us and are currently getting caught up from a setback in May. They have been more than accomodating while we get caught up in our budget. I understand that not everyone will have the terrific experience we have had with this company but I think it would be unfair to call it a scam - I know for a fact it is not - I am sorry to hear that other people have had a bad experience with them becuase they helped me and my husband get our family into a really nice home and out from under the thumb of the slum lords that have taken over our city.      

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#3 General Comment

I believe National Asset is a SCAM

AUTHOR: mystic737 - ()

I bought a home from National Asset Advisors/RECA. Yes went through phone,email and regular mail and was happy when i first got the house. Then i started getting bills for taxes due even though they were supposed to be paying them. Then they said I was behind even though my bank staements said I paid. the refused to send me reciepts of my payments. Then I got served with papers saying that I broke the contract by not paying the taxes, and not making the house payment. Now my original payment was 325 with taxes included it was 410. i made payments of 420 every month and had to pay almost 30 to pay with my debit card over the phone. In the long run i should have fought it but the house wasnt worth the fight to me. I also found out I would have been paying 3 times the value of the home.

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#4 Consumer Suggestion

Going on year 3

AUTHOR: nwschepke - ()

This June will be year three in our home.  My wife (fiance at the time) and I purchased our home through N.A.A. At the time they were called R.E.C.A.  We were looking for a home and found a sign in the window and front lawn of a home, same thing as everyone else. We went through the same processes that the other people in this report have described, only dealing over the phone, mail, FedEx for the documents that we signed and got notorized and sent back.  We made a deposit into their Bank Of America account and shortly after we moved in.  They have always worked with us regarding payments if we were going to be late.  After our first year our monthly payments went up by almost $100. When we called they said it was something to do with property taxes being more than anticipated but we never got a strait answer on why our payment really went up but it has remained the same since.  A good company over-all for anyone with credit problems or need to find a house fast.  Yes the houses are sold "as-is" and it's the responsibility of the purchaser to have the home inspected before agreeing to anything.  Make informed desicions. Do your research and you will come out on top.  However, most of your monthly payment doesn't go to principal but after a few years of good payments you should have no problem re-financing and cutting N.A.A. our of the picture for a better mortage rate and there are no penalties for early pay-off.  



    The sale works as a land contract between you and them.  At least, that's how ours works.

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#5 Consumer Comment

It does seem Funny but.....

AUTHOR: Mamach - ()

My cousin bought a house from them almost a year ago. She has no complaints and even recommends people who have credit issues to use them. All the houses are forclosures and yes some of them are not perfect, but they fully disclose that and also immediately inform everyone that they buyer is responsible for any repairs. They are sold as is, if you have a problem with that then dont go through them

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#6 Consumer Comment

I recently purchased a home thru National Asset Advisors

AUTHOR: Tiffany - ()

I found this post online and had to respond.  In June of this year 2013 I purchased a home in Virigina from National Asset Advisors and want to let everyone know that this is definately NOT A SCAM.  The home I purchased too had a sign in the window stating that the monthly payment was $300 per month with only $600 down.  Definately seemed pretty unbelievable to me but none the less I called got the lock box combo and went to see the house.  It was dated and needed some upgrading but overall a house that was in move-in condition with some minor repairs.  I called back and spoke with the rep.  Yes everything was done thru the phone and online however I here to let you know that means nothing. I provided my pay stubs and the information they requested. The next day the rep called be back to tell me that that I would be able to get the house but my deposit would be double the amount listed so $1200 (it's based on your credit,).  I paid the deposit by way of going to the company's bank and making the deposit, a couple days later I received a Fedex package with all of the paperwork. I completed everything and got some items notarized they required.  I sent it back via the postage paid fedex envelope that they provided to me and a few days later I received the signed off documents back from them making me an official first time home owner.

I went from a rental home paying $1500 to purchasing a house for $336 per month ($300 per month for the mortgage and $36 per month for the estimated taxes in escrow which they will pay on my behalf yearly).  Not to mention that my house sits on almost an acre with room to get more acreage is desired.  From the time I made the deposit to the time that I received my paperwork back and got the go ahead to move in the house was about a week and a half. Quicker than most short sales and definately quicker than a tradional home sale.

Yes, the houses they get my be foreclosed or fixer uppers but if you can get a home worth double or triple what they are selling it to you for then its worth making the necessary improvements. 

Based on my experience with National Asset Advisors, I would definately recommend them to anyone.  The people are nice and not to mention when I lost my job briefly and wasn't able to make my payments they were more than willing to work with me until I was able to get caught back up. What traditional bank would do that, they would have begun pre-foreclose proedures. 

Hope this helps anyone looking to buy a home from NAA. 

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#7 Consumer Comment

I own a home from NAA

AUTHOR: lmajors - ()

Hi, I just wanted to say, I own a home thru National asset advisors, I purchased my home in February 2011, There were a couple of things that needed to be done to the home and I got those done, I know that the company they work with that you would actually have your mortgage thru, is the rightful owner of the property. You can check these things out with your local assesors office if you had a concern about that. I check with the better business bureau before purchasing my home and NAA did in fact have a A+ rating. It is true that everything is handled thru fax and phone calls, they sent my purchase agreement in the mail and it had to be noterized.... I think this is a great way to purchase a home but just like any used home you purchase it will need things done to it. you could always have it inspected before you decide to buy. Good Luck 

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#8 Consumer Comment


AUTHOR: Catherine - ()

National Asset Advisors, LLC offers asset management, preservation and other services for entities that have purchased  formerly foreclosed, residential properties. The company is an Accredited Better Business Bureau company, with an A- rating from the BBB, and is properly registered with the South Carolina Secretary of State. The claims that the company simply “finds” vacant properties and locks them up is an absurd and baseless accusation.  Feel free to investigate the company using proper channels (such as those listed above), not the accusations of a person who is ignorant of the facts surrounding the purchase of these types of properties.


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#9 Consumer Comment

Since moving into the home how have things been

AUTHOR: Looking 4 a Home of My Own - ()

Hi -

I went and saw a home with National Asset Advisors have a sign posted in and am interested in purchasing it but now that I see your posting I am leary.  Based on your post you did send the money, get your contract, sign it and move in.  Now that you are there have you had any problems as far being told that someone else owns the home, etc?  I was under the impression that National Asset Advisiors only facilitates the sale of the home and are not the actual owners, kind of like a realtor for the owner.  Can you please provide and update before I decided tomake a deposit a home. 

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