Report: #1294362

Complaint Review: New Western Acquisitions - Orange California

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Ripoff Report is Xcentric Ventures

Submitted: Thu, March 17, 2016
Updated: Wed, March 23, 2016
Reported By: hibubee21 — chino California USA

Author Not Confirmed

Why?

New Western Acquisitions 1835 W. Orangewood Blvd.#101 Orange, California USA

Phone: 562-883-4494
Web:
Category: Real Estate Services

New Western Acquisitions Nathan Abebe Purposely overstated ARV value so I can purchase a property Orange California

*REBUTTAL Owner of company: Official Rebuttal to This Complaint

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I spoke with Nathan about finding me a property that I can fix & flip. He sent me a few deals and the numbers didn't work in my favor since I was using hard money and the deals would result in a loss/breakeven for me. Then one day, he sends me this deal on 10/19/2015 that would result in a good profit for me and would be approved on by my hard money lender. He calls me that day and urges me to place the downpayment deposit asap. I then ask him how accurate are the comps and he says they are on point. Since I didn't know much about how to value a property, I spoke to my lender. He said the comps they are showing at $399k (ARV) are misleading and not true. He tells me the comps are somewhere in the $350k range which would make this deal a complete disaster for me. I was very upset that he would purposely lie to me and mislead me on the numbers so he can get my deposit of $15,000. When I spoke to Nathan about this, he said that I'm urged to due my own due diligent and nothing in life is 100% accurate and we all make mistakes.

This report was posted on Ripoff Report on 03/17/2016 02:58 PM and is a permanent record located here: https://www.ripoffreport.com/reports/new-western-acquisitions/orange-california-92868/new-western-acquisitions-nathan-abebe-purposely-overstated-arv-value-so-i-can-purchase-a-1294362. 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:

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#1 REBUTTAL Owner of company

Official Rebuttal to This Complaint

AUTHOR: Kurt Carlton - (USA)

SUBMITTED: Wednesday, March 23, 2016

POSTED: Wednesday, March 23, 2016

The above complaint was written by Tarik Badawi.

New Western is a company that sells thousands of distressed investment homes to real estate investors. The goal of the real estate investor is to rehabilitate the property and return it to the market in top condition so that a homeowner can purchase it to live in. The real estate investors who purchase homes from us perform a vital role in restoring communities, and we are proud to facilitate the process.

New Western may provide prospective investors a professional CMA of recently sold properties surrounding a subject property and an opinion of the after-repair-value to provide helpful data prior to the investor deciding to spend time visiting the property, although it is clearly stated verbally and through a serious of plainly written disclosures that all final value determinations are the responsibility of the buyer and independent due diligence is required. One of these disclosures is clearly provided in writing and requires the investor’s signature before New Western will even send them available properties. Tarik states he was told this in his written review “he (Nathan) said that I'm urged to due my own due diligence.” New Western encourages the investor to make their own final value determination because the after-repair-value of the home is only our opinion and is subject to change enormously based on the actual level of improvements made, which will vary widely depending on who the final investor is that buys the home.

The reader should be informed that Tarik has never purchased a home from New Western or entered a contract to purchase a home. Nor was there a $15,000 ever collected as a down payment as implied and Tarik’s review is not based on transactional or investment experience with New Western. At no time was Tarek at any financial risk. He simply was offered a property to purchase where New Western’s opinion of value differed from his lenders opinion of value. He then made a lower offer to purchase the property which was declined. It is very common for lenders and sellers to disagree on the value of a property given they are at opposite risk positions. It should be noted that the lender did not visit the property nor order an independent appraisal, but rather on just a scan of the MLS. We shared quotes from the lenders email correspondence with Tarik below so the reader can get a sense of their relationship with Tarek and how much effort they may have applied to the value determination.

Email quotes from Tarik’s lender where New Western was included.

“Tarik, I’m sorry but we can’t value every property you think might be a potential deal. I need you to do some homework and try to determine the value yourself.”

“if you find a deal, pull your own comps, determine the value, get a good idea of what it cost to fix it, we’d be happy to fund it. We simply don’t have the manpower to value deals all day.”

It would seem New Western and his lender clearly disclosed at multiple points that Tarek needed to do his own due diligence to determine the value and that our level of service did not include final value determinations. Tarik has written a complaint that we have not delivered accurately exactly what we made expressly clear we do not offer as a service.

Nathan Abebe was forthcoming, transparent, and diligent with Tarek. New Western is proud of Nathan Abebe’s service, and we feel this review is an unfair portrayal of his professionalism.

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