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Valley Bank of Ronan

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Valley Bank of Ronan Reviews (1)

Review: I've been trying to buy a house in Hot Springs Montana. The house was a bank foreclosure owned by Valley Bank of Ronan. In August of this year I submitted a bid to Valley Bank for the house and we agreed on a purchase price. I started the loan process with Valley Bank of Ronan at that time. It was to be a construction loan as the house had been completely gutted and would need a complete remodel including electrical, plumbing, heating and ducting, as well as walls, appliances, etc. I contacted a general contractor in Hot Springs and worked with him. He submitted a bid to me for the remodel, and found and obtained bids for the electrical, plumbing, and heating and ducting. I was happy with the bids as the total loan amount would still be under the appraised value for the house after the remodel. I sent Valley Bank his bid on October 2nd and we moved forward with the process. We had one extension to the closing date as it was taking longer than anticipated. On Nov 25th, everything was done except the appraisal and we were within days of closing. The appraiser had been to the house and was writing up his report. On that day Valley Bank called me to tell me that I couldn't use my builder. After vague emails about the reason why, I finally got out of them that they'd been unhappy with some of his references on a prior loan. When I talked to him about it he said the bank had intentionally gone out looking for customers that were unhappy with his work, and finally found someone he had done a roof for that was leaking. He had never been contacted by the customer about the leak and when he found out he went out and fixed it. The bank used the leak as a reason to deny the loan to his new customer, and they put Him on a blacklist as a builder they would not work with. The bank told me he was the only builder on this list. At this point my buy-sell was due to expire on Nov 30th so I had no time to find a different builder. My realtor had sent them an extension two weeks prior to extend the closing date to Dec 6th that they had never signed, so she pressured them to sign it at this time in order to give me a chance to find a different builder. However that still left me very little time to find another builder that was reasonably priced. I was able to find only one that was able to do a bid within that time period. They did so and got the bid back to me. The new bid was $13,000 over the orig bid, which pushed the total cost to almost $4000 over the appraised value. This meant that in addition to my 20% of the now much higher loan amount, I would have to come up with the difference between the total loan and the appraised value. The cash required was now too great for me to afford and therefore put the purchase out of the question. With the closing date days away and with Valley Bank unwilling to sign another extension, I was unable to get more bids. I was forced to withdraw from the purchase on December 6th. During this time it came to my attention that there was a cash backup offer on the house that was as much or more than my offer. It was a local Hot Springs resident that had made the offer. It is my belief that Valley Bank sabotaged my purchase of the house in order to accept the higher backup offer. They waited until the buy-sell was about to expire and it was too late for me to find another bid before telling me I couldn't use the builder I'd chosen, even though they'd had his bid for nearly 8 weeks. Only under pressure did they sign the extension of the buy-sell that they'd had in their possession for two weeks, extending the closing date to Dec 6th. It still gave me less than a week, not enough time to shop around for a bid. We submitted another extension for December 31st that they never signed. Not only is their behavior highly unethical, I believe it to be illegal. I would request that your office investigate this further in order to prevent this from happening to any other unsuspecting persons.Desired Settlement: I would like to have an extension to the buy-sell that gives me enough time to find a different lender and a bid that is acceptable.

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Description: Banking Services

Address: PO Box 9, Ronan, Montana, United States, 59864

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