American Real Estate Investments Reviews (%countItem)
American Real Estate Investments Rating
Address: 2245 Keller Way STE 100, Carrollton, Texas, United States, 75006-2515
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In follow-up since my last review, company did not honor their home warranty (an advertised "perk" in doing business with this company vs other turnkey companies). Claimed they would reimburse me for the additional expenses I incurred in exchange for removing my negative review on Revdex.com... then contacts with the company completely fell off the radar. At the LEAST they should have honored their own home warranty if not more for such a terrible experience.
1) Appraisal price was lower than sales price. According to their "policy" they do not adjust pricing to meet appraisal price because of all the "work" they put into their rehabbed properties.
2) Rehab was not done by time of closing. An extension was signed for the work to be completed and re-inspection done promptly after closing and professional photos taken of the property.
3) Rehab and re-inspection took over a MONTH after closing. Photos were not done. Rehab was still incomplete.
4) Tenants moved in only to find out there was no permit for occupancy as there were still issues with the water heater. Issues were known prior to closing but not disclosed to me. The issue was "addressed", inspector sent out again, and failed inspection.. again. Other issues with home involving plumbing and garage leading to extra costs.
5) Poor communication after closing. Suddenly no one picks up the phone, no one knows who is paying the water, and no one knows what kind of repairs need to be done, were done, are being done, or redone.
Summary: Frustrating experience. High cost not worth the investment or returns. Steer clear and do your own legwork - it will be more profitable and less headache. This was not the turnkey experience I hoped for.
I have been working with AREI (John Larson, Managing Partner, as well as several others he transferred me to over the last 6 months) for about 6-8 months to have a property they recommended for investment about 2 years ago, repaired (hurricane damages sustained in July) and sold. I have been told over these months that they would assist with selling my property, they have not. I was told they would assist with the payment for the damages to the property so that it would be ready to sell, they have not. (About a month after making this promise, they then said they aren't able to assist with the damages, changing what I was promised only a month before). I was told (instead) that they would be able to find an investor who would purchase the property in question for a reduced rate that would allow them to repair the property, this has not happened. All of this has been addressed several times with several different people over the last 6-8 months to no avail. It seems as though I get passed from one person to another with no one following through (with the exception of one person, Kyle Karker who DID follow through on trying to assist me, unfortunately he is limited in what he can do to assist with the larger issue). It seems as though I am being shuffled from one person to another in order to distract me from what they are NOT doing. Because they handle many properties and I'm only one person they seem to be expending their energies on bigger accounts and allowing my problems to fall by the wayside. All I want is 1) what they promised, and 2) to close out this transaction and end my association with AREI.
Product_Or_Service: XXXXX Deer Branch, Sienna Plantation, Texas
Other (requires explanation) I would like AREI to do what they promised in assisting me to dispose of this property: 1) Assist with the damages to my property in preparation for selling 2) Work to get the property sold
AREI was never aware of these issues and disagrees with the facts and circumstances as presented by Ms., nevertheless, we have contacted Ms. directly to attempt reach a resolution.
(The consumer indicated he/she DID NOT accept the response from the business.)
The statement that they did not know about the complaint is not true. I suspect they don't "remember" the complaint as nothing was done at the time to assist me and because of that I moved on with someone else who offered assistance at the time. However, as of today, they are (AREI) working with me to get the issues resolved. So far I am happy with their engagement with me and with the situations as stated in my original complaint being taken seriously, but they are not yet completed so I won't know how things resolve until the matter is fully handled.
As stated, they are working with me since my initiation of this complaint and I would be happy to review them again after things are resolved as I suspect that they will continue to work with me in a forthright manner. I would like to keep this file open and active until the issues are resolved so that I might do so. It would make a more fair representation of the situation and would give AREI more time to do the work that needs to be done.
For clarity, AREI feels it is best to document its stance regarding this matter.
1. AREI never "advised client to purchase a property." Client operated and purchased under the direction of a 3rd party and chose a property from AREI's inventory to purchase.
2. AREI is dedicated to our clients, as such, we have helped Client numerous times with the home as well as worked with her 3rd party service provider for additional assistance.
3. AREI is not responsible for Client's inability to sell the home.
Given these facts, AREI is currently trying to assist Client with remedying the current issues, however such assistance is not an admission of liability, rather proof of AREI's commitment to "above and beyond" efforts to help a Client.
(The consumer indicated he/she ACCEPTED the response from the business.)
Though the facts of the case remain in dispute in my mind, (ie. the way that I was "sold" the property from AREI's inventory) I am satisfied at this time that AREI is doing their best to resolve the issues with this situation. Trusting that it will resolve, I am satisfied at this time and will close the complaint with the understanding that it can be reopened if necessary.