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Income-Based Funding Commitment Resources, LLC

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Income-Based Funding Commitment Resources, LLC Reviews (6)

[redacted] and his wife [redacted] got preapproved to purchase a home with owner financing through IBF (Income Based Funding Commitment Resources, LLC) for up to $150,with $5,down, on a fixed rate of 9.9% with no prepayment penalty The nice couple located located a fantastic deal on a 5200sf home in Westador Subdivision with tremendous equity The purchase price was $146,and the after repair value appraisal came in at $250,with $30,of repairs [redacted] told his father-in-law [redacted] *** about the fantastic deal [redacted] , as a highly experienced real estate investor and entrepreneur, saw the home and thought it sounded to good to be true and decided to check it out and came to the IBF offices at [redacted] area [redacted] confirmed that everything was legit and was amazed that IBF would deliver a home to his in laws with tremendous equity with a deed in their name IBF explained to [redacted] that the $5,down opportunity was for up to $150,but that we could make it happen with $8-9,down [redacted] said they could not come up with any more cash IBF found a way to accommodate *** and found a way to put them into the home with just $5,down [redacted] called IBF and said she was hoping we would not be upset but that they really could not afford the monthly payment and could they back out of this deal and get their $1, [redacted] back and look for another home IBF said no problem, we are customer oriented, and IBF coordinated having them get their $1, [redacted] money back [redacted] said they would locate another home that would be more affordable During this process the father in law [redacted] has joined IBF and has even participated in the radio show sponsored by IBF "Success in the New Economy" The show is heard on [redacted] every Sunday from 12:06pm-1pm and it is about how income based funding helps home buyers with strong income obtain their home of choice with a single digit fixed rate with no prepayment penalty while simultaneously helping people with cash or strong credit make a good return on investment with low risk while they help their neighbor gain the American dream of home ownership [redacted] is helping many credit challenged home buyers get preapproved and endorses the IBF system In conclusion to this response we were never once notified that [redacted] was dissatisfied with IBF Out of the blue in the last hours we get this Revdex.com complaint that came from [redacted] We asked [redacted] 's father-in-law about it and he was taken by surprise as well and said that this shows that [redacted] has bad business practices IBF is in the process of closing on the Westador home and will facilitate owner financing the home for another client [redacted] got the $1, [redacted] money back, but he is not entitled to a refund of the consulting fee Paperwork was drawn by an attorney and it is very precise and clear The IBF position is that we will still fund a transaction for [redacted] and [redacted] as long as they select a home with big equity as agreed Respectfully, Income Based Funding [redacted] *** [redacted] ** [redacted]

Revdex.com: This letter is to inform you that Income-Based Funding Commitment Resources, LLC has carried out to my satisfaction the resolution it proposed for my complaint, filed on 4/7/8:41:PM and assigned ID [redacted] Regards, [redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
 
We created a trust, made an offer on
a home, and obtained an executed   contract on a home for
$146,000.   The after repair value came in at $250,000 based upon
$30,000 in repairs.  We supplied an investor as agreed to provide
acquisition funds and repair moneys and agreed to put [redacted] and [redacted]
into the home with only $5,000 down with a fixed single digit fixed rate and
over $50,000 equity!  [redacted] backed out after everything was buttoned down
and said she thought she could not afford the payment and asked if she could
get her [redacted] money back.  We said ok, and transferred the file to
another home buyer and we got them to replace her [redacted] money.That home buyer
is ecstatic because they got the same terms.
This is accurate.  We
did find a home and all was going to go through, however, the $100,000 increase
in the homes price was more than what we could take on.  After all, this is what got the U.S. in
trouble a few years back, people were taking on mortgages that they had no business
taking on.   We looked over our finances
and it was obvious we had no business taking on a $250,000 house, $150,000
would have been fine but $100,000 tacked on to that was well over our limit and
I feel we did the responsible thing by not going in over our heads and buying
something we could not afford. 
As far as the [redacted] money goes, it was very difficult to
get back and it was a lot of back and forth with that too.  All of the work they performed was not in vein
fore one of their employees bought the home themselves.  All of the scavenging we did to find this
home was used, the appraisal that WE paid for they used, they got a great deal
and we are happy for that employee and his family.   
 
She was crystal clear that the
consulting fee was nonrefundable.We did a tremendous amount of work.  We
have offered to have any independent business person analyze the events and we
agree to abide by their decision.  However the [redacted]'s believe that
contracts mean nothing.  We actually offered to pay them $1,050 as a full
and final settlement and they countered back at $1,800.
This is also true. 
Their contract was well written and it clearly states that once you hand
over your money there is no getting it back however unsatisfied you are with
their services.  In the meeting we had
with them they offered half off their initial consulting fee back which would
have come to $1,250.  My wife countered,
then they countered even lower than their original offer. 
I had a feeling they would conduct business like this
because the first time we met with their representative [redacted], my wife found
him off of Craigslist and we met at a Denny’s. 
The meeting went well and at the end he asked if we could give any kind
of commitment at all, even $20.  This
sounded strange to me.  $20 as a step to
buy a house?  The next red flag for me
was when the bill came.  Granted, he only
had some kind of coffee thing but he made no gesture or attempt to pay for his
drink, nor did he say thank you when we did. It’s as though it was
expected.  She told me not to think anything
of it but to me, if you cannot trust someone with a small thing you sure cannot
trust them with something big.  Against
my better judgment and clouded with disparity we went forth with what sounded
to be our only option toward homeownership and have regretted that decision
ever since.
As far as their concept goes; getting people mortgages that they would never be able to get alone and the investors getting a very nice return is a good one, all win.  However my chief complaint is not this, it is the customer service received.  Once their consulting fee is paid they will never contact you again, after all, they already made their money and they are on to the next family...
 
Regards,
[redacted] [redacted]

The client paid a nonrefundable consulting fee.  IBF performed as agreed.  We created a trust, made an offer on a home, and obtained an executed   contract on a home for $146,000.   The after repair value came in at $250,000 based upon $30,000 in repairs.  We supplied an investor as agreed to provide acquisition funds and repair moneys and agreed to put [redacted] and [redacted] into the home with only $5,000 down with a fixed single digit fixed rate and over $50,000 equity!  [redacted] backed out after everything was buttoned down and said she thought she could not afford the payment and asked if she could get her [redacted] money back.  We said ok, and transferred the file to another home buyer and we got them to replace her [redacted] money.That home buyer is ecstatic because they got the same terms.
      But refunding the consulting fee is another  matter.  We read her the agreement word for word.  She was crystal clear that the consulting fee was nonrefundable.We did a tremendous amount of work.  We have offered to have any independent business person analyze the events and we agree to abide by their decision.  However the [redacted]'s believe that contracts mean nothing.  We actually offered to pay them $1,050 as a full and final settlement and they countered back at $1,800.   These people are ungrateful, unappreciative and are into use and abuse.  Therefore, we have withdrawn our generous offer. They deserve nothing.

[redacted] and his wife [redacted] got preapproved to purchase a home with owner financing through IBF (Income Based Funding Commitment Resources, LLC) for up to $150,000 with $5,000 down, on a fixed rate of 9.9% with no prepayment penalty.  The nice couple located located a fantastic deal on a...

5200sf home in Westador Subdivision with tremendous equity.  The purchase price was $146,000 and the after repair value appraisal came in at $250,000 with $30,000 of repairs. [redacted] told his father-in-law [redacted] about the fantastic deal.  [redacted], as a highly experienced real estate investor and entrepreneur, saw the home and thought it sounded to good to be true and decided to check it out and came to the IBF offices at [redacted] area.  [redacted] confirmed that everything was legit and was amazed that IBF would deliver a home to his in laws with tremendous equity with a deed in their name.  IBF explained to [redacted] that the $5,000 down opportunity was for up to $150,000 but that we could make it happen with $8-9,000 down.  [redacted] said they could not come up with any more cash.  IBF found a way to accommodate  [redacted]  and found a way to put them into the home with just $5,000 down.  [redacted] called IBF and said she was hoping we would not be upset but that they really could not afford the monthly payment and could they back out of this deal and get their $1,000 [redacted] back and look for another home.  IBF said no problem, we are customer oriented, and IBF coordinated having them get their $1,000 [redacted] money back.  [redacted] said they would locate another home that would be more affordable.  During this process the father in law [redacted] has joined IBF and has even participated in the radio show sponsored by IBF  "Success in the New Economy".  The show is heard on [redacted] every Sunday from 12:06pm-1pm and it is about how income based funding helps home buyers with strong income obtain their home of choice with a single digit fixed rate with no prepayment penalty while simultaneously helping people with cash or strong credit make a good return on investment with low risk while they help their neighbor gain the American dream of home ownership.  [redacted] is helping many credit challenged home buyers get preapproved and endorses the IBF system.   In conclusion to this response we were never once notified that [redacted] was dissatisfied with IBF.  Out of the blue in the last 24 hours we get this Revdex.com complaint that came from [redacted].  We asked [redacted]'s father-in-law about it and he was taken by surprise as well and said that this shows that [redacted] has bad business practices.  IBF is in the process of closing on the Westador home and will facilitate owner financing the home for another client.  [redacted] got the $1,000 [redacted] money back, but he is not entitled to a refund of the consulting fee.  Paperwork was drawn by an attorney and it is very precise and clear.  The IBF position is that we will still fund a transaction for [redacted] and [redacted] as long as they select a home with big equity as agreed.
Respectfully,
 
Income Based Funding
[redacted]   [redacted]  [redacted]
[redacted]

Revdex.com:
This letter is to inform you that Income-Based Funding Commitment Resources, LLC has carried out to my satisfaction the resolution it proposed for my...

complaint, filed on 4/7/2014 8:41:42 PM and assigned ID [redacted]
Regards,
[redacted]

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