Tuesday, November 9, 2010

Stone Equity Group Misrepresentation


I allege that Stone Equity Group misrepresented the market value of the property they sold me and failed to perform necessary repairs per their CHOC program.  The property was guaranteed to be “rent ready” and they sent me a list of repairs that supposedly were made.  The photos of the property submitted by the company were not true photos of the condition of the property.
Their property manager attempted to collect $650 for clearing the yard of trash.  There wasn’t any trash there, which my father-in-law verified.
I hired my own property manager and she was unable to find tenants due to the poor condition of the property. This was in spite of about 20 showings over a three-month period.
I became concerned and decided to visit the property.  What I found was horrifying.  The property was uninhabitable due structural defects, an inoperable heater, leaking plumbing (when I flushed the toilet, the basement flooded), no electricity in the bathrooms, used carpeting that was dirty and not tacked down (in fact it didn’t even reach the walls), unrepaired holes in several walls, raw wood exposed around doorways, broken windows and code violations.
Additionally, Stone Equity’s program provided for up to six months of “rental reimbursement” to cover the income loss due to vacancy.  Through the U. S. Mail, I received 4 checks totaling $1600, with the stated intention of providing money for up to six months to cover lost rent while waiting for a tenant. 
In actuality, the checks perpetuated their ability to delay exposure of the true condition of the home, thereby enabling them to extend the period within which I would not be able to detect their misrepresentation.
I have had to hird contractors who are repairing the house so that it can be rented.  The cost of the repairs will total about $30,000 by the time they are completed. 
I have extensive documentation regarding this manner that I can submit

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