Complaints

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• Initial Complaint

  Date:12/10/2024

  Type:Sales and Advertising Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  We contacted IPS Cash to see if they wanted to purchase our house in ********, ** that we had started renovating. We provided them detailed information on the status of the house and provide photos as requested. They offer $295k for the house. A couple weeks later a woman named ****** contacted us and provided a list of items that needed to be fixed. Everything they listed we had disclosed to them before they made the offer. When I told ****** this, she then said the initial person I spoke with (****) did not include that information in his notes. However, I spoke to a person working with **** about 2-3 days after speaking with **** with whom I shared the same detailed information and she stated that it was all in Mikes notes. ****** changed her story to say that it was due to changes in the market, that houses were no longer selling quickly in ******** (she claimed they were sitting on the market for a long time). As I get a feed from MLS activity, I know that is not true. ****** told me that they could only give us $240k ($55k less than the original agreement). I told her that was not acceptable and asked for a letter stating that the contract was being canceled. She refused to provide one saying that they only give verbal agreements and asked why would I need one. I informed her that it was needed from a legal basis. I believe that IPS Cash never had any intent on buying our property for $295k. It is a typical bait and switch scam.

  

  Business Response

  Date: 04/02/2025

  We appreciate the opportunity to respond to the complaint submitted by ***** regarding the property in question.
  On November 21, 2024, we entered into a signed Purchase and Sale Agreement with ***** to purchase the property for $295,000. This offer was made based on the condition of the home as described by ***** during phone conversations and initial discussions as the price was agreed to based on *****'s information provided over the phone.
  
  As standard practice in real estate transactions, especially when purchasing homes as-is over the phone, our agreements include a due diligence period during which we are entitled to conduct further inspections. On December 4, 2024, our contractor visited the property and identified significant work that had not been clearly disclosed or visible through prior discussions. These issues included missing appliances (such as the stove), the need for new countertops, paint, trim, and other finish work, totaling an estimated $20,000 in repairs.
  
  Based on this updated information, and still within the contractual due diligence period, our team reached out to ***** on December 9, 2024 in an attempt to renegotiate the purchase price accordingly. During that conversation, ***** expressed disagreement with the revised offer, and our team member, ******, clearly and professionally communicated that we were terminating the agreement and that she was free to move forward with other buyers.
  
  While we acknowledge that a formal written cancellation notice was not provided, the verbal termination was conveyed in good faith and in line with our rights under the agreement and due diligence clause. All communications from our team with ***** were respectful, timely, and professional throughout the process.
  We regret that the situation did not result in a completed transaction, but we stand by the professionalism of our team and the process we followed, which was fully consistent with the terms of the agreement and standard industry practices.
  
  Please let us know if any further information is required.

  Customer Answer

  Date: 04/10/2025

   
  Complaint: 22664973
  
  I do not accept the business's response as a resolution to my complaint because their response is deceptive and inaccurate for the following reasons:

  1.  I spent over 1 hour speaking with **** (their representative) detailing all the renovations that we had completed and a complete list of the items that we still needed.  In addition, I spent a similar amount of time detailing everything again to a woman who said she would be listing the property on MLS.  She confirmed that the items I listed had been put in ****** notes.

  2.  I told **** that my husband was currently at the house and would be there the next day as well and asked if he would like to take a look at the house before giving us an offer.  He told me that would not be needed.

  3.  The items that the business listed as needing repaired/replacement were ALL included in my initial conversation with ****.  There was not a single item that they listed that I had not told them about.

  4.  As per ****** request, my husband emailed them photos of the house, including the kitchen.  This occurred the same day as my initial discussion.

  5.  We were in no hurry to have an offer.  The business could have taken the time to evaluate the condition of the home PRIOR to providing us an offer.  However, a key feature of a bait and switch practice is to rush in with an elevated offer.

  6.  The business claims that it would have cost $20,000 to have renovated the house.  That is a high value and they did not provide any detailed pricing to support their claim.

  7.  Although they would have paid an additional $20,000, they reduced the price of their offer by $40,000 and made it sound like that was a great offer and we wouldn't be able to sell the house for any higher amount.  

  8.  When I pushed back with the manager that we did provide a detailed listing of renovations needed, her story changed to "the market has dropped".  

  8.  We sold the house through a relator.  It was on the market 1 day and we accepted an offer that first day.  The house sold for $315,000 ($65,000 above what their revised offer).  In addition, it is clear that the market had not changed.  The relator that we used was ******* **** in ********, ***  You can validate that my statement of price and time on market are accurate.  Please note that I am providing real evidence that the *** business did not do.

  9.  **** told us that the company only needed to make $5,000 of profit.  With their revised offer, they would have made a profit of over $50,000.

  I stand firm in my assessment that this company is using bait and switch tactics to lure people into selling their homes far below the actual value.  According to the contract, if they did not go through with the purchase, then we were supposed to have received $100 from the escrow account.  We received nothing.

  The *********** area needs to be educated as to the poor business tactics that this company employs.  I have already filed a complaint with the *******************'s office and will file one with the MA Attorney General's office.  In addition, I will contact the local news in ****** to see if they will run a report on this company.

  This company deserves the lowest rating that the BBB gives.  Please protect future buyers from making the mistake that we made.  I checked the BBB before calling them and thought they were a legitimate business.

  
  Sincerely,
  
  ***** *******

  

  Business Response

  Date: 05/01/2025

  Dear BBB and Ms. ************************ you again for your detailed response.

  
  We understand that Ms. ******* feels dissatisfied with the experience and we would like to address the concerns directly:
  

  - Disclosure and Offer: Our initial offer was made based on information provided during early conversations and photos shared, contingent on a standard due diligence period.
  - Due Diligence and Revised Offer: After an in-person contractor inspection, additional repair needs were identified. While Ms. ******* contends these were previously disclosed, the contractors findings (which included missing appliances and finish work) materially affected our valuation model.
  - Market Conditions: Our acquisition decisions are based on internal evaluations and risk models, which may not always align with public MLS activity.
  - Contract Terms Regarding $100 ******* Money: To clarify, our agreements typically include a $100 ******* money deposit, which is contractually refundable if we cancel within the due diligence period. However, our due diligence period officially begins 10 days after the first walkthrough of the property. In this case, we never completed a walkthrough which means the due diligence period was never formally initiated, and therefore, the $100 escrow clause did not take effect.
  
  
  Were disappointed that we were unable to assist. We truly did want to work with Ms. ******* and even attempted to reconnect through **** to speak directly, but unfortunately, we were unable to reach her.

  
  We appreciate the opportunity to clarify our position and are ready to consider the matter closed unless further clarification is required.
  

  Sincerely,
  

  ***** *******
  Chief of Operations
  On behalf of IPS Cash