Comments on: Redfin’s DC Area February Update: 225 Homes Toured, 31 Offers http://blog.redfin.com/washingtondc/2009/03/redfins_dc_area_february_update_225_total_homes_toured_31_offers.html Redfin Washington, DC & Baltimore Sweet Digs Tue, 03 Jan 2012 17:27:56 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Matt http://blog.redfin.com/washingtondc/2009/03/redfins_dc_area_february_update_225_total_homes_toured_31_offers.html/comment-page-1#comment-6873 Matt Thu, 26 Mar 2009 01:27:14 +0000 http://blog.redfin.com/washingtondc/?p=736#comment-6873 Hi AC, we responded to this comment <a href="http://forums.redfin.com/rf/board/message?board.id=DC&message.id=2079#M2079" rel="nofollow">in our forums</a>. Thanks, Matt Hi AC, we responded to this comment in our forums.

Thanks,
Matt

]]> By: AC http://blog.redfin.com/washingtondc/2009/03/redfins_dc_area_february_update_225_total_homes_toured_31_offers.html/comment-page-1#comment-6870 AC Thu, 26 Mar 2009 00:13:27 +0000 http://blog.redfin.com/washingtondc/?p=736#comment-6870 Unless Redfin starts scrutinizing the integrity of postings for fraud, the Redfin reputation will suffer greatly. For example, Capital City Mortgage Corporation is a shady corporation, having previously been sued and lost to the FTC for predatory practices, and having listed this property for over a year with 3 different buyers attempting to purchase the home only to be declined by their title companies. I recently entered into contract topurchase 907 K Street NE from Capital City Mortgage Corporation, only to find out that the title tothe house was fraught with fraud, liens, andcross-collateralization issues. Capital City Mortgage knew of these title defects butdid not disclose these issues to us when we entered contract to purchase theproperty. We paid for a home inspection, as did 3 other potential buyers of the property, which Capital City Mortgageused to make repairs and upgrades to the home to bring the property up to code, and we paid for an appraisal, which CapitolCity Mortgage requested from us after they learned that we would not purchasethe property due to the fraud and due to the fact that Capital City MortgageCorporation had skipped important steps during the foreclosure and theiroriginal purchase of 907 K Street. Capital City Mortgage Co held hostage ourgood faith deposit while insisting that we provide them withthe results of the appraisal. When we refused to provide them with theappraisal the sellers, Capital City Mortgage, refused to release our good faithdeposit, even though they [Capitol City] were in breach of contract. Only whenwe threatened legal action did Capital City release our funds, and theyimmediately re-listed the property at a SIGNIFICANTLY higher price than the property could possibly appraise for. Cap City did NOT re-foreclose on the property and has not provided disclosures related to the fraud associated with the propertytitle. Until this property is re-foreclosed upon, which Cap City botched the first time around, the title not clear and not marketable. Three different title under-writers told us they will not insure this title/home for years to come. Buyer beware! I sincerely hope Redfin moderators have the integrity to remove this listing from their site and to warn potential buyers of 907 K Street of the grave problems associated with this property! Unless Redfin starts scrutinizing the integrity of postings for fraud, the Redfin reputation will suffer greatly. For example,

Capital City Mortgage Corporation is a shady corporation, having previously been sued and lost to the FTC for predatory practices, and having listed this property for over a year with 3 different buyers attempting to purchase the home only to be declined by their title companies. I recently entered into contract topurchase 907 K Street NE from Capital City Mortgage Corporation, only to find out that the title tothe house was fraught with fraud, liens, andcross-collateralization issues. Capital City Mortgage knew of these title defects butdid not disclose these issues to us when we entered contract to purchase theproperty.

We paid for a home inspection, as did 3 other potential buyers of the property, which Capital City Mortgageused to make repairs and upgrades to the home to bring the property up to code, and we paid for an appraisal, which CapitolCity Mortgage requested from us after they learned that we would not purchasethe property due to the fraud and due to the fact that Capital City MortgageCorporation had skipped important steps during the foreclosure and theiroriginal purchase of 907 K Street. Capital City Mortgage Co held hostage ourgood faith deposit while insisting that we provide them withthe results of the appraisal. When we refused to provide them with theappraisal the sellers, Capital City Mortgage, refused to release our good faithdeposit, even though they [Capitol City] were in breach of contract. Only whenwe threatened legal action did Capital City release our funds, and theyimmediately re-listed the property at a SIGNIFICANTLY higher price than the property could possibly appraise for. Cap City did NOT re-foreclose on the property and has not provided disclosures related to the fraud associated with the propertytitle. Until this property is re-foreclosed upon, which Cap City botched the first time around, the title not clear and not marketable. Three different title under-writers told us they will not insure this title/home for years to come. Buyer beware!

I sincerely hope Redfin moderators have the integrity to remove this listing from their site and to warn potential buyers of 907 K Street of the grave problems associated with this property!

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