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Businiess name:
North American Savings Bank
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Review by:
citysearch c.
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Review content:
We entered in a sell agreement with a buyers William and Jayne King for the purchase of our house on May 30th 2013. NASB issued a preapproval letter to the buyers for the amount of $267K and our mutual contract was $253K. Based on the preapproval letter they received from NASB we felt confident that we were entering into this contract with a buyer who could financially make it to close. \r
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In fact our realtor, spoke directly to Nick Weeks of NASB approximately 2 weeks ago to get a status on the loan process and he told our agent he had all of the required documents and everything looked in order. The buyers had their home inspection conducted June 10th, 2013 and the appraisal conducted July 10th, 2013, with the expected close to be July 31st, 2013\r
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As a result of the inspections we performed the requested repairs which totaled $4000, again based on the assurance and confidence that all loan issues were in order. \r
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Today, July 11th, 2013, NASB determined that the debt to income ratio and resulting credit score were not sufficient to complete the loan. We were informed by our agent that our deal was off, we have no recourse and we have no explanation. \r
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Our house has now been off the market for over 6 weeks based on NASB’s issuance of an inaccurate qualification letter. The interest rate climate has changed considerably and the considerable interest we had in our house as a new listing in late spring is now passed. \r
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The only conclusion to be drawn is that NASB did not do their due diligence initially and multiple parties acted in good faith due to their negligence. We have been financially harmed by their lack of vetting and reckless actions and may not be able to recoup. \r
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In addition to the approximately $4000 to fix the repairs, we will now have to enter into this market again, with buyers applying for higher interest rates, will be incurring additional cost and cannot claim the earnest money. \r
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We have done all we have been asked to do, have documentation of all our required steps and are entitled to equal disclosure and due diligence in return. \r
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We hold NASB responsible for the transaction being terminated and hold them responsible for the costs we incurred due to their lack of accuracy and lack of due diligence. We expect NASB to reimburse us for the costs we incurred due to their neglect.\r
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We spoke to DAN REYNOLDSON| Vice President | Production Manager on July 16th and NO responsibility was taken from their side. He gave us a song and dance and will do the same with you!\r
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