Derrick S Snw

Help others

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They are in business to make money. If you have bad credit . You will not get a mortgage loan to buy period. So to remedy that they charge high interest 10%. I bought home in last recession for low price and cheap monthly mortgage despite repairs needed. Because I figured I would save money monthly by occupying the property over the years . I also knew that i would completely pay my small principal balance down in a period of a few years . I then refinance with them after 10 yrs for another 15 yrs. By this time I have saved thousands of dollars on not having to rent. Took extra capitol and fixed property up over the years and now I'm almost completely paid off in full with low monthly and 90% of payment goes toward principal because my balance is very low. My advice dont pay inflated price get inexpensive price home from them so your high interest rate won't eat up all your payment amount. Then pay alot toward principal ea. month. The less you owe the less you lose in interest.
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Loss:
$11
Pros:
  • Low down payment owner financing

Preferred solution: No

User's recommendation: You get what you pay for. Recommend them if price is right on property

1 comment
Guest

You didn't have to rent. Good.

I never liked papering the walls with cancelled rent checks. But do not forget the costs of taxes, insurance, loan interest, maintenance, equipment, improvement and loss through depreciation due to age and normal wear and tear when buying. And you have to mow the grass. Predatory lenders should naturally be avoided and publicly chastised.

I never understood the ethics of charging the less affluent more for the same thing (higher interest for home loans) as long as the borrower holds up their end and makes timely payments.

All that does is makes it harder for the borrower to stretch the budget to cover the house payment. That seems ugly and unfair and helps keep people in a cycle of scratching and scraping for a decent life.

Anonymous

Rip Off

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Don't trust them. They only care about them selves and making money. Don't care for your well being.Dont recommend.
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Preferred solution: Nothing

2 comments
Guest

" and making money." Isn't that the goal of ALL businesses? I believe you're looking for a charity if you want someone to "care " about you. Please feel free to look up business versus a charity if you can't figure out how these entities work...

Guest

i have bought 2 houses from them no problems at all

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Shane P Otp

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Verified Reviewer

Great deal for people who can’t afford regular finance

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This company gives people loans that have bad credit or no credit and will sell you a home that needs work. These house they sell need work and are cheap priced homes way below market value. I bought a home from these guys in 2015 so 5 years it needed a basement and roofs with a few other small things it was messed up . But I am great full to own a home ,I have replaced the roof and basement 25 k it cost but over the years I have saved and fixed the home we’re know I got over 70 k in equity for my home at market value this is what I would walk away with selling it on the market. First national Bank of America has worked with me on late payments and such that no other bank would do so it was handy and convenient. If your looking for turn key homes this isn’t the company to use rose land fincail . But if you look at your house and see the extent it is damage and have goals, drive, ambition and skills this can be fixed .... also you own the house. Also it’s your faults you didn’t look at it or can’t fix it don’t by it because they will give you a loan and don’t wanna work, to better you life or you have income and don’t pay your bills and knew you could not fix it . Here 3 pros and cons with it pay attention pros ...(.1 ) they will give you a loan (2) them home you have when fix will make you money ). (3) they are easy to work with if you have communication with them ......cons... (1) you gotta pay your bills .... ( 2) you can’t be lazy and have to work or fix up your house ...(3) can’t be a complainer, because you didn’t pay your payments And want to bash the company because your a loser ..... also you will have a closing date Nd get a title option it cost a few hundred doller but if taxes are owed or something is wrong it will get fix by your title company. Read carefully as this is true if the cons hurt your feelings this is not the program for you.
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Anonymous
map-marker Orlando, Florida

Beware

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These people are the worst! Better look at your property prior to bidding or putting a deposit because they will not disclose defects or issues . There is no one to talk to or anyone in Managment there that you can speak to. They are owned by a bank and there is no one there that will help. Buyer beware!,
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Anonymous

Bought property

We got our property in 2012 with no problems,well septic already here,moved our mobile home here and have been here seven years now.
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Reason of review:
Good quality
Anonymous
map-marker East Lansing, Michigan

Rose Acceptance is a Great Company

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I worked for Rose Acceptance for almost 10 years. They are NOT a rip off company. They are a company that is in the business of selling foreclosed properties and offering opportunities to customers with credit challenges. Many of the properties that they sale are in rough shape. They are foreclosed properties that have been badly used by the previous owners. However, this company also offers financing with very low down payments and closing costs. The credit requirements for obtaining a purchase loan from them are much more relaxed than at other mortgage companies. Many of the customers to which they sale and finance properties have credit challenges. Rose Acceptance offers them an opportunity to be a home-owner for minimal cost, the opportunity to rebuild damaged credit if the customer makes their payments in a timely manner and offers a path to refinance or modify their loan at a lower rate if the payments are made in a timely manner. The consumer purchasing the property has responsibilities, as well...to do their due diligence and inspect the property thoroughly BEFORE purchasing to see if they are up to the challenges of making the property their dream home; be realistic about whether they would have the skills, resources and work ethic to improve the property; and to make their payments in a timely manner. It can be a great opportunity if they are willing to do their part.
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Anonymous
map-marker Grand Rapids, Michigan

Rose Acceptance threatens to force a sale!!!

We were going to purchase a home from them through seller financing. In the purchase agreement we elected to have the sale contingent upon satisfactory inspections of the well and septic. They would not let us do inspections until our loan was approved. It took several weeks for the loan to be approved. Then as soon as it was approved they want to close without us doing any inspections. After finally getting approval to go into the house we find it had been vandalized, all the plumbing and electrical in the basement had been ripped out. It was not this way when we initially saw the house. We immediately reported the vandalism to them and they told us if we don't close with them they will keep our good faith deposit and call the police and accuse us of destroying their property. Needless to say we will not be closing with them!!!!!
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Reason of review:
Poor customer service
3 comments
Guest

I am looking a one of their properties in Prudenville, MI. This makes me feel very hesitant.

Guest
reply icon Replying to comment of Guest-1233344

I can tell you this-- I know someone who worked for Rose for a long time. Rose is a complete rip-off company.

They thrive on sale and repossession of the same properties-- They are what some may call a "flip" company for low rent tenant/owners. They WILL take advantage of you. They try to intimidate you and in my opinion, they will rip you off. Many years ago- they started firing people because they needed to cut costs.

-- when they couldn't find valid reasons they just made them up. Beware beware beware-- I know about this company from the inside... I don't trust them. They have a very thorough legal department that is there just for hte sole purpose the make sure they are marginally within the law-- the moral aspect doesn't matter to them.

This is a"bank" owned by one family-- It is 3 generations of bad news.. more money than heart. Not to long ago they all lived on one huge compound- home schooling-- in their own school-- their kids and attending a "church" that only the family and close friends attended. They have closed ranks with-in the family borders.

This company will sell you a garbage piece of property and then take it back through repossession if they can- leaving yu with nothing-- then they will flip the same property to the next sucker. My friend repeated saw the same properties cycle through over and over to be resold. I would NEVER buy anything from First National Bank of America or Rose Acceptance.

NEVER.

Guest

I had a similar experience. Fortunately we live close to the property and were able to see the property first with MY OWN realtor.

The home was completely trashed to the point it was not habitable and should be condemned. DO NOT get involved with this company without your own good realtor and attorney!

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Michelle M Las
map-marker Lakeland, Florida

Rose Acceptance Commits FRAUD!

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Updated by user Feb 13, 2015

After going after this company relentlessly, they contacted me and bought the house back, however, they did not refund my closing fees, which were over $2000. Considering the company committed FRAUD, they should have returned every cent. I am satisfied with the resolution though.

Original review Jun 17, 2014
I live in New Jersey and purchased a home from them in Florida without seeing it first. They sent me pics of the inside which showed minor damages and when I asked what else was wrong with it, I was told it had a broken window and a missing toilet. Well after I saw the house, after I already bought it, I found it in a TOTALLY unliveable condition. ALL of the plumbing had been ripped out, as well as the ac unit, there is an EXTREME amount of black mold infestation in both bathrooms and the kitchen, and the source of the mold is big holes that were cut in the floor to rip out the plumbing. There are holes punched in the walls, wiring ripped out, broken, rotten floor boards, leaking roof and the list goes on and on... They KNEW I receive SSI and they are "owner financing" this home for me at 12.5 percent interest and they KNEW that I would NEVER have the kind of money it would take to make this home habitable, for me and my 19 year old daughter, and our 3 dogs, 6 birds and 2 bunnies. This house has been vacant and for sale for a long time. The pics they sent me were taken before the drug dealers broke in and destroyed it. I gave up my Section 8, which I have received since 1999 to buy this house. I also used my 2 and a half years of back SSI payments for the down payment. Now I am COMPLETELY SCREWED! They have RUINED my entire life and my daughters as well. My SSI checks are not enough to cover rent and we have to move out of our apt in New Jersey very soon, since it was being funded by Section 8. My rent is $975 and my monthly check is only a little over $700. I cant keep Section 8 because I own a home. I cant live in the home I own because its not liveable, and I will NEVER have the kind of money it will take to make it liveable. I cant sell it because I owe WAY more on it than its worth. I owe $36,000 for a house that sold for $22,900. Thats a LOT of interest! They also FAILED to disclose material facts to me that if I would have know, I NEVER would have purchased this property. There is a registered sex offender just 5 houses down! The entire neighborhood is all African American (I am white), but thats not the problem, I dont mind that, it is FULL of gangs and there were MULTIPLE shootings on this street and less than one block from this house. They have been killing teenagers and I have a very attractive 19 year old daughter who is a lifeguard and I would have to worry about her being kidnapped,raped and murdered. Of course they didnt tell me this, because then I wouldnt have bought the house and they were trying to unload it very BADLY! However, the biggest FRAUD they committed was emailing me tons of different "Good Faith Estimates" . They made me sign all of them and return them. The house closed on May 20th and my mortgage is $245.63, and 12.5 percent interest. So tell me WHY I had to sign MORE GOOD FAITH ESTIMATES, which they dated as May 1st, but didnt even email them to me until AFTER the house already closed, and those estimates that I had to sign AFTER the house was already closed said my interest rate was 11 percent and my payments were like $169 a month. When I spoke to Bill Wessels, he asked me how long I wanted the mortgage for. He said a 10 year mortgage would be $169 a month, but then when I got papers in the mail, he made it a 15 year mortgage at $243 a month. 5 more years and at a HIGHER rate? I NEVER agreed to that! Now I am about to be homeless, all because of them. They dont care whos life they ruin, as long as they make the sale. There are other complaints about them on ripoffreport.com They cost a woman her life savings by selling her swamp land and she thought she was buying land to build a home. They should not be allowed to ruin peoples lives like this. I plan to seek both criminal and civil action against them. I am reporting to Attorney General, Federal Trade Commission, BBB and EVERYWHERE and ANYWHERE I Can! Please spread the word, DO NOT BUY A HOME FROM THEM!
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Loss:
$36000
10 comments
Guest

Hello, what about your section 8? It's horrible what happened to you.

I was wondering how things ended up for you and your daughters living situation. People like this company take advantage of struggling people who still have the dream of home ownership but don't make a lot of money. It's wrong. Maybe look in to Vision Property Management.

They do in house financing too and have a lot of properties in all 50 states. Although their homes are fixer uppers too, there are a few that may need just minor work.

We found one in NYS that was beautiful and move in ready but we didn't act fast enough and someone else bought it. Good luck to you!

Guest

Do not buy anything from this company without seeing it first with your own realtor and attorney. They prey on naive people who are too trusting.

They are based in Michigan and seem to somehow buy trashed property and try to trap innocent people into contracts to buy before they learn the true condition of the property.

I intend on reporting one property of theirs to the health department. No doubt it will be condemned before it happens to someone else.

Guest
reply icon Replying to comment of Guest-1151670

One way they are able to do this is by buying banks- they use several bank names to expand the inventory and finance through Rose Acceptance. The parent company is First NAtional Bank of America.

I know this company from the inside-- Make darn sure you have a good real estate lawyer to represent you-- DO NOT LET THEM handle your paperwork. They thrive on taking advantage of people and likely intend to repossess your property-- its how they got their start. The original owner flipped homes and 3 generations they are worth millions...

The made their million off the work of many poor people..

Guest

You are the one at fault for buying a house unseen and not even hiring a building inspector to look at it.By the way I have a bridge in Brooklyn for sale ya interested?

Guest

Are you completely *** insane? Spending your life savings on a cheap house without even looking at it, let alone using someone with a clue who can spot problems.

I buy distressed houses to fix up and rent out.

I would never buy a cheap house with at least having someone I know go look at it and take photos of everywhere their camera will reach (remote viewing is handy). If a house does look good, I hire my bug guy to check for termites etc, etc. He's also good at spotting non bug issues. I know what to look for when buying a house.

If I didn't I'd hire someone who does. I I couldn't look at a house, some pictures and knocking a zero off the price might tempt me.

Bad neighbourhood? The only way to really check that is go down there and walk around. I don't think any agent is going to advertise a high violence rate, or do they have any obligation.

I've walked away from good projects because the neighbourhood had a bad feel, that often means bad tenants. That's not a rascist thing. In my current project house. I'm the only white guy for 1/4 mile.

But the neighbourhood feels ok. Yeah, there's a drug dealer next door, neither he nor his customers are any trouble. My fiancee did feel a bit uncomfortable at times until the day she cut the grass wearing her old 'Obama/Biden' t shirt and caught some smiles.

As for 10 years at $169 a month, thats a total repayment of $20280, less than your purchase price. Hallucinate on!

Nobody is going to give you negative interest loan. the 15 year one is a bit pricey at 9.8%, but on SSI, you're lucky to get any mortgage.

You're supposed to read things before signing. It's a massive investment, it's downright *** not to do so.

Caveat Emptor

Guest

You should have never bought this home without seeing it. Buyer beware.

Rose Acceptance has never has lived in this home so they can make no warranty as to anything in the home. I am truly sorry for your loss, but you should have never bought this home without seeing it.

Michelle M Las
reply icon Replying to comment of Guest-881715

Of course, you work for Rose Acceptance

Guest

They sold me a home that is full of mold. I bought the home for 60k and according to the housing commission the minimum to repair the rafters and the flooring and floor joices is over 60k. What a mess and the Consumers Financial Group that oversees banks say they are right.

Michelle M Las
reply icon Replying to comment of Guest-872482

I fought them relentlessly and I won! They bought my house back.

You can do it too.

It's not easy and it's a lot of work, but you can do it. Good luck!

Guest
reply icon Replying to comment of Guest-872482

60k to fix the roof and floors? You need a new contractor.

Or maybe you're just another of parrots many alter egos. You're supposed to exercise due diligence when buying a house.

That means you get someone with a clue to CHECK IT OUT.

If you buy a dump and then whine about it, the seller is rarely held accountable unless they have deliberately hidden problems. Even then, you'd need a court battle to prove it.

If I was buying a house in Florida, mould would be the No1 thing for me to look for.

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