I made a $5,000 investment over a year ago and there has been ZERO return to date. After some initial back/forth with customer support as they tried to explain away why there was no principle or interest payments coming in, they stopped providing updates. Here's the official updates list on their website for the investment:
October 12, 2018 RealtyShares has reached out to the borrower to see if the property was affected by Hurricane Michael. RealtyShares will update you when we hear back from them. October 02, 2018 There was a scrivener's error in the original recording of the deed that is being re-recorded. This is creating a delay. Once this rerecording occurs, the foreclosure should be complete in 60 days. July 13, 2018 The sponsor has requested a payoff statement for the end of the month. He indicated that he is refinancing the property. RealtyShares will continue to pursue foreclosure until payoff is received. June 27, 2018 RealtyShares has referred the loan for foreclosure and in process.
An update from the legal council will be provided as information becomes available. March 7, 2018 282 Lakeshore was referred to foreclosure on January 30th for payment default. This investment is in a non-judicial foreclosure state . Typically, a foreclosure takes 4-6 months in Georgia. The default rate for this investment is 18% and it was retroactively charged back to the December 5th default date. The sponsor may sell or refinance the property prior to us taking title. Depending on sale price, we may recover all principal, interest, and any default or late charges. We will advise on exact amounts at exit. February 26, 2018 Servicing and Asset Management are working with the sponsor to come to an agreement and pay off the deal.
Since then, I have gotten nothing but promises of a call back. Now, I can’t even get that as your phone line is busy and I get no responses to my voicemails left there.
I understand they're winding down operations, but that is no excuse to stop communicating! I simply want my $5,000 back since there clearly wasn't any actual investment at all.
RealtyShares Reviews
I made a $5,000 investment over a year ago and there has been ZERO return to date. After some initial back/forth with customer support as they tried to explain away why there was no principle or interest payments coming in, they stopped providing updates. Here's the official updates list on their website for the investment:
October 12, 2018 RealtyShares has reached out to the borrower to see if the property was affected by Hurricane Michael. RealtyShares will update you when we hear back from them. October 02, 2018 There was a scrivener's error in the original recording of the deed that is being re-recorded. This is creating a delay. Once this rerecording occurs, the foreclosure should be complete in 60 days. July 13, 2018 The sponsor has requested a payoff statement for the end of the month. He indicated that he is refinancing the property. RealtyShares will continue to pursue foreclosure until payoff is received. June 27, 2018 RealtyShares has referred the loan for foreclosure and in process.
An update from the legal council will be provided as information becomes available. March 7, 2018 282 Lakeshore was referred to foreclosure on January 30th for payment default. This investment is in a non-judicial foreclosure state . Typically, a foreclosure takes 4-6 months in Georgia. The default rate for this investment is 18% and it was retroactively charged back to the December 5th default date. The sponsor may sell or refinance the property prior to us taking title. Depending on sale price, we may recover all principal, interest, and any default or late charges. We will advise on exact amounts at exit. February 26, 2018 Servicing and Asset Management are working with the sponsor to come to an agreement and pay off the deal.
Since then, I have gotten nothing but promises of a call back. Now, I can’t even get that as your phone line is busy and I get no responses to my voicemails left there.
I understand they're winding down operations, but that is no excuse to stop communicating! I simply want my $5,000 back since there clearly wasn't any actual investment at all.