Complaints

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• Initial Complaint

  Date:08/04/2022

  Type:Delivery 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.

  I signed a contract with B&G Landholdings, LLC on May 27, 2022 to sell my 2 vacant lots. The contract stipulates the agreed upon price of $100,000 for both lots. A deposit of $400 is to be place with the escrow agent, ********** Title Services LLC, although I've not received any confirmation of this. This week I received an email indicating the company is canceling the contract... "With interest rates rising, it has created a lot of uncertainty in the local market and has slowed home sales prices drastically". In addition, there is a maximum 60-day "due diligence" period defined for the buyer to assess whether or not the properties are suitable, otherwise the contract states that expiration of the due diligence period will constitute acceptance in the "as-is" condition. I would like to have a copy of the due diligence report. In response to the cancellation email I stated: "I would like to point out that BG Landholdings effectively took both of my properties off the market at a time during peak demand. I believe I am entitled to the $400 deposit as compensation".

  Business Response

  Date: 08/12/2022

  Business Response /* (1000, 5, 2022/08/09) */ Hello, Mr. & Mrs. ****** (Sellers) executed a contract with B&G Landholdings (B&G) to sell their two vacant lots. B&G received the fully executed Contract from the Sellers on May 27th, 2022. Per the Contract, B&G had 60 business days to conduct the due diligence and an additional 30 business days after that to close. Therefore, the company had until August 24th, 2022, to complete any due diligence. The Sellers were notified on August 2nd, 2022, that B&G would not proceed with the sale. An email was also sent canceling the Contract. Section 6, Due Diligence states: "Should Buyer deliver timely notice that the Property is not acceptable, Seller agrees that Buyer's deposit will be immediately returned to Buyer and the Contract terminated." Since B&G canceled the Contract within the due diligence, we are not entitled to release the deposit monies. Unfortunately, market conditions have changed drastically, and we could not close as we intended. We hope you will consider working with us again in the future and appreciate your time and consideration. Thank you Consumer Response /* (3000, 7, 2022/08/09) */ (The consumer indicated he/she DID NOT accept the response from the business.) I do not accept the response. Market conditions are not considered part of "due diligence". To do so, would place any contract in the category of "We can back out of any contract, at any time, and for any reason". I have a question: What is the purpose of the deposit? The generally accepted definition is to show "good faith" that the buyer is serious about the sale going forward. Since B&G Landholdings refuses to return the deposit money that they agreed to by signing the contract, I believe it demonstrates bad faith. I certainly would not consider doing business with them in the future. The only advantage I can see is that I retain ownership of the lots, and they do not. Business Response /* (4000, 9, 2022/08/10) */ Hello, B&G "may conduct any tests, analyses, surveys, and investigations," which includes market research. The deposit is placed in "good faith." When a property is "acceptable," we move forward with the deposit and commit to closing the transaction. B&G has 60 business days to determine if either property is suitable, after which the deposit would be placed as described below: "All deposits will be credited to the purchase price at closing and be held in escrow by "Escrow Agent." Buyer shall make said deposit on or before Acceptance Date." "The expiration of the Due Diligence Period will constitute acceptance of the Property in its present "as is" condition and shall be known as the "Acceptance Date." the Acceptance Date would have been August 24th, 2022 We sincerely apologize for any inconvenience.