I was purchasing a home at Wynnstone in Davenport and went through this process on my own as a single mother of three. I work very hard for every dollar I earn, and I spent a significant amount of my own money trying to make this purchase happen. That included a $5,000 deposit, paying for an appraisal, paying for an independent inspection, paying down my own debt, and making other financial changes to improve my chances of getting approved.
The biggest issue throughout the process was communication. I constantly had to be the one reaching out for updates about the home, the loan, the appraisal, the inspection, and what the next steps were. I sent multiple texts asking for updates, and it eventually got to the point where I felt uncomfortable continuing to text the sales representative and loan officer so often because I felt like I was always chasing information. I did not feel like I was being kept informed unless I reached out first.
The financing process was also very discouraging. I did not feel properly supported or guided. I was doing everything I could on my end financially, including paying down debt, but I often felt like I was getting nowhere and was being pressured more than helped. As a first-time homebuyer, I expected much more guidance and reassurance.
I also paid for an appraisal in July and never received a copy of it. I paid for an independent inspection as well. Issues were found during that inspection, but I never received clear confirmation that everything had been corrected. One of my concerns involved cracks in the garage, and I was told those would not be repaired.
I was originally told the home would be completed around September, but it was completed almost two months earlier. Once that happened, everything started to feel rushed.
Another major red flag for me was seeing the exact home I was under contract for being advertised for sale online while I had already paid a $5,000 deposit and was still under contract for that property.
Most importantly, before I moved forward, I specifically asked whether the $5,000 deposit was refundable. I have written text messages from the Stanley Martin salesperson stating that the deposit was “100% refundable” during the lot hold and that once the contract was issued, the deposit would be refundable if I did not get approved for the loan. That information was important to me and played a major role in why I felt comfortable putting the $5,000 down.
This was not simply a situation where I changed my mind. There were too many red flags throughout the process. The poor communication, constantly having to ask for updates, the financing experience, the money I spent trying to qualify, the appraisal I never received, the unresolved inspection concerns, the rushed timeline, the home being advertised for sale while I was under contract, and the information I was given regarding the deposit all caused me to lose confidence in the process.
What should have been an exciting experience becoming a homeowner for the first time became stressful, discouraging, and uncomfortable.
I have now asked Stanley Martin to return my $5,000 deposit. Considering everything that happened and the written information I was given before moving forward, I believe returning the deposit is the fair and reasonable thing to do.
I hope management and corporate leadership take the time to review the entire situation and improve the way first-time buyers are communicated with and supported throughout the homebuying process