He is my very bad experience with Tom Spaniel of Preston Financial Services. Tom was doing the loan on a home purchase for us and two days before closing and unbeknownst to us, Tom calls my Realtor and says that the we are short $300 needed to close.
He says if the Realtor does not contribute $300 from his commission towards my closing cost, we will not be able to close and the deal with fall through.
Meaning my Realtor won’t get paid his commission and we won’t be able to purchase the house.
We did not know this was going on at the time but found out about it after we had closed.
My Realtor, without telling us about it, agreed to pay Tom $300 from his commission so we could close on the house.
We also found out that Tom, being the loan officer, was making a substantial commission on the transaction.
My Realtor later told us about what had transpired. Come to find out from the title company that what Tom had told my Realtor was all a big lie…..there was never any $300 shortage on the funds we needed to close.
In effect Tom had instigated a $300 shakedown but my Realtor went along with it so that we could purchase the house.
He had just made all this up to get an extra $300 out of our Realtor.