Apex Woman, State AG Office Want To Know More About Integrity Investments
Posted June 10, 2005 6:57 a.m. EDT
RALEIGH, N.C. — Integrity Investment Properties, which has an unsatisfactory record with the Better Business Bureau, is now under investigation by the North Carolina Attorney General's Office. One Apex woman knows about the issues with the company firsthand.
Last spring, Alycia Ragey needed to sell her house quickly, so she contracted with Integrity Investment Properties. Under the agreement, Integrity owner Steve Gray would find someone who wanted to "rent to own."
Integrity would make money handling the sale, so in exchange promised to pay the mortgage even if the home was vacant. Once the house sold, Integrity would pay off the mortgage, give Ragey $2,150 and keep the remaining profit.
"It sounded like a win-win option. Even if there wasn't a tenant in the house, the mortgage would still be paid," she said.
However, that was the problem. While Integrity made payments, most were late, racking up hundreds of dollars in late fees. Several checks bounced. The mortgage company called, so Ragey called Integrity.
"At that point, Integrity was like, 'I'm sorry. I'll get it done,'" she said.
But the mortgage company threatened foreclosure in five days if more than $5,400 was not paid immediately. Ragey came up with the money and called Integrity to cancel the contract and get the money back.
"They won't talk to me," she said.
Ragey called Five on Your Side. When Five On Your Side called Gray, he said he did not make payments because his company "expenses exceeded income." He said Integrity is closed and he is finished with Ragey.
Five On Your Side found out North Carolina's Attorney General Office had just started to look into Steve Gray and Integrity Investments. The office is investigating 10 similar complaints against the company. The Attorney General's staff asks that anyone else who has had issues with Integrity let them know.
In the meantime, A bill that passed the North Carolina House last week would require licensing and bonding for real estate resale dealers like Gray. Had such a law already been in place, it probably would have helped Ragey.
Five On Your Side will keep you posted on developments on both fronts.