Consumer complaint received 2018-02-01 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: WELLS FARGO & COMPANY
State: AL

Complaint narrative:
I made a payment to XXXX on the basis that it would be for a real estate transaction. It was a XXXX  agreement between XXXX and the seller, XXXX XXXX XXXX. The address is XXXX XXXX XXXX in XXXX. I filled out the paperwork and sent a bank wire of {$38000.00} to XXXX on XX/XX/XXXX of this year that was said to be for the down payment, 6 months of reserves and some other things needed. I also received a promissary note for the note that stated that I would receive a note at 20 % in which I would receive {$640.00} a month and I would be paid in full as well as receive 30 % of the deal when XXXX XXXX  sells. That was in XX/XX/XXXX, it is XX/XX/XXXX, and I have received one debt payment in all this time. I was also told this would be a project that would take anywhere from 3-6 months ... and it has exceeded that timeframe. I also received a copy of the deed for the property, some loan forms etc. but I never received anything with the seller 's signature. But I can assure you that all forms that I am submitting came directly from XXXX  and you can check my email to prove so. So it has been about 6 months and there has been no updates or progress on the property. I have relatives in XXXX  that know the address, and they stated to me that there was obviously nothing being done to it, no rehab or anything. So out of curiosity, I XXXX  the address and find out that the property is being sold for {$45000.00} by XXXX XXXX. The realtor 's name is XXXX XXXX and she assured me that the seller, XXXX XXXX XXXX has NO idea about the XXXX agreement with XXXX and said she has a legally binding contract with him so only she could sell the property anyway. And according to the projections, the {$38000.00} I paid was to be used for the down payment on a {$120000.00} loan.

Why would anyone take out a {$120000.00} loan just to sell it for {$45000.00}? I have a warranty contract for the transaction with XXXX XXXX XXXX initials and signatures on it. I just showed it to XXXX XXXX  this morning to and she said that she didn't believe they were really XXXX XXXX XXXX. I have also enclosed the promissory note, in which it states that at anytime if obligations were not fulfilled, I can ask for the entire amount of the loan back ... .which is certainly what I '' m doing. I know the only signature on the note is mine, but the agreement was still made and I expect it to be fulfilled and be repaid IMMEDIATLEY. XXXX XXXX says that she will back up everything I have stated as far as the property and her dealings with it. Her email address is XXXX and her mobile number is ( XXXX ) XXXX. She can also get you XXXX XXXX XXXX contact information as well.

I have disputed this with Wells Fargo and XXXX, and I have seen no investigation done. I know there must be SOMETHING they can do in this situation ... .whether filing a report on my behalf, an investigation or whatever they can do.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation