ComplaintsforTransworld Business Advisors of Long Island

• Initial Complaint

  01/17/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Dear ***/madam, I need help with getting my money refunded by this business, Transworld Business Advisors in ********, **. The broker, *************, was representing the seller of a local pizzeria, and I was interested in purchasing it. The first discussion occurred in June 2023, with the check of $20,000 being given to him in July. We were supposed to close immediately, and did our due diligence, but the owner was not cooperative in providing the necessary resources for the closing to take place. The broker, while initially met us a couple of times, stopped helping with the closing of this sale except for the occasional call to see whats going on. While myself and my partner did all the work, when we got to the part of the contract being given to our lawyer, the seller has already informed his layer the broker was not representing him anymore because of the brokers lack of taking this to a closing, among other interpersonal issues they had. Even at that point, the broker did not inform us hes not representing the seller anymore and made no attempt in refunding the check, about September/October. After a couple of months of extra effort to close this on our own - without brokers help - we decided to stop attempting as the seller did not provide the documents necessary for the closing in November 2023. At this point in time, I have personally tried to reach out to them numerous time - via emails, phone calls and messages - in an attempt to have my money refunded but neither the broker, his supervisor or his local office returned my calls or my money. I have also attempted multiple times to contact their main office in *******, no luck whatsoever. Please intervene in straightening this out, and having this corrupted and crooked business sanctioned accordingly. Thank you in advance, *****************.

  Business response

  01/18/2024

  
  
  Dear BBB of ********,
  I hope this message finds you well. We appreciate the opportunity to address the concerns raised by ***************** in Complaint #********. Our commitment to transparency and fair business practices is of utmost importance, and we are eager to provide clarification on the matter.
  ***************** engaged in a business transaction with the seller of a business, which involved a deposit of $20,000. It is crucial to understand that this deposit is held in escrow, and its release is contingent upon the successful completion of the transaction. In this case, ***************** did not proceed to close the transaction, and was past the due diligence period which was extended. *** said to move forward with the sale than changed her mind thus leading to the current situation.
  The seller claims he is *********** half of the deposit due to ***'s failure to close on the transaction which is in the executed offer and acceptance agreement signed by both parties.Our company, acting as an intermediary, cannot release the escrowed deposit without the explicit permission of both parties involved. Therefore, ***************** is encouraged to work directly with the seller to resolve any outstanding issues and come to a mutually agreeable solution.
  We want to emphasize our commitment to facilitating fair and ethical business transactions. If there are any further details or documentation required from our end to assist in the resolution process, please do not hesitate to let us know. We are dedicated to ensuring a transparent and equitable resolution for all parties involved.
  Thank you for your attention to this matter. We look forward to a swift and satisfactory resolution for all parties.
  Sincerely,
  *************************

  Transworld Business Advisors 

  **********
  
  

  
  

  Customer response

  01/29/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  [Your Answer Here]

  The business alleges that my money is in escrow and it wasn’t released because the seller didn’t give his ok and/or the seller wants half of that money! Upon getting in touch with the seller the other day, these are both not true! Both the seller and I notified our lawyers long time ago that the sale is not going thru! The broker *** from Transworld asked us to do that so the deposit can be returned to me! I’ll attach below my emails, following the required procedure! 
  
  The seller also let me know that he will be suing this business because of their completely unprofessional behavior, and stated that the business is keeping my money because he didn’t pay them the commission they claim (from him) on them representing the seller in other restaurant sales, where they didn’t even bring the buyers!
  
  The other lie in their statement is that I changed my mind about buying this place! Not true! Both the broker and his supervisor know that I waited for months - and so has my lawyer (which I eventually paid $2,700) - to get the necessary documents required to complete the sale! Both the broker and the seller were not cooperative so the sale had to be canceled upon my lawyer’s advice! 
  
  I can provide any additional information required by you so I can have my hard earned money back after 7 months!  
  

   

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  *** *****  
  
  
  
   
  

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