Reliabank - Estelline

My experience with Reliabank was 2 fold.  We found a house that we were interested in purchasing but had some questions including the “dampness” of the basement.  The required disclosure was also marked as having no water damage (required disclosure in SD) We made an offer on the house based on the condition the basement being “questionable” with the opportunity for the owner to update the status of water damage.  The offer was counted by David Johnson (President of Reliabank) the owner of the property and we were assured that there were no water problems with the basement.  Reliabank was also our lender on the mortgage and I would rate that experience as fair.  However, the first rain that we had we had water running through the basement. 
 
Long story short,  this was an investment property that was purchased in 2007 when the markets dropped the President of Reliabank decided to falsify legal documents (required disclosure) instead of take a loss or holding the property until the market came back.   I am not speculating that he knew or should have known either.  I have talked to the tenants of the property who did some of the renovation to the property.  The tenants had intended to purchase the property but declined when attempts to “patch” the leaks failed.   There is no doubt that he knew there was a problem and had already lost one sale because of it.
 
David Johnson the president of the bank has not only refused any and all attempts to settle this matter outside of court he has also used his “pull” with the local city council and law enforcement to harass my family. 
 
If this is the type of person you want in of your money then go ahead and work with Reliabank, if not stay far away from them. 
 
As a side not we will be signing the complaint with the lawyer tomorrow to start legal proceedings.