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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Horror Stories Anyone?? Posted by trel on August 01, 2001 at 8:40 AM In Reply to: Horror Stories Anyone?? posted by Eric - CA on July 31, 2001 at 2:22 PM Here's a good one. Happened yesterday. An investor purchased a property at the auction in Broward County, Florida... whereby you give the clerk the deposit after you bid on the property. (Yes, a bit backwards) Rather than going an immediately giving the deposit to the clerk, the investor left to go get all his cash to pay for the property in full by 4 pm as is required. Because he left no deposit, and left the courthouse, the lender's representative decided he was going to re-auction the property. An astute Foreclosure Service Provider who happened to be a the courthouse collecting data, noticed this activity, and also noticed that the investor was a customer of her's. She called her office, had the investor called on his cell phone and insisted he come in and leave his deposit or lose the property. The investor came back with all his cash and paid for the property in full. $76,000 in certified funds. The only problem... was that he bought the wrong property. When reviewing the deal with the FSP she realized that he bought a property other than the one he intended on bidding on. Had it not been for her presence and strong desire to help her customer, he'd be out $76k! Because of her outstanding reputation with the court and the clerks, she was able to convince them to cancel the sale and return his money! That was a close one. Had it not been for her... he would have been burnt on his first (and probably last) auction purchase. Lesson: He did not follow instructions... didn't even bid on the correct property... didn't follow the proper procedures for post sale activities... and almost lost it all! Take your time! Know what you're doing... or don't do it at all! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Here's a good one. Happened yesterday. : An investor purchased a property at the auction in Broward : County, Florida... whereby you give the clerk the deposit after : you bid on the property. (Yes, a bit backwards) : Rather than going an immediately giving the deposit to the clerk, : the investor left to go get all his cash to pay for the property : in full by 4 pm as is required. : Because he left no deposit, and left the courthouse, the lender's : representative decided he was going to re-auction the property. : An astute Foreclosure Service Provider who happened to be a the : courthouse collecting data, noticed this activity, and also : noticed that the investor was a customer of her's. She called her : office, had the investor called on his cell phone and insisted : he come in and leave his deposit or lose the property. : The investor came back with all his cash and paid for the : property in full. $76,000 in certified funds. : The only problem... was that he bought the wrong property. When : reviewing the deal with the FSP she realized that he bought a : property other than the one he intended on bidding on. : Had it not been for her presence and strong desire to help her : customer, he'd be out $76k! Because of her outstanding : reputation with the court and the clerks, she was able to : convince them to cancel the sale and return his money! : That was a close one. Had it not been for her... he would have : been burnt on his first (and probably last) auction purchase. : Lesson: He did not follow instructions... didn't even bid on : the correct property... didn't follow the proper procedures for : post sale activities... and almost lost it all! : Take your time! Know what you're doing... or don't do it at all! Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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