Investor/lender rescinding trustee sale.

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Investor/lender rescinding trustee sale.
Posted by C on December 23, 2009 at 6:27 PM
Ward,
I purchased a property at a California trustee sale 2 weeks ago. I did not receive TDUS so I called to check on delay and trustee stated it was being reviewed. I received a call today from attorney for trustee and attorney states sale is being rescinded due to there being an agreement to postpone sale to allow short sale to close.
The house is vacant and over encumbered. It was a dropped bid purchase. There was no BK filed and no court order to disallow sale. Former owners made no payment to bring loan current.
Can the investor/foreclosing lender change their mind after the trustee sale and rescind due solely to their statement that an agreement was made with the former homeowner to postpone the sale.
On the majority of our deals the former homeowner was in a loan mod or short sale and they can always state someone at the bank or trustee office stated the sale would be postponed.
In this case I fear that investor/lender determined that they could net more money if the short sale closes versus what I paid for the property so the investor/lender wants trustee to rescind sale and allow short sale to close. It seems to put the whole process in questtion if sales can be rescined this easily.
I know that I have the option to forget it and go to the next one however I'm sick of taking that road as it takes so much work to find a deal in this competitive market. They never call to recind the skinny deals and if I make a mistake I can't rescind the deal.
Do I need to file a lis pendens in order to protect my firms interest. Do you feel that with the assistance of a good real estate attorney, I will be successful in obtaining the TDUS?
Thank you.

Follow Ups:

I agree with JK too Skimmer 2:50 PM, 12/28/09 (0)

I think you should move on. JK (the other JK) 1:24 PM, 12/24/09 (8)

Re: I think you should move on. Kristine-CA 9:09 PM, 12/25/09 (4)

Re: I think you should move on. JK (the other JK) 9:56 PM, 12/25/09 (3)

Re: I think you should move on. Kristine-CA 7:50 AM, 12/26/09 (2)

I think we are all missing the real point. JK (the other JK) 1:17 PM, 12/26/09 (1)

the point Kristine-CA 3:39 PM, 12/26/09 (0)

Re: I think you should move on. C 2:26 PM, 12/24/09 (2)

Re: I think you should move on. JK (the other JK) 6:29 PM, 12/25/09 (1)

I agreed with JK (the other JK) Rick, the Probate Guy 2:25 PM, 12/26/09 (0)

Re: Investor/lender rescinding trustee sale. Kristine-Ca 11:37 AM, 12/24/09 (4)

missing the point Atty 9:01 AM, 01/04/10 (3)

Re: missing the point STAND 4:45 PM, 02/01/10 (0)

Re: missing the point Rick, the Probate Guy 12:14 AM, 01/04/10 (1)

Re: missing the point Atty 5:33 AM, 02/08/10 (0)

Post a Followup:

Name : E-Mail : Subject :
Comments: : Ward, : I purchased a property at a California trustee sale 2 weeks ago. I did not receive TDUS so I called to check on delay and trustee stated it was being reviewed. I received a call today from attorney for trustee and attorney states sale is being rescinded due to there being an agreement to postpone sale to allow short sale to close. : The house is vacant and over encumbered. It was a dropped bid purchase. There was no BK filed and no court order to disallow sale. Former owners made no payment to bring loan current. : Can the investor/foreclosing lender change their mind after the trustee sale and rescind due solely to their statement that an agreement was made with the former homeowner to postpone the sale. : On the majority of our deals the former homeowner was in a loan mod or short sale and they can always state someone at the bank or trustee office stated the sale would be postponed. : In this case I fear that investor/lender determined that they could net more money if the short sale closes versus what I paid for the property so the investor/lender wants trustee to rescind sale and allow short sale to close. It seems to put the whole process in questtion if sales can be rescined this easily. : I know that I have the option to forget it and go to the next one however I'm sick of taking that road as it takes so much work to find a deal in this competitive market. They never call to recind the skinny deals and if I make a mistake I can't rescind the deal. : Do I need to file a lis pendens in order to protect my firms interest. Do you feel that with the assistance of a good real estate attorney, I will be successful in obtaining the TDUS? : Thank you.

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