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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] I think you should move on. Posted by JK (the other JK) on December 24, 2009 at 1:24 PM In Reply to: 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 I received a call today from attorney for trustee and attorney states sale is being rescinded due to there being an agreement to postpone sale to allow short sale to close.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. Banks do not rescind Trustee Sales for the fun of it. Most likely the bank had made a contract with the homeowner. A good example would be notifying the homeowner that they would delay the foreclosure to allow a Short Sale to close or loan modification to be approved and then accidentally selling the property. I just helped a few people get their deeds back for this very reason. So now you want to sue? What are your damages? Are they not giving back 100% of your money? Are you not an investor that is used to taking risks as part of their business? Instead of wasting valuable energy trying to chase a deal that is gone, why not just find another deal? Follow Ups: 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) 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. : Banks do not rescind Trustee Sales for the fun of it. Most likely the bank had made a contract with the homeowner. A good example would be notifying the homeowner that they would delay the foreclosure to allow a Short Sale to close or loan modification to be approved and then accidentally selling the property. I just helped a few people get their deeds back for this very reason. : So now you want to sue? What are your damages? Are they not giving back 100% of your money? Are you not an investor that is used to taking risks as part of their business? Instead of wasting valuable energy trying to chase a deal that is gone, why not just find another deal? 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