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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: I think you should move on. Posted by C on December 24, 2009 at 2:26 PM In Reply to: I think you should move on. posted by JK (the other JK) on December 24, 2009 at 1:24 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 I received a call today from attorney for trustee and attorney states sale is being rescinded due to there being an agreement to postpone sale to allow short sale to close.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? JK, I strongly disagree with your position. I thought I was asking questions to other trustee sale buyers. You state that you helped others get their deeds back. Are you a loan broker/loan mod person. If so, I'm sure that you look at these matters differently than I would. To answer your questions: I'm involved in litigation regularly, both as a defendant and plantiff. Damages are $100,000. I have not received any of my monies back form trustee. I take calculated business risks daily. This is not a waste of time or energy, this is what I do for a living. I continue to locate deals daily and attempting to validate my purchase will have no bearing on deal acquisition going forward. Please also note, that this home is abanadoned and the homeowner had negative equity. What are their damages? Thank you for your imput. Follow Ups: 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? : JK, : I strongly disagree with your position. : I thought I was asking questions to other trustee sale buyers. You state that you helped others get their deeds back. Are you a loan broker/loan mod person. If so, I'm sure that you look at these matters differently than I would. : To answer your questions: I'm involved in litigation regularly, both as a defendant and plantiff. Damages are $100,000. I have not received any of my monies back form trustee. I take calculated business risks daily. This is not a waste of time or energy, this is what I do for a living. I continue to locate deals daily and attempting to validate my purchase will have no bearing on deal acquisition going forward. : Please also note, that this home is abanadoned and the homeowner had negative equity. What are their damages? : Thank you for your imput. 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