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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: I think you should move on. Posted by JK (the other JK) on December 25, 2009 at 6:29 PM In Reply to: Re: I think you should move on. posted by C on December 24, 2009 at 2:26 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 I received a call today from attorney for trustee and attorney states sale is being rescinded due to there being an agreement to postpone sale to allow short sale to close.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. I am a Trustee Sale Buyer. If you buy a lot at the Sale you should know that some people wear many hats. Yes, a RE Broker can be an investor as well. It sounds like you have already made up your mind and are emotionally attached to a deal that is gone. Rule #1 with investing: Never put your emotions in front of your money. You are exactly what predatory attorneys look for. So go drop $25K - $50K suing the Trustee and Bank for a deal that you've lost. Please update us and let us know how that goes. Good luck. Follow Ups: 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. : I am a Trustee Sale Buyer. If you buy a lot at the Sale you should know that some people wear many hats. Yes, a RE Broker can be an investor as well. It sounds like you have already made up your mind and are emotionally attached to a deal that is gone. Rule #1 with investing: Never put your emotions in front of your money. You are exactly what predatory attorneys look for. So go drop $25K - $50K suing the Trustee and Bank for a deal that you've lost. Please update us and let us know how that goes. Good luck. [ 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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