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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: A foreclosure waits for no one... Posted by Gary Toni Ann on September 18, 2003 at 7:14 PM In Reply to: A foreclosure waits for no one... posted by Ward-CA- on September 18, 2003 at 6:51 PM Thanks for your response. It all goes back to buyer beware, the wolves are in the woods. Next time I'll be more cautious. : : I am the buyer : : Hi HELP!!!!, : : Big Corps.at their finest. August 2003 I signed a contract with a seller for the purchase of property with a house in Greene County, NY. A few weeks after the contract signing,along with obtaining counsel, title searches, appraisals, engineers inspection,etc. I was informed the property was up for foreclosure and a closing must be sped up. : : The sellers attorney had notified the bank that the property was in contract and that the my (The buyer) mortgage was approved. My bank was awaiting the appraisal and title reports. The sellers bank assured the attorney that public auction would avoided pending the closing of the property. : : Friday Sep.5th 2003 I found out that the bank had held the public auction on Wed. Sept.3, 2003. A investment Co. who works with the bank bought the property, with plans to resell it for profit. I was never notified of the auction. The attorney contends that no mention was made to us of a pending auction, because the bank had assured him no auction would take place, due to the fact the property WAS in contract & my mortgage WAS approved and awaiting title & Appraisal for closing. : : I contacted local papers to find the auction notice. It was listed with the paper under the banks attorney name and had been in the paper for months prior to contract, up to week before the auction date. The auctoned property was listed under a wrong address. It turns out the address used was a old address from pre 2000's, not the 3 year old new address,on file with the Dept of Taxation and the county clerk. : : After contacting the US Postal service to verify that two addresses exsist representing two seperate and apart dwellings. They informed me that the address listed in the auction notice was in fact not the property address of the house in contract or in forclosure/auction. Sounds like false representation of the property. : : Well, any suggestions on how I might force the bank to honor my contract? : : What recourse do we have? : : We really want the house and have a lot of money already invested. : : Thanks, Gary : -=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-= : Gary, : From what you related above,.you're not a party to any written, purchase contract with the foreclosing bank concerning the subject property. Nor did you pay the lender any fee or consideration for a formal forebearance agreement to postpone progress on their foreclosure whilst you got your various loose ends together regarding your attempt to purchase the subject property. : So I don't see any formal or informal contract between the foreclosing lender and you that you might use to force the lender to reverse the public auction of the property. : If there was false representation regarding the property's street address prior to the auction, you will have to show how it's pertinent to your predictament. Frankly I don't see the connection. : You might try to buy the property from the new owner. They probably bought it to flip for a profit. So they might let it go for a modest profit if they can resell it to you, "as is", without much delay. : Otherwise, I'd cut my losses and go after some other attractive deal. : Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Thanks for your response. It all goes back to buyer beware, the wolves are in the woods. Next time I'll be more cautious. : : : : I am the buyer : : : Hi HELP!!!!, : : : Big Corps.at their finest. August 2003 I signed a contract with a seller for the purchase of property with a house in Greene County, NY. A few weeks after the contract signing,along with obtaining counsel, title searches, appraisals, engineers inspection,etc. I was informed the property was up for foreclosure and a closing must be sped up. : : : The sellers attorney had notified the bank that the property was in contract and that the my (The buyer) mortgage was approved. My bank was awaiting the appraisal and title reports. The sellers bank assured the attorney that public auction would avoided pending the closing of the property. : : : Friday Sep.5th 2003 I found out that the bank had held the public auction on Wed. Sept.3, 2003. A investment Co. who works with the bank bought the property, with plans to resell it for profit. I was never notified of the auction. The attorney contends that no mention was made to us of a pending auction, because the bank had assured him no auction would take place, due to the fact the property WAS in contract & my mortgage WAS approved and awaiting title & Appraisal for closing. : : : I contacted local papers to find the auction notice. It was listed with the paper under the banks attorney name and had been in the paper for months prior to contract, up to week before the auction date. The auctoned property was listed under a wrong address. It turns out the address used was a old address from pre 2000's, not the 3 year old new address,on file with the Dept of Taxation and the county clerk. : : : After contacting the US Postal service to verify that two addresses exsist representing two seperate and apart dwellings. They informed me that the address listed in the auction notice was in fact not the property address of the house in contract or in forclosure/auction. Sounds like false representation of the property. : : : Well, any suggestions on how I might force the bank to honor my contract? : : : What recourse do we have? : : : We really want the house and have a lot of money already invested. : : : Thanks, Gary : : -=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-= : : Gary, : : From what you related above,.you're not a party to any written, purchase contract with the foreclosing bank concerning the subject property. Nor did you pay the lender any fee or consideration for a formal forebearance agreement to postpone progress on their foreclosure whilst you got your various loose ends together regarding your attempt to purchase the subject property. : : So I don't see any formal or informal contract between the foreclosing lender and you that you might use to force the lender to reverse the public auction of the property. : : If there was false representation regarding the property's street address prior to the auction, you will have to show how it's pertinent to your predictament. Frankly I don't see the connection. : : You might try to buy the property from the new owner. They probably bought it to flip for a profit. So they might let it go for a modest profit if they can resell it to you, "as is", without much delay. : : Otherwise, I'd cut my losses and go after some other attractive deal. : : Hope this helps. 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