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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: More Insanity... Posted by David - CA on January 27, 2004 at 5:24 AM In Reply to: More Insanity... posted by Lisa - CA on January 02, 2004 at 0:11 AM : Ward, : I observed a "Pro" win a bid the other day (Norwalk), but something seemed suspicious: : 1) Min bid listed on Retran was $480K : 2) Actual open bid was $456K (This was the foreclosing first) : 3) 2nd was approx $320K : 4) Winning bid was $520,300 : -- Property address is 3482 Grayburn Rd. Pasadena, CA : Why didn't the 2nd just reinstate with so much at stake? Also, after a few sales the auctioneer stated the office needed to call him back for sales that were delayed. However, after about 20 mins he just left for the day. Please comment on what I think are some shady happenings. Thanks. Maybe someone had already bought the 2nd's interest at a discount. Maybe it was even the winning bidder. I don't see any evidence here that something shady was going on; could you elaborate on why you suspect there might have been something? As to why the 2nd wouldn't "just reinstate", assuming the full $320K was still owed on the 2nd, and only $30K was required to re-instate, they would have been putting themselves on the hook for $450K to protect their $320K position. That's in addition to the $30K they'd paid to re-instate. Since the property sold at a public auction for only $520K, this would seem to fall into the category of "throwing good money after bad". The only question I would have is, how did the foreclosed owner manage to get a 2nd on the property for so much? Was the property perceived to be worth $775K+ at the point the 2nd was created? If there's anything suspicious here, in my mind it's the fact that some loan officer agreed to the 2nd in the first place. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : I observed a "Pro" win a bid the other day (Norwalk), but something seemed suspicious: : : 1) Min bid listed on Retran was $480K : : 2) Actual open bid was $456K (This was the foreclosing first) : : 3) 2nd was approx $320K : : 4) Winning bid was $520,300 : : -- Property address is 3482 Grayburn Rd. Pasadena, CA : : Why didn't the 2nd just reinstate with so much at stake? Also, after a few sales the auctioneer stated the office needed to call him back for sales that were delayed. However, after about 20 mins he just left for the day. Please comment on what I think are some shady happenings. Thanks. : Maybe someone had already bought the 2nd's interest at a discount. Maybe it was even the winning bidder. I don't see any evidence here that something shady was going on; could you elaborate on why you suspect there might have been something? : As to why the 2nd wouldn't "just reinstate", assuming the full $320K was still owed on the 2nd, and only $30K was required to re-instate, they would have been putting themselves on the hook for $450K to protect their $320K position. That's in addition to the $30K they'd paid to re-instate. Since the property sold at a public auction for only $520K, this would seem to fall into the category of "throwing good money after bad". : The only question I would have is, how did the foreclosed owner manage to get a 2nd on the property for so much? Was the property perceived to be worth $775K+ at the point the 2nd was created? If there's anything suspicious here, in my mind it's the fact that some loan officer agreed to the 2nd in the first place. Optional Link URL: Link Title: Optional Image URL: [ 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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