If you didn't happen to see this story on Channel 10 News in Sacramento yesterday, here is a short recap of it....this is a very questionable foreclosure sale...

A 3800 square foot luxury home on De La Pena Circle in the upscale gated community of Rancho Murieta, was listed at what appears to be at least $200,000 less than market value in August.  It had been listed before going to Trustee Sale as a short sale and had received an offer of $660,000.  However, the short sale did not close because the buyer backed out and the property went back to the bank through the trustee sale.  It apparently then was listed and sold in 13 minutes from when it was entered into the MLS system!  This home was a bank owned home owned by US Bank.  The home was listed by US Bank with Rancho Murieta Homes & Land.

Metrolist records show Rancho Murieta Homes & Land represented both the bank and the buyer for an estimated commission of $28,000.  According to the News 10 report, the new owner is Lance Merrihew, ithe son of Linda Merrihew, the asset manager at US Bank who guided the property through the foreclosure process.

The homeowners in the area are obviously concerned about the impact this may have on their home values.  And agents are concerned about how and why this happened.  I am confused by this...my Asset Managers on my REO listings take a couple of days normally to get back to us with an answer.  I don't have them respond in 13 minutes! 

What happened here?  How could this happen?  Who was the listing agent representing?  Obviously not the seller!  Seems as though there are still some unanswered questions that need to be answered.

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Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA

               www.ModeandDurhaM.com

ead the Channel 10 News article, Realtors Question Rancho Murieta Foreclosure Sale.