Checking the MLS this morning for new listings I came upon a photo of a nice, newly built, 4 bedroom, 2.5 bath, home, almost 2500 sq feet, large flag lot in a rural setting. Photo looked great, price was just over $360K which was kinda low for that home. SO I READ THE MARKETING REMARKS!!!

Marketing Remarks: (ok READ THIS CLOSELY) This property is a DISTRESSED HOME, subject to bank approval of a short sale. FDIC will make decision since bank has been seized by FDIC. The property has no certificate of occupancy since it has no method of sewage disposal. Sewer is approx. 9 miles from property and the property does not perc. Neither Seller, nor agents, nor brokers or nor Bank make any representations or warranties whatsoever regarding the subject property. House must be shown during the day light hours-power is shut off.

How did this happen??? No sewer, no septic tank possible, ... what are the other alternatives (my son the Realtor says "outhouse").

A search of the tax records show this house (property) has changed hands twice since 2006. Now the BIG CLUE ... first sale was Long Beach Mortgage (they're out of business right??), then second sale shows a loan was INDYMAC BANK who gave out nearly $487,000. WHAT???

How did they all miss the fact that the house could not be occupied. Didn't the loan officers, banks, appraiser, agents, ...... someone see this. MAYBE THIS IS THE REASON OUR FINANCIAL MARKETS ARE IN SUCH A MESS??

(Fortunately the listing agent is not the Gary McNinch Team) There has to be more to the story and the question is how to get this sold (OR NOT). Good luck. So, does anyone have any ideas of what to do next.

This post is not to lay blame or criticize any one person and is solely my opinion, but if you have any good ideas, I would be glad to pass them on to the listing agent. I really hope there is more to the story, because this looks like several people could lose a lot of money.