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WEAK BANK ALLOWS GUTSY REAL ESTATE SCAM

By
Real Estate Broker/Owner with people first...then business Ran Right Realty 636943 licensed to thrill

I recently lost a listing, short sale to be exact to the bank. Despite the 15 months on the market, the several offers and 4 BPO's, I couldn't convince this lender to take a deal. Right before I lost the listing to a trustee sale, I got a flurry of activity on the property. I counseled everyone calling to sit tight until I heard back from the bank

WOLF IN SHEEP'S CLOTHING

It turns out that one of my inquirers contacted the bank and stated that they live in the home (it was vacant) and that they have a lease signed by my client. Of course this was a forgery. This person also requested cash for keys and moving assistance or they will not leave.

NO ONE CALLED THE LISTING AGENT...ME

So it would appear that one of those interested "buyers" was not what they appeared to be. They investigated the property, saw it was vacant and contacted the lender with a claim. I strongly believe that this may even have been the catalyst for the bank to pull the foreclosure trigger. Meanwhile, no one called me ever

THERE IS NO ONE THERE..TAKE POSSESSION

I talked with the banks rep after the Trustee sale and they told me that they are in the process of having to serve legal notices and do an eviction. I didn't want to spend any more time on this, but I did feel compelled to share that the original owner moved out and I have had control of it and no one else. You are being scammed

LEGAL DEPARTMENT SAYS..NO WE HAVE TO FOLLOW LEGAL PROCEDURES

There is no one to evict. There is no lease and there is no claims being made by my client. The mans response was that the banks legal department has taken over and has instructed him to withdraw the listing until this legal action is concluded. What legal action? What are you talking about? I had 3 people that wanted this property and could close in 10 days. Is everyone crazy or what?

BANKS ARE NOT BUSINESSES

SUMMATION: Despite all the offers to close a deal at fair market value in 10 days submitted over several months, the property being vacant and in good shape, having 4 BPO's that established value conclusively... I couldn't convince the bank to respond in a professional way. Now, they are stuck with a piece of property with legal issues furthering their losses...

The smell of bank incompetence is like rotting flesh to unscrupulous Real Estate vultures....

 

Bill Reddington
Re/max By The Sea - Destin, FL
Destin Florida Real Estate

Banks have no common sense. This is reality. No one wants to make a decision. Part of the short sale problem.

Jun 29, 2012 12:39 AM
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Richie,

What a horrible story. The bank's incompetence at all levels really does shine through here. 

Rich

Jun 29, 2012 12:50 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Bill...we are in agreement...Now, if we can get the banks to take a second look

Jun 29, 2012 01:58 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Richie to Rich...At least my client came out okay. Her remarks to me? She is sorry I didn't come out after all this time.

Jun 29, 2012 02:00 AM
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

A sad story that repeats itself over and over too often Richie.  We are the liason to everyone impacted by the transaction.  Doesn't it make sense to make us the initial contact for anything that crops up?

Jun 29, 2012 02:38 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Kevin...if you treat anything like it doesn't exist, it wont...at least in the mind doing this...However, we are now in some other world where gladly, I cannot and will not go....Thank you K

Jun 29, 2012 03:13 AM
Beth and Richard Witt
New York, NY
The best Retired Brokers !!!!

We have run into similiar situations so often that at this point we are staying clear of Short Sales in less or until we get great feedback from everyone involved... They are just hugh time wasters and so distrubing... to my mental health.... Happy Evening Richie...

Jun 29, 2012 07:48 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Beth..I hear you and I now proceed with caution...I wasted 16 months here....I enjoy you...

Jun 29, 2012 08:45 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730
Richie, Now this is a new scam I haven't heard before. Ridiculous!
Jun 29, 2012 10:30 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Debbie...It was obviously someone who called pretending to be a buyer too...Sad that they are putting negative energy to work in something so beautiful as the life experience...This is not good

Jun 29, 2012 11:49 PM