JP no apologies needed at all. I am curious what you mean by the original December buyer.
I can tell you what happened with the original listing that was handled by JoAnn Moss and Sandra Smith over at Red Carpet. They had the listing back in March of 2008. I have worked with them before and have known them to be good agents. Anyways my client actually had made an offer to them when they had the listing as a short sale but they declined it. They had another offer and were working on it with the negotiator at the lender. As I said, someone in loss mitigation failed to inform someone in legal that the short sale was being negotiatied. The home went to foreclosure pretty much unbeknowest to anyone, the listing agent or the seller.
Now as for the buyer at the trust sale, the listing agent actually is the guy or one of the guys who runs it all. He established the Chambord trust. Like I said, he establishes unique trusts for each property he purchases for liability purchases. This one pretty much fell into his lap. He was amazed that it went to trustee sale as well. As for the pricing at trustee sale I do not know what the opening bid was, he wouldn’t tell me.
As for the sales price of 820k which was well below comps, as you know I give all of my buyers commission rebates. Some use the rebate to pay for closing costs, some ask me to have the seller reduce the sales price by the amount of the rebate. My client also had a relatively quick escrow.
Just a sidenote on the guy that does this stuff and his groups. This particular sale was a gem for him and his group. However he told me about a few other deals that are indeed pretty nightmarish. Properties tied up in litigation for months even longer, and in those cases he (and his investors) carry the cost. Make no mistake though he is doing well. I made what I thought were a few decent recommendations to him and he shot most of them down but one he did like. I got a thank you out of it…
JP as for something going on… well perhaps there was with either the original guy who purchased from the builder or the person he sold it to.. It wouldn’t surprise me at all if there was because I noticed in 2006 the property was listed for sale for all of 12 days and then it was cancelled. Then the property sold in February of 07 at 950k so yes something could have definitely gone down. However once more as for anything regarding the trustee sale, the short sale attempt before that, or the final sale that recently closed it was all above board.
As for OCR he is a good guy, it was just some of the comments on that thread that were VERY disheartening. I think I will post on it to try to enlighten them.
