I was listing a condo for a short sale.
It was a nice townhouse with 3br/3ba and a 2-car garage and an atrium.
Nice place.
Unfortunately, the bank (BofA–originally CWide) sold the note during the most recent round of profit panics. They sold it for half of face value.
So:
Loan: 370k
List price: 250k (which is low but I needed offers fast to avoid the repo)
Market value: Probably 275k-325k
Contract price: 250k (buyer knows it probably will get bumped up by the bank)
sale price of the (non-performing)note when purchased by BNY-Mellon (which sounds like “boney melon”): $180k
So midway through the short, the BNY-M cancels the short and just puts it up for auction.
That is actually not my complaint.
Its frustrating but shit, life goes on.
Investors buy it for $212k on the courthouse steps.
I am impressed at their determination and acumen in accomplishing this.
Then, the problem.
They first ask me if I have any buyers for the property.
They are Realtors and trying to get money out of it asap any way they can.
The previous buyers are not interested.
And here is where it gets fucked up.
The new owners show up at the property pounding on the door.
They demand rent or keys.
Thats illegal.
On a personal note it really pisses me off when Realtors act like thugs and try to deprive people of their rights.
So here we are now:
I have actually paid for an attorney for these tenants.
The landlords have shown up multiple times with notices or new rental agreements they want the tenants to sign.
They have threatened to evict them if they do not sign and pay.
This is despite the 2009 federal tenant protection law.
