banks selling houses to friends for next to nothing

[honest_abe]

Hi —

I’m trying to figure out what to do about this problem. I hope someone may have good advice.

Recently an ocean view home in california flashed on the MLS for just a day. It was priced at about half of what a similar comp sold for just up the street, which did not have an ocean view, last September. There are other relevant comps supporting that even with current sales prices (after the financial market crash) this home was still priced over $150,000 below market, about 30%.

The bank and their realtor for some reason did not want to get the market price for the home. They accepted an offer the first business day and refused to accept any back up offers.

I made an offer on the home at $51,000 over the listing price but they refused to consider it.

When I’ve asked around, I find this is happening all over the place. Each person has a similar story.

Now I am wondering, what regulatory mechanism exists to prevent banks and realtors from teaming up and selling the foreclosed homes to their friends for a song? Who can I talk to about this? The free market is being prevented from working and us taxpayers are paying for insiders to get cheap homes.

I am interested in pursuing this to the hilt. It has the potential to wreck the financial system.

Thank you

[Casca]

We had sham sales going up. Why not sham sales coming down?

[Casca]

We had sham sales going up. Why not sham sales coming down?

[Casca]

We had sham sales going up. Why not sham sales coming down?

[Casca]

We had sham sales going up. Why not sham sales coming down?

[Casca]

We had sham sales going up. Why not sham sales coming down?

[blahblahblah]

Now I am wondering, what regulatory mechanism exists to prevent banks and realtors from teaming up and selling the foreclosed homes to their friends for a song? Who can I talk to about this? The free market is being prevented from working and us taxpayers are paying for insiders to get cheap homes.
I am interested in pursuing this to the hilt. It has the potential to wreck the financial system.

Welcome to the new Soviet, comrade. Good housing is for political insiders only. The rest of you get the dregs. The parallels to the old USSR are amazing. Instead of the communist party system we now have a crony capitalist system where the insiders game everything to advance themselves at the expense of the rest of us. The colors are different but the results are the same.

[blahblahblah]

Now I am wondering, what regulatory mechanism exists to prevent banks and realtors from teaming up and selling the foreclosed homes to their friends for a song? Who can I talk to about this? The free market is being prevented from working and us taxpayers are paying for insiders to get cheap homes.
I am interested in pursuing this to the hilt. It has the potential to wreck the financial system.

Welcome to the new Soviet, comrade. Good housing is for political insiders only. The rest of you get the dregs. The parallels to the old USSR are amazing. Instead of the communist party system we now have a crony capitalist system where the insiders game everything to advance themselves at the expense of the rest of us. The colors are different but the results are the same.

[blahblahblah]

Now I am wondering, what regulatory mechanism exists to prevent banks and realtors from teaming up and selling the foreclosed homes to their friends for a song? Who can I talk to about this? The free market is being prevented from working and us taxpayers are paying for insiders to get cheap homes.
I am interested in pursuing this to the hilt. It has the potential to wreck the financial system.

Welcome to the new Soviet, comrade. Good housing is for political insiders only. The rest of you get the dregs. The parallels to the old USSR are amazing. Instead of the communist party system we now have a crony capitalist system where the insiders game everything to advance themselves at the expense of the rest of us. The colors are different but the results are the same.

[blahblahblah]

Now I am wondering, what regulatory mechanism exists to prevent banks and realtors from teaming up and selling the foreclosed homes to their friends for a song? Who can I talk to about this? The free market is being prevented from working and us taxpayers are paying for insiders to get cheap homes.
I am interested in pursuing this to the hilt. It has the potential to wreck the financial system.

Welcome to the new Soviet, comrade. Good housing is for political insiders only. The rest of you get the dregs. The parallels to the old USSR are amazing. Instead of the communist party system we now have a crony capitalist system where the insiders game everything to advance themselves at the expense of the rest of us. The colors are different but the results are the same.

[blahblahblah]

Now I am wondering, what regulatory mechanism exists to prevent banks and realtors from teaming up and selling the foreclosed homes to their friends for a song? Who can I talk to about this? The free market is being prevented from working and us taxpayers are paying for insiders to get cheap homes.
I am interested in pursuing this to the hilt. It has the potential to wreck the financial system.

Welcome to the new Soviet, comrade. Good housing is for political insiders only. The rest of you get the dregs. The parallels to the old USSR are amazing. Instead of the communist party system we now have a crony capitalist system where the insiders game everything to advance themselves at the expense of the rest of us. The colors are different but the results are the same.

[PadreBrian]

Give us an MLS # and we’ll talk.

[PadreBrian]

Give us an MLS # and we’ll talk.

[PadreBrian]

Give us an MLS # and we’ll talk.

[PadreBrian]

Give us an MLS # and we’ll talk.

[Author]

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