banks selling houses to friends for next to nothing

[SD Realtor]

svelte and ddm it was good to see your measured responses.

Honestabe why don’t you call the broker for the listing agent and ask them what happened, why the home went so quick and see what sort of information that you get. If there was an inside job then why would the bank even list the home with a brokerage? Are you implying that someone at the bank told the brokerage, “psst, hey take Joe Sheisters offer to purchase”.

Now the listing says that the list date was 2/5/09 and that the listing went off market on 2/10/09 so that is 5 days. Given the bizarre activity it is absolutely reasonable that many offers were received after the first day or two. I keep harping on how bizarre a time it is right now…. I will say it again, it is a frustrating time if you are a buyer.

Also please note… in some cases a brokerage will receive the listing from a lender BUT will not receive a price yet. In those cases the broker may indeed put a sign out so that potential buyers will contact the broker and in some cases even send in offers. Once the broker receives the pricing from the bank they can then put the home on the MLS.

Now could there have been a situation where some buyers came in without an agent so the listing agent will get both sides? Yes… However if there was an offer from a buyer with a different agent that did not get accepted and it was substantially higher then the offer that got accepted that listing agent could be in serious hot water. Especially if that other buyers agent tracked the deal and then reported it to the DRE.

Anyways… this tranny doesn’t seem like anything underhanded.. Not to say underhanded stuff does not occur…

[honest_abe]

To reply to some posts… Thanks for your comments everyone. Very helpful!

You can see the ocean from the bedroom; I was inside it. The list date was 2/5/9 but the home was not entered into the MLS system until 2/8/9, which was Sunday. On Monday 2/9/9 there were multiple offers. Rather than counter them, the seller accepted one offer on the same day. Why wouldn’t they counter multiple offers? In the free market, a bank that acts like that would go out of business.

I still would be willing to bid and allow the free market to set the price for the house. There are not many like it that come on the market, small, big lot, walk to the beach and see the ocean from your bedroom.

My point was not so much about what anyone else may think this house was worth. In a functioning market, the seller would be glad to sell it to me for more than it is worth.

My point is that, in the current climate where banks are getting bailed out, there is nothing in place to make sure they maximize their selling prices on these foreclosed homes. There is no regulation and weakened free market force to stop insider selling.

This is not an isolated event. My realtor just had another client in the same situation and my lender had a friend in the same situation recently as well.

[honest_abe]

To reply to some posts… Thanks for your comments everyone. Very helpful!

You can see the ocean from the bedroom; I was inside it. The list date was 2/5/9 but the home was not entered into the MLS system until 2/8/9, which was Sunday. On Monday 2/9/9 there were multiple offers. Rather than counter them, the seller accepted one offer on the same day. Why wouldn’t they counter multiple offers? In the free market, a bank that acts like that would go out of business.

I still would be willing to bid and allow the free market to set the price for the house. There are not many like it that come on the market, small, big lot, walk to the beach and see the ocean from your bedroom.

My point was not so much about what anyone else may think this house was worth. In a functioning market, the seller would be glad to sell it to me for more than it is worth.

My point is that, in the current climate where banks are getting bailed out, there is nothing in place to make sure they maximize their selling prices on these foreclosed homes. There is no regulation and weakened free market force to stop insider selling.

This is not an isolated event. My realtor just had another client in the same situation and my lender had a friend in the same situation recently as well.

[honest_abe]

To reply to some posts… Thanks for your comments everyone. Very helpful!

You can see the ocean from the bedroom; I was inside it. The list date was 2/5/9 but the home was not entered into the MLS system until 2/8/9, which was Sunday. On Monday 2/9/9 there were multiple offers. Rather than counter them, the seller accepted one offer on the same day. Why wouldn’t they counter multiple offers? In the free market, a bank that acts like that would go out of business.

I still would be willing to bid and allow the free market to set the price for the house. There are not many like it that come on the market, small, big lot, walk to the beach and see the ocean from your bedroom.

My point was not so much about what anyone else may think this house was worth. In a functioning market, the seller would be glad to sell it to me for more than it is worth.

My point is that, in the current climate where banks are getting bailed out, there is nothing in place to make sure they maximize their selling prices on these foreclosed homes. There is no regulation and weakened free market force to stop insider selling.

This is not an isolated event. My realtor just had another client in the same situation and my lender had a friend in the same situation recently as well.

[honest_abe]

To reply to some posts… Thanks for your comments everyone. Very helpful!

You can see the ocean from the bedroom; I was inside it. The list date was 2/5/9 but the home was not entered into the MLS system until 2/8/9, which was Sunday. On Monday 2/9/9 there were multiple offers. Rather than counter them, the seller accepted one offer on the same day. Why wouldn’t they counter multiple offers? In the free market, a bank that acts like that would go out of business.

I still would be willing to bid and allow the free market to set the price for the house. There are not many like it that come on the market, small, big lot, walk to the beach and see the ocean from your bedroom.

My point was not so much about what anyone else may think this house was worth. In a functioning market, the seller would be glad to sell it to me for more than it is worth.

My point is that, in the current climate where banks are getting bailed out, there is nothing in place to make sure they maximize their selling prices on these foreclosed homes. There is no regulation and weakened free market force to stop insider selling.

This is not an isolated event. My realtor just had another client in the same situation and my lender had a friend in the same situation recently as well.

[honest_abe]

To reply to some posts… Thanks for your comments everyone. Very helpful!

You can see the ocean from the bedroom; I was inside it. The list date was 2/5/9 but the home was not entered into the MLS system until 2/8/9, which was Sunday. On Monday 2/9/9 there were multiple offers. Rather than counter them, the seller accepted one offer on the same day. Why wouldn’t they counter multiple offers? In the free market, a bank that acts like that would go out of business.

I still would be willing to bid and allow the free market to set the price for the house. There are not many like it that come on the market, small, big lot, walk to the beach and see the ocean from your bedroom.

My point was not so much about what anyone else may think this house was worth. In a functioning market, the seller would be glad to sell it to me for more than it is worth.

My point is that, in the current climate where banks are getting bailed out, there is nothing in place to make sure they maximize their selling prices on these foreclosed homes. There is no regulation and weakened free market force to stop insider selling.

This is not an isolated event. My realtor just had another client in the same situation and my lender had a friend in the same situation recently as well.

[TheBreeze]

Excellent post, honest_abe. It seems as if no one gives a rat’s about having fair markets anymore. Everyone’s all about ‘how can I get mine?’

I would definitely encourage you to pursue this. I think SDR had a good suggestion above. If that doesn’t get you anywhere, you can try the FBI or even local law enforcement. Here’s the FBI’s contact in San Diego:

http://sandiego.fbi.gov/

Unfortunately, it will probably be tough for you to get law enforcement to pursue a case like this. However, if the listing/RE agent committed fraud against the bank, and the bank wasn’t in on it, the bank might be able to get law enforcement involved.

I say pursue this thing to the hilt. I’m sick of seeing fraudulent transactions like this. My solution has been to just stay the heck away from the RE market since it seems to be the most crooked thing ever. However, if you really want to buy a house, you’re probably going to have to fight to get any kind of even moderately fair transaction. Our own government is going to be working against you getting a fair price pretty much every step of the way, so I wish you luck.

[TheBreeze]

Excellent post, honest_abe. It seems as if no one gives a rat’s about having fair markets anymore. Everyone’s all about ‘how can I get mine?’

I would definitely encourage you to pursue this. I think SDR had a good suggestion above. If that doesn’t get you anywhere, you can try the FBI or even local law enforcement. Here’s the FBI’s contact in San Diego:

http://sandiego.fbi.gov/

Unfortunately, it will probably be tough for you to get law enforcement to pursue a case like this. However, if the listing/RE agent committed fraud against the bank, and the bank wasn’t in on it, the bank might be able to get law enforcement involved.

I say pursue this thing to the hilt. I’m sick of seeing fraudulent transactions like this. My solution has been to just stay the heck away from the RE market since it seems to be the most crooked thing ever. However, if you really want to buy a house, you’re probably going to have to fight to get any kind of even moderately fair transaction. Our own government is going to be working against you getting a fair price pretty much every step of the way, so I wish you luck.

[TheBreeze]

Excellent post, honest_abe. It seems as if no one gives a rat’s about having fair markets anymore. Everyone’s all about ‘how can I get mine?’

I would definitely encourage you to pursue this. I think SDR had a good suggestion above. If that doesn’t get you anywhere, you can try the FBI or even local law enforcement. Here’s the FBI’s contact in San Diego:

http://sandiego.fbi.gov/

Unfortunately, it will probably be tough for you to get law enforcement to pursue a case like this. However, if the listing/RE agent committed fraud against the bank, and the bank wasn’t in on it, the bank might be able to get law enforcement involved.

I say pursue this thing to the hilt. I’m sick of seeing fraudulent transactions like this. My solution has been to just stay the heck away from the RE market since it seems to be the most crooked thing ever. However, if you really want to buy a house, you’re probably going to have to fight to get any kind of even moderately fair transaction. Our own government is going to be working against you getting a fair price pretty much every step of the way, so I wish you luck.

[TheBreeze]

Excellent post, honest_abe. It seems as if no one gives a rat’s about having fair markets anymore. Everyone’s all about ‘how can I get mine?’

I would definitely encourage you to pursue this. I think SDR had a good suggestion above. If that doesn’t get you anywhere, you can try the FBI or even local law enforcement. Here’s the FBI’s contact in San Diego:

http://sandiego.fbi.gov/

Unfortunately, it will probably be tough for you to get law enforcement to pursue a case like this. However, if the listing/RE agent committed fraud against the bank, and the bank wasn’t in on it, the bank might be able to get law enforcement involved.

I say pursue this thing to the hilt. I’m sick of seeing fraudulent transactions like this. My solution has been to just stay the heck away from the RE market since it seems to be the most crooked thing ever. However, if you really want to buy a house, you’re probably going to have to fight to get any kind of even moderately fair transaction. Our own government is going to be working against you getting a fair price pretty much every step of the way, so I wish you luck.

[TheBreeze]

Excellent post, honest_abe. It seems as if no one gives a rat’s about having fair markets anymore. Everyone’s all about ‘how can I get mine?’

I would definitely encourage you to pursue this. I think SDR had a good suggestion above. If that doesn’t get you anywhere, you can try the FBI or even local law enforcement. Here’s the FBI’s contact in San Diego:

http://sandiego.fbi.gov/

Unfortunately, it will probably be tough for you to get law enforcement to pursue a case like this. However, if the listing/RE agent committed fraud against the bank, and the bank wasn’t in on it, the bank might be able to get law enforcement involved.

I say pursue this thing to the hilt. I’m sick of seeing fraudulent transactions like this. My solution has been to just stay the heck away from the RE market since it seems to be the most crooked thing ever. However, if you really want to buy a house, you’re probably going to have to fight to get any kind of even moderately fair transaction. Our own government is going to be working against you getting a fair price pretty much every step of the way, so I wish you luck.

[SD Realtor]

Abe if I were to venture a speculative guess based on no facts but what you presented I would guess the agent is getting both ends of the deal. That is all I could guess at this point. When it closes we will know. Or you could call the brokerage and just poke around a little bit. It does not hurt and let’s see a little bit more fact finding.

Your point about the free market bidding is well taken and understood. I get that. Especially for properties that have something nice to offer.

Again though I don’t see this as a friend of the bank buying the home.

[SD Realtor]

Abe if I were to venture a speculative guess based on no facts but what you presented I would guess the agent is getting both ends of the deal. That is all I could guess at this point. When it closes we will know. Or you could call the brokerage and just poke around a little bit. It does not hurt and let’s see a little bit more fact finding.

Your point about the free market bidding is well taken and understood. I get that. Especially for properties that have something nice to offer.

Again though I don’t see this as a friend of the bank buying the home.

[SD Realtor]

Abe if I were to venture a speculative guess based on no facts but what you presented I would guess the agent is getting both ends of the deal. That is all I could guess at this point. When it closes we will know. Or you could call the brokerage and just poke around a little bit. It does not hurt and let’s see a little bit more fact finding.

Your point about the free market bidding is well taken and understood. I get that. Especially for properties that have something nice to offer.

Again though I don’t see this as a friend of the bank buying the home.

[SD Realtor]

Abe if I were to venture a speculative guess based on no facts but what you presented I would guess the agent is getting both ends of the deal. That is all I could guess at this point. When it closes we will know. Or you could call the brokerage and just poke around a little bit. It does not hurt and let’s see a little bit more fact finding.

Your point about the free market bidding is well taken and understood. I get that. Especially for properties that have something nice to offer.

Again though I don’t see this as a friend of the bank buying the home.

[Author]

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