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t36tran
ParticipantCouldn’t sleep. Quite angry today. I am going to post all the details that I am aware of to try and get the word out about these guys. Address of the listing is 4107 Tim St, Bonita Ca. Listing agent is Don Pelletier of Keller Williams. Short sale negotiator is Jim Sullivan of Blue Anchor Advisors. When you search for Blue Anchor, it directs you to Nationwide Short Sale Solutions based in Florida. Their website does not list an address or DRE license number. Searching for a DRE license number in Ca. for Jim, Blue Anchor, or Nationwide came up empty. Jim is not authorized to perform any kind of real estate transaction in Ca. Even though Don Pelletier is suppose to be my agent, in six months of “representation”, I have spoken to him on the phone twice and had some email interaction. Never met in person. I’ve also had some dealings with his subordinate, David Weintraub, also only through email and phone. I believe they did this intentionally so they could claim plausible deniability if needed. Now for the scheme. There is one outstanding mortgage at 637K on the house. Taxes have not been paid in 2012 and 2013 totaling a little over 3K. In conversations with Jim, he had mentioned that they had an “investor” that had been in negotiations with the bank. The “investor” had decided to drop out, but their negotiated price at $371K was still good. This was strange to me because I thought they had submitted my offer for 456K back in Nov. 2012. Why would the bank accept an offer for 371K over one for 456K? Turns out my offer was most likely never submitted. Of course when I heard that I could get the house for 371K, I became somewhat blinded and decide to mostly ignore the little voice saying this sounds a little too good. Of course the caveat was the payment of 45K to Blue Anchor to help settle the “secondary liens”. When I asked Jim what specific liens were on the property, he became evasive. Now, I’m ignorant of real estate law, but it seemed weird to me that I would be paying 45K to a 3rd party with no ownership interest and trusting them to pay off all the secondary liens. Searching records, only the 3K in property back taxes has come up as a secondary lien. Again, I wanted to believe the deal was still legit, so I reasoned as long as things are done through a title/escrow company, I should be covered. But when Don filled out the original sales contract, he also specified the title and escrow companies to use. I do not know how extensive this scheme is, so I’ll leave it at that. Hate that I let the prospect of a good deal somewhat cloud my judgement. The old saying really is true. If it’s too good…
There is one more catch. When I submitted the original offer, Don had me open up escrow and deposit 5K. Hope there are no issues with getting my money back. Thanks to everyone for providing input and assistance. Yes, I do plan on filing a complaint with the DRE.ParticipantUpdate on the situation. There is a high probability the agents involved in this deal are trying to commit fraud. I have written my agent withdrawing my offer and cancelling his representation. Lucky I went with a mortgage broker other than the one they were really pushing. He was able to, after doing some research, paint a pretty good picture of how the scheme was suppose to work. I knew something didn’t seem quite right. Really sucks.
ParticipantI signed an addendum agreeing to the new 371K price and adding the 45K provision to my offer. The lender is suppose to issue official acceptance documentation in the next few weeks. Will be very interested to read exactly what it will say. This was the first offer I have ever submitted, so I am trying to be as cautious as possible.
ParticipantPM sent.
ParticipantJuly is just around the corner and I am starting to see more listings and price reductions in the central San Diego area. Any predictions on how the market will look this fall? I see the current trend continuing.
ParticipantJuly is just around the corner and I am starting to see more listings and price reductions in the central San Diego area. Any predictions on how the market will look this fall? I see the current trend continuing.
ParticipantJuly is just around the corner and I am starting to see more listings and price reductions in the central San Diego area. Any predictions on how the market will look this fall? I see the current trend continuing.
ParticipantJuly is just around the corner and I am starting to see more listings and price reductions in the central San Diego area. Any predictions on how the market will look this fall? I see the current trend continuing.
ParticipantJuly is just around the corner and I am starting to see more listings and price reductions in the central San Diego area. Any predictions on how the market will look this fall? I see the current trend continuing.
ParticipantI’ve given myself till the beginning of 2011 to see if there will be another leg down or not. If prices are still flat, can we conclude with any certainty that price stability has set in? If not the beginning of 2011, then when? The two major factors that may affect the market are the shadow inventory and interest rates. But we’ve seen that reasoning has no place in predicting the market.
ParticipantI’ve given myself till the beginning of 2011 to see if there will be another leg down or not. If prices are still flat, can we conclude with any certainty that price stability has set in? If not the beginning of 2011, then when? The two major factors that may affect the market are the shadow inventory and interest rates. But we’ve seen that reasoning has no place in predicting the market.
ParticipantI’ve given myself till the beginning of 2011 to see if there will be another leg down or not. If prices are still flat, can we conclude with any certainty that price stability has set in? If not the beginning of 2011, then when? The two major factors that may affect the market are the shadow inventory and interest rates. But we’ve seen that reasoning has no place in predicting the market.
ParticipantI’ve given myself till the beginning of 2011 to see if there will be another leg down or not. If prices are still flat, can we conclude with any certainty that price stability has set in? If not the beginning of 2011, then when? The two major factors that may affect the market are the shadow inventory and interest rates. But we’ve seen that reasoning has no place in predicting the market.
ParticipantI’ve given myself till the beginning of 2011 to see if there will be another leg down or not. If prices are still flat, can we conclude with any certainty that price stability has set in? If not the beginning of 2011, then when? The two major factors that may affect the market are the shadow inventory and interest rates. But we’ve seen that reasoning has no place in predicting the market.
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