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Off Topic Slightly

Posted by Joanne M Daley on June 27, 2011 at 8:42am in Short Sale Discussions
I live in Arizona. Does a tenant have the "right of first refusal" to purchase a property that becomes bank-owned?  Tenant attempted to purchase as a SS however, there was a second mortgage that would not be forgiven. The property went to Sheriff Sale and was taken back by the bank for $ 1,000,011.  Now SAME LENDER has listed the property for $599,000 and it has gone pending in less than 24 hours of the first day of listing. List price is outrageously LOW (over $ 150K). I finally got a return call from the listing agent and he hung up on my but prior to that, he told me that the tenant made a deal directly with the bank. No one ever got to see the property and at that price....it certainly would have sold for more and there are available comps to support my claims.  Was this legal?  I have a call into the FBI Mortgage Fraud Division.  Thanks.

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Replies

  • Joanne M Daley June 27, 2011 at 10:46am
    Here is another good one......Senator John McCain's house was sold sometime ago for $12 mil.  Someone had offered to purchase as a SS for $6,100,000. They refused so now it is foreclosed and offered for $ 3 mil. It is a mess.  Thanks again.
  • Jeff Payne June 27, 2011 at 10:05am

    I agree, it is surprising that the lender put it on the market for a period of time before taking offers.  Hope the listing agent wasnt hiding this one so that he could get both sides of it :(   These lenders rarely make any sense in these things because they know nothing about real estate and actually struggle with doing what they are supposed to do and that is lend money and take care of peoples finances. 

    There was a large lender VP a few years ago that moved into a beach front house that they foreclosed on in California and was telling prospective buyers that it was not for sale.  That person is no longer with that company. 

    Maybe you should blog about this some more until the truth comes out!

  • Joanne M Daley June 27, 2011 at 9:13am
    Thanks for the reply.  This is just another example of a lender messing up the industry and costing innocent American taxpayers boat loads of money.  Thank you again.
  • Jeff Payne June 27, 2011 at 8:47am
    If the tenant has a legal purchase agreement, they are the buyer of the property. Sounds like they were resourceful in making sure that they contacted the lender ahead of time to purchase.  Seller can sell it to whoever they want. 
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