Home Buying in Los Angeles>Question Details

reinabeas, Home Buyer in Los Angeles, CA

i waited for this house in escrow for 1 year ,they cheated me out and sold it to auction with out any notice.

Asked by reinabeas, Los Angeles, CA Sat Apr 27, 2013

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This question was asked from this property: http://www.trulia.com/property/3115617100-9812-S-Denker-Ave-…

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1 vote Thank Flag Link Sat Apr 27, 2013
Dear Reina,

It's terrible to feel "cheated" isn't it?

Next time you are interested in buying, I would recommend you become the client of an excellent "Buyer Agent"!. A "Buyer Agent" will help you negotiate the sale and would have told you exactly what was happening with the house you wanted to buy. They would have contacted the legal owners and presented an offer to them before the house went into auction, or arranged to have your offer placed at auction.

Your "Buyer Agent" would have not left you in the dark...and you would never have been cheated like that!!
0 votes Thank Flag Link Thu May 2, 2013
Who is "they" ? It sounds like you were waiting on a short sale & it foreclosed. Sorry, but that happens often.
0 votes Thank Flag Link Mon Apr 29, 2013
Sounds like you were trying to buy a short sale and the owner lost the home before the short sale could get approved.

This is sad, but it does happen. The seller had no control over the home going to auction. I hope you did not have a deposit tied up in this home, if you did it should be returned to you ASAP, as there is no deal.

With short sales ther are too many what ifs that can happen. You just experienced one of them.

Sad for the owner, as they were trying to get short sale approval from their lender, the foreclosure department was busy working to foreclose.

Do not loose heart, stay engaged inthe home buying process, as it is a process.

I wish you the very best!
Kawain Payme, Realtor
0 votes Thank Flag Link Mon Apr 29, 2013
You didn't offer any details nor did you ask us a question....it sounds like you mostly wanted to vent.
Putting 2 and 2 together you probably waited for the home in a short sale - the bank chose not to go through with the short sale, and foreclosed on it. Am I close?

Unfortunately, this happens with great regularity. Any time banks are involved, you can be sure that they have no particular interest other than their own.

Better luck next time.
0 votes Thank Flag Link Sat Apr 27, 2013
One of the risks of a short sale is that your offer is accepted "subject to" short sale approval. Obviously the bank never approved the short sale, and they instead foreclosed. It is their prerogative as the lender how they chose to mitigate their loss.

I would be mad with the listing agent that advertised it as an "approved short sale" -did you ever see the approval letter? I hope you did not give any deposit... if you did you should be able to get it back... I would be ma at your buyer's agent for not providing you enough information or sound advise... or at yourself if you did not have a buyer's agent.

Never wait for a short sale... is like a lottery scratcher, if you get it you are lucky... but they are rather cumbersome and unpredictable...

Ron
0 votes Thank Flag Link Sat Apr 27, 2013
You can probably take them to Small Claims Court for Appraisal and Inspection fees, but that's about all.
I understand that you cannot sue for the loss of the house, because you can't prove that you lost a fixed amount of money.
Now; you cannot take my word for these; I am not an Attorney, and you should verify.

Editorial: The Banks are, and have never been in the P.R. business: Snidley Whiplash will foreclose on poor Nell at any time!
0 votes Thank Flag Link Sat Apr 27, 2013
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