Asked by Bob, Las Vegas, NV • Tue Nov 20, 2012
An HOA here in Las Vegas foreclosed on and then sold at auction to an investment company for a small fraction of what the house was worth. I have been in escrow on this house for over a year. The seller filed for bankruptcy protection so I could not close on it earlier. The house has 2 mortgages on it from the same bank. After the bankruptcy court released the house back to the bank to be sold, the HOA then foreclosed and sold it for less than 1/10 of its value. This same investment company has bought 3 other houses in the month of October, 2012 - all for less than $9,000 from different HOAs. Does anyone know if the bank's mortgages were cancelled with the sale, or are they still active? Was the sale legal and is the investment company the real owner now? I spent around $1400 for the appraisal, inspection, HOA transfer docs, etc. Do I have any recourse to sue to get my money back if it turns out that I don't get the house because of this?
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