How can a bank turn down a CASH OFFER that is 90% to value, on a short sale....then BUY that home at auction

Asked by V. Davie, Cape Coral, FL Sat Feb 14, 2009

for $1.00 (a house on the intracoastal waterway....newly remodeled by an interior designer) and then sell that home for $91,000. The house had been sold buy the owner for $195,000 CASH . Then go after the person they STOLE it from for the difference???

The owner tried to get the bank to work with them long before there was even one late payment because their income was cut and they knew that the payments were going to be late soon or at least only 1/2 payment. The bank said ...NOPE can't help you.

This seems to be stealing from the owner and all of us...because now all of us are paying for that home.............

Isn't there something that collectively we can all do about this type of transaction?????

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Eric and Jan…, Agent, Cupertino, CA
Sat Feb 14, 2009
Sorry to hear about your unfortunate situation, but the banks do what they do. I have heard plenty of horror stories like yours out there. I would suggest speaking with your local congress person, to help protect future homeowners from similar fates.

The stimulus package may address some of these problems. Lets hope there will be some foreclosure safeguards in the near future.
Warmest regards,

Silicon Valley Specialists
Intero Real Estate Services
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