Follow-Up to Auction Property Fiasco

Subsequent to our purchase of two properties on a recent auction by REDC, you will recall that after signing the purchase documents,  the properties were broken into – one of the properties was being occupied by transients and had suffered substantial damage and trashing.

Upon contacting the Escrow company and voicing our opinions rather firmly, we were told that the Escrow process had not yet begun and that if we wanted to get out of the purchase,  we could!

Huh?  The Escrow period was to be 30 days and we are now 5 days from closing and the Escrow company is telling us that nothing has been done yet? I have never heard of anything quite so preposterous!

The Escrow representative went on to tell us that there had been a delay because the seller (the lender/bank) had not yet accepted our Offer!  And they were going to tell us this….  WHEN?  Wait a minute…….  what was all that,  that we went through on the day of the auction?  What was all that signing and paying of CASH.  How come one seller was ready to close after a week but the other seller hasn’t had the common courtesy to let us know if they have accepted our Offer or not?

Gentlemen,  can we have a level playing field, please?  This seller was so confident that we had bought the property,  that they disconnected the utilities and abandoned the property and now they’re telling us that they hadn’t made up their minds as to whether to accept our Offer or not?

Something decidely odd here!  Is it remotely possible that they did this, in the event that they received a better Offer prior to closing but if not,  they would proceed, delivering to us a trashed property?

Well,  suffice it to say that the lender is now the proud owner of a property that isn’t even worth what WE paid for it, and if they hope to resell the property,  they will have to dig deep to have it cleaned up first, because we signed the cancellation documents.

If you are going to buy property on an auction,  ensure that you know your rights – they will tell you that the deal is legal and binding upon your signature, but apparently they can get out of it just as easily as we did.

Now,  excuse me while I look for another property………..


Althea Garner
REALTOR (R) MBA, MCI, e-Pro
Executive Real Estate
House Of Homes Online
(714) 264-3458

Search over 50,000 listings at my web site:
http://www.HouseOfHomesOnline.com

Women’s Council of REALTORS(R):
Treasurer – 2008 (Coastal-West)
Webmaster – 2009 (Long Beach)
Editor – 2009 (Long Beach)
Education Committee – 2009 (California State)

Orange County Association of REALTORS(R):
Education Vice Chair – 2009

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