16416 High Bluff, Sold at Auction to A-Hole Investor.

will0861 · 08-09-2011

We made an offer on this house, it was accepted, and we opened escrow. We were told the following day that the house was sold at the same time at auction. So obviously, it fell out of escrow. The story we got was that Bank of America sold the house at autction before it acually entered forclosure. Apparently Bank of America had given the home owner an extension on their mortgage payments, but sold the house anyway before the extension was up. I can't stand the fact that some A-hole investor got one over on me, and now my family and I are in a bind. We passed up other homes, and other places to live because we thought the home was ours.

Does anyone have any experieince with this? Is there anything I can do? I know B of A is about as evil as they come, but I just can't sit back and not do something.

Matt Keebler · 05-09-2011

Welcome to the ZipRealty community! Thank you for posting in the forums.

I will contact one of the local agents to see if they are able to answer this question for you.

Matt Keebler

Client Care Specialist

ZipRealty, Inc

1.800.CALL.ZIP

team@ziprealty.com

Gregory Britton · 10-27-2010

What a disappointment ! Sorry for the missed opportunity. Unfortunately, there are a lot of stories similar to this circulating throughout our industry. Typically, as we take a closer look at these types of situations we tend to find a lot of misinformation surrounding the circumstances. This is a very confusing time for consumers.

If at all possible, locate and work with an experienced agent that knows the neighborhood you are interested in. They will be able to do some background work for you in order to minimize your risk and improve your chances finding the right home for you and your family.

The good news, there are a lot more properties where that came from as well as some incredible bargains.

Again, sorry for the disappointment and difficult situation this puts you and your family in..

Good Luck!

Greg Britton

kimi · 08-14-2011

Why is it that the buyer had to loose out, if it was sold through auction illegally; shouldn't the auction be to be out not the actual buyer submitted an offer and was accepted?

From my experience with BOA, they run 2 different systems, which is why one department doesn't know what the other is doing. They do not share notes; in the event they do, the department has to go into each others system to retrieve them. Needless to say, sloppy employees are still sloppy workers even with today's economic slump.

Jjetaune · 08-18-2011

It is a sad situation to be caught in, the only advice I can suggest is filing a report to the BBB and the REAL ESTATE LICENSING BOARD, also you can check with the DA in the county the bank is in or where the house would have been located.

CA.gov there are some links that may help you. Good luck, I am working with a family right now who is the victim of some of the wide scale mortgage scams going on... She lost over a quarter M and her house also. I hope some of the links I gave you lead you to some kind of satisfaction, even if it's just letting the powers that be know has a little sweet taste of I just didn't take it, more people need to start calling a wrong and wrong and no middle of the road going to the highest bidder or favs. i.e. banks, lenders, insiders.

gobeos · 08-18-2011

there are more houses like this, move on and stop wasting time on this one.

Jjetaune · 08-18-2011

I only pray that the people I am working with don't get too disgusted, I hope things work out for you. the way the market looked today you will find an even better one and a better price, Mom always says 'sometimes, somethngs happen for a reason, and ours is not to ask and ponder why, but like you said, move on.....11

Ed Y. · 03-29-2011

Thank you, Gregory Britton, for your optimistic article about new help for underwater homeowners. I need your heklp! I own 520 Bienveneda Avenue Pacific Palisades 90272. Ocean and canyon views, 7000+ sf lot, but timny home (1183sf) totally remodeled. Union Bank holds the first mortgage (729K at 5.625% interest only, $3420/mo) and second credit line ($250K at $625/mo). Having bought and remodeled it in 2008, I am now underwater. Union Bank refuses to re-fi or loan modify it...every excuse under the sun. Every time I correct their objection, they put up a new objection. Typical, just like the B of A situation discussed here.

Can you help me save this home??? I prefer to keep it rather than do a short sale or deed-in-lieu of foreclosure. I have invested about $400K into it...$170K cash down payment and another $230K inremodeling costs (TOTAL remodel from ground up, immaculate and beautiful inside). If I can keep it, then I can easily add another 1000 to 2000 sf living space. That will bring its market value up to $1.4M where I am now on this investment/principal residence.

Thanks, Ed Young MD Dermatologist 818-399-9542 Edwayou5@aol.com

Tommy W. · 02-25-2012

You got it right. BOA is a ship of fools. If I do deal with them again, especially in the Crestline area, it will be to screw them the way they did us a few years ago.

Cliff A. · 02-29-2012

Why not check the County Registrar and find out who bought it? Then ask them how

they went about purchasing the house. Perhaps, it was a bank employee!!! You should

have legal recourse if the offer was accepted because it is a contract and you can sue

for breach of contract and at least recover some compensation for aggravation, loss of

time, etc.

Los Angeles

16416 High Bluff, Sold at Auction to A-Hole Investor.

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