Trustee Sale Problem A Must Read
I recently got a good property at trustee
sale and after wiring the full balance got a call from the trustee (The next day) TRYING to recind (Go BACK) on the sale > I asked for opinions here> and what I got from folks here is "Oh not worth the hassle" "Move On" "Forget it"
Well if I did that in life I would be dead right now and in this BIZ you better not give up ON ANYTHING!!!
I did not and did my legal homework myself QUICKLY and then found that most Trustee sales in most states when DONE they are DONE period final thank you!!!!! It is a legal Contract. Will not go into here but go to your local legal library and do a complete search on TRUSTEE SALE and LOOK up every case and READ IT. What you will find is a trail of Trustee and Lender abuse using the Trustee Sale Process.
The trustee and the lender involved tried to BS me BIG TIME. They usually get away with it cuz they deal with people like those here on this site> Oh its not worth the hassle.
5 weeks later now the Trustee wants to settle at almost any cost.
Seems they have been doing BIZ in the state somewhat questionably and now their 20 foreclosures Biz a month may be in jeoparDIE IF I take em to court.
Look Folks this is a dog eat dog BIZ better get use to it.
I am taking the trustee and the lender to the wall > they were going to let me hang as I very clearly found out in the last 5 week fact finding stage.
Do on to others as they do onto to you. In this BIZ you make a mistake you pay for it with your own money.
Its the Golden Rule folks.
Also NEVER walk away from good deal UNTILL you find all the answer and doubel check everything twice.
SKI
Hurray! A smart citizen who knows enough to question "authority"! Good for you.
Your advice is right on. When in doubt, go read the law. What most laymen never do, not realizing that the law is written by other laymen (the legislature) in generally simple & comprehensible language, or just frankly being too lazy to find their nearest courthouse law library, then find the pertinent law and sit there and read it.
As a wise old lawyer told me when I complained about how difficult it was to dig out the law on some point or other, when fresh out of law school: "
"Never complain about that; be thankful that it's not so simple the bum on the street can do what you can do."
Think about how much your effort in digging up your foreclosure law will pay off for you in future deals.
You've just become one of the few authorities on F law in your state.
Congratulations on your smart work!
Let me play Devils advocate here.
Ski,
In those five weeks that you researched the law and found the answers you needed to teach those bad men, how many deals did you do? How many deals could you have done?
I think the advice that was given before was accurate.
Those five weeks where you got educated could have been spent making money - probably more money than on the one deal that you stood your ground on and proved yourself right.
I applaud your tenaciousness and when you are being bullied, etc I do not advocate just rolling over and shrugging it off. But, you should also weigh the gains and losses with the time investment. Sometimes it is just smarter to move on and make another deal instead of waiting for just one.
Just my $0.02.
Stormy
Stormy
Yes it is good to weigh your time but it took me 3 hours at the local library and then talked to the ex-president of the CA trustee Assc who wrote a piece on one of the landmark cases. I might have 8-12 hours into it or 2 days and really EVERYONE should know whatever process thier working in INSIDE AND OUT. I know more than the silly lawyer I hired to pursue the Trustee and Lender in another state.
I sent him the case history and West keynotes. He did not have the faintest idea nor did he EVER read the state law governing trustee sales and HE IS AN AUCTION Lawyer.
And he us supposidely the best lawyer in his area. Go figure.
Most people do sloppy BIZ and/or to not know what is going on in the process > sure way to lose money> not me.
And I now know EXACTLY what can and cannot be done concerning trustee sales in non-judicial states I operate in.
Being ignorant in this BIZ can cost you ALOT of lost money. This just bootstrapped me to a much higher level of knowledge and operation.
I also learned some legal Issues cncerning short sales that even the pros here seem not to know. And the sell thier stuff for BUCKs.
When you know more than the competition it is a certain advantage.
There is no less than $40k equity in the deal and I am not likely to walk from that.
I also have not lost any deal from this ........should have known this anyway now I do.
SKI