ED Magedson – Founder
Daniela2943 Foothill Bl La Crescenta, Select State/Province USA
Daniela Short Sale with Aution.com and Nation Star La Crescenta California
To whom it may concern:
I would like to bring to your attention something that occurred last month regarding a home in the La Crescenta area.
July 1, 2013
To whom it may concern
Back in February 2013 my client was looking for and found a house in La Crescenta that was a short sale. He offered a cash deal of $450,000 with not contingency and no inspection with a seven day escrow. The bank took the offer and we started the wait for the bank to get back to us to let us know if the accepted the offer.
My client and I waited through the remainder of February, March, April and May and then in June of the 2013 the bank decided put the house up for auction. To say we were disappointed with their decision is an understatement, especially since we had waited so long and had given the bank a generous offer. (Later we found out that the banks appraisal came in at $389K ten thousand below asking price)
The auction began and the house was eventually sold for $452,500. However the reserve the bank had set was not met. Ultimately, my client was outbid on the home in the amount $2,500.
All this time, my client had his funds tied up in escrow waiting for the bank to get back to him, and since they were in escrow, he was unable to bid on other properties and watched helplessly as house prices climbed.
The only person to gain in this fiasco was the auction house, their 5% commission ($22,500) has to be paid by the winning bidder. The bank gained only $2500.
What I would like is an explanation of why the bank put my client and myself through 4 months of waiting only to accept another cash offer for ½ percent more than the offered price. This could have been sold by the end of February 2013 if they had gone with my clients offer.
What the bank did in this case seems to enforce the stereotype of banks as greedy and heartless, not thinking about the damage they cause as people try earn a living.
I think Aution.com and Nation Star should be investigated.
This report was posted on Ripoff Report on 07/01/2013 04:03 PM and is a permanent record located here: http://www.ripoffreport.com/r/Daniela/La-Crescenta-Select-StateProvince-91214/Daniela-Short-Sale-with-Autioncom-and-Nation-Star-La-Crescenta-California-1063656. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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