OK, so when we last talked, the lender had rejected the transaction due to the obvious flip in play. Mortgage broker and buyers are considering whether to walk away for the deal or pursue other lenders. Their position is that the property is definitely worth it's current asking price and they really, really like the neighborhood and the house. I just don't think they really thought about it being stolen property.
AND YES - that's what I consider it.
You tell me how this is any different than a thug knocking down an old lady on the street to steal $20?
Listen to this extra info before you answer the question.
I called the senior service representative who signed the deed under the power of attorney and asked how the market value had been determined. She said they had an independent appraisal done and due to the condition of the property were told it would only sell for around $45000 if fixed up and $33000 if not. The elderly owner said he didn't have the money to fix it and agreed to sell the property for $33000.00.
Mind you, I checked and he had purchased the property for $49000.00 in 1979.
I asked the senior service representative who had done the "appraisal" and guess what - BINGO - the Realtor who is now selling the house for $127000 (correct amount)!!!!!
It appears the house was smelly, needed painting and fumigated. The first buyer - the straw buyer was a flooring guy. I figure the difference in their deals is probably what the cleaning and new carpets cost - $33,000 and $46500 - $13500. Gee, I bet our poor seller would have paid that to make the difference of $94000.
This just makes me sick.
I am sorry to sound so unprofessional because I'm not really thinking about stylistic writing or content, I'm just venting.
On top of it, of course, the Realtor is threatening to tell everyone NOT to use our services because we shed the light of day on his smarmy, creepy deal.
This poor seller - who is apparently capable has been rooked out of tens of thousands of dollars and I am steaming, just steaming.