Trustee Takes Home Back


#1

Sean,
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?? two weeks ago, 1/06/09, i bought a property in California. Then, last week on 1/13/09, a guy calls me saying that he is a lawyer for the trustee and that the home was supposed to have postponed. He says that they are going to be sending us our money back, with 7% interest. I had heard that this type of thing happens, but had yet to had it happen to me. I didnt really have a problem with it, but he said his computer was having trouble booting up and he would call me back to make sure all our mailing info was correct. Well, i have yet to hear back from him, (and mistakenly did not get his name or number) what should I do? i am planning on trying to get a hold of the trustee today, and hopefully figure out what’s been going on. Any thoughts would be great.
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thanks,
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? Brent


#2

If I’m having regrets over an auction purchase I usually do my best to accomodate a quick return of funds, however, if I’m happy with my purchase I become quite a bit more demanding.
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Unless there was a defect in the trustee sale, they need to complete it and deliver the trustees deed. Occaisionally you’ll get this call, and there was no mistake - the homeowner just convinced the bank to try and undo the sale. So I demand they either provide proof of the mistake or deliver the trustees deed.
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In the end I’ve had a mix of results including: getting the deed, getting my money back, getting my money back plus reasonable interest, and even getting my money back plus a settlement (they knew they were wrong, but still didn’t wan’t to turn over the deed).