Recently purchased a property in California and recieved a call from the trustee a day later. She stated that they WERE in the process of approving a short sale on the purchased home and wondered how I felt about a rescission… “How do I feel” is a strange question to ask after a sale. I explained that I would not have won the bid if I did not want the home. She stated that she would check into the matter.
1 week later I called to get info on the status of the Trustee’s Deed and I was told the file was being reviewed by their attorneys. How likely will they rescind the sale even though it seems the TS process was legal and I am a BFP. What recourse does an investor ever have with these mistakes?
I understand the business of Trustee sales as with most responses will be to move on. After being in this business for 5 years, I’ve had 5% of successful bids at TS reversed. Most have been due to BK and false BK filings. Just getting tired of having no voice in this process even though they are holding hundreds of thousands of my dollars in the review.
I would have no problem with the reversal if they allowed me to reverse any of my future purchases if I too made a mistake =).
Any constructive thoughts are appreciated.