BIG MISTAKE....in Tiburon-Marin County. Investor bought the HOA pool.

[Bruce Lynn]

Can the county supervisors undo the sale?  Seems like a similar thing happened in San Francisco 5-6 years ago.  I followed that case closely at the time.  They did undo that sale.  Not sure the final outcome, but I'm guessing that is a case where you think things are risk free, but I expect the purchaser was out significant legal fees that were not reimbursed and ended up not getting the property.

I've always thought about this in the rare instance that a super nice and super valuable property goes to sale with a mortgage on it.  I don't think Mr. Big 3 bank is going to just let this go.  They're going to fight and very well might get the property back.   While we are reading about fun cases, there is a frequent buyer in Texas that just took a case to the SCOTUS, but they declined to hear it.  Not sure what that costs.  From what I remember his purchase was rescinded on what must of been a pretty s valuable property.   Not sure where the ad litem attorneys stand in all this.  Sometimes maybe often times they aren't doing enough to track down the owner or owner's heirs and just collecting checks from the court.

[Chris Seveney]

Quote from @Bruce Lynn:

Can the county supervisors undo the sale?  Seems like a similar thing happened in San Francisco 5-6 years ago.  I followed that case closely at the time.  They did undo that sale.  Not sure the final outcome, but I'm guessing that is a case where you think things are risk free, but I expect the purchaser was out significant legal fees that were not reimbursed and ended up not getting the property.

I've always thought about this in the rare instance that a super nice and super valuable property goes to sale with a mortgage on it.  I don't think Mr. Big 3 bank is going to just let this go.  They're going to fight and very well might get the property back.   While we are reading about fun cases, there is a frequent buyer in Texas that just took a case to the SCOTUS, but they declined to hear it.  Not sure what that costs.  From what I remember his purchase was rescinded on what must of been a pretty s valuable property.   Not sure where the ad litem attorneys stand in all this.  Sometimes maybe often times they aren't doing enough to track down the owner or owner's heirs and just collecting checks from the court.

 we have a FC coming up where lets say the loan was $500k and the property is worth $1.5M. People are chomping at the bit thinking they are going to get a steal for this property and they keep calling us as the lender. When we tell them our opening bid is $1.5M they try and negotiate off the $500k because that was the original loan balance but due to other circumstances like modifications etc. the loan balance has increased significantly.  We see people thinking they will make the quick buck.

We also had a second position loan we foreclosed on and the buyer did not realize there was a first position loan - they called us wanting their money back....