All Forum Posts by: Vincent L.

Last year I was looking to buy an REO (from a small local bank), and went through several bid rounds. First round, the broker held my bid and shopped it around, until she found one she liked. I didn't win the bid, and it went to contract with another buyer. Then it went back on the market because that buyer couldn't get financing. I bid again, but didn't get the place. Then it went back on the market again, this time because of a bad inspection (I'm an engineer, so I knew what I was getting into). I then bid again, only to lose on that bid as well. I wrote it off as a learning experience, and got on with my search for a place.

Today someone at work asked me about buying an REO in the area, and what resources to use, so I poked around my various sites to give him some recommendations. Out of curiosity, I googled the house I was trying to buy, and then for some reason I looked up the current owner, which turned out to be an LLC holding company. I googled the company, and the only info that came up was the names of the owners. For some reason, I googled the first name, and it turns out the owner of the company is the president of the bank that had foreclosed in the first place!

Is this just really scummy behind the scenes dealing, or is it somehow illegal? I don't plan on doing anything about it either way, I'm just curious what the story is...

I will definitely pursue the complaint. Not sure if it's worth a suit, especially since I don't know any CT lawyers (if it were in NY I'd have several who'd take the case for free). It's not an investment property, it was going to be a new home for me, so it's a bit harder to give up, especially after searching for 8 months. Ah well, such is real estate, doesn't pay to get emotional.

I know the Real Estate Commission complaint won't get me anywhere in a timely fashion. More a question if there's any legal recourse (though I hate law suits!).

The broker said she was busy. Lame excuse, especially since she wasn't too busy to submit another offer. She was waiting for a higher one.

I was bidding on an REO property in CT, and found out that the listing broker was holding my bid instead of forwarding it to the bank.

First time I made a bid, she held it and I lost the bid, the property going to another buyer. The property went off the market, but I kept a watch and when the first bidder didn't get their loan, I re-bid on the property. After several days, the bank supposedly came back with a counter offer, and I countered. I waited 4-5 more days, and then called the bank directly to ask why I hadn't heard anything (the broker already seemed incompetent, so I decided to do an end run). The bank called the broker who got pissed and called my broker, and the listing broker revealed she hadn't put my bid in (though had just submitted another bid which the bank ended up accepting).

What's my recourse? I'm going to file a complaint against the broker with the CT Real Estate Commission. I really want the property - is there any legal recourse?

Question is if one uses the BOMA method of calculating sq ft or pure square footage. (BOMA adds public space to the rental sq ft, so if you have a 25x25 apartment, while it would be 625 sq ft, BOMA might call it 700 sq ft to account for hallways, etc).