My Rental foreclosure/REO Purchase story

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Fire blade said:
Hahaha, sorry guys. Was traveling for work for a while and then got tied up as usual in life stuff. By then it was 30 days out and I felt it was too old a story to even bother. Let me know if you guys want me to finish this. Sheesh, I feel like I let all of you down!
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You gotta finish man, you left everyone hanging.  They want to hear the happy ending. 
 
I solemnly promise to dig deep into the inner recesses of my memories and come up with a riveting finale! Give me till this weekend !
 
As soon as I won the auction and completed all neccesary paperwork, I raced out and called my wife.  I gave her the good news and we were both thankful that our ordeal was over. Little did we know.....
The next monday I spoke to attorney for US Bank and let him know we had won the auction.  He said that was great and he would confirm it with US Bank.  That afternoon I got a call from the acution company and I was told that US Bank had rejected the auction! They wanted a higher price! And then the attorney called and told me that by the way the bank had rejected the auction offer and that they wanted to move forward on the eviction process since our lease was coming up. This was wrong on so many levels and really infuriated me. I felt that now the bank was making this personal. I told the auction company that if the Bank wanted the original listing price then why had they even bothered with the auction ? I was totally disgusted with US Bank.  Anyways, after much back and forth we ended up agreeing to paying 15k more than what I had originally won the auction.  It was still a good deal but I was still bitter at US Bank being the greedy folks they were.  I was sent paper work over by US Bank  to sign in order to move forward with the purchase. Believe it or not, one of the documents also stated that the Bank was going to move forward with the eviction process up untill the property closed! The next day we were served 30 days notice to quit... Both in mine and my wife's name. Now both me and the wife had to respond to this notice..waste of time and money...
I contacted SGIP ( already had preapproval etc from him) and asked him to get the ball rolling on the closing asap.
We had to outrun the eviction!

More to follow soon!
 
Sleaze ball move by US Bank.  I wonder if they would have rejected the offer if the winner of the auction was someone else...
 
I would live to name the players at that department of US Bank who participated in this ordeal..but yes they definitely did do this on purpose..... >:D
 
So I leaned heavily on SGIP as we raced against the clock. Did I mention he really went to bat for us and without the guy really knowing the business we just wouldn't have made it?  :)
I also want to add that along the way and during our trials and tribulations we almost also lost our senses..like for instance I ran into A famous Oak Creek realtor (you all know who it is) and within 15 minutes of talking to him, I was ready to buy a 1.2 million dollar house (way out of budget and league)... He convinced me that there were many different financing products that could make the payment make sense. An hour later I just felt dirty. I'll tell you what a night and day difference between Martin and this guy.... Amazing, how this oak creek dude gets repeat business...
So the wife and I went to court and submitted our response to the eviction detainer. It cost us about $160 each, not a lot of money but it just made me more mad. The time spent filling out the application and standing in line at the courthouse was so seemingly pointless.  I also wrote a nasty letter to the court directed to the Us Bank VP who was behind all this. 

Alright more later

 
Famous Oak Creek Realtor...  Todd?


Fire blade said:
As September came along we started getting more and more foreclosure junk mail and actually had Realtors leaving us foreclosure and short sale help packages at our door. Then one day I got a call from my wife while I was at work and she told me that a Realtor had come by and had informed my wife that the house was in foreclosure and he could help us with doing a short sale instead( He thought she was the owner). I immediately called the landlords and this time they gave me a different story.  They told me that the previous renters were responsible for their HOA dues and that they had not paid the total amount for over a year hence the HOA had put the house in foreclosure process.
They told they were working with the HOA to get this resolved. Anyways, at this point it just seemed too fishy so I asked the landlords to call me and come by the house to discuss.  Of course they didn't show up and soon after by October they stopped taking our calls. I still kept paying our lease during this whole time.
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HOA's can place lien on property for nonpayment, so it's never a good idea for the owner to have the tenants pay.  The rental agreement can specify that the tenant will abide by HOA rules and pay fines on HOA violations that they've caused, but should not have the tenants pay the actual HOA dues.
 
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