Foreclosure sales: Potential bargains can carry VERY big risks - Caveat Emptor

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Foreclosure sales: Potential bargains can carry VERY big risks – Caveat Emptor

Foreclosure sales: Potential bargains can carry VERY big risks – Caveat Emptor

Washington Post-

The vacant, dilapidated split-level rancher with the broken fence and dangling gutters has long been an eyesore to neighbors on Montrose Street in Alexandria. But Glen E. Scheirer saw it as an opportunity to snap up a dramatically discounted house directly across the street from his son and daughter-in-law, who have a son and another child on the way.

Last May, Scheirer made an all-cash offer of $375,000 for the foreclosure, which he figured would need about $100,000 more in repairs. Fannie Mae accepted the offer, and Scheirer began carting his belongings — including newly purchased appliances and furniture — from his Chantilly home to his son’s garage in preparation for the impending move.

But last month, Fannie Mae canceled the deal because it couldn’t determine whether the foreclosure had been done properly, and Scheirer is back to square one.

[WASHINGTON POST]

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3 Responses to “Foreclosure sales: Potential bargains can carry VERY big risks – Caveat Emptor”

  1. Sarah says:

    WaPo’s foreclosure coverage has been bankster PR. How many families in Chantilly were set up to fail? Along with Fannie, the banks had a nice little war going on in Virginia and in Maryland. If only we could get these families, quite a few of them latino, to get together and fight these predators. Work with the victims, karma is an unfriendly courtesan.

  2. Pamela Edwards says:

    Here’s a clue don’t buy a distressed property at this time you don’t want to capitalize on someone else’s misfortune just because the price is right and you don’t have enough savy or street smarts to play in this industry at current time.If you do then you deserve everything you get and then some.The warnings are in place pay attention people and do your homework.

  3. no names, please, we're in litigation says:

    “…Fannie Mae was unable to certify the foreclosure was done properly…”

    Now, there’s a funny sentence.

    What happened was that Fannie Mae screwed up the foreclosure so badly that it can’t convey a marketable title. That’s exactly what David Wooley predicted in his white paper “MERS–The Unreported Effects of Lost Chain of Title on Real Property Owners and their Neighbors,” which can be read on scribd.com.

    There’s fraud in the foreclosure, that much is certain, fraud so bad that Fannie Mae can’t ignore it, fraud so bad that no one will insure the title. Someone should contact the previous owners–they’ve got a lawsuit.

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