Wednesday, April 22, 2009

no such thing as a free house

my real estate ventures have fallen through again. i knew it that day when i was joking around that we're talking about this property too much, that it would disappear again. but the first time, there were some title issues that the sellers ended up having to take the house off the market. at least that ended our nonfunctional relationship with the seller's agent.

recently, around the end of february, the house came back on the market quietly, and jordan managed to home in on the listing. we got fredson in on the transaction as our real estate agent. he was a miracle worker, knowing the ins and outs of the business much better than we did, and having the time to actually contact all the parties involved and make negotiations.

but then we get another email from john of the lenders, that their lawyers had received something from the seller's lawyers about a court appeal:


Please be advised that this probably won't close on 5/19/09. This asset
falls under the category of a recent Land Court decision regarding
Assignment of Mortgages. The AOM is dated May 27, 2008 and the 1st
publication was 2/21/08. As of right now the assignment is ineffective.

On Friday, April 17, 2009 the decision of Judge Long was argued and they
Judge decided that they needed more time to make up their minds. They
gave it another 30 days. We do not know if the decision will be
overturned and even if it is it will be a least another 30 days until it



so effectively, the bank that was trying to sell this house didn't actually have the rights to it. so looks like we'll be getting a big fat deposit back, but no house to work on.

next time i'm going to buy an actual house that isn't in some sketchy neighborhood with some sketchy foreclosure deal.

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