Horror Story: Short Sale Bankruptcy Fraud

“Didn’t see this one coming… My client wrote an offer on a short sale in Elk Grove in April that was finally accepted by the bank in July.  Close of Escrow was scheduled for August 15th.

All inspections went well and we had full loan approval and everything had been completed with funding of the loan scheduled 2 days before COE…until everything came to a screeching halt with some shocking news…

The title company pulled up a ‘bankruptcy filing’ by the seller, although the seller said he had NOT filed a bankruptcy.  The bankruptcy trustee now took control of the house as she suspected fraud and my clients had to cancel and requested their deposit back.

Fortunately we were able to get their deposit released and we have now found them a beautiful home just around the corner from this other nightmare.  Just one more thing that we need to make our short sale buyers aware of!!!”

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