Realtors Question Sale of Luxury Forclosed Home
Foreclosed 3,800 SF home sells to bank assistant manager’s son after being on the market only 13 minutes. Local real estate professionals question transaction.
Palm Coast, FL – November 3, 2009 – A foreclosed home in a luxury California community sells in 13 minutes to the son of an assistant manager of the foreclosing bank. The selling price is reportedly $200,000 below market value according to some local real estate professionals.
By George Warren – News 10 abc
RANCHO MURIETA, CA – Real estate professionals in this upscale golf community are questioning the circumstances surrounding the sale of a bank-owned luxury home to the son of a bank insider. "It doesn’t pass the smell test," one broker told News10
The 3,800 square foot home on De La Pena Circle in the exclusive neighborhood known as the Fairways was listed for sale in August at up to $200,000 below fair market value, according to brokers and agents familiar with Rancho Murieta real estate. The home, priced at $460,000, remained on the market for exactly 13 minutes.
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insider trading?
What is wrong with a little insider trading? During the bubble nobody complained about such things. Right?.
Sounds Illegal
I’m willing to bet the bank’s corporate execs knew nothing about this sale. The full article sounds like the mother set the listing price and her son bought it. If the listing price was set artificially low so her son could "steal" it. Then he did in fact steal it. His mother defrauded the bank the differance between the fair market value and the selling price. She should be criminally charged.