Family loses prospect of home to mystery buyer (Freddie Mac pulls a fast one)

Nashua (NH) Telegraph ^ | 20 June, 2009 | Dean Shalhoup

[NewHampshireDuo]

"My realtors told me that some 'investment group' had bypassed the listing agent, gone straight to the bank, and put an offer on the house that was higher than ours," Painter wrote in a letter detailing the ordeal. "And the bank had taken the offer.

[raybbr]

"I couldn't believe that," Painter said when she looked up "Home Steps." "They're supposed to be helping the little people, like us, but then they go ahead and do this.

Not quite like you.

[countess]

Sometimes maybe an “investment group” is just a local realtor that has a special relationship with a local bank and can swoop in and produce the perfect outbid at just the right time.

[darkwing104]

Go to the county tax office, they know who bought the house. Taxes has to be collected from somebody.

[freekitty]

Now they know why we didn’t want Obama or the current Congress elected. They are nothing but crooks and Freddie Mac people and that investor should be in jail.

[ottbmare]

There are nine kajillion other modest, affordable, slightly neglected fixer-upper foreclosed houses for sale in your area, wherever your area is. Stop complaining and go buy another one.

[RebelTXRose]

Does the law of contracts still work anywhere? If their offer was accepted, it shouldn’t matter who else came in with any amount of money. The selling bank should be sued for breach of contract.

[1010RD]

Not if they had a valid contract they can’t. There’s more to this story than has been reported.

[Melinda]

I know of the exact same scenario that happened to a family I used to know, in the same state. There's a good ‘ol boy network alive and well in the back woods of NH now that the ethically challenged Libs have made inroads. I bet the bank is very familiar with the “party” that “bought” it, too.

[GOPJ]

I hope there’s still some newspaper out there that will be willing to stay on this story in spite of the fact that Freddie Mac is a liberal organization.

[lilylangtree]

Place was empty for over 2 years and johnny-come-lately Freddie Mac (demoncRAT campaign contributions company & rahmbo’s alma mater) sneaked in a deal that amounted to $2,000 over the current bid. Somebody pulled a fast one over this couple. Hope it’s investigated thoroughly.

[kitkat]

***Does the law of contracts still work anywhere? If their offer was accepted, it shouldn’t matter who else came in with any amount of money. The selling bank should be sued for breach of contract.***

Exactly what I thought. But, the wording in the article is a bit loose: “they accepted the offer,” doesn’t say they signed a contract on the spot. I hope they did. And I hope they win.

[liberateUS]

Short sales and REOs will get tentative approval but will state that offer is subject to bank officer approval. This may not come for weeks. Until you get the signature, it’s not a contact.

[ought-six]

“Sometimes maybe an ‘investment group’ is just a local realtor that has a special relationship with a local bank and can swoop in and produce the perfect outbid at just the right time.”

That’s right. It happens more than one may think.

[1010RD]

Yes, I know. IIRC the article implied they had a deal. At least for me, I don’t schedule a closing until I get a contract.

Thanks.

[Moonman62]

Earlier this year, their cramped mobile home growing smaller every day, Milford couple Lora Painter and Nick Dumont

Couple or husband and wife?

[GovernmentShrinker]

And what about the bank’s contract with the listing agent? I don’t think any standard listing contract allows this sort of transaction. If the owner finds a likely buyer, that buyer should still have to go through the listing agent to make a bid, and the the listing agent has a fiduciary duty to the owner to try to get a higher bid from anyone who has already bid on the house or seriously indicated they are planning to bid. Maybe realtors are doing some custom contracts with banks for foreclosed properties, though I can’t imagine why they would agree to something like this. This couple will tell everyone they know not to use that realtor/brokerage because they can’t be trusted.

[GovernmentShrinker]

Who gives a cr*p whether they’ve registered their relationship with the government or not? They’re obviously hard-working people, focused on raising their children in a civilized home, and are not racking up debt or relying welfare to take care of their family. Nobody should be telling them they have to have a government-issued license to do this.

[1010RD]

Good point. The story is missing some pertinent facts.

I do not know NH law, but it cannot be that different. I also cannot believe that the Realtors would be that amateurish. Something is not Kosher.

[darkwing104]

There's a good ‘ol boy network alive and well in the back woods of NH

That is the reason why I left N.H. 30 Years ago and vowed to never return. Thanks to the USAF and the state of Florida I have earned and living the lifestyle I would of never had in N.H.