Ot: Lis Pendens Filed On Salton City, Ca Spec Homes

[onlycw]

Hi All,

a builder and his realtor wife bought lots with my money. Then they "sold" these lots to companies owned and controlled by themselves. They just neede money for 48 hours, to close escrow. Then the buyer would get his money back.

Next step, they present the 3 lots they bought to a bank as collateral. Escrow paperwork shows they "paid".

Fast Forward. 2 years since the lis pendens were put on, the bank hasn't called. They cannot sell the spec homes.

By now, they might understand that there was massive loan fraud.

Q: Would you try to contact the bank and negotiate something?

This is county of Imperial, the poorest in the U.S. New homes with ~ 1,000 ft can be bought for under 40% of cost to build them.

FYI: I complained to the DRE and they investigated the realtor wife who had sent me e-mails saying stuff like we are closing on this lot for $ 39,500.

She assures the DRE that escrow paid the LLC which we owned jointly. But the file is kept a secret.

The icing on the cake is that in this county, no one seems to know at which prices lots are bought and sold. I called the Assessor / Tax collector etc.

In neighboring San Bernardino county, that info is online.

On my lots, new homes were built. I never got a dime - the "sale" of the lots was a scam to fabricate equity for the bank.

Be careful, guys - if this can happen in California, what is possible in LOS?!?

[trogers]

Local banks here are ahead of the US. Such gimmicks were common in the years leading to the Tom Yum Kung crisis in 1997. If only the Americans had learn from Asia back then...

Local developers are now using a new gimmick - compliments from flippers.

Check out these 2 new launches - The Address, Sukhumvit 28, prices starting at Bt150k/m2 and Noble Refine in Sukhumvit 26 with prices starting at Bt89k/m2.

You will be scratching your head as to why such a big difference in prices...

Edited September 20, 2009 by trogers

[hhgz]

"Lis Pendens Filed On Salton City, Ca Spec Homes, need advice on how to proceed"

The post regards real estate located in California, and has nothing to do with Thailand.

[Scott]

Topic closed. Not Thai related.