Update: Here’s the latest about that [tag-tec]foreclosure[/tag-tec] buy from you know where.
As we remember Michael Acciardi of Saddle River, NJ purchased the [tag-ice]foreclosure[/tag-ice] manse for 2.6 million only to discover 142 live cats and dogs and 23 dead ones on the premises.
The house was in such bad shape that it was condemned.
A Superior Court Judge has ruled the [tag-self]foreclosure[/tag-self] involved too much of an element of surprise.
In other words, the bank had left too many facts to be discovered by the buyer. This was not a simple case of buyer beware.
Some people are lamenting the judge’s ruling is dangerous. Their reasoning is banks can not be responsible for satisfying the “customer”, or foreclosure investor.
Yes, they’re right to a certain extent. Risk does go with this type of lucrative real estate investment, but Acciardi’s case was the exception.
In my opinion, the judge ruled correctly.
No bank should expect to unload a dog dump to the tune of 2.6 million dollars that is unfit for human habitation on an unwary buyer.
I think the bank really should have been more concerned about public relations and its reputation.
This was not good advertising, but maybe that’s just me. I grew up in retail and keeping customers reasonably happy is in my DNA, I suppose. And we were small business people. Maybe big banks like the one in question can take a different approach.
I have expressed my opinion about this bad foreclosure deal. What is yours? Do you agree or disagree? Let me hear from you.
If you want to read the opposite opinion, check out the blog E Finance Directory. They think the judge’s ruling was terrible.
Popularity: 11% [?]
Related Websites -
Credit Unions Begin 'Anti-Too Big To Fail' Advertising Campaign I've been asking for months now: why haven't credit unions and small regional banks created a nationwide "Anti-Too Big To Fail Bank" advertising campaign for the sole purpose of taking market share? Why haven't they capitalized on this incredible marketing opportunity to draw upon the public's resentment for fat cat...... - Buying Bank Owned, Short Sale or Foreclosed Property Sage advice from Bloomberg when buying a distressed sale -- bank owned (REO), short sale, foreclosure -- real estate. [video] As the video says, don't be afraid of bringing in some hired guns. At the very least, work with a Realtor who, more than likely, knows more about the nuances......
- This is How To Run a Bank: Take Deposits, Hold the Loans, & Implement the 3-6-3 Rule Now this is how you run a solid, old fashioned type of bank. CNBC interviewed a small, community bank CEO (Frank Sorrentino) from North Jersey Community Bank today, and if I was ever fortunate enough to run a bank, this is how I would hope to get it done. The......
-
Preparing For a Coin Collecting Convention A coin collecting convention is a great opportunity for both coin sellers and coin buyers, as there will be people looking to both sell off their unwanted coins and pick up the coins they have been searching after. You can easily come away from a convention with the coins that...... - How To Increase The Number Of Comments On Your Blog The more comments you get on your blog, the more active and interesting it becomes, which in turn creates more traffic and comments. Blogs that aren't inviting when it comes to comments and conversations, tend to be stagnant and boring. So what's the secret of getting people to regularly comment......