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Did you happen to watch Channel 10 Monday night when they aired a fishy story about a home that sold in Rancho Murieta?
Was this an inside job? Does this happen in other areas? Is there a cover up?
Well, for those who didn’t happen to see the news, it seems that a 3,803 square foot under priced luxury home sold in a mere 13 minutes from being entered into the MLS.
You ask yourself why is that so unusual? It IS… and in this case it seems that this house was a bank owned home for sale for about $200,000 under the going market for an asking price of $460,000. You ask, who was the bank? Oh, the bank was US Bank.
Ready for the kicker, the smelly fish?
Seems the asset manager for US Bank, Linda Merrihew who just so happens to own a home in Rancho Murieta and “guided the property through the foreclosure process” has a son Lance Merrihew who bought this under-priced luxury home in 13 minutes. oh yes, he owns another home in Rancho Murieta, too. (Someone made a mistake on the sold price. MLS says $460,000 and the tax records say $465,000). The smell just continues. Do you think the share holders at US Bank know about this one???
The fish smell is tremendous on this one! It smells all the way from Rancho Murieta to Sacramento.
Bet you wish your mother worked as an asset manager and you could underpay and get a house in 13 minutes from it going public on MLS. Wow, that’s pretty fast offering writing and approval! Be sure to read Realtors Question Rancho Murieta Foreclosure Sale.
Hey, maybe that’s a solution for all the home buyers having trouble getting their offers accepted…I’ll just become an asset manager…or not.
Click Sacramento MLS where you can pick any community or city around Sacramento and see homes for sale or simply click on the search icon and pick the area you are interested in finding a home or condo for sale in . As a Certified Distressed Property Expert, I am here to help you avoid foreclosure. Let’s talk and see if you qualify for a Short Sale. Your Short Sale agent.
Good catch, Gena!
Shareholders of US Bank (and taxpayers if US Bank received TARP funds) should be on the war path. This has the appearance of “insider trading” and abuse of position.
Now, we all have to wonder how widespread this is with asset managers and bank insiders.
I am wondering if there will be a criminal investigation into this. If I took $200K from a teller as the bank I would be arrested. Why is this any different?
Rancho: IMO, it is no different than holding up a bank–and in this case, literally so!