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follow Patrick 2018 Mar 28, 5:27pm
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Davee, 76, says he'd never heard of redemption rights. And he had no idea those rights, granted by Oregon law, allowed him to "redeem" or repurchase his home within 180 days after it was sold in a foreclosure auction—by paying whatever price the house sold for at auction, plus interest.Given that Davee couldn't even afford his mortgage payments, there was no chance of that happening.Vantage Homes offered him $300 for his redemption rights—and another $2,200 if Vantage bought the house at auction.Davee signed the deal on July 1, 2016. Eleven months later, a Robbins-controlled company did buy Davee's house at auction, paying $183,200.But rather than Vantage Homes, the buyer was another company Robbins controls, called Sean John LLC.So one of Robbins' companies got Davee's house—but Davee never got the additional $2,200."I haven't gotten a dime of it," Davee says. "From what I can find out, the guy [Robbins] put it in another company's name. He's a shady dealer."By buying Davee's redemption rights for just $300, Robbins controlled a home worth at least 600 times that amount for nearly a year, discouraging anybody else from buying it.As for Davee, he became the victim of a practice virtually unknown outside a tight circle of real estate investors.
Davee never got the additional $2,200.
Davee should've demanded the money upfront. In fucking cash. That's the only way to be sure.