Mencia Realty is a real estate office who sells real estate for some banks. In the past, I have tried to make several offers on the properties they had listed and was never able to purchase any, shortly after I found out why!
It appears as the owner of Mencia Realty - Robert Mencia, buys up all the good properties under several different corporation names.
You might be thinking why this is a ripoff - This is an unfair business practice and not allowed thought the banks they work for. The properties must sell to the highest and best offer, but apparently the banks never see any other offer other than the ones his corporations put in.
This illegal! If you are the owner of the real estate business, you are supposed to present the seller with all the offers that were submitted on the property. The owner or sellers is the one who makes the decision on who to sell to, normally to the highest and best offer.
I am sure Robert Mencia through his Real Estate office, Mencia Realty is blocking all other offers in order for him to make great buys on these REO properties.
If you have ever tried to buy an REO property that was listed by Mencia Realty, and did not get the contract, or know more about his information, please post a comment here and share your information.
If you are a bank that gives your REO listings to Mencia Realty, take a close look at who the buyers were, and then find out who the owners of those corporations are. I am sure you will find some interesting information. Better yet, try to submit an offer on one of your own properties and see if the offer gets back to you!
Robert Mencia and Mencia Realty must be stopped. This is not just unfair to people who are trying to buy REO properties, but also Illegal!