Australian Politics Forum - Exactly where did this home purchase go wrong?

Lisa Jones

Gold Member

Offline

Australian Politics

Posts: 39047
Sydney
Gender: female

Exactly where did this home purchase go wrong?
Sep 9^th, 2023 at 7:43am

When it comes to buying property (the most expensive thing you’ll ever buy in your life) you have to execute due diligence every step of the way. Now I’ve bought properties a few times with no issue whatsoever so I’m trying to understand exactly what happened here. My conclusion? I think someone isn’t telling the truth. What do you think?

https://7news.com.au/news/vic/young-melbourne-couple-mysteriously-lose-almost-10...

Young Melbourne couple mysteriously lose almost $100,000 in savings after buying dream home.

A young Melbourne couple is in a bitter fight with their bank after they say almost $100,000 they had in savings disappeared.

Elli Houston and Trae Murphy say they had saved up the money to buy their dream property on the Murray River, only for the money to somehow go missing during the settlement process.

They claim they transferred $96,000 from a Commonwealth Bank account to the Bank of Melbourne on June 30. However, on July 4 it bounced back.

That same day they say they tried to send the money again but it bounced back again.

Two weeks later, on July 21, the couple realised the money was no longer in their Commonwealth Bank account.

They flagged the issue with the Commonwealth Bank who said in the past year, the account had never held a balance that big.

The bank also said there were no records of the money being transferred on June 30 or July 4.

“The CBA has conducted a thorough review of our records,” it said in a letter to the couple.

“CBA confirms that the screenshots do not match CBA’s records of your accounts or the balance held in your accounts.”

On June 30, July 4 and July 7, Commonwealth Bank claimed the couple only had $0.75 in the account.

Back to top

« Last Edit: Sep 9^th, 2023 at 7:59am by Lisa Jones »

If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

IP Logged

Lisa Jones

Gold Member

Offline

Australian Politics

Posts: 39047
Sydney
Gender: female

Re: Exactly where did this home purchase go wrong?
Reply #1 - Sep 9^th, 2023 at 7:54am

The mess has forced Elli and Trae to take out another loan so that they can buy the property, and pay a late settlement fee of more than $3000.

The mental toll the situation has had on the couple, however, has been far worse.

“We want to know how this has happened, we want our money back and we want to move past this,” Trae said.

“It’s just really taken a toll on the both of us. We really just want to get to the bottom of it.

“It feels like everything has been taken away just as we were nearly there.”

The couple has lodged a complaint with the Australian Financial Complaints Authority.

The authority refused to comment on the matter as investigations are confidential, however, the couple has been told it could be weeks before they hear back.

@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@

Back to top

If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

IP Logged

MeisterEckhart

Gold Member

Offline

Australian Politics

Posts: 17122
Gender: male

Re: Exactly where did this home purchase go wrong?
Reply #2 - Sep 9^th, 2023 at 8:36am

The only likely explanation I can think of is the 'Monopoly Game' scenario: 'Bank Error in your favour. Here's $$100,000'.

Maybe the CBA had accidentally transferred $100,000 into their account some time back and the couple was attempting to cash in on the error by transferring a large amount to another bank - which would have triggered a close review of the transaction, thereby uncovering the bank error.

Banks run from sdmitting errors of this kind like vampires from sunlight, so the CBA would stay stumm on a large bank error scenario - as the NAB did when someone discovered that ATMs used to go offline for an hour a day, allowing him to steal $1.6 million. It wasn't dealt with until years later after he dobbed himself in. The NAB was aware of the theft but had not made a police complaint.

Back to top

IP Logged

chimera Gold Member Offline Australian Politics Posts: 15451 Armidale Gender:	Re: Exactly where did this home purchase go wrong? Reply #3 - Sep 9^th, 2023 at 9:19am So the lucky contestants have no paper copies of the account history and no online print-outs? No income and transfer to savings records? No Nigerian barrister gold-mine deposits?
Back to top	IP Logged

Lisa Jones

Gold Member

Offline

Australian Politics

Posts: 39047
Sydney
Gender: female

Re: Exactly where did this home purchase go wrong?
Reply #4 - Sep 9^th, 2023 at 11:13am

MeisterEckhart wrote on Sep 9^th, 2023 at 8:36am:

The only likely explanation I can think of is the 'Monopoly Game' scenario: 'Bank Error in your favour. Here's $$100,000'.

Maybe the CBA had accidentally transferred $100,000 into their account some time back and the couple was attempting to cash in on the error by transferring a large amount to another bank - which would have triggered a close review of the transaction, thereby uncovering the bank error.

Banks run from admitting errors of this kind like vampires from sunlight, so the CBA would stay stumm on a large bank error scenario - as the NAB did when someone discovered that ATMs used to go offline for an hour a day, allowing him to steal $1.6 million. It wasn't dealt with until years later after he dobbed himself in. The NAB was aware of the theft but had not made a police complaint.

😳😳😳😳😳😳😳😳😳

Dear God ... that’s it! It has to be.

This bloody scenario has been bugging me all day but I think that’s it!

A few other observations:

The couple in question are only 21 yrs old NOW/TODAY! 21 yrs old AND a bank balance of $100K?? That’s a red flag 🚩 (for me).

The couple were trying to buy/settle on property whilst overseas on holidays. Who does that?? Certainly not when it’s your 1st ever property and you’re 21. You’re physically there exercising due diligence by physically seeing the property, meeting with your broker and lawyer so everyone knows where everyone stands so as to liaise and move money safely and most importantly...ON TIME (as penalties apply).

Which brings me to this : Who/where was their broker? Who/was their lawyer? Why aren’t they being mentioned/referred to?

Note : I personally no longer use mortgage brokers but when I first got into property I most certainly did. In fact I only stopped using brokers about 5 years ago (when I was in my mid 40’s) because I found I was better informed than they were plus I could negotiate harder with my preferred bank a much better deal without the broker (middle man) sitting in the picture and hanging on the tail end of my loan facility.

Now ....when I bought my 1st property (just before I turned 21) I needed to learn so much about wtf was going on behind the scenes wrt buying real estate through the banking system. This meant I heavily relied on mortgage brokers AND my lawyers to communicate with each other and the bank in question so as to explain/guide/assure me throughout each stage.

Stuff like CT searches needed to be sorted with the LTO to establish clear title (ie no caveats etc). Register General fees needed to be paid, Transfer, Mortgage stamp duty etc ... so I needed my mortgage broker plus bank plus my lawyer ALL on standby. Everyone knew what money I had where before settlement took place. Why? Documentation needs to be prepped in advance of settlement. Figures are put down and pre calculated so everyone knows exactly what money goes where on the day and the time of settlement.

So getting back to this news article....I think Meister has in fact solved the mystery. The bank had originally transferred some $100K (under mistake of fact) into this young couple’s joint account. Once these 21 yr olds found the $100K in their account they rushed to get it out of there (through purchasing a property).

Meantime the bank realised their error and immediately took that money back out and deposited said money into the correct account holder’s name.

Damn and I was so hoping to find the bank had done something wrong in this scenario (you all know I don’t mind ripping into banks/multinational corporations lol).

Back to top

« Last Edit: Sep 9^th, 2023 at 11:57am by Lisa Jones »

If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

IP Logged

chimera Gold Member Offline Australian Politics Posts: 15451 Armidale Gender:	Re: Exactly where did this home purchase go wrong? Reply #5 - Sep 9^th, 2023 at 11:35am MeisterEckhart wrote on Sep 9^th, 2023 at 8:36am: Banks run from sdmitting errors of this kind like vampires from sunlight, Then the error is corrected by typing 100,000.
Back to top	IP Logged

Lisa Jones

Gold Member

Offline

Australian Politics

Posts: 39047
Sydney
Gender: female

Re: Exactly where did this home purchase go wrong?
Reply #6 - Sep 9^th, 2023 at 12:14pm

https://www.couriermail.com.au/news/finders-arent-keepers/news-story/8aab5bc954b...

👆 This is what happens if you suddenly find a lot of money sitting in your bank account and you rush to spend it (before the bank realises the mistake and reverses the credit) because you think the finders-keepers rule applies.

From the link :

WHAT would you do if thousands of dollars suddenly appeared in your bank account?

Cairns man Ronald Blaise Myors, 26, found out the hard way that spending an accidental windfall is a criminal offence.

In 2007, a total of $55,000 mistakenly ended up in Myors' Bank of Queensland account after a Melbourne trucking company put the wrong account number on invoices it sent out to customers.

Myors, down and out after losing his job, and with a wife and baby to support, couldn't believe his luck when the booty mysteriously appeared. He told Cairns Magistrates Court last week he knew it had to be a mistake, but after a year he figured it would be safe to withdraw more than $11,000.

"I was on the brink, really desperate," Myors, who is unemployed, said of his decision to spend the money.

"My family was about to be out on the street. I'd lost my job four weeks before, the bills had piled up, I was getting into debt and trying to dig myself out."

On Wednesday, Myors pleaded guilty to fraud and was given a wholly suspended one-year sentence and ordered to repay $11,367. The remainder had already been recovered by the bank when the error was discovered.

Back to top

If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

IP Logged

chimera Gold Member Offline Australian Politics Posts: 15451 Armidale Gender:	Re: Exactly where did this home purchase go wrong? Reply #7 - Sep 9^th, 2023 at 12:39pm He didn't put the rest into Bitcoin for a year?
Back to top	IP Logged

Jovial Monk

Gold Member

Offline

Dogs not cats!

Posts: 51474
Gender: male

Re: Exactly where did this home purchase go wrong?
Reply #8 - Sep 9^th, 2023 at 1:10pm

This is why Larry started this thread:

Quote:

Note : I personally no longer use mortgage brokers but when I first got into property I most certainly did. In fact I only stopped using brokers about 5 years ago (when I was in my mid 40’s) because I found I was better informed than they were plus I could negotiate harder with my preferred bank a much better deal without the broker (middle man) sitting in the picture and hanging on the tail end of my loan facility.

Now ....when I bought my 1st property (just before I turned 21) I needed to learn so much about wtf was going on behind the scenes wrt buying real estate through the banking system. This meant I heavily relied on mortgage brokers AND my lawyers to communicate with each other and the bank in question so as to explain/guide/assure me throughout each stage.

Larry lives in a Housing Commission flat. He is flat broke—drugs!

Quote:

5 years ago (when I was in my mid 40’s)

Back to top

« Last Edit: Sep 9^th, 2023 at 5:52pm by Jovial Monk »

OzPolitic needs a >real< Environment MRB now!
OzPolitic needs a >real< Food MRB now!
OzPolitic needs a >real< Health MRB now!
OzPolitic needs a >real< Economics MRB now!

Topics in the right MRB!

IP Logged

chimera Gold Member Offline Australian Politics Posts: 15451 Armidale Gender:	Re: Exactly where did this home purchase go wrong? Reply #9 - Sep 9^th, 2023 at 1:32pm Lisa Jones wrote on Sep 9^th, 2023 at 7:43am: A young Melbourne couple is in a bitter fight with their bank after they say almost $100,000 they had in savings disappeared. Fighting with CBA for $100,000 and they have no basis?
Back to top	IP Logged

Agnes. Gold Member Offline St Agness Posts: 1248	Re: Exactly where did this home purchase go wrong? Reply #10 - Sep 9^th, 2023 at 2:23pm Suck it up Larry
Back to top	Why Johnny Ringo, you look like someone just walked over your grave ~ IP Logged

Aussie

Gold Member

Offline

OzPolitic

Posts: 39966
Gender: male

Re: Exactly where did this home purchase go wrong?
Reply #11 - Sep 9^th, 2023 at 2:27pm

Jovial Monk wrote on Sep 9^th, 2023 at 1:10pm:

This is why Larry started this thread:

Quote:

Note : I personally no longer use mortgage brokers but when I first got into property I most certainly did. In fact I only stopped using brokers about 5 years ago (when I was in my mid 40’s) because I found I was better informed than they were plus I could negotiate harder with my preferred bank a much better deal without the broker (middle man) sitting in the picture and hanging on the tail end of my loan facility.

Now ....when I bought my 1st property (just before I turned 21) I needed to learn so much about wtf was going on behind the scenes wrt buying real estate through the banking system. This meant I heavily relied on mortgage brokers AND my lawyers to communicate with each other and the bank in question so as to explain/guide/assure me throughout each stage.

Larry lives in a Housing Commission flat. He is flat broke—drugs!

....every f

uck

ing Thread in which Jones posts.

Back to top

IP Logged

Jovial Monk Gold Member Offline Dogs not cats! Posts: 51474 Gender:	Re: Exactly where did this home purchase go wrong? Reply #12 - Sep 9^th, 2023 at 2:39pm Poor Aussie, he HAS to read everything, doncha poor game player. Of course, Aussie would NEVER consider telling the austistic fwit anything personal so the autistic dickhead goes raving all over OzPol about a certain $60. Get stuffed, dickhead!
Back to top	OzPolitic needs a >real< Environment MRB now! OzPolitic needs a >real< Food MRB now! OzPolitic needs a >real< Health MRB now! OzPolitic needs a >real< Economics MRB now! Topics in the right MRB! IP Logged

Sophia

Gold Member

Offline

Posts: 10128

Re: Exactly where did this home purchase go wrong?
Reply #13 - Sep 9^th, 2023 at 2:42pm

Lisa Jones wrote on Sep 9^th, 2023 at 7:43am:

When it comes to buying property (the most expensive thing you’ll ever buy in your life) you have to execute due diligence every step of the way. Now I’ve bought properties a few times with no issue whatsoever so I’m trying to understand exactly what happened here. My conclusion? I think someone isn’t telling the truth. What do you think?

https://7news.com.au/news/vic/young-melbourne-couple-mysteriously-lose-almost-10...

Young Melbourne couple mysteriously lose almost $100,000 in savings after buying dream home.

A young Melbourne couple is in a bitter fight with their bank after they say almost $100,000 they had in savings disappeared.

Elli Houston and Trae Murphy say they had saved up the money to buy their dream property on the Murray River, only for the money to somehow go missing during the settlement process.

They claim they transferred $96,000 from a Commonwealth Bank account to the Bank of Melbourne on June 30. However, on July 4 it bounced back.

That same day they say they tried to send the money again but it bounced back again.

Two weeks later, on July 21, the couple realised the money was no longer in their Commonwealth Bank account.

They flagged the issue with the Commonwealth Bank who said in the past year, the account had never held a balance that big.

The bank also said there were no records of the money being transferred on June 30 or July 4.

“The CBA has conducted a thorough review of our records,” it said in a letter to the couple.

“CBA confirms that the screenshots do not match CBA’s records of your accounts or the balance held in your accounts.”

On June 30, July 4 and July 7, Commonwealth Bank claimed the couple only had $0.75 in the account.

I saw this story on TV recently and I thought of my mum’s fight with her bank back in the late 80s when $200K just seemed to be minimised from her term deposits. She had the ombudsman involved and nothing eventuated and for years she was always getting a solicitor to help her but everyone was useless.
Then I read and kept a newspaper cut out of a couple that had their bank lose about $500K and even with all their proof of receipts, bank records that bank wouldn’t acknowledge the loss.
They never received their money back either.

Now this couple lost their money.

If they were changing money over via internet to purchase a property via a conveyancer, as we recently found out there are hackers watching for transactions to change or misspell one letter so it doesn’t go where it’s supposed to go. And hackers get the money during changeover.

We did a recent sale and our conveyancer/solicitor were aware of this, and triple checked all amounts and spelling were all correct before doing bank transaction.

Back to top

IP Logged

Jovial Monk

Gold Member

Offline

Dogs not cats!

Posts: 51474
Gender: male

Re: Exactly where did this home purchase go wrong?
Reply #14 - Sep 9^th, 2023 at 2:45pm

Sophia wrote on Sep 9^th, 2023 at 2:42pm:

Lisa Jones wrote on Sep 9^th, 2023 at 7:43am:

When it comes to buying property (the most expensive thing you’ll ever buy in your life) you have to execute due diligence every step of the way. Now I’ve bought properties a few times with no issue whatsoever so I’m trying to understand exactly what happened here. My conclusion? I think someone isn’t telling the truth. What do you think?

https://7news.com.au/news/vic/young-melbourne-couple-mysteriously-lose-almost-10...

Young Melbourne couple mysteriously lose almost $100,000 in savings after buying dream home.

A young Melbourne couple is in a bitter fight with their bank after they say almost $100,000 they had in savings disappeared.

Elli Houston and Trae Murphy say they had saved up the money to buy their dream property on the Murray River, only for the money to somehow go missing during the settlement process.

They claim they transferred $96,000 from a Commonwealth Bank account to the Bank of Melbourne on June 30. However, on July 4 it bounced back.

That same day they say they tried to send the money again but it bounced back again.

Two weeks later, on July 21, the couple realised the money was no longer in their Commonwealth Bank account.

They flagged the issue with the Commonwealth Bank who said in the past year, the account had never held a balance that big.

The bank also said there were no records of the money being transferred on June 30 or July 4.

“The CBA has conducted a thorough review of our records,” it said in a letter to the couple.

“CBA confirms that the screenshots do not match CBA’s records of your accounts or the balance held in your accounts.”

On June 30, July 4 and July 7, Commonwealth Bank claimed the couple only had $0.75 in the account.

I saw this story on TV recently and I thought of my mum’s fight with her bank back in the late 80s when $200K just seemed to be minimised from her term deposits. She had the ombudsman involved and nothing eventuated and for years she was always getting a solicitor to help her but everyone was useless.
Then I read and kept a newspaper cut out of a couple that had their bank lose about $500K and even with all their proof of receipts, bank records that bank wouldn’t acknowledge the loss.
They never received their money back either.

Now this couple lost their money.

If they were changing money over via internet to purchase a property via a conveyancer, as we recently found out there are hackers watching for transactions to change or misspell one letter so it doesn’t go where it’s supposed to go. And hackers get the money during changeover.

We did a recent sale and our conveyancer/solicitor were aware of this, and triple checked all amounts and spelling were all correct before doing bank transaction.

Same with me in my last two real estate transactions.

Back to top

OzPolitic needs a >real< Environment MRB now!
OzPolitic needs a >real< Food MRB now!
OzPolitic needs a >real< Health MRB now!
OzPolitic needs a >real< Economics MRB now!

Topics in the right MRB!

IP Logged