The Encinitas Short Sale from Hell: Closed

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by Roberta Murphy

Encinitas short saleEncinitas Short Sale that should never have been….

Kudos to the patient buyers of this Encinitas short sale, because they truly got a terrific deal ($890,000). It was group hug time Friday afternoon when we received confirmation that our 10-month short sale ordeal in Encinitas Ranch had successfully recorded and closed.

Welcome relief is also due the out of area young seller, who had been unwittingly pulled into a raunchy real estate transaction by a couple of sleazy mortgage brokers (one of whom was the seller) , a credit “packager” –and escrow, title and appraisal personnel who surely knew better than to facilitate such a sham.

Our first time home buyer-turned-seller from Los Angeles, with excellent FICO score (and no savings), was lured by the promise of buying an “undervalued” $1.2 million home (100 percent financing) in San Diego that he could profitably sell 6 months later–while someone else made the payments. It was to be his stepping stone to riches. Or so he thought.

Instead, it turned into 16-month nightmare:

. The “credit “packager” forged our client’s name and leased the property at under-market rent. He collected rents and deposits for about four months, until we listed the Encinitas home for sale. At that time, the tenants began paying rent to their attorney and barred us from showing the home. Now, we were dealing not only with a short sale, but a listing that could not be shown.

. Because we had priced the property aggressively, because Encinitas Ranch is a very desirable community, and because we marketed the home everywhere possible, we were able to secure 8 offers–ranging from ridiculous to credible. This in spite of the fact that the
tenants and their attorney would not allow anyone in to see the home.

. Foreclosure sale for this Encinitas home had to be stopped three times because the loss mitigation department of this major lender has a major interdepartmental communication problem.

Real estate commissions were slashed by the short sale lender, but that is nothing new. They also refused to pay HOA fees that were in serious arrears, the home warranty for the buyer, utilities in our name, and a list of other necessities required for closing. But sometimes achieving the impossible is almost worth more than monetary compensation.

Monday morning, I will order the sign removed from this Encinitas property, where it has probably set a record for the longest-standing Realtor’s sign in Encinitas Ranch.

The neighbors will breathe a sigh of relief–and so will we.

Listed below are other Encinitas Ranch homes listed for sale, with most recent offering showing first. If you have any questions, call Roberta or Scott Murphy at either 760-942-9100 or 760-613-6190.

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511 Paloma Ct Encinitas, CA 92024

$1,450,000
5 Beds
4.5 Baths
3,911 SqFt
Status Active
MLS # 180049523
Property Type Single Family Residence
Prepare to be in awe as you enter this spectacular bright and open home! Gaze upon the circular staircase with decorative wrought iron detailing, a large separate living and family rooms, dramatic floor to ceiling windows bathe the living spaces in natural light. The Chef’s dream kitchen features a plethora of cabinet and counter space, a large eat-at center island, double oven and a massive built-in refrigerator, plus a butler's pantry with wine cooler adds convenience to all your gatherings.

1601 Aryana Drive Encinitas, CA 92024

$2,395,000
5 Beds
5.5 Baths
5,676 SqFt
Status Active
MLS # 180058851
Property Type Single Family Residence
Enjoy panoramic canyon, golf course and ocean views from this terrific family home in gated Crestview Estates! The spacious floor plan offers an inviting kitchen and great room, formal living and dining rooms, main-floor master suite with a massive walk-in closet, and a main-level guest suite. Upstairs you'll find a large office and two secondary bedroom suites. Studio apartment is located above one of two 2-car garages. Large flat grassy lawn. Short walk to Hawk View Park! See attached VIDEO and 3D Tour.

791 Jensen Ct Encinitas, CA 92024

$1,729,000
5 Beds
4.5 Baths
4,873 SqFt
Status Active
MLS # 180060347
Property Type Single Family Residence
Privately gated Encinitas Ranch home has a beautiful courtyard entry that becomes a welcome retreat. Listen to the relaxing sounds of a fountain while you're gathered together by the fire pit. A guest bedroom suite is nearby with separate entry and kitchenette. Open floor plan with a gourmet kitchen overlooking entertaining BBQ center with a covered cabana surrounded by exotic tropical palms. Room for pool. Master has a separate suite w/balcony, office, and wood paneled Library. This home has it all.

753 Cypress Hills Drive Encinitas, CA 92024

$1,449,000
5 Beds
4.5 Baths
4,294 SqFt
Status Active
MLS # 180061678
Property Type Single Family Residence
Encinitas Executive Living at its Finest. Highly upgraded with wains-coating in entry, formal dining, living room and stair wells plus custom crown molding throughout. Beautiful finishes include travertine & wood floors, custom iron stair rails, granite counters in kitchen and all baths. One bedroom with full bath downstairs. Dual staircases. Enjoy social gatherings in the combination family room/kitchen great room. Features include cozy fireplace and built-in alder entertainment center. New carpet.

817 Lynwood Drive Encinitas, CA 92024

$1,475,000 - 6Br/4Ba -  for Sale in Encinitas, Encinitas
Open House
$1,475,000
6 Beds
3.5 Baths
4,434 SqFt
Status Active
MLS # 180062270
Property Type Single Family Residence
BEST VALUE OF 2018! HUGE PRICE ADJUSTMENT! A truly stunning Encinitas Ranch home in the heart of Encinitas! With 4 bedrooms, & 2 OPTIONAL bedrooms /offices & a large Bonus room, plus 3.5 baths, you will have all the space you need! Bright and light formal living & dining room w/high ceilings, wainscoting, crown molding, and warm wood floors. Beautiful top of the line gourmet kitchen w/an island that opens to the family room, overlooking the beautiful Pool, Spa, & fire-pit. Close to shopping, I-5, beach.

1463 Paseo De Las Flores Encinitas, CA 92024

$1,999,000
5 Beds
4.5 Baths
4,318 SqFt
Status Active
MLS # 180062837
Property Type Single Family Residence
Breathtaking ocean & golf course views! This magnificently appointed home offers a floor-plan that flows like an architectural masterpiece, and upgrades that appeal to the most discerning buyer. As you enter this home you will feel as if you are turning the pages of a Restoration Hardware catalog. Gorgeous bleached oak plank wood floors, custom paint throughout, wainscoting, farm house sink, white quartz countertops, Wolf appliances, dual dishwashers, built in cabinets, DS office and large theater room.

761 Lynwood Drive Encinitas, CA 92024

$1,549,000
4 Beds
4.5 Baths
4,888 SqFt
Status Active
MLS # 180064888
Property Type Single Family Residence
Hello, this home is a must see. Sitting high on a hill with a fabulous east panoramic valley view, this Encinitas Ranch home is pristine. When you first enter this house you will feel the comfort and see the exceptional upgrades few homes offer. The floor plan allows exceptional entertainment for family and guests. Every upgrade from the wood/stone flooring to the granite/marble counter tops are top of the line materials, no expense was spared. This property has been very well maintained. Pls read supment

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6 responses to “The Encinitas Short Sale from Hell: Closed

  1. Congratulations are in order to you, Roberta Murphy, for a job well done in closing the short sale from hell. Ten months in escrow…that was one, big overdue baby! A great feel-good ending to what appears to have been an excruciating, nightmarish experience.

  2. Robin:

    Thank you! It will feel so good not waking so early to call WAMU back east at 6 a.m. Encinitas Ranch will also be immensely relieved to have wonderful new neighbors.

  3. San Diego short sales and foreclosures are becoming far too commonplace. Fortunately, some of the lenders are now aggressively trying to save many of the defaulted San Diego homeowners.

    Somehow, I think Santa Barbara will not be quite as hard-hit with foreclosures and short sales as the inland areas of San Diego.

  4. Great job hanging in there. I, too, just hung on to two short sales and incurred some of the same lender problems. I continue to work these deals in Santa Barbara and find that they are going more smoothly and slightly faster. The interdepartmental communication can be the worst! Utimately, getting it done is what matters. Your communication skills were put to great task. Congrats!

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