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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1335 Ravean Ct Encinitas, CA 92024

$2,299,000
5 Beds
4.5 Baths
5,401 SqFt
Status Active
MLS # 190029937
Property Type Single Family Residence
Price Type --
Spectacular Craftsman style, custom-designed home in highly desired gated EncinitasRch golf course neighborhood. This home has everything you desire from family living to formal entertaining. Huge open floorplan, courtyard, dining room, game room, study, office, gym room, loft, massive master-suite and bath, custom pool/spa, and an amazing view! Custom-designed kitchen, bath, hardwood floors. Fully upgraded recently with admirably high standard. Living quality in this resort-like home is second to none.

831 Lynwood Drive Encinitas, CA 92024

$1,836,900
5 Beds
4.5 Baths
4,318 SqFt
Status Active
MLS # OC19128796
Property Type Single Family Residence
Price Type --
This pristine, move-in ready home is situated on the highest street of one of the most desirable cul-de-sac locations with spectacular city light & hillside views of Encinitas! The fully updated residence features 5 bedrooms, 4.5 baths plus an upstairs tech room, and a main level den/office that is city-approved for a bedroom suite conversion within 4,318 Sq.Ft. of decadent indulgence! The home offers the finest indoor outdoor living elements including multiple glass french doors, timeless travertine and

546 Verbena Ct Encinitas, CA 92024

$1,399,000
6 Beds
5.5 Baths
3,789 SqFt
Status Active
MLS # 190034100
Property Type Single Family Residence
Price Type --
Beautiful home on a cul-de-sac in coastal Encinitas! This home is in a great location off of Quail Gardens Dr. near the Encinitas Ranch Golf Course with easy access to walking trails, minutes to I-5, Moonlight Beach, The Forum, downtown Encinitas, dining on the 101 and more! Enjoy the outdoor space with lush landscaping, built-in BBQ, custom pergola, fireplace, pool & spa! Every bedroom has its own private bath and upgraded closet storage. 2 bedrooms on the first-floor, one with a private entrance!

711 Cypress Hills Encinitas, CA 92024

$1,570,000 - 5Br/5Ba -  for Sale in Encinitas, Encinitas
Open House
$1,570,000
5 Beds
4.5 Baths
4,237 SqFt
Status Active
MLS # 190037178
Property Type Single Family Residence
Price Type --
Encinitas Ranch Entertainer’s Dream. Amazing Floorplan - High End Finishes: Chef’s Kitchen, Open Concept Family Room, Downstairs Office plus Guest Room w/Ensuite, Striking Cathedral Ceilings, Distressed Hardwood Floors, Chic Upgraded Lighting. Upstairs Spacious Master Bedroom & balcony, Master Ensuite, plus three beds and 2 baths. Backyard Tropical Paradise, landscaped for Privacy amidst a Botanical Garden. BBQ, Jacuzzi, Firepit, & walking paths. Fully owned Solar. Carriage Garage Doors. Come fall in love

792 Lynwood Drive Encinitas, CA 92024

$1,529,000
4 Beds
2.5 Baths
3,130 SqFt
Status Active
MLS # 190041933
Property Type Single Family Residence
Price Type --
RARE FIND single-story Encinitas Ranch view home with panoramic horizon ocean views on huge (12,717sf) level, private corner lot. Delightful, 3 bedroom + office, 2.5 bath with charming courtyard entrance. Super floorplan and flow with formal living, dining and great room areas overlooking west facing yard with multiple patios and lush landscaping. Rooftop solar system and Jacuzzi spa. Located on one of Encinitas Ranch’s best streets for the ultimate in views, privacy, quiet, coastal breezes & sunsets!

533 Verbena Court Encinitas, CA 92024

$1,479,000
6 Beds
4.5 Baths
3,911 SqFt
Status Active
MLS # 190044841
Property Type Single Family Residence
Price Type --
This highly sought after Encinitas Ranch home is nestled on a quiet cul-de-sac location tucked away in the development. This lovely home has been meticulously maintained and offers 6 bedrooms, 4.5 baths, 3,911 square feet and is situated on a pool- sized lot. Showcasing wonderful curb appeal as you approach the entry. Upon entering the home you are greeted with an open foyer, elegant rounded staircase and the spacious formal living and dining rooms with detailed crown molding. See Supplement!

515 Paloma Court Encinitas, CA 92024

$1,525,000
5 Beds
4.5 Baths
3,416 SqFt
Status Active
MLS # 190045000
Property Type Single Family Residence
Price Type --
Beautiful Family home in pristine Encinitas Ranch. 5 bedroom 4.5 bath home in excellent condition. Updated home with new paint & flooring through out, wonderful family size kitchen with granite island & counter tops, white cabinets & stainless appliances. Bathes have been upgraded with new counter tops , shower & jacuzzi tub surround. 5th bedroom is located downstairs with full bath, being used as an office. Fireplaces in Family & Master. Large backyard with pool ,spa & patio. Ocean views,balconies

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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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