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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791 Lynwood Dr. Encinitas, CA 92024

$1,888,888
5 Beds
5.5 Baths
4,888 SqFt
Status Active
MLS # 200027848
Property Type Single Family Residence
Price Type --
Nestled in the heart of Encinitas Ranch this luxury home offers the finest quality, large floor plan, 4,888 Sq.Ft. with 5 br,(with master suite) 5.5 bath, 4 car garage, 3 fireplaces, crown molding, dual staircases, shutters throughout, a Butler's pantry, walk in closets. Stunning Gourmet kitchen has granite counter tops, large island, 8 burner stove, double oven, microwave, dual sinks & elegant cabinetry. Lowest asking price home with 4,000 Sq.FT plus and located along the Coastal west of El Camino Real. Nestled in the exclusive luxury home in the heart of Encinitas Ranch. The home offers the finest quality, large floor plan 4,888 Sq.Ft. 5 bedrooms, 5.5 bathrooms, 4 car garage, 3 fireplaces, crown molding throughout, dual staircases, shutters on all windows and doors, Butler pantry, walk in closets and closet organizer in every bedroom. Stunning Gourmet kitchen with Granite counter tops and large island, Kitchen aids appliances, 8 burner stove, double oven, microwave, dual sinks, and elegant cabinetry. Family adjacent to kitchen with built in entertainment center, raise panel fireplace and custom mantle, and built in curio glass cabinet. Huge master bedroom suite and sitting room with dual side fireplace located on the second level. Large master bathroom with jet tub next to fireplace, double and separated vanity sinks and worktables, walk in closet, separated shower with travertine floor. Tankless hot water heater and epoxy garage flooring. Balcony front and back of the house. Nice backyard with patio. Enjoy West view and family neighborhood. Take a pleasure of Encinitas Ranch community and JC Golf course with view of the Ocean and walk to the country club from the house. There are hiking trails bordering the entire community that line up and offer approximately 9.5 miles of natural outdoor space right in your backyard. Proximity to everything, Downtown Encinitas, Moonlight beach, The Forum at Calle Barcelona, Target, Walmart, Von, Albertson, Home Depot, Trade...

709 Rihely Pl Encinitas, CA 92024

$1,425,000 - 5Br/5Ba -  for Sale in Encinitas, Encinitas
New
$1,425,000
5 Beds
4.5 Baths
3,272 SqFt
Status Active
MLS # 200045448
Property Type Single Family Residence
Price Type --
Private Oasis in Encinitas Ranch! Indoor/outdoor living, with lush tropical landscape. Fully fenced, private backyard backs hillside. Features include fountains, saltwater spa, outdoor kitchen & built-in BBQ, dining/lounge area with gas fireplace. All bedrooms feature en-suites! Full bedroom/ensuite downstairs. Mater retreat with fireplace, balcony, his/hers walk-in closets, and vanities. Chef's kitchen with island and stainless viking appliances. Library/study nook, Gym, 2 living spaces, 3 car garage. WELCOME TO YOUR OWN PRIVATE OASIS! Step through the beautifully arched gated entryway into a lushly landscaped courtyard complete with a tranquil fountain. Enter the custom crafted front door to an open and airy high-ceilinged living room. On the first living level, you will be delighted at the many details that make this lovely house a home. The formal dining room is a gorgeous area that boasts French doors to a private terrace with a serene fountain. The gourmet kitchen has granite counter tops with full backsplash, honey maple cabinetry, stainless steel appliances with Viking stove, dual ovens, a large center island, a walk in pantry and a built in desk. The large family room with gas fireplace is a welcoming space to relax and watch tv, or take in the beauty of the yard and natural lighting through the tall dual glaze windows. The wonderful private office (or downstairs bedroom based on preference) features french doors that lead to a quaint patio, perfect for winding down. The Library niche is also ideal for home-schooling, office space, or cozying up with a nice book. Upstairs features 4 bedrooms, one of which is currently used as an indoor gym, and can easily be used as a bedroom. All upstairs rooms have walk-in closets and attached bathrooms. The 3rd bedroom upstairs has a large living space and offers French doors which open to a balcony inviting a steady ocean breeze. The exquisite Master retreat boasts a cozy fireplace, private balcony, his/hers bathro...

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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