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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831 Lynwood Drive Encinitas, CA 92024

$1,780,000
6 Beds
5.5 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 6 bedrooms, 5.5 baths. A newly renovated and permitted downstairs bedroom with it's own private bathroom, plus an upstairs tech room at 4,318 Sq.Ft. of decadent indulgence! The home offers the finest indoor outdoor living elements including multiple glass french doors, timeless travertine and Eu

533 Verbena Court Encinitas, CA 92024

$1,449,000
6 Beds
4.5 Baths
3,911 SqFt
Status Active
MLS # 190044841
Property Type Single Family Residence
Price Type --
Currently the best value in Encinitas Ranch for square footage and lot! This highly sought after 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 BR, 4.5 BA, 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.

1335 Ravean Ct Encinitas, CA 92024

$2,175,000
5 Beds
3.5 Baths
5,401 SqFt
Status Active
MLS # 190051993
Property Type Single Family Residence
Price Type --
Beautiful Craftsman style, custom-designed home in highly desired gated Encinitas Ranch 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.

615 Shasta Dr Encinitas, CA 92024

$1,579,000
5 Beds
4.5 Baths
3,536 SqFt
Status Active
MLS # 190052692
Property Type Single Family Residence
Price Type --
Welcome to 615 Shasta Dr. This well appointed Toll Brothers built home is situated on one of the best streets in Encinitas Ranch. From the moment you enter this gorgeous 4 BR+Loft & 4.5 BA dwelling you will not be disappointed. Well thought out floor plan which offers the highly sought after FIRST FLOOR master bedroom. Upgrades inc. In ceiling speakers, wood floors, window coverings, Jet Tub in MB, built in cabs and a meticulously kept entertainers yard w/fire pit. Upstairs front balcony has ocean views!

1457 Heritage Ln Encinitas, CA 92024

$1,590,000
5 Beds
4.5 Baths
3,911 SqFt
Status Active
MLS # 190055092
Property Type Single Family Residence
Price Type --
Nestled on a cul-de-sac in the sought after neighborhood of Encinitas Ranch, this beauty will capture your heart as you enjoy sweeping ocean views from the backyard and master bedroom. As you enter you will gaze upon a dramatic curved staircase with wrought iron accents, high ceilings and large windows that bathe the interior in natural light. The formal living and dining rooms provide intimate spaces for entertaining, while the family room and kitchen flow seamlessly together for ease of daily living.

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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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