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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1002 Alexandra Lane Encinitas, CA 92024

$1,100,000
3 Beds
2 Baths
1,625 SqFt
Status Active Under Contract
MLS # LG18294949
Property Type Single Family Residence
To live in the city of Encinitas is to live in the “Hills of live oaks”. Encinitas sits on the coastline of the Pacific Ocean, to the north is the Batiquitos Lagoon and to the South San Elijo Lagoon. And the gem of the city is Encinitas Ranch, which boasts an abundance of walking trails, open space, and a rural feel. and yet a close proximity to cultural events in downtown San Diego and many of the world famous beaches of Southern California. This pristine Single Story home sits on a spacious 7800+sf

633 Cypress Hills Drive Encinitas, CA 92024

$1,370,000
4 Beds
3 Baths
2,581 SqFt
Status Active
MLS # 190011736
Property Type Single Family Residence
Discover coastal Encinitas living in this 4 bedroom, 3 bath, plus a loft on a large corner lot, with close proximity to beaches, parks, running trails, golf, shopping, schools and freeways. This designer showcase lives like a single story with all living area and bedrooms on first floor with exception of an optional upstairs bedroom/office and kids play area. The master retreat with high ceilings opens out to a beautiful spacious yard with mature fruit trees, custom fireplace,

1188 Via Zamia Encinitas, CA 92024

$2,475,000
5 Beds
5.5 Baths
5,515 SqFt
Status Active
MLS # 190013658
Property Type Single Family Residence
PRICED BELOW most recent sale on same street, located only 3.5 mi from Moonlight Beach and within walking distance to Quail Botanical Gardens, subject is one of 8 semi-custom homes. Special features include 4 en suite bdrms in the main house with 3 fps, detached Casita w/bath & walk-in closet, motor court w/4 car garage, pebbletec saltwater pool and spa, covered loggias, fountains, firepit, 3 outdoor fps, flagstone & cement walkways. Subject backs to the 15th green of the Encinitas Ranch Golf Course.

761 Lynwood Drive Encinitas, CA 92024

$1,525,000
4 Beds
4.5 Baths
4,888 SqFt
Status Active
MLS # 190018750
Property Type Single Family Residence
Plse read confidential remarks!!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

820 Jensen Ct Encinitas, CA 92024

$1,999,000 - 5Br/5Ba -  for Sale in Encinitas, Encinitas
New
$1,999,000
5 Beds
4.5 Baths
4,318 SqFt
Status Active
MLS # 190020768
Property Type Single Family Residence
Perfectly situated on a cul-de-sac, enjoy panoramic ocean views & beautiful sunsets almost daily here in this Encinitas Ranch home. This custom remodeled home was finished with style & sophistication and features over 4300 sq ft open flowing floor plan, there are 5 bedrooms plus a bonus/game room, and 4.5 remodeled baths. You're going to love entertaining with this dream kitchen with its closely attached courtyard, be ready to create some memorable experiences with your family and friends.

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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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