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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741 Lynwood Drive Encinitas, CA 92024

$1,875,000 - 5Br/6Ba -  for Sale in Encinitas Ranch, Encinitas
Open House
$1,875,000
5 Beds
5.5 Baths
5,177 SqFt
Status Active
MLS # 180010380
Property Type Detached
*GOLF ESTATE W/PEAK OCEAN VIEWS!!*RARE 4CAR GARAGE* MOUNTAIN & CITY VIEWS FROM BALCONY & BACKYARD* TTACHED CASITA W/ KITCHENETTE & SEPARATE ENTRANCE*HARDWOOD FLOORS*STEP DOWN LIBRARY* CHEFS GOURMET KITCHEN W/ HIGH END APPLIANCES* BUTLERS PANTRY* CHARMING ENCLOSED COURTYARD* MASTER RETREAT W/ BALCONY, SITTING AREA, HUGE WALK-IN CLOSETS & LUXURY BATHROOM W/ LARGE SOAKING TUB & WALK THRU SHOWER *ALL BEDROOMS ARE ENSUITE* ENTERTAINERS BACKYARD W/ POOL, SPA & WATERFALL*2 MILES TO BEACH*REDUCED $325K!Must SELL!

835 Lynwood Drive Encinitas, CA 92024

$1,799,000
5 Beds
5.5 Baths
5,388 SqFt
Status Active
MLS # 180007275
Property Type Detached
Cul-de-sac home with views west to ocean & east over Encinitas. Enter into a serene courtyard w/firepit to detached casita/Private Office w/built-ins & partner desk. Formal entry+french doors lead inside. Main level has en-suite w/2 walk-in closets. 500+book library off grand stairway. All bedrooms: en-suite w/walk-in closets. 2 family rooms, each w/surround sound. Bonus room off MBR. Back patio, courtyard, LR, w/surround sound. Hot tub, 2 outdoor fireplaces, built in BBQ with refrigerator under Palapa.

511 Paloma Ct Encinitas, CA 92024

$1,599,000
5 Beds
4.5 Baths
3,911 SqFt
Status Active
MLS # 180017915
Property Type Detached
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.

820 Jensen Ct. Encinitas, CA 92024

$1,725,000 - $1,799,000
5 Beds
4.5 Baths
4,318 SqFt
Status Active
MLS # 180022310
Property Type Detached
What a fantastic house on a BEAUTIFUL street in Encinitas Ranch. Freshly painted this home has a pool sized lot, ocean views, spacious rooms, MANY french doors and a floorplan that features all but 1 bedroom with its own bath. Enjoy the incredible ocean views from the back side of the house and if you want to experience the best sunsets ever, head to the master bedroom balcony. It just doesn't get any better. You want a pool? Put it in this large yard. Cul-de-sac living for families who want it all

662 Cypress Hills Dr Encinitas, CA 92024

$1,349,000 - 4Br/4Ba -  for Sale in Encinitas Ranch, Encinitas
Open House
New
$1,349,000
4 Beds
3.5 Baths
2,780 SqFt
Status Active
MLS # 180033330
Property Type Detached
The quintessential Encinitas Ranch home! As you walk through the door, you will be immersed with the upgrades that make this home simply amazing. From the 16' tall ceilings, to the architecturally designed arches that guide you to the awe inspiring custom chefs kitchen which includes solid CT's, Farm House sink and SS Viking appliances. The home also boasts custom window coverings, PV Solar w/Tesla Battery back up, app controlled lighting, custom garage cabs and epoxy garage floors. Truly a must see!

817 Lynwood Dr Encinitas, CA 92024

$1,695,000
4 Beds
3.5 Baths
4,434 SqFt
Status Active
MLS # 180026828
Property Type Detached
Elegant & Sophisticated, yet unassumingly casual, this 4,434 SF estate on a great lot is sure to impress! 1st floor offers high ceilings, beautiful wood floors, office/library, curved staircase, a gourmet kitchen that opens to an impressive family room with french doors that look out to the beautiful pool & spa! 2nd floor has an expansive master suite wing, 3 secondary bedrooms, a bonus room & an additional office. View backyard w/ fire-pit, fruit trees & a cul-de-sac loc. Close to beaches, shops and I-5.

1143 Alexandra Lane Encinitas, CA 92024

$1,225,000 - $1,295,000
4 Beds
2.5 Baths
2,578 SqFt
Status Active
MLS # 180027816
Property Type Detached
Sellers will entertain offers between $1,225,000 and $1,295,000 for this stunning, 4-bedroom, 2.5-bath Encinitas Ranch home. The open floor plan offers stylish upgrades including gorgeous stone travertine flooring, beautiful hardwood floors, updated gourmet kitchen with granite slab island, stylish cabinetry, walk-in pantry, custom fireplaces, designer paint, custom lighting and much more. Situated on a spacious view lot with a large well manicured professionally landscaped yard with a large patio.

1756 Aryana Dr Encinitas, CA 92024

$1,979,900
5 Beds
4.5 Baths
4,318 SqFt
Status Active
MLS # 180029835
Property Type Detached
Breathtaking Ocean & Sunset Views! Seldom Available Location in 'Crestview' a Gated Community of 15 Luxury Homes High on the Bluffs of Encinitas! 5BR/4.5BA Craftsman Style Home on .44 Acre Corner Lot w/Pool/Spa & Built-In BBQ Area! Gorgeous Brazilian Cherry Hdwood & Travertine Flooring! Formal Entry w/Downstairs Family Rm Adj to Gourmet Kit w/Lg Breakfast Nook,Granite Counters,Thermador Range,Double Oven,Built-in Refrig! Formal LR & DR and Guest BR/Office Suite! Please see Supp Below... NO MELLO ROOS!

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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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