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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648 Brae Mar Ct Encinitas, CA 92024

$1,499,000
5 Beds
4.5 Baths
3,272 SqFt
Status Active
MLS # 200023847
Property Type Single Family Residence
Price Type --
Welcome to 648 Brae Mar Ct. This 5 BR (1 down) 4.5 BA ~3,300sq home sits on one of the best streets in the highly desirable Encinitas Ranch subdivision. Newly painted interior walls & baseboards, timeless travertine floors and rich solid wood kitchen cabinets make this home simply irresistible. The entertainers backyard offers a small plunge pool/spa with beach entry, fireplace and built in BBQ. Amazing ocean views from the master bedroom & master BR balcony. Miles of walking trails, close to beach..

610 Brae Mar Court Encinitas, CA 92024

$1,480,000
4 Beds
3.5 Baths
3,176 SqFt
Status Active
MLS # 200024107
Property Type Single Family Residence
Price Type --
A must see! “A picture is really worth 10 thousand words” Finally an opportunity to purchase a move in ready home situated on one of the best streets in Encinitas Ranch. Not a detail missed in this designer curated home. Recently remodeled kitchen boasting quartz countertops, tile backsplash, S.S. farm house sink, 6 burner kitchenAid stove, sub zero fridge, & custom crown and base moldings throughout. Entertainers backyard with BBQ island, fire pit, & custom ext. lighting. Did I mention the ocean views?

1453 Ranch Rd Encinitas, CA 92024

$1,175,000
3 Beds
2 Baths
2,000 SqFt
Status Active
MLS # 200024768
Property Type Single Family Residence
Price Type --
Popular single story floor plan in one of the most desirable neighborhoods in Encinitas. Fabulous open gourmet kitchen w/ island, granite counters. Surround sound, fireplace, French doors. Custom landscape, surrounded by gardens, fountains front & back yd. great schools, next to golf course, close to shopping & only 1.5 miles to beach. South facing for extra natural light and sunset views from veranda. Master opens to the lush back yard & soothing sounds of fountain.

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 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, dual staircases, shutters on all windows and doors, Butler pantry, walk in closets & closet organizer in every bedrooms. Stunning Gourmet kitchen with Granite counter top & large island, 8 burner stove, double oven, microwave, dual sinks. Tankless water heater & epoxy garage floor. Pls read supplements.

1549 Fairway Vista Encinitas, CA 92024

$1,285,000
4 Beds
2.5 Baths
2,116 SqFt
Status Active
MLS # 200030752
Property Type Single Family Residence
Price Type --
Hurry this won't last, sellers found another and we're priced to sell. Beautiful Encinitas Ranch home with one of the largest lots on a quiet cul-de-sac and overlooking the 5th tee box of ER Golf Course. Spacious and open kitchen with granite, s/s appliances, open floor plan with tons of natural light. Beautifully landscaped with terraced seating areas allow for views out over the golf course, awesome sunsets and on clear days some peek shots of the ocean. See supplement for more...

625 Lynwood Drive Encinitas, CA 92024

$1,999,000
5 Beds
4.5 Baths
5,100 SqFt
Status Active
MLS # 200032052
Property Type Single Family Residence
Price Type --
Absolutely stunning 5 bdr Hovnanian Home nestled in the heart of upscale and elite Encinitas Ranch. Luxury ten foot ceilings, formal entrance, proper dining room, winding staircase and glorious chandeliers. Gourmet kitchen, beautiful maple cabinetry, labrador granite, all stainless, six burner stove, grill, subzero fridge and chef's island. Completely Private entertainers backyard with unobstructed visuals of sprawling greens, walking trails, evening lights and snow capped mtns in winter. Add'l Below...

584 Paloma Ct Encinitas, CA 92024

$1,349,500
5 Beds
4.5 Baths
3,407 SqFt
Status Active
MLS # 200032098
Property Type Single Family Residence
Price Type --
GEM in 'coveted' Encinitas Ranch!  This beautiful home is move-in ready!  Features include all NEW Kitchen Aid appliances valued over 18k! Gorgeous quartz countertops! New hardwood floors througout the first level and new high grade carpet on stair and bedrooms. Also, bedroom/bath downstairs! Large walk in master close and his/hers master bath amenities. All bedrooms have direct bath access! Yards features beautiful new sod, gas outdoor frplc and best of all home sits adjacent to a small park!

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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