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.

Encinitas CA 92024

$1,642,000
4 Beds
2.5 Baths
2,114 SqFt
Status Pending
MLS # 210008944
Property Type Single Family Residence
Price Type --
Welcome to the Encinitas Ranch Lifestyle, complete with Protected Canyon, Open Space and Ocean Views. Nestled on the end of Ranch Road in a quiet and well kept Cul-De-Sac, this artistically upgraded stucco Craftsman offers prime lot location, custom finishes and an exclusive street surrounded by open space, golf course and walking trails. Equipment: Dryer,Fire Sprinklers,Garage Door Opener, Satellite Dish, Shed(s), Washer, Water Filtration Other Fees: 0 Sewer: Sewer Connected, Public Sewer Topography: , Frontage: Canyon, Open Space

545 Verbena Ct Encinitas, CA 92024

$2,100,000
5 Beds
4.5 Baths
3,416 SqFt
Status Active
MLS # 210009021
Property Type Single Family Residence
Price Type --
Beautiful Encinitas Ranch home on a cul-de-sac w/ pool! First floor hosts a bedroom w/ en suite bath, grand room, formal dining room, living room w/ fireplace, remodeled kitchen w/ breathtaking Brazilian quartzite center island, Viking 6-burner range, seating nook, & views to the pool & patio. The second level has a spacious master w/ balcony overlooking the pool, master bath retreat w/ walk-in closet, two bedrooms with Jack & Jill bath, separate bed with en suite bath plus a balcony, & a large laundry room complete w/ a dog-washing station! Outdoors you'll find a resort-style oasis w/ a sparking pool heated by passive solar, jacuzzi, BBQ, fireplace w/dining area, covered patio, and tiered perch for lounging! Bonus room: single car garage has been transformed and is currently used as an office/ workout area! Great, well-lit room with lots of possibilities! Complex Features: , Equipment: Dryer,Pool/Spa/Equipment, Washer Other Fees: 0 Sewer: Sewer Connected Topography: LL

1375 Ravean Ct Encinitas, CA 92024

$3,000,000
5 Beds
4.5 Baths
5,001 SqFt
Status Pending
MLS # 210009555
Property Type Single Family Residence
Price Type --
Outstanding ocean views and golf course views from this fabulous home in a Gated Community in Encinitas Ranch. Sold Prior to Processing. Equipment: Garage Door Opener,Pool/Spa/Equipment Other Fees: 0 Sewer: Sewer Connected Topography: LL

1495 Cascadia Ln Encinitas, CA 92024

$2,149,000
5 Beds
4.5 Baths
3,416 SqFt
Status Pending
MLS # 210009539
Property Type Single Family Residence
Price Type --
Welcome to 1495 Cascadia Ln. This desirable 5 bedroom, 4.5 bathroom Concordia built home has been meticulously cared for over the years by the original owners. This home boasts rich custom paint palettes, leaded glass windows, cast stone fireplaces, wrought iron staircase spindles and a one of a kind work of art custom front door/screen. The tuscan style mixed with a touch of Tommy Bahama inspired themes carry throughout this amazing floor-plan. The private oversized yard offers a resort style pool, custom stone patio, outdoor fireplace and built in BBQ island. Peek ocean views can been seen from the master balcony and elevated sitting areas in the back yard. This home has so many amazing features, it is a must see. The floor-plan is ideal for converting the 3rd car single garage into a separate studio apartment. Equipment: Dryer,Fire Sprinklers,Garage Door Opener,Pool/Spa/Equipment, Washer Other Fees: 0 Sewer: Sewer Connected Topography: LL

1435 Ravean Court Encinitas, CA 92024

$2,375,000
3 Beds
2.5 Baths
3,125 SqFt
Status Pending
MLS # NDP2104713
Property Type Single Family Residence
Price Type --
Views! Views! Views! Single-level home perched aside the picturesque 7th tee on Encinitas Ranch Golf Course with sweeping ocean & golf course views enhanced by nature abounding and ocean breezes. Perfectly situated, this Quail Ridge 3,125-sq ft stunner in coveted Encinitas Ranch has endless southwest backyard-to-ocean views. Lounge on the peaceful backyard patio and enjoy the breathtaking golden hour views with the sun descending spectacularly into the distant ocean leaving you content with your perfect Southern California lifestyle. Freshly painted inside and out, the 3-bedroom +office/2.5- bath home exudes elegant comfort. Stroll into the exquisite English garden style front courtyard to reach the front door. Once inside, experience coastal living at its finest with breezes flowing through the house and light bright rooms with massive windows which bring the outside ambiance indoors. Custom designed throughout, this home is not only impressive in scale, but also in style; elegant archways, crown molding, and exquisite details entice. The dining room, with its ornate painted ceiling and chandelier, the living room, with its high ceilings, dramatic fireplace, and an entire wall of floor to ceiling windows and French doors, beckons you to relax. The beautiful open gourmet kitchen includes granite counters, double ovens, a five-burner cooktop, ample storage and a large island with plenty of space for casual eating. Breakfast nook view includes the patio and built-in grill, perfect for barbecues all year long. Move effortlessly from the kitchen to the family room and landscaped backyard; the flow is perfect for easy indoor/outdoor entertaining! Wake to chirping birds and glorious sunrises. Green rolling hills and mature trees catch your eye from the master suite. Step outside onto your private patio, perfect for early morning coffee or a glass of wine under the stars. A lovely enormous tub accents the master bath along with the beautifully tiled enclosed shower. His-and-her walk-in closets complete this spacious retreat. This coveted niche location is in an exclusive gated community with only 40 homes. Just steps to meandering trails, local beaches, golf courses, Del Mar Racetrack, exclusive spas, charming farmers markets, shopping and fantastic restaurant options. Easy access and proximity to the airport and Downtown San Diego. This is truly a lifetime opportunity to own a home in such an idyllic location.

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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