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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1452 Ranch Rd Encinitas, CA 92024

$1,290,000
4 Beds
2.5 Baths
2,114 SqFt
Status Active
MLS # 200017384
Property Type Single Family Residence
Price Type --
This exclusive Encintas Ranch Home is located on a corner lot in Encintas Ranch . Ideal coastal living with walking distance to the beach. Scenic views from most windows, ocean views to the northwest and golf course and mountain views to the North,South and the East. , Flagstone in courtyard and pavers on sides and back. Remodeled kitchen with large island beautiful quartz counters. Remodeled Baths. Wide plank oiled hardwood flooring. Added A/C, Custom turf in beautiful landscaped yard. French doors.

835 Lynwood Dr Encinitas, CA 92024

$1,749,000
5 Beds
5.5 Baths
5,388 SqFt
Status Active
MLS # 200017914
Property Type Single Family Residence
Price Type --
Cul-de-sac location, views W. to ocean & E. hills/mountains. Enter serene Tuscan-like courtyard w/firepit. Detached casita is private office w/built-ins. Formal entry. French doors throughout. All bedrooms en-suite with walk-in closets. Main floor has en-suite guest room. Two Family Rooms. Library. Master retreat w/yoga studio. Pool-size backyard is great for entertaining. Built-in covered BBQ. In ground hot tub and mature landscaping throughout. Move-in ready. Priced under market at $324/sf.

592 Samuel Ct Encinitas, CA 92024

$1,395,000
4 Beds
3.5 Baths
3,187 SqFt
Status Active
MLS # 200023506
Property Type Single Family Residence
Price Type --
Tucked away on a private cul-de-sac in the heart of the Encinitas Ranch golf community, this turn-key home offers an open kitchen and family room floorplan, along with private dining room, playroom, living room, and four large bedrooms. Ideal for indoor/outdoor entertaining, the enclosed yard has blooming fruit trees and is large enough for a private pool. This is an ideal location that offers hiking trails and a parklike atmosphere but is also close to beach, big box stores and freeway access.

610 Brae Mar Court Encinitas, CA 92024

$1,499,000
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?

1460 Ravean Ct Encinitas, CA 92024

$1,825,000 - 5Br/5Ba -  for Sale in Encinitas, Encinitas
New
$1,825,000
5 Beds
4.5 Baths
5,001 SqFt
Status Active
MLS # 200024725
Property Type Single Family Residence
Price Type --
This gorgeous estate with ocean views from multiple rooms and the front patio has been extensively upgraded. The home features new floors, stunning chef’s kitchen features w/ stainless-steel appliances, quartz counter tops & new marble subway tile back splash. All cabinets, bookcases, front door, stair railings have been painted to give the home a modern elegant look. The large formal dining room is perfect for hosting. 35 solar panels, pool & enormous Master bedroom. Community Park and trails.

1453 Ranch Rd Encinitas, CA 92024

$1,200,000 - 3Br/2Ba -  for Sale in Encinitas, Encinitas
New
$1,200,000
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 ocean/sunset views from veranda. Master opens to the lush back yard & soothing sounds of fountain. http://tours.previewfirst.com/

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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