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.
Kudos to the patient buyers of this Encinitas home, because they truly got a terrific deal ($890,000).
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:
Brian: I stand corrected. The seller was a loan officer for a major bank--and appeared to have profited handsomely from this questionable transaction. He was not an independent mortgage broker, nor was he a real estate licensee.
Thanks for the correction!
Oh my goodness, this sounds just like a transaction that is now in a short sale here in my area. The son of a Friend came to me, he wanted to do a Short sale for him, and he described the purchase just like your story. Of course, I did not take the short-sale listing-I felt badly not being able to help. I gave him the run-down on short sales, but he never called me back. I figure if he calls then I might re-consider doing Short sales
This Encinitas short sale just about drove us to...distractraction (as my Southern mother used to say). Fortunately, it closed. Unfortunately, the crooks who perpetrated this fraud are still on the loose.