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273 Del Mar Ave #A
Last Post 01 Jan 1900 12:00 AM by Anonymous. 29 Replies.
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Author Messages
Topazzzer
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15 Mar 2013 08:19 AM
Auction is postponed as they often are. In America, only the lienholdes can force a sale. It may not be in their interest to do so.
bifford
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16 Mar 2013 03:32 PM
The politics and powerholders in this transaction are unknown to me. I acknowledge the power of the lien holders and agree they should have it...up to a point. Now I hear from the listing agent's office that a "short sale review" is going on. Whaa? Who called the review, were they forced to do so, who got invited? I'd love to crash that meeting to see what's going on.
dchestney
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16 Mar 2013 04:44 PM
I think you misjudge your role in this process. You might as well look at a different property--this doesn't seem as if it will work out well for you.
Topazzzer
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16 Mar 2013 08:52 PM
A short sale review is probably the senior lienholder privately deciding if the want to foreclose or participate in a short sale and determine what they might be willing to accept for a short sale transaction price. No one is invited. The lienholder holds all the cards. They are the only ones with a legal right to decide, unless the borrower chooses to bring their loan payments current (not likely). Dchestney is right, you might be better served to concentrate your energies somewhere else.
bifford
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16 Mar 2013 09:04 PM
Thank you both. At this point I suppose I am uselessly venting. I have scheduled appointments to view similar (active!) nearby properties. I will revisit this thread if there are any significant developments. I would highly praise Topazzzer for patient and helpful explanations and hope others in comparable situations have also benefitted. Short Sales are much less of a mystery to me now.
Topazzzer
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20 Mar 2013 09:27 PM
Looks to maybe back on for auction 3/22.
bifford
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11 May 2013 04:08 PM
Right you are, Topazzzer. Property sold at auction yesterday (though I hear there was a short sale cash offer awaiting approval at the bank for $145,000: $15,000 over original list! Go figure.). Was anybody at this auction? I'd LOVE to know how much the winning bid was!
wilson
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11 May 2013 05:32 PM
When the sale closes and is recorded, the sold price will be available on the SDlookup listing page.
bifford
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26 May 2013 11:37 AM
Finally, FINALLY, this property was actually sold. I still feel that there ought to be a law limiting the time a place like this should be allowed to lie fallow when there are available buyers.

So, it was listed for $130k and the listing agent went nuts dealing with the lien holders. Then the first lien holder reportedly committed in writing to a $145k price, which a cash buyer reportedly offered. Then, inexplicably, the trustee put the property up for auction. It sold for $188k. The seller gets screwed and now has to pay a huge tax. The prospective buyer gets tossed aside, despite the written promise. But don't get me wrong: the market has prevailed, as it should! And the property will now be rehabbed and sold to a happy well-heeled buyer, as it should. And the neighborhood will be better off for it.

I guess that wraps up this thread. My final thought is that someone is guilty of unethical behavior or gross incompetence and will not be publicly called out or punished for it, thus not discouraging similar behavior in the future. That is, perhaps the listing broker allowed/agreed to an auction sale, against his client's best interest; or perhaps one department of the lender ignored/was ignorant of the commitment of another department. Or both. Who knows.
Topazzzer
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27 May 2013 10:20 PM
As long as an owner (whether an individual or a lender) is meeting their financial obligations, they should never be forced to sell. Some people gave their lives to protect our freedoms. Happy Memorial Day.
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