No on Mira Mesa but I cannot share the submarket. I don’t think the person would be happy if I did and they read the post. In fact they did mention that it may be useful for me to post about this awhile back when it first happened.
Although yeah sdr I would agree with you about MM. I think a high shiester ratio there.
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Here is another one sdr… I may have posted about this one already so I apologize in advance if I did.
After trustee sale our group went into hard money lending. There was borrower who we lent money to who was a flipper. The loan went well with him. When he concluded the flip I called his agent to introduce myself and to let him know to call me if he ever had clients who needed a loan. Well a few months back he called me. Had a flipper who needed a loan. Well it turns out he was also the listing agent for the home the flipper was buying. So he was double ending the deal. It was a short sale that was on the market for all of a few hours. The list price was well under market conditions as well. So the guy was double ending it, he was not getting the bank the highest offer, and there is no doubt he was probably part of the group doing the flip. Needless to say we passed on the loan.
So it is stuff like that does indeed happen and it sucks for everyone when it does happen. Again, sorry if I had posted about it already.
