The Queen of Foreclosures in Foreclosure herself :)

[SD Transplant]

It doesn’t get better than that :). At least she practices what she preaches.

“McGee, the co-founder and face of Foreclosures.com, is herself going through foreclosure on her Fair Oaks home. Records show McGee went into default on her $1.6 million loan in June and a notice of Trustee’s sale filed earlier this month shows McGee and her husband Timothy McGee owe $1.7 million on the property. The home is scheduled for sale on the courthouse steps at the beginning of next month, although McGee said that won’t happen. She said she’s working on a short sale behind the scenes and expects to unload the property for a little less than $1 million – down from the $3 million-plus the home was worth in 2007 when she built it at the height of the market.

“We didn’t want to sell it,” McGee said. “It does not make financial sense to keep this property.”

McGee started her website in 1995 as a place for investors to come for information and training on buying distressed properties. The site, which is a paid subscription service, has grown in popularity and McGee became a regular go-to expert for media outlets nationwide including The Sacramento Bee. She has also written books and offers seminars for investors.”

http://timiacono.com/index.php/2010/12/23/another-ironic-foreclosure/

[briansd1]

[quote=SD Transplant]She said she’s working on a short sale behind the scenes and expects to unload the property for a little less than $1 million – down from the $3 million-plus the home was worth in 2007 when she built it at the height of the market.[/quote]

Too bad she didn’t have the foresight to borrow the max at the peak.

The short sale sounds like a great deal for the buyer.

Maybe sellers should learn from this lady and, if the banks will let them, engineer short-sales to their favorite buyers.

[briansd1]

[quote=SD Transplant]She said she’s working on a short sale behind the scenes and expects to unload the property for a little less than $1 million – down from the $3 million-plus the home was worth in 2007 when she built it at the height of the market.[/quote]

Too bad she didn’t have the foresight to borrow the max at the peak.

The short sale sounds like a great deal for the buyer.

Maybe sellers should learn from this lady and, if the banks will let them, engineer short-sales to their favorite buyers.

[briansd1]

[quote=SD Transplant]She said she’s working on a short sale behind the scenes and expects to unload the property for a little less than $1 million – down from the $3 million-plus the home was worth in 2007 when she built it at the height of the market.[/quote]

Too bad she didn’t have the foresight to borrow the max at the peak.

The short sale sounds like a great deal for the buyer.

Maybe sellers should learn from this lady and, if the banks will let them, engineer short-sales to their favorite buyers.

[briansd1]

[quote=SD Transplant]She said she’s working on a short sale behind the scenes and expects to unload the property for a little less than $1 million – down from the $3 million-plus the home was worth in 2007 when she built it at the height of the market.[/quote]

Too bad she didn’t have the foresight to borrow the max at the peak.

The short sale sounds like a great deal for the buyer.

Maybe sellers should learn from this lady and, if the banks will let them, engineer short-sales to their favorite buyers.

[briansd1]

[quote=SD Transplant]She said she’s working on a short sale behind the scenes and expects to unload the property for a little less than $1 million – down from the $3 million-plus the home was worth in 2007 when she built it at the height of the market.[/quote]

Too bad she didn’t have the foresight to borrow the max at the peak.

The short sale sounds like a great deal for the buyer.

Maybe sellers should learn from this lady and, if the banks will let them, engineer short-sales to their favorite buyers.

[Author]

Posts