Torrey Del Mar Short Sale

[Marlin]

I was looking into a short sale in Torrey Del Mar on McGonigle Ter. MLS #:076075264, and was interested in your opinions on this situation. When I viewed the property it was left in complete disarray, ie. underwear and unmentionables strewn throughout etc. The seller is a broker himself who had removed about $300K in equity in the past year. What is the benefit for him to show such disregard to sellers, and wouldn’t he have foreseen the impending downturn? Sound fishy to anyone? Benefits of short sale for seller?

[Coronita]

Care to share the property details?

[Marlin]

4/3 2797sq.ft. 850K

[SD Realtor]

Odd that he would show it in such a sloppy condition. The home was purchased in 2004 for 925k. The realist report does not go back to far so I cannot see the full mortgage history… from what I see they took out a first mortgage for 693.7k in 2004. I don’t know if they had a second or not. Now in 6/06 they took put a loan for 147k and then in 11/06 they took out another one for 784k. So one could assume that the owners now ow 931k on the property. There are two others in Torrey Highlands, one on Market for 829-869 and another on Amber for 849k that seem to be comparable from at least a bed/bath and sq foot standpoint. So I am not sure how the 850k pricing is from a motivated to sell point of view.

[Author]

Posts