Here’s a flipper who was foiled in the act.
A realtor had listed this house in June, noting that it was a short-sale flip in progress. They had arranged (conspired) with the seller to submit to the existing lender a short sale package at a lower price, and then listed it on the MLS for $598,321 before the short sale was approved – intending to pocket the difference.
Instead, the bank foreclosed on them:
Jim Klinge
Klinge Realty Group
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CA DRE #01527365, CA DRE #00873197
Trustindex verifies that the original source of the review is Google. We sold a home with Jim and Donna and from beginning to end they were consummate professionals. Their initial walk through the property resulted in a list of items to be repaired or updated. They supplied a list of vendors and job quotes to do the repairs and updates. We originally wanted to sell ‘as is’ and just get it over with. They gave us a selling price for ‘as is’ and options for doing a few updates/repairs to doing it all with the selling price for each option. We agreed to do all they suggested and we sold for the exact price they predicted. For every dollar spent we got back more than $2 back in the selling price. And they got that price in a rising interest rate environment! Donna and Jim are extremely detailed and guide you through ever aspect of the sale. There were no surprises thanks to their guidance. We couldn’t be more pleased with their representation. Thank you Donna and Jim, Jerry and MaryTrustindex verifies that the original source of the review is Google. We have known Jim & Donna Klinge for over a dozen years, having met them in Carlsbad where our children went to the same school. As long time North County residents, it was a no- brainer for us to have the Klinges be our eyes and ears for San Diego real estate in general and North County in particular. As my military career caused our family to move all over the country and overseas to Asia, Europe and the Pacific, we trusted Jim and Donna to help keep our house in Carlsbad rented with reliable and respectful tenants for over 10 years. Naturally, when the time came to sell our beloved Carlsbad home to pursue a rural lifestyle in retirement out of California, we could think of no better team to represent us than Jim and Donna. They immediately went to work to update our house built in 2004 to current-day standards and trends — in 2 short months they transformed it into a literal modern-day masterpiece. We trusted their judgement implicitly and followed 100% of their recommended changes. When our house finally came on the market, there was a blizzard of serious interest, we had multiple offers by the third day and it sold in just 5 days after a frenzied bidding war for 20% above our asking price! The investment we made in upgrades recommended by Jim and Donna yielded a 4-fold return, in the process setting a new high water mark for a house sold in our community. In our view, there are no better real estate professionals in all of San Diego than Jim and Donna Klinge. Buying or selling, you must run and beg Jim and Donna Klinge to represent you! Our family will never forget Jim, Donna, and their whole team at Compass — we are forever grateful to them.Trustindex verifies that the original source of the review is Google. WeI had the pleasure of working with Klinge Realty Group to sell our home in Carmel Valley, and I cannot recommend them highly enough! Jim and Donna demonstrated exceptional professionalism, offering expert guidance on market conditions and pricing strategy, which resulted in a quick and successful sale. Communication was prompt and we were well-informed throughout the entire process. For anyone looking for a dedicated and knowledgeable real estate team, look no further! ---Trustindex verifies that the original source of the review is Google. Donna and Jim Klinge of Klinge Realty Group have our highest possible recommendation. From Donna and Jim’s first visit to our house through closing their advice and counsel was candid and honest in all dealings. They kept us fully informed throughout the process. The house sold less than three days after listing with a two-week closing. My wife and I have sold several houses during our lives. This was by far the best experience. Klinge Reality is a premium service realtor. You can’t make a better choice for someone to sell your home fast and for top dollar.Trustindex verifies that the original source of the review is Google. Donna and Jim provided exceptional support and professionalism throughout the entire process. We couldn't have been happier with their efforts. They made our house shine, and thanks to their expertise, it sold above the listing price in the very first weekend! Truly a fantastic experience from start to finish.Trustindex verifies that the original source of the review is Google. This year has been difficult on our family, mainly due to having to sell our home. Thankfully we knew God had a plan for us and working with the Klinge team was a key part of it. It was an obvious decision to work with them again after such an amazing experience when purchasing the same home we needed to sell. The challenge was, how will we do this in so little time with so much going on? Jim and Donna held our hand every step of the way. Whenever an unexpected issue arose they found and provided a solution. Never once did we feel pressured to make a decision and the Klinges were always reassuring after providing the information that the decision was ours to make. Despite the curve balls, they never panicked and exemplified the “can do” attitude, making us feel optimistic and taken care of. Their expertise and professionalism was superb. But of all the reasons to work with the Klinges, the most impactful and valuable is their compassion and genuine care for their clients. We pray that we can one day purchase our forever home and you better believe that Jim and Donna will be representing us - as long as they will have us of course. Thank you again Klinge team! Your execution, experience, and care are unmatched.Trustindex verifies that the original source of the review is Google. Jim and Donna were fantastic! Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donna’s organized guidance through the inspections, paperwork etc made the whole process seem effortless. So grateful that I had them on my side!Trustindex verifies that the original source of the review is Google. We first found Jim through his blog at bubbleinfo.com, which really showcased his knowledge of SoCal real estate. Since then we've done three transactions with Jim and Donna, and they are an incredible full service agency, with Jim's deep market insight and Donna's deft contract and project management. We trust them implicitly in their analysis and strategy, which is based on years of experience. They're always available and on top of things, and we strongly recommend them to anyone.Trustindex verifies that the original source of the review is Google. The Good The Klinge Realty Group operates like a finely tuned machine, with a very personal touch. We contacted them on a Sunday and they were talking to us about our family and our needs on our living room couch the following day. They carefully listened to us and worked with us to identify the best and quickest path to listing within 2 weeks to take advantage of the low inventory conditions in our South Carlsbad neighborhood. They knew our tract specifically and had many previous sales there over the years - they came prepared with a thorough analysis of comparative sales and recommended a pricing strategy that they felt confident would yield offers the first weekend on the market. The Great Over the next two weeks Donna coordinated a range of vendors who she knew from experience could get the preparation to list work we needed done on time and with high quality. Our light tune-up involved excellent experiences with their stagers, landscapers, contractors, electricians, and plumbers. Throughout this period Donna's daily communication was clear, concise, and responsive. Any time we had questions Donna picked up the phone or texted immediately - but almost always, she answered our questions before we even knew we had them. The Outstanding We had a tricky situation with a shared fence that could have delayed our escrow. Donna used superb mediation skills to negotiate the terms of replacement and was personally on site with the fence contractor to make sure everything went smoothly. The fence looks great and escrow closed on time. The Truly Exceptional Our house came on the market on a Wednesday and between then and Monday morning Jim was personally at all three open houses. He was in constant communication explaining potential buyer reaction and strength. As he predicted offers began to come in on Saturday and each one was incrementally higher than the last. At the end we had 5 offers, 4 of which were over list, and the final accepted offer was $100,000 over list. In addition to being over list it included rent back terms that met our needs. The Recommendation For all of these reasons we would strongly recommend The Klinge Team to anyone wanting to sell in North County Coastal San Diego. I had been reading Jim's bubbleinfo.com blog for 15 years and knew when the time came to sell that he would be our first call. Jim Klinge is not your standard realtor. He is keenly aware of market conditions and sales strategies. And, works his tail off - though not as hard as Donna . At this point he's gone from realtor to friend and I plan to have him over to grill and chill at our new place to talk real estate, but also just about life and raising kids in San Diego. He's more interested in relationships than his sales numbers - and that's why his sales numbers are so high. We have already recommended the Klinge's to some close friends and another successful sale is on deck right around the corner...Trustindex verifies that the original source of the review is Google. We recently had the pleasure of working with Jim and Donna from Klinge Realty Group to sell our house, and we couldn't be more satisfied with the experience. From the initial meeting, they listened attentively to our needs and provided invaluable guidance on specific improvements to get our home market ready. Their responsiveness throughout the entire process was truly impressive. Anytime we had questions or concerns, they were quick to address them, ensuring we felt comfortable and informed every step of the way. What stood out the most was their team and extensive network of tradespeople, which made addressing any necessary repairs or updates seamless and stress-free. Thanks to their expertise and dedication, our house sold quickly and at a great price. We highly recommend Jim and Donna to anyone looking to buy or sell a home. They are a fantastic team who truly care about their clients and deliver exceptional results.Load more
What a complete mess! This might be your worst house video yet!
That’s not justice. The flipper didn’t lose anything.
Real justice would be the flipper buying it and then discovering foundation problems.
How do you get water problems in every room of a house?
Very odd…
And we are in a drought!
Jim,
You may have to film this one…built in 1970…needs to be FINISHED!
Rancho Rad on the front gate!
http://www.sdlookup.com/MLS-090065166-2292_Monte_Vista_Dr_Vista_CA_92084
Now this is the type of video that is vintage Jim the Realtor IMO. Seven minutes of your time and you walk away with a wealth of knowledge. It reminds me of that video he did on the house for sale with the water fountain that was always on to block out the noise from traffic.
Scrape it.
Great education.
Thanks Jim!
Jim,
It’s called Efflorescence. Effervescence would be your personality.
Steve
This shows what I meant when I said that foreclosures is the best route for the bank. Too many people think that short sales or “working it out” is better for them, but that’s never been proven. Foreclosure is a time-tested solution to too much debt.
Liquidate, liquidate, liquidate.
Chuck
JtR in classic form. Nice vid.
.5 mil ticket for something best serviced with matches and gasoline… and a bulldozer. Did I hear you right – they bought this back in 90 and it went to foreclosure. I hope the mew was fun.
I’d have let them have the short sale, because that place is a true money pit. The flipper would’ve flopped big time. Still, nice to see that realtor’s plan get stomped.
Greekfire’s right, too — lots of great info.
You should have shown that on Halloween instead of Thanksgiving — it was scary enough.
So what, did they have sprinklers on inside?
You know, it strikes me with this house and many, many that I’ve looked at in SD, they look like they belong to the year 1985. I could see charles in charge on TV in that home.
This brings back a memory of a home I almost bought which had water problems. The land it sat on was sloped on a curve, which turned in markedly toward the home. I worried about the proper water runoff so I asked the builder about it. He said there could not be runoff problems because we have to build to regs, yada, yada, yada. The more he talked the less I wanted to buy.
So maybe a week later it rained pretty good and during the rain I stopped by the home. To my not so surprise, there was water several inches deep standing in the back yard and on the sides of home. It was standing ankle deep from just one morning of rain. No thanks, the deal was dead.
Flash forward about a year and the home was back on the market. Some poor soul had bought it but was trying to sell at 40% off the price.
I’ll be very interested to see how this property plays out. What is the going rate for a complete tear down these days? How much value is that land going to hold when you factor in your demo/removal costs to get back to a buildable lot?
The street isn’t good enough for that to be considered a scraper. Why do all that work to live on Levante?
“Effervescence” is the gas that comes out of the bubbles in your Perrier.
Wessonality, on the other hand …
The pool looks DIY as well.
“How much value is that land going to hold when you factor in your demo/removal costs to get back to a buildable lot?”
I think a vacant lot (unless in a great location) is worth about zero these days. Add in the cost of a demo, and a tear-down therefore has to be worth less than zero.
Bad design in combination with no maintenance means an accelerated date with the Reaper. Water is entering from the wall/foundation and the french doors on the first floor. It looks like the second story has some flat roof and the master has french doors and water looks like it is seeping in. Not sure if any water is coming from the tile roof but at this point, who knows and who cares – Pass Go and collect $200.
The former owner drove to Brea every day? Again, what is time worth? A commute is a reverse gift that keeps on giving not once a year or once a day, but two times a day. Brea is an extreme example but still, driving just an extra 30 – 40 minutes roundtrip everyday to get that McMansion is C-R-A-Z-Y like Elin Nordegren with a 2 iron. Odds say if she would have grabbed the 9 iron that back window would have been perfectly fine 😀
We were wondering what had happened to that house. I thought it had sold. Didn’t it go pending at the higher price?
Very poor curb appeal and strange layout. Add all the water damage, etc. and it’s unlikely anyone will want to pay more than $500K for it, if that. Agree with you — that’s a tear-down.
“it’s unlikely anyone will want to pay more than $500K for it”
See, that’s my question. Would an owner/occupier actually buy that house — at any price? I can imagine a flipper buying it and hiding the water damage evidence yet again, but since Jim has so lovingly documented it, would that leave the flipper open to a lawsuit in the long term when the water problems surfaced again and there’s the video right there showing that the problem had been covered up?
That’s why I think this property is going to be so interesting to watch. As an REO, is the bank obligated to disclose the water problems? Is anyone crazy enough to buy a house that is basically uninsurable? If this thing hits the market at $200k, would someone buy for tear down? Would someone buy and attempt to live there with mold problems being a certainty?
Inquiring minds want to know!
It is kind of like buying an REO or Short in your neighboorhood because you can watch and maintain it easier, but the price is still too high to bring any sort of immediate cashflow (also given the down payment). Better look elsewhere.
I’m with Art Eclectic. It’s a scrapper all right, but it won’t be priced at the value of the property, so it will just sit. Although, I’ve been researching high tech sealants with thoughts toward building entirely below ground, and man there is some nice stuff out there. I’d give the roof and those below ground exterior walls a go, personally, but not at THAT price. Maybe for 100k above dirt price. I like the style of the foyer (?) area, with the curved staircase. The angles appeal to me for some reason.
How much is the dirt worth?
I almost bought a house in that neighborhood this summer and I am so happy it didn’t work out. This home should drag down values even more.
I’m surprised the city has not “red tagged” this property. The potential mold issue, improper grading and drainage, etc. in my opinion, is irreparable. JtR, you are right – it is a teardown. That was one lucky flipper and the lucky listing agent dodged a bullet.
Excellent. God Bless You. You nailed the water problems. My prediction: a real estate “investor” will buy it, hire some half-baked construction folk, do some “improvements/upgrades”, and then try to sell it to some poor sucker. So some poor guy with a wife and kids think he’s getting a deal but with the first big rainstorm finds out that he’s been screwed. Lawyers will be called but little or no money ever gets back to the buyer because the “investor” cries poor or disappears. Rinse and repeat. If I ever see an open house on that one I’ll be attending to warn potential buyers….