A number of good things to report in this youtube video:
1. Bank of America knocking 50% off the balance owed for their opening bid!
2. Bank of America not settling for just any old short sale package that gets delivered (hopefully).
3. More decent-quality Covenant properties well under $2 million.
4. Our trustee-sale program is getting back on track!
Jim Klinge
Klinge Realty Group
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
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
Nice! If only I had a job in SD… that paid about double what I currently make. 😉
Excellent video. I know I won’t be able to personally afford something like this for a while, however, the word that kept popping into my head while watching this clip was ‘opportunity’. This is a definite fixer, but it’s a diamond in the rough IMHO.
This is a definite fixer, but it’s a diamond in the rough IMHO.
Don’t know about the fixer — the house looks like it may be a diamond as-is — but it’s definitely “in the rough” regarding the grounds. Nothing that couldn’t be fixed in short order, though.
Good may have won in this case, but at the present time the ratio of baddies to goodies is probably closer to 8 to 1. For every 1 property that succeeds to go legitimately to trustee sale, there are many many more that are gamed, have back-door provisions, or are off-hud-1 statement kickbacks, or other shady provisions.
If people haven’t figured it out, much of coastal real estate (at least 1M+) is gamed. If you sit down at the closing table and don’t know who the sucker is, it’s you.
That said, trustee sales are probably some of the safest transactions simply because there’s no benefit or chance to present false information.
Chuck
With situations like these, it seems like the bankers would be well-served to hire someone credible to do inspections before the houses end up on the auction block. That does cut into the ‘no need to trust’ factor that Chuck mentioned though.
NateTG,
There’s a simple answer to that… just provide a kickback to the bank’s examiner. Pay him a few hundred, or a thousand bones to look the other way and rubber-stamp the transaction.
With banks’ current philosophy of jumping over dollars to get to dimes, you’ll never get an executive to justify spending a few hundred thousand per year to safeguard a few dozen millions.
Chuck
The problem with the Trustee Sales is that they have their own level of Fraud going on. For example, I was set-up to bid on a property that was supposed to go to auction (it had a published opening bid and everything) it was not read-off on the regular postponement and cancellation list. Then, about 1:00, the acutioneer called out the property address stating that it had been “suspended” or something of that nature–I had not heard that term before, so I questioned the auctioneer, “Does that meant that it will NOT be going to auction today?” He said that it would 100% definitely NOT be going for auction that day, so I left. It turned-up on the list as sold that same day, and the price was slightly above the opening bid as if it had actually gone for bid. My partner was out there all day waiting on another property and he said that he did not hear it called off ???????? You decide.
Local Boy,
That truly IS an interesting story. Of course, if you so wished, you could file a request under the California Public Records Act.
Section 6250-6270
I suspect that if there was some monkey business you could quite easily find it and sue the local government for damages equal to the spread of the flip.
At the very least, it would put your mind at ease, and if there was some hanky panky, you could raise awareness of any potential problems to prevent it in the future.
Chuck
Thanks for the info Chuck–that is good to know–and by the way–sorry folks for being “Negative” the idea of Jim’s post is to be “Positive”!!! Good Day!
Opening bid this early + currently on the market = Postponed. At least that is what seems to happen a lot lately, but different county + different price point from what I’ve been tracking.
Agreed Keith that pending short sales seem to trigger the constant postponements we keep seeing, but I’m hoping that the fraudulent nature of this SS caused the bank to want to test it on the ‘steps.
Her list price was $1.7 for the nanosecond it was on the MLS (then marked withdrawn, not contingent or pending) and I’m also hoping that the sales price that she submitted was $1.5-ish, which would cause the bank to push for trustee-sale-immediate-gratification at or above the $1.62 OB, rather than arm-wrestling with her.
It’s optimistic, but if it goes that way it could be a sign of change in the landscape.
Walking through those weeds would have given me the willies. Nice property…some possible updating needed on the inside, and maybe $400 worth of gardening needed, and refresh the pool, and you’ve got yourself a decent property. No view, but great street to live on!
Here’s some pictures from when it was maintained:
http://www.dreamhomesmagazine.com/Home134006.html
What did you mean that the La Crescenta house had a $53M loan on it? The house sold for $1.85M and it had that big of a loan on it?
Ok, now I feel foolish…after thinking about it, you were just in hyperbole speak, LOL.
Jeeman,
The one on La Crescenta did have a loan on it for $53M and was most likely cross collateralized with some other properties. I’m doing some research to find out more.
The Assistant
Jeeman,
The $53M loan on the La Crescenta home was a second and it definitely looks like the home was put up as collateral for the owners project in Lake San Marcos, the borrower on title is the same Company and owner in the linked story. In this economy it will be interesting to see just how many of the units will actually rent for the $4000 to $5000 that he expects they will go for.
http://www.nctimes.com/news/local/san-marcos/article_8c773624-50e3-5297-86d4-790af7768c67.html
Richard:
$4000-$5000 rent in San Marcos for 850-1700 ft? What services are included?
Nice home.
Let’s see: great neighborhood, quiet street, large lot, plenty of living space, pool, single story, and all at a reasonable price.
This looks like a good deal.
On a side note: cross collateralization of assets for construction and/or development loans is very common. Builders and developers don’t keep their wealth in cash, so they have to collateralize their loans with hard assets like existing properties they own.
Talk about half-off…JtR, this might be a good one to check out for the blog:
http://www.sdlookup.com/MLS-100021350-7861_Bellakaren_Pl_La_Jolla_CA_92037