fbpx

La Costa Town Square REO

La Costa Town Square is a mixed-use development that is starting construction in SE Carlsbad.  There will be 253,000 sf of retail, 50,000 sf of office space, a gas station, and 98 homes built by Davidson Communities and Taylor Morrison.

It also happens to be adjacent to La Costa Oaks, where this home is located.

This REO was foreclosed in October, 2012, so they got it to market fairly quickly following the trustee sale.  The first NOD was filed in 2009, prior to this tragic event that occurred at the property:

D-I-L

Luther Burbank Savings took ownership of this house via a deed-in-lieu-of-foreclosure – without ever filing a notice of default.  The previous owner (who paid $568,000 in 2003) never tried to sell either, but had two loans, the LBS first mortgage of $594,500 plus a second loan for $121,000:

Here is Bank of America’s policy on deed-in-lieu-of-foreclosure:

You may be eligible for a deed in lieu of foreclosure if one or more of the following apply:

  1. You are going through a hardship (for example, a job loss, divorce or a medical emergency).
  2. You are unable to afford your current mortgage payment.
  3. You are unable to modify your current mortgage to make it affordable
  4. You tried to sell your property at fair market value with a licensed real estate agent for at least 90–120 days and were unsuccessful

Depending upon your loan type, when you complete a deed in lieu of foreclosure, up to $3,000 may be available for your relocation expenses. You may also be eligible for up to $8,500 to help settle obligations such as your home equity loan or line of credit. A deed in lieu effectively ends your home loan, and in some cases means you are not required to pay any remaining amount owed on your loan (also known as the deficiency).

Utilizing the Selling Strategies

A video tour of a La Jolla near-oceanfront house plus the three selling strategies.

A listing agent who is aware of the strategies, and who generates the correct market data to implement them, can make a seller’s life easy – because you will be presented with the specific and clear choices.

Listing agents send feedback requests to every agent who shows the house, but those bring back hogwash – nonsense like “the buyers didn’t like the floor plan”, or “they aren’t ready to purchase yet”.  I’m talking about price exploration, which is only available from personally interviewing the buyers and agents on the front lines.

Not Many ‘Bank Deals’

Are you wondering how this strategy of banks-not-foreclosing is working?

Here are the counts of active listings of detached homes around NSDCC:

Town REO SS Non REO/SS
Carlsbad
3
19
208
Carmel Valley
1
3
111
Encinitas
0
3
101
DM/SB/RSF
3
4
304
La Jolla
0
2
164
Totals
7
31
888

The supply of distressed homes-for-sale is 4% of the total active listings, and once you subtract Carlsbad, distressed listings make up 2% of the total supply in the other areas.

It would be a great time for banks to unload!

Pin It on Pinterest