I almost had a stroke when I opened this week's MLS Open House Guide. Right there adjacent to the inside cover is a full page, full color open letter from Hilton & Hyland's Alex Davis, pleading for agents all over the city to scour their rolodexes and PLEASE find a buyer for the home of Hollywood legend Ed McMahon before he gets foreclosed on.
While I think it's wonderful that someone would make this effort, and I feel for anyone about to lose their home, I don't know about this. I mean, what about all the other people across the country who are losing THEIR homes, and never had multi-millions that were mis-managed? I'm really not sure how I feel about it either way, more posting it as something I think people have been following for a few months now.
For those not here in LA, the letter reads as follows:
Dear Friends,
Over the last several years I have worked on endless transactions all over this city. Never in my career have I been faced with anything like this,
The great Ed McMahon and his large family live at 12000 Crest Court in a wonderful gated community called the Summit at Beverly Hills. As many of you know, Ed is an American icon, somebody who has made us all laugh, and in many ways, has entertained all. Unfortunately, as many of you have read, the McMahanons are in financial trouble and are in default on their home. The situation has nearly hit rock bottom, as if it's not sold in the next two weeks or so (or in escrow), they will not only be foreclosed on, but lose everything in their home including all personal items.
We had a buyer lowball us at $4.6 million and thought we had no chance of making the deal due to the amount of debt on the house as well as the current value being so much higher. After vigorous negotiations, all fo the junior lein holders are miraculously willing to allow for a short-sale at this pre-determined price rather than allow the home to go to auction at a significantly higher price. Coutnrywide, who holds the first and second mortgates, have been working tirelessly to help this deal go through and it could be all for nothing as a speculator decided to pull the plug at the 11th hour.
Now, we have 2 weeks to find a new buyer and sell the estate. We will show the proprety to anyone with the resources to close the deal in a timely manner. It's a rare offer to own a piece of Hollywood history for an incredible price. Within my budget, I am able to pay the selling broker a $115,000 commission and want you tall to know that you will be the hero of a man who's been the hero of so many others if you could help bring this deal to fruition.
Again, time is of the essence, and it's not just a home, it's an opportunity, an investment, and a piece of history.
I sincerely thank you for taking the time with your most imporatant clients in presenting this opportunity. In a business where people trhive on money and commissions, the reward is infinite, as you are truly changing someone's life.
Respectfully,
Alex Davis
Alex Davis Estates
Hilton & Hyland
;)
;)
Please explain to me what happened to common sense.
What is it with second mortgages, third mortgages and refinances.