Adjustments or Adventure: How to move from a $1Mil Villa to a $199K REO

By
Real Estate Agent with HK Lane Real Estate

I've been absent from my blogging for about three weeks and apologize if you are waiting for the Pakistani segment.  I'll get there--I really do have some interesting photos once I learn how to download them into this blog--but I must take a detour in my story to explain what has happened this past month.

Besides being "the holidays", it is also my birthday month and not sure why after all of these years, but it is my least favorite day of the year.  It has nothing to do with my age, I just seem to get news I'd rather not hear until the next day or I get the flu or some other such nonsense.  This year was no different.

I'd been living in La Quinta for two years when someone from my office asked me if I could help her out with a client due in in the morning while she went unexpectedly out of town.  She didn't know anything about him exept that he was a referral from someone in Orange County.  Going in, I knew that I was going to have to pay 2 referral fees but I was available and I have always said that 50% of something is better than 100% of nothing.

I met Steve at 9AM and by 11AM we were headed back to my office to write up an offer.  The second  house I showed him was in a very upscale neighborhood, gated with lakes and exquisite mountain views.  Most homes in Palmilla were going for $1Mil to 1.8Mil.  This one was a bank owned that just got lowered that morning to $670K.  It had every conceivable upgrade including a 8x6 "Costco" storage room off the 3-car garage.   Steve was an investor and said that he'd buy it if I would live in it until the market turned around.  I said that the $4,000 rent was not in my budget.  He asked what was and I told him half that but that I was sure I could find him a renter.  We wrote up the offer and a few days later he called to tell me that he would take $2,000 for rent --he would take care of the pool and spa and I would take care of the garden. 

For the past two years, I have been living in a magnificent 3300 s.f. home with a separate guest house, pool, spa and outdoor kitchen for a song.  I have taken care of it like it is my own and have come to feel like it is mine.  Am I lucky, or what?  On my birthday, Steve called to tell me that he's getting married and moving to Denver and needs to sell my (his) home.  I had just had the carpets and windows cleaned and put up my Christmas decorations.  It took me a couple of days to look at the bright side.  That being, I had a 2 year gift and a fabulous new listing

Two years ago whenever I was asked "where will you go from here?", I thought it wouldn't be a big deal to move back to what I had formerly.  Not!  I own a small home in Rancho Mirage which I would have happily moved into but I leased it a couple of months ago to dream tenants for two years.  The deals are so terrific right now, I decided to see if I could find a short sale or bank owned that I could live in.  I found a mid-century home about a mile from here around 2400 s.f. with a pool (no equipment) and needs lots of work--like a couple of years worth, but the location and the possibilities are definitely there.  I got accepted with an FHA loan and voila--that's what I've been up to this past month.  So, within the next couple of months, I will be experiencing the new adventure of what it might be like moving from a suite at The Ritz Carlton to checking into a Youth Hostel.  And, if you've read any of my past blogs, you know I'm always up for a new adventure.  Believe me, I know what Forrest Gump meant with that box of chocolates.

 

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Comments (2)

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Rancho Mirage, CA

Connie, what an interesting story and a blessing for you!  I believe that when one door closes another opens and looks like you are on the way to your new adventure!  Thanks for sharing and happy new year!

Jan 03, 2010 02:20 PM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Well, Connie.  You've traveled to some of the poorest regions in the world.  I would imagine that quite a few people would want your 'youth hostile' . . . and be in Heaven.  The little girl actor of "Slum Dog Millionaire" just had her shanty home bulldozed today.  She's going to be sleeping outdoors.  Why don't I not care all of a sudden??

Jan 04, 2010 06:14 AM