Ron Artest short-sold his house in Sacramento too:
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Jim Klinge
Klinge Realty Group
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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. 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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
From my own experience, short sales are a pain in the butt.
I am pending on my second short sale. Supposedly, I as a buyer am at a disadvantage, with the lender, the sellers, sellers’ agent, and even my own agent not aligned with my interests or having my welfare in mind. But I am OK with that. In the huge junk bin that is short sales, there are some good values, and the long waiting time for the banks means that I have time to fully understand the permit histories, earthquake hazards, neighborhood qualities, crime stats, etc., that I would not be able to in the rush of a regular sale.
What I don’t really understand is why a seller would choose a short sale process over a foreclosure. The credit hit is nearly the same. Most of the sellers are not going to have funds to buy another house in the near future, anyway. If the lenders had any recourse on the loans, I could see how a short sale which released the underwater sellers from their debt would be attractive, but in CA lenders do not seem to have the legal footing nor resources to pursue payment of bad debt. I can see a short sale as an advantage to the lender vs. a foreclosure, but I don’t get why an underwater seller would be interested.
I would consider Artest’s situation a strategic default, not a short sale. There is no hardship and a ding on his credit won’t affect his ability to purchase another house. He reneged on his contract so so is dishonorable, but he is being nice to the bank by cooperating with a short sale. There are plenty of foreclosing McMansions in Rocklin.
This is old news because Aurora Loan Services took it back at the end of March 2011. Zillow says it sold for $905k at the end of May 2011. That’s if I’m looking at the right house but since these were all custom built, I’m pretty sure it’s the right house.
Link to foreclosure:
http://sacramento.cbslocal.com/2011/04/05/kevin-martins-rocklin-home-repossessed/
Link to Zillow listing with 26 pics: http://www.zillow.com/homedetails/2582-Clubhouse-Dr-W-Rocklin-CA-95765/54460393_zpid/
Too bad, I always thought he was a nice kid so it surprised me a little that he’d do this.
P.S. Artest legally changed his name sometime in the last year or so to Metta World Peace. No lie. 1st name: Metta Last name: World Peace. 😆
Oh darn, I didn’t realize two links in my first post would send it into moderation. My apologies.
I’m still not quite getting what leverage a millionaire has over a bank to make them conform to this short sale. I know of another guy, well to do, owned another property, and still got to short sell a property he overpaid for five years earlier. His yearly income was a few hundred thousand a year, so he could easily afford the property. He just didn’t want to. I’m still flummoxed as to why banks would agree to a short sale with people who can easily afford to deal with their investment mistake, but simply don’t want to. What’s the point of a freaking contract if you can just null and void it later when things don’t go all your way??
Your well-to-do friend could choose to stop making payments and force the lender to foreclose so the bank may consider a short sale the better option for them. As far as “reneging” on a contract, if a contract stipulates payment obligations and non-payment penalties / remedies and your friend chooses to live with the latter, how is that “reneging”?
Booty, my friend DID stop paying, and orchestrated a short sale. He’s now out of there. He got a mortgage on the property for $830K, and the bank resold it for 610K.
The question is ( I didn’t ask him) how he can just decide to walk away from a contract even though he has other properties and money in the bank? He could have paid the thing off right away if he wanted to.
Can’t the bank say, “look, you violated this contract. either pay up, or we sue for the difference, because we know you have the money to pay…”
Sorry for the dumb questions…
In California you can walk scot-free as long as the bank approves the short-sale.
I thought that a seller could be denied a short sale if they showed that they had money. But if they approved 2 NBA players who make multi-millions per year, I guess they are approving everybody?
But then again, if you told me that Ron Artest made $5 million per year, and blew $5 million per year, it wouldn’t surprise me.
Can’t the bank say, “look, you violated this contract. either pay up, or we sue for the difference, because we know you have the money to pay…”
No, they can’t. The bank loaned the money and required the house and only the house as collateral, not any of his other assets nor can they “force” him to pay based on his income any more than they would “forgive” lack of payment if his income fell below a certain level.