Sunday, April 05, 2009

The New Yorker profiles a local foreclosure specialist

This week's (April 6, 2009) New Yorker profiles Leo Nordine, a successful foreclosure listing agent here in the Los Angeles area. This link only provides an article abstract, but you can still pick it up on the newsstands. The amusing article, by Tad Friend, also discusses our local foreclosure market. Leo Nordine is what I call a mega-REO lister. His is one of several local operations that have hundreds of foreclosure listings.

The article discusses Nordine's problems in getting a doctor out of a Burbank townhouse. My clients made an offer on the same townhouse (8000 Via Pompeii in the Cabrini development) last month. Alas, it went into multiple offers and my clients didn't get it -- they were getting their loan through an FHA program, and I was told the seller bank did not want to accept an FHA offer. That's wrong, in my opinion. However, Nordine's office was good to work with, as far as the mega-listers go.

One thing the article didn't say: this same foreclosed townhouse owner took all of his food, including milk, sugary stuff, etc. out of the refrigerator and cabinets and placed them along walls of the living room and dining area. The food was still sitting there each time my buyers and I saw the unit. I suppose he may have been trying to encourage a big-time bug and rodent infestation. I told Nordine's office about it during the offer process; I hope they were able to clean it up before the crawlies and critters got there!

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