This is yet another short sale tale. I promise to stop telling these. The property above is 4362 Clybourn, in the Burbank portion of Toluca Lake. The house and guest house combined are over 5,000 square feet. The lot is over half an acre. And it is spitting distance from the Toluca Lake Country Club. It's a real trophy property. It's also a short sale, and listed for $1,349,000. If you've seen this property, or made an offer on it, there's a lot to this story.
I represented some buyers who made an offer on this in December, when it was listed for $1,350,000. The seller accepted our offer. It went back and forth between my clients and Bank of America for four months, the bank wouldn't budge on it's counter of $1,820,000, and they wanted a cash contribution from the seller. My clients weren't willing to pay that amount, nor were any of the other folks who had submitted offers around the same time.
The file was closed in April when it looked like the foreclosure sale was imminent, and my exhausted clients indicated that they were not going to pursue the property further. Somehow, the seller managed to have the foreclosure sale postponed then -- for the fourth time. That must be a record. It subsequently listed with another Realtor (it was a different listing agent the first time around) for $1,349,000. The mls says the house has several offers on it now and the prevailing offer is in to the bank. Will the bank still want $1.8+ mil? Did it get offers in that range? How many appraisals have been done so far? What's the story with the seller? Why did Countrywide, BofA's lending predecessor on the property, fund a loan of $3.2 million on it in 2009? Ah, sweet mysteries of short sales! Perhaps we'll have answers some day.
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