Welcome to the Neighborhood!

Posted by Robin Camacho | Uncategorized | Friday 16 September 2011 5:54 PM

Readers who have loyally followed my blog on LasVegasAdvisor.com or our Top 10 website know my style. I tell stories about my clients, and I hope that readers will learn more about the Las Vegas real estate market through the experiences of other buyers and sellers. I may include a little glimpse into who I am, but I focus on the stories that matter – the homebuyer or seller, the pain of losing your family home, the joy of buying a new home, the most recent real estate scams to beware of.

Throughout the past few years, I’ve had the good fortune to meet some of my readers from across the country – they call me when they are considering a real estate move, or when it’s snowing where they live. I’ve made some lasting friendships, and I’m happy to say I’ve introduced some of my buyers who are new in town to my clients who already live here. So those buyers and sellers that I’ve met face-to-face know who I am.

Today I thought I’d give you a little glimpse into Neighborhood Realty.

My agents and I are located in the southwest area of Las Vegas, just south of the 215. While we call the southwest home, we continue to serve the entire valley as we’ve done since the inception of our Top 10 values. We’ll be rolling out our updated website soon, and I’ve been holding off on promoting my brokerage until this is ready. But today I thought it might be fun to give loyal readers and those who use Top 10 for a resource a quick glimpse of who I am, and early snapshots of my brokerage.

I have been a top-producing agent in the Las Vegas area for some time, always “hanging my license” with other brokers. Some readers remember me from my days with American Realty, Realty One Group, or most recently Sellstate NRES. I moved to Sellstate after meeting with owner Mike Krein, an REO broker and visionary who’s years of experience in selling bank-owned homes provided even better knowledge and resources for my clients. But growth is my mantra, and it was time to make my client-centric philosophies and my market knowledge the center of a new brokerage – my brokerage. This allows me maximum freedom to serve my clients in a fast-moving market.

Many of my readers have met Phyllis, our Transaction Coordinator, or Ron, our VP of Research & Marketing. I’m thrilled that both are still with me. Jordan Camacho, my son/agent, made the transition as well. I then brought on experienced agents from other brokerages, and you will meet some of these over time. To be a Neighborhood advisor, an agent must have experience, enthusiasm, and most of all be responsive to every person who calls us for help.

As for me: I am a really lousy scuba diver who prefers a mojito on the beach

to donning a heavy air tank. (Jordan tells me no one wants to see my toes, and I can’t share my “Corona Moment”. But this is my favorite self-portrait, and part of my Chaise Lounge series inspired by a flash of brilliance in Punta Cana in December. If you’ve ever enjoyed sand, sun and rum at the same time, you know this series just got progressively worse as the day wore on.) I have been selling real estate in Las Vegas for nearly 12 years. I’m a former lobbyist and communications director for the American Heart Association in Nevada, and am proud of the role I played in getting tobacco off of our campuses and public buildings, and automatic external defibrillators in.

Now I’m a Broker/Owner, a Realtor, a Certified Distressed Property Expert, an Accredited Buyers Representative, a Resort and Second Home Property Specialist, and a friend and advisor to lots of new and old friends. I have the best job in the world.

I’m the mother to 3 great kids. Taryn is pursuing her MBA in Washington; Riana is a local attorney who’s face I see on Reza Atari billboards every day; and Jordan is Neighborhood Realty’s VP and director of sales and business development. I have one granddaughter, Aerrow, who is brilliant, beautiful and hysterical.

Enough about me. Let’s talk about you.

Welcome to the Neighborhood!

Neighborhood Realty  

The Other Side of a Short Sale

Posted by Robin Camacho | Uncategorized | Tuesday 6 September 2011 6:00 PM

I feel good today. I just solved a problem for a family who was upside down on their mortgage and facing foreclosure. Helping a client sleep better at night always gives me a warm fuzzy feeling.

When Robert called me recently to ask for help, he had a hard time talking about his family’s situation without choking up. Even though I hear the same story on a daily basis, Robert has only one story – his. It’s always hard to hear the pain in a homeowner’s voice, no matter how many times I hear a nearly identical story.

Most people who are in trouble on their mortgage still think they are the only one in trouble. “How could this happen to me?” they wonder. “I’m honest, I work hard, and I did everything right.” Eventually I help them see that many people are in the same boat, and most didn’t do anything wrong. Most of the buyers who got us into this situation already lost their house, which probably wasn’t even their “home,” but rather an amateur stab at investing. People who hung on to their “house” because it was their family’s home are finding themselves unable to save their underwater home, and that’s just tragic.

A homeowner who is upside down and having trouble making his or her mortgage payments fears the unknown, worries about the kids, and feels embarrassed. Robert lost his job, and has been unable to find another. He hung on for as long as he could, making a payment every other month, and then every third month. But when his wife Florita lost her job as well, they were finally unable to make any payments at all.

Robert eventually found another job, but the lender had already denied his loan modification. I listed the home as a short sale and found a buyer quickly. I was then able to keep Robert and Florita in their home for nearly 5 more months, with the bank’s blessing, while we found a buyer for their home and waited for the short sale approval.

I’d like to say I saved their home, but I’m a Realtor, not a miracle worker. I was able to get HAFA approval for their short sale, and they were able to exit with dignity. They didn’t have to fear the dreaded foreclosure notice on the front door. With the $3000 that the lender gave them at closing, Robert and his family had the money to move into a rental home for now. With no foreclosure on his record, he should be able to become a homeowner again before his children enter high school.

Robert is happy again, and that makes me happy. He no longer loses sleep over a payment that was twice what his neighbors next door were paying. He found a comparable home to rent, in the same neighborhood, for less than half of his previous mortgage. And perhaps most importantly, Robert knows this wasn’t the last house he’ll own. We’ve already set him up on a credit monitoring program with my preferred lender, and he’s preparing to buy his next home as soon as he can qualify. It may be a year, two years, or even longer – but Robert and Florita want their own home, and they are getting ready for it.

Every successful short sale ends with a happy seller. It makes up for the initial, painful conversation when I see the smiles at close of escrow. And that’s why I still say I have the best job in the world.

Contact Me
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Robin Camacho
Call: (702) 291-8766

Hello, Real Estate Agent – 2007 Wants You Back.

Posted by Robin Camacho | Uncategorized | Thursday 18 August 2011 6:23 PM

Who says buying a bank-owned home is difficult? Your agent? If so, it’s time to find a good agent. Preferably a good buyer’s agent.

Candy contacted me last week, and said she’d been looking at homes in the Lake Las Vegas area with another agent. She loved the area, but wasn’t happy with her agent. Her agent, Candy said, told her REOs and short sales were way too hard to buy, so she was showing Candy only her company’s listings.

There is a different process involved in an REO sale than in a traditional sale. However, any agent that hasn’t figured out how to help you get a great deal on a bank-owned home should have found a new career about 4 years ago. Their chosen profession certainly left them behind in 2007. In my eyes, there is no excuse for not helping a buyer find the perfect home – and the best deals are generally found in REOs and short sales. An agent who convinces a buyer to avoid these is doing that client a disservice.

Only a willing buyer and seller can determine the purchase price of a property. Some REOs are a great buy, and may or may not be in need of repairs. I’ve sold several REOs that had never been lived in. When an agent refuses to show these, it’s generally a matter of convenience – their convenience. More steps are involved in purchasing an REO, and the process is a bit more cumbersome. The agent has to work a bit harder, but isn’t an agent’s job to help a client find the “right” home? How can an agent do that when they limit a client to looking at their listings?

The State of Nevada requires that an REO Notice be signed by every buyer making an offer on a bank-owned home. This disclosure details the major differences between buying a home from a bank vs. a traditional seller. If you would like a copy of the disclosure, send me an email at RobinCamachoLV@gmail.com and I’ll email a copy to you.

Buying a Las Vegas Home With OPM Today

Posted by Robin Camacho | Uncategorized | Tuesday 9 August 2011 10:52 PM

Bob picked up his worn out guitar, and sat on the edge of my deck looking out over the 270-degree view of Las Vegas. Within minutes, fingers were dancing on strings like sparks from a fire; like kids on a swing.

I always wanted to write that. It has almost nothing to do with my blog. Well, nothing actually. My friend Bob, who wrote the song with that line, did just close on his first home today. Woo-hoo! And thinking of Bob and the challenges that face first-time homebuyers, it seemed like a great time to throw down a few reminders that could save you some stress if you are looking for your first home.

Bob lives in California, and insisted on using “a friend of a friend of his fiancee” as his Realtor. She’d never sold a home, but promised to give him 25% of her commission at closing. He’ll regret that forever. He and Lena nearly lost the home days before the scheduled close, and as Bob says, “That was the most expensive free money we ever got.” As I told Bob, experienced agents don’t discount their commission – and he should run like hell from an agent that doesn’t understand the value she brings to a complicated transaction. But he’s engaged, and saying “no” to Lena was not prudent.

Bob and his fiancee were using “gift funds” for their down payment. Lena’s parents were giving them an amount equal to the down payment, and the closing costs were shared by buyer and seller. Had his rookie agent known anything about lending, she would have advised him to consult with his mortgage agent from the beginning. And his lender would have known that Bob’s savings, which looked remarkably like down payment funds when the loan officer looked at his statements, were earmarked for a new boat, not a down payment. The lender would have been informed where the down payment was coming from had Bob realized this was crucial information.

Fast forward to some time shortly before the close of escrow. The lender orders the “verification of deposit” from their bank, and there is little money in the account for a down payment. Bob returns from a day of boating to a frantic message from his loan officer. “Lena’s parents are giving us the money,” the loan officer hears for the first time the following morning, right after Bob deposited the funds.

Bob and Lena had no idea that using gift funds requires that a few important steps take place prior to receiving this wonderful gift. Unfortunately, their loan officer was unable to stop them before they dumped tens of thousands of dollars into their account. I’ve seen this done before, and it creates a mess that can be nearly impossible to unwind. At the very least, it will probably hold up the closing, causing heartburn for everyone involved.

There are several important guidelines to follow when using gift funds. The borrower will have to provide a “gift letter” detailing the amount of the gift, and the name and relationship of the giver. There is a limit on how much of a gift can be received – always discuss this in advance with your lender. The letter must state that this is a gift, and not a loan. Your mortgage officer should be able to provide you with a sample letter, or a form. Obviously, both parties must sign the letter.

The funds will be “sourced,” so be sure that the giver will be able to show a paper trail. Where did the money come from? If it’s from existing funds in their bank account, the givers will likely need to provide bank statements for 60 days. If it’s from retirement funds, the lender will need to see a retirement account statement.

Since the gift letter must match the amount of the gift, be sure that you deposit certified funds from the giver in your account as one deposit. Bob took a personal check from Lena’s parents to the bank, and deposited it with his paycheck and a check for a jetski he had just sold. This small error, which was very preventable, held the closing up for an extra 11 days, and cost Bob and Lena $1100 in late fees.

Be sure your agent understands the basics of lending. And while you’re at it, be sure your agent has a verifiable track record. Don’t think that just because the seller is paying your agent’s commission, you aren’t in a position to demand quality service. Most importantly, talk to your loan officer in advance and be sure he knows you are using a gift for your down payment. Using “other people’s money” isn’t as easy as it was five years ago.

Finding an REO Agent on the Weekend

Posted by Robin Camacho | Uncategorized | Sunday 7 August 2011 12:36 AM

How many REO agents does it take to change a light bulb? I don’t know – you can’t ever find one.

I don’t know who has a more difficult time reaching an REO listing agent outside of banker’s hours – we buyers agents, or those poor folks driving around without representation. Fortunately, those buyers who are represented by a good buyers agent are in good hands, even on the weekends. A good buyers agent can not only show the home, they can have an offer written and submitted within an hour or two of a bank-owned home hitting the market – all without ever having to get the listing agent on the phone.

Jordan and I spent half the day showing cabins in Mt. Charleston today. What a nice 1/2-day outing. My clients, who have purchased 5 homes from me, are now looking for an upscale cabin getaway. If you aren’t familiar with Mt. Charleston, it’s home to a ski resort frequented by locals. It’s the perfect getaway from the summer heat, with hiking, camping and other outdoor fun, less than an hour’s drive from Las Vegas.

Tony and Lila had a question about one cabin, and Tony said “Let’s call the agent on the sign.” Lila immediately shot back, “No, we call Robin when we need anything! That’s why she’s here now.” I smiled, remembering Lila telling me about another Saturday, when she and Tony drove around looking for rental homes all day and couldn’t reach even one agent. They’ve been loyal clients since that day, and that’s why we’re enjoying Mt. Charleston together, 40 miles from my office, on a Saturday. I can’t think of a better way to spend my day…nice people, great weather, beautiful scenery.

And for this I get paid? I have the best job in the world.

Las Vegas Area Homes Are Selling Below List Price

Posted by Robin Camacho | Uncategorized | Thursday 4 August 2011 10:00 PM

I pride myself on getting offers accepted. It brings me repeat and referral business; it puts food and an occasional glass of Pinot Noir on my table. Okay, that’s a gross exaggeration – I don’t cook. But I do eat out a lot, and being a top-producer does help pay the bills.

Today I’m just a bit frustrated. I’ve written 3 offers for Candy and Milt, and the first 2 were not accepted. When this happens, I always do a post mortem: I want to know why. Knowing how to write great offers, especially on bank-owned properties, is an art form. And I rule.

With the first home, the listing agent requested a prequal with a preferred lender. I sent the prequal we had, noting that we had a call in to this agent’s Bank of America buddy, and we’d forward the prequal as soon as we received it. Generally, the listing agent will wait for that prequal. This one didn’t, and my highly qualified buyers weren’t even considered after waiting 24 hours to hear from the loan officer. Bank of America blew that one – these buyers are solid gold, and are buying at least 4 homes this year. No Pinot Noir for that dawdling loan officer. And there’s an agent who’s being removed from my Christmas card list for not extending the courtesy of waiting for the specific prequal letter she demanded.

With the second home, our offer was $1000 over actual market value. It was a great investment home for my buyers, but it wasn’t worth list price. I don’t suggest offering less than list price if it’s accurately priced; however, this home was priced $4000 over recent comps. We came in $3000 under list and $1000 above market value, backed by a 25% down loan from a qualified buyer. I was shocked when we didn’t get a multiple offer notification or request for my client’s “highest-and-best” offer. The listing agent was also surprised that the selling bank didn’t ask for highest-and-best. We’ll probably pick this one up on the rebound in a few weeks, when it doesn’t appraise and falls out of escrow. It happens frequently.

When I have to write more than 1 or 2 offers for a client, it generally signals another slight shift in the way the market is trending. I sell enough homes that I’m writing and submitting offers every week; when I don’t hit the nail on the head, it’s either an anomaly or time to shift gears again.

In Candy and Milt’s case, it was just an anomaly. Two responses “out of the norm” in a row.

Just for fun, though, I had my Mad Researcher, Ron, pull some statistics. I hadn’t looked at list price vs. sales price in awhile. It’s the busy sales season, and we’re selling homes in near-record numbers in Las Vegas this summer. We should close the year out with close to 50,000 sales – but what are sellers getting for their homes right now?

Two years ago at this time, sellers were getting almost 103% of asking price. Buyers reacted to stabilizing REO prices in early 2009 by rushing back to the market, only to compete over a shortage of REOs. Only in a very hot market are buyers willing to pay $103 for every $100 the seller is seeking. Last summer, sellers were getting 99% of asking price; buyers were still looking for deals while expecting prices to slide again.

So what are buyers willing to pay this summer? The average sale price is now 98% of list price. For every $100 a seller is asking, buyers are willing to pay an average of $98. While some might consider this a cooling-down, sales are still brisk. You won’t see the fierce competition for homes that we experienced in the summer of 2009 and 2010. There are multiple offers on the better homes, but 2-4 offers instead of dozens.

Expect this to ease up somewhat in September, when fewer buyers are shopping. If you’re looking for a good deal, don’t lose patience – September could be your month.

Real Estate Scams More Prevalent in This Market

Posted by Robin Camacho | Uncategorized | Friday 29 July 2011 7:01 PM

Why is it that when times get tough, the tough get greedy? That’s tough as in “thugs,” not as in “strong-minded people”. It never fails; markets like this breed some real ugliness, and you need to be on the lookout for scams. The best way to protect yourself is to work with an experienced Realtor with a track record. Evidence of production isn’t absolute proof that your agent knows what he or she is doing, but it does increase your odds that you’re getting prudent advice.

I’m just amazed at some of the scams people try to pull. Same stuff, different day.

Tony and Lila called me a few days ago, very excited about a building lot they’d seen listed for a great price on the MLS. It was a short sale, the listing agent/owner stated, and she’d have a response in 7 days as the private lender was local. Okay, sounds good so far. We had the offer prepared, signed and submitted within 2 hours of seeing the listing. So far, so good.

Red Flag #1 was waved when the agent didn’t sign the offer, instead telling us she would meet with the lender to get the short sale approved. If there’s no executed contract, what is there to approve? When I reminded her we didn’t have a signed offer, suddenly Red Flag #2 shot up the pole: a request to get an estimated settlement statement from our preferred escrow agent that would “show all of the expenses, including some that weren’t related to this transaction.” Huh?

I headed that one off at the pass. When the agent couldn’t produce a signed contract, no estimated settlement statement was prepared. Finally, the agent was forced to send us a signed counteroffer. But, WTH – attached was an Addendum filled with more Red Flags than I can count.

Red Flag #3 was the sudden verbiage everywhere regarding the condition of the property. Okay, we planned to do inspections; but this looked more like an attempt to make the property look very unattractive to a buyer. Would that be the same buyer you were just using, to get in front of your lender?

Red Flag #4, my personal favorite, was that this listing would now be cancelled in the MLS, and future action wouldn’t be reported to the MLS. Why? Because it’s highly suspect to begin with? This stuff won’t slip past an experienced agent.

I quit counting at Red Flag #5, and advised my clients to run this by their attorney before we went any further. No transaction needs to be this convoluted. You make an offer, it gets accepted, and then the listing agent tries to get the lender to agree to a short sale. Once you have an approval, you overturn every rock to be sure it’s the best property for the buyer. We do it every day – it’s not rocket science.

As I told my client, no commission is worth letting them get sucked into a transaction that has so much potential to become an ugly mess. The hairs on the back of my neck are standing up; maybe it’s just time for laser hair removal, but I think this deal is bogus. I’ll represent them if they insist on moving forward, but not without their attorney looking it over. I value my time, but I’d rather walk away from a commission than see someone get in to a mess they could have avoided.

Please be careful when selecting an agent to work with. Seems there’s a new scam every day. In this case, I’ve felt from the beginning that this is a seller who is trying to get the lender to reduce the balance, and then she can have a friend walk in and pick it up with a slightly-higher offer. After all, if she hasn’t signed our offer, she can certainly entertain other offers.

A good agent won’t let a buyer be duped by a seller/licensee who tries to avoid signing an offer as a stall tactic, no matter what the reason is. No good can ever come of that.

Investing in Las Vegas Foreclosures is About to Get Easier

Posted by Robin Camacho | Current,Uncategorized | Friday 22 July 2011 5:59 PM

Yes, Robin’s back. Yes, it’s been awhile.

I’ve opened my own brokerage, Neighborhood Realty, in the southwest area. I’ve hired more agents, more assistants, and yes, you’re probably the last to know. I’ve done you a disservice, and I apologize – you’ll all be invited to the Grand Opening soon!

It’s all good for my Las Vegas Advisor readers and my buyers and sellers, but I just haven’t been able to find the time to stay in touch via my blog. We are already among the busiest brokerages in the Las Vegas area, and I just can’t put aside writing offers and closing deals. But that’s not fair to you, so I forced myself to hire a licensed agent who is also my marketing assistant. Welcome aboard Tracy Castro-Aguilar. Tracy cracked the whip, and House Advantage is back. Our Facebook page is up, and I’m Tweeting market updates much more frequently.

My sincere apologies – I have been a bit overwhelmed. After 3 years in the top 2% of agents in the valley – and in the top handful of buyers agents – it was time to open my own brokerage. Stop by to say “hello” and check out our gorgeous new offices when you get a chance.

Now to my point – and I really do have one. Some exciting news for investors. As of August 20, the 6-month seasoning requirement for cash-out refis will no longer be an impediment for investors looking to buy and then pull their cash out quickly for their next investment home purchase.

There are some guidelines, of course. The purchase must be arms length, and the money for the original cash purchase will need to be documented. There are a few other easy hurdles; call my office, 702.949.0790, if you need a referral to a lender for more details.

This is probably the best news Mack & Wendy could get right now. These clients have $100,000 cash, and wanted to buy their first Las Vegas rental home. I’d already suggested we use leverage to get them into 3 or 4 rental homes (while they’re practically giving these things away!). This gives them the ability to have cash quickly for each purchase, rather than secure one mortgage at a time.

Welcome to the Neighborhood!

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FHA and VA Minimum FICO Score Increasing

Posted by Robin Camacho | Uncategorized | Friday 24 September 2010 7:28 PM

If you are getting ready to buy a home using FHA or VA financing, note that the minimum credit score is increasing and you may need to move quickly. This won’t affect most LasVegasAdvisor.com readers, but many of my clients have kids getting ready to buy their first home.

Beginning October 4, the minimum mid-FICO score for these loan programs will jump from 620 to 640. If you are in this range, be sure to contact your mortgage agent and lock in your loan number by Thursday, September 20. If you need a referral to one of my preferred lenders, text me at 702.279.2466.

This has been one of the craziest 2-week periods in my entire real estate career. I closed 7 deals this week, and will close at least 4 next week. Between walkthroughs, doc signings, turning over keys and troubleshooting problems, all while helping other buyers find their own new homes, I’m surviving on caffeine and In ‘N Out cheeseburgers, protein style. Eaten in my car, of course.

New agent Jordan Camacho hit the ground running. He’s caught on very quickly, but then, he’s been around real estate for years. Jordan honed his work ethic as a chef in a Thomas Keller restaurant, so you know he has his mise en place!

Demand remains strong for Las Vegas and Henderson homes. It’s a bit easier to get your offer accepted right now, but we’re still seeing competition for the most desireable REOs.

After saying “no” to listings for several years, I’ve finally had to cave in. With so many clients asking me to short sale their home, I can’t very well continue to say no. It’s certainly not as fun as helping someone find a new home, but it’s still all about helping people solve a real estate puzzle. Short sales are here to stay.

Finally, Good Deals Return on Las Vegas REOs

Posted by Robin Camacho | Uncategorized | Sunday 12 September 2010 7:26 PM

Las Vegas Advisor readers who’ve been watching our Top10RealEstateValues.com for awhile will remember a time when I gleefully helped homebuyers snatch up foreclosures at below-market prices. Buyers who purchased homes in 2007 and 2008, when we only thought prices couldn’t go any lower, saw their home values slide another 20%, give or take a few tens of thousands. (Ouch, that’s hard to write.)

Once the carnage of 2008 began to abate in early 2009, my clients were able to buy homes that have pretty much maintained their value. Those buyers who purchased in 2009 or 2010 can probably sell their Las Vegas home for what they paid for it. If you bought before that, prices will have to climb quite a bit before you will regain your equity.

I’m thrilled to see that we are once again able to find homes for my clients at below list price. Not always, but often. Evan and Adrian sat tight while the bank waited for a better offer on their vacation home, a 4,000+ square foot home priced at $279,900. The bank, unwilling to accept their $250,000 offer, countered not once, but twice – something we rarely see in this market.

When no more offers arrived on this gorgeous home with a pool, slate flooring and kitchen fit for a chef, the bank finally accepted our $262,000 counter offer. Why? With rising foreclosure inventory, it’s not difficult to find a home with no offers on it right now. A flexible buyer who can jump quickly, and has no emotional attachment to any particular home, has a real advantage in this market.

The upcoming holiday season will be the best time to buy. After 3 summers of fighting to get a home at all, and then well over list price, Las Vegas homebuyers can look forward to home shopping without the frenzied pace. Buyers have complained for several years about the bidding wars, even when there’s been no bidding going on! But when 20 people want the same house you want, and they are all willing to pay more than the seller is asking, it can certainly feel like a bidding war.

Expect sales to remain reasonably steady for the immediate future, but you should have more choice and good deals can be found again.

Now if the banks would just approve more of these short sales. Jerome and Britney have had their dream home in escrow for months, while Bank of America sits on its ass and orders appraisal after appraisal. Their baby, born before the offer was accepted, is now 4 months old; she may be in college before BofA makes a decision.

On a happier, more sane note, LVA readers Steve and Kiota had a home in escrow for 2 months before BofA suddenly foreclosed on the homeowner. Within weeks it hit the market as a foreclosure, and we caught it on the rebound. My buyers were willing to pay $245,000 for a short sale, saving the bank tens of thousands of dollars in foreclosure costs, but in it’s infinite wisdom the bank sold it to the same couple for $235,000 after spending a small fortune to foreclose.

Go figure.

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