Chula Vista Nightmare

I recently recieved an email from Ben G. who wanted to expose a "flip gone bad" in Chula Vista.

1411 CAMINITO BORREGO UNIT#6, CHULA VISTA




These townhomes went on the market in 2002. Unit #6 is approximately 1,141 sq. ft. Two bedrooms, two baths, deck and attached one-car garage.

As I mentioned before, these homes sold in 2002 and were priced from the high $100,000s. In fact I pulled the brochure from the Union Tribune website:





This townhouse was sold on 5/25/2005 for $425,000 and was placed for sale by the current owner on 10/10/2006 for $350,000-$369,000.

The current owner evidently took out a 100% financed loan, because her agent listed it as a short sale.

The owner, lender and neighbors stand to take a huge hit here, a 13-18% hit in 18 months to be exact. This is unfortunate, however the story must be told to protect future buyers from these flippers.

Thanks Ben.