It’s been a long, hard trial, but the short sale finally went through for the home belonging to ‘Real Housewives of Orange County’ personality Tamra Barney.
The Ladera Ranch house belonging to the Barney family changed hands at 5 p.m. Monday, said their agent, Marcos Prolo of Berrington Properties. The new owners, who had been renting a home nearby, took possession shortly afterward.
The sale price was $1.12 million — $29,000 below the buyer’s offer because the lender lowered the price to ensure that the sale went through. The five-bedroom, 5.5-bathroom home (click on photos at left for larger images) originally was put up for sale for $1.6 million. Barney once told Register reporter Mark Eades that her family lost $600,000 on the house.
The property was listed as a short sale because its sale price was less than the amount owed on the home’s two mortgages. The lender — JP Morgan Chase had both the first and second loans — had to forgive the unpaid loan balance before the deal could go through.
Originally scheduled to close escrow on Feb. 27, the deal kept getting postponed by bureaucratic snafus, including the need to correct erroneous paperwork three times, Prolo said.
The property went into escrow in September — yes, more than seven months ago — and has been on and off the market since October 2008.
Prolo said the Barneys are relieved to finally close the deal.
“I think they’re happy to see it done. It was such a long ordeal,” Prolo said of his clients. “No one wants to face foreclosure. This is a good lesson for everyone who’s struggling.”
According to Barney’s bio on Bravo TV’s website, the 42-year-old mother of four calls herself “the hottest housewife in Orange County.”
“Tanned, toned and botoxed, she is very active and is determined to stay looking and feeling young,” her bio says.
But the bio speaks candidly about the family’s financial difficulties. Her husband, Simon, has gone back to work selling luxury cars, the bio said, and the formerly stay-at-home mom has resumed working part-time as an agent at Prolo’s firm. Her specialty, the bio said, is “doing real estate short sales.”
The couple also have split. Simon Barney filed for divorce in January, contending that Tamra Barney “has been verbally abusive and has committed acts of disloyalty and infidelity.” He also cited “irreconcilable differences.”
According to RadarOnline, Tamra moved into a two-bedroom apartment.
The Barneys paid $1,320,500 for their house behind the gates at Ladera’s Covenant Hills in 2005, then spent well over $200,000 installing a saltwater pool, spa, waterfall and landscaping, Prolo said. The backyard alone is an entertainer’s dream, with a fireplace, fire pit, barbecue and outdoor bar.
The Tuscan-style, two-story home has 4,300 square feet of space. It sits on an 8,900-square-foot lot backing up to Covenant Hills Drive. It has hardwood floors with custom stone inlay, a large kitchen-family room area, with granite counters, upgraded appliances, island and breakfast nook. The home also has crown molding and rustic wood beams.
“They did so many upgrades to the property,” Prolo said. “This is an example. If you have the right team, you can get (the sale) done. You’ve got to be patient, and you’ve got to follow through.
Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.
Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.
For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.
Listen to Zen's Laguna Niguel Real Estate Podcast available 24/7.
SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search