Nancy Randazzo, a 38-year-old public school teacher who owes about $240,000 on an Anaheim condominium that she bought for $335,000 in 2005, figures she might be able to sell for what she owes but wants to rent to Disneyland tourists. One potential snag is that she and her fiancee would need to find a place to buy.
"Prices are going up so fast that I don't know if I can," she said.
The huge price increases produced an unexpected retirement gift for Larry and Diane Plaster, who were resigned in January to selling their San Diego home for less than they owed the bank, known as a short sale. They owed $352,000 but accepted an offer for $290,000.
Their bank rejected the deal four months later, leading the couple to put the home up for sale again. On the second attempt, they took an all-cash offer of $380,000, yielding a windfall of $6,500 after broker fees and closing costs. The Plasters, who live on Social Security income, fulfilled a dream of moving to a geodesic dome they built in Janesville, 130 miles north of Lake Tahoe.
The former Catholic social service workers were so angry when Chase rejected the short sale that they closed their account after more than 40 years.
"Now I guess I should send them a thank-you note," said Diane, 66.
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