Is overpaying for a home OR not getting proper APPRAISAL/INSPECTION a REASON for a SHORT SALE?

So, I was goofing around and found out pop star Rhianna is selling her Beverly Hills pad which was completely remodeled in 2007/2008 http://www.zillow.com/homedetails/9152-Janice-Pl-Beverly-Hills-CA-9...

From what I read, the remodelers did poor workmanship so the house had major water leaks after moderate rain storms and then the second part of the story is she overpaid for the house because she didn't get the proper comps from the selling agent.  She is suing the list agent and sellers. 

Now, I guess there is a mortgage on the place because it got listed as a short sale.

I also find it interesting that first, it seems to be the remodelers fault, and THEN it seems to be the list agent's fault for not giving proper comps.

 

Would you consider getting ripped off a short sale, especially if the new seller likely had millions in the bank?  I mean if you were the lender, wouldn't you fire back a big fat NO!?  I don't have any empathy for the lenders, but my first question to her would be, "Didn't you do an inspection?"

Sorry...I was looking for a fun thread on a long weekend.

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i guess my already low opinion of this talentless burlesque performer  plummets even lower.  Hopefully, the court sees the 'looking in every direction ploy for what it is.  Is there not a statute of limitations, coupled with the owners remodelling effort coming into play? If a short sale, where is the hardship?  Surely the lender will ask for something to be brought to the table at the very least.  It is so sad when I see people who are losing their homes after 25+ years of raising families, loving their homes..and graciously taking care of them until a lender deems their hardship allowable, she should be ashamed of herself.

From a glance, this property still looks to be under construction.  If this is case, anyone interested should surely look to see if all the permits were pulled, then afterwards hire themselves a civil/structural engineer to assess the condition of the structure.  Lastly, if this property does belong to Rhianna or any other talentless star making millions, I'd pass on it.  I can't see helping the rich get richer.

I've been playing with this since I came across the sale last week as well. I'm guessing there is more at play here that we'll never see. As most of us know...I'm guessing Rihanna doesn't qualify because of a hardship though who knows...maybe she can show a "decrease in income" or something. But this seems a stretch. Personally, I'm also surprised she even has a loan on it!

But on a side note...my guess is in order to make a lawsuit more effective in court against the contractors or any other parties involved originally she just has to prove that the bad work that was done majorly affected the home's current market value. By listing the home and showing how much it has "hurt her" she likely will be able to sue for an even higher dollar amount.

Very interesting observation Samuel.  She is being advised to be sure, right???

 

Guarantee they take the Short Sale.  They'll want SOMETHING out of this mess before it forecloses and she can't bring $ in anymore in CA.,but..it may get tied up in the courts on the lawsuits.  This is one to watch..human interest story with a real estate/short sale twist!

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