Monday, December 21, 2009

Fed to allow interest rates to rise in the first quarter 2010

Fed to allow interest rates to rise in the first quarter 2010

"ALL GOOD THINGS MUST COME TO AN END..." Last week, the Fed restated that, once again that their Mortgage Backed Security (MBS) purchase program (the program that has done much keep home loan rates low for most of the last year...will end on March 31, 2010.

This means there will be less money to borrow. Simple supply & demand...less money to borrow means interest rates to rise!

It is important that buyers get in line for the lower current interest rates early while the supply is high and the rate is low.

This will put double pressure on prices in the short term, especially from early Feb. through mid March. Higher interest rates on the horizon and the end to the tax credits, along with a shortage of inventory means prices will rise quickly in the first quarter, especially in the under $500K market.

Buy early and save 3 ways...Lower prices and lower interest rates now along with the tax credits.
Call me now to see how you can beat the rush, get a great home with low interest rates at a good price and use your $8000 or $6500 tax credit. 760-436-0087

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Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
Taylor Place Real Estate
Buy or Sell a Home with Me, Use my Moving Truck - F R E E for life.
dennis@SanDiegoHomes4u.com
760-436-0087, or cell at 760-212-8225
http://www.sandiegohomes4u.com/home.htm

My Market Trends Report with graphs and charts for North Coastal San Diego will give you the Sales Statistics for the month and compare it with last year, by city!
http://www.sandiegohomes4u.com/RealEstateTrends.htm

You can view all available San Diego area homes for sale at http://www.sandiegohomes4u.com/MLS_Search.htm
You can search by address, by MLS number or by general criteria.

Providing quality Real Estate services in the North Coastal San Diego area including Del Mar, Solana Beach, Rancho Santa Fe, Cardiff by the Sea, Encinitas, Leucadia, Olivenhain, Carlsbad, La Costa, Aviara, Oceanside, Vista, San Marcos, San Elijo Hills, Escondido & San Diego County.

Friday, December 18, 2009

Dennis Smith earns Certified Distressed Property Expert Designation

Dennis Smith earns Certified Distressed Property Expert Designation (CDPE) to help homeowners in danger of foreclosure.
PRESS RELEASE

Dennis Smith of Taylor Place Real Estate & Triad Properties has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.
Short sales allow the cash-strapped seller to pay off the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
In the San Diego area, more than 5500 homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.
“This CDPE designation has been invaluable as I work with buyers, sellers and lenders on complicated short sales,” said Smith. “It is so rewarding to be able to help sellers save their homes from foreclosure.” Smith offers free counseling to people that are in distress with their Real Estate, whether it is Pre-Foreclosure, Short Sale, Loan Modifications, Late Payments or are just concerned about their future options. Call 760-436-0087.
Smith has been a Realtor in San Diego County since 1994. Smith says “Both Real Estate firms I have worked for have specialized in “distressed” properties. I have worked in the pre-foreclosure arena for 15 years and the CDPE designation enhances my ability to help homeowners who are in trouble, or may be in the future.”
"The CDPE education also helps me work with buyers who want to take advantage of deals in "distressed" property such as Short Sales and Bank Owned REO's and Foreclosures."
Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Dennis Smith with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.
Are you, or do you know someone, in a "distressed" situation with real estate? Do you need knowledge or assistance with Pre-Foreclosure, Foreclosure, Short Sales and Loan Modifications. We can help with free consulting. You can learn what your options are and you get to decide the course of action to take.
I have a large network of Real Estate experts in other areas of the US that can help people in distress (or just want to buy or sell Real Estate. Please call me for a referral.
The CDPE education also enhances my ability to work with buyers who want to take advantage of deals in "distressed" property such as Short Sales and Bank Owned REO's and Foreclosures.
For more information about Pre-Foreclosure, Foreclosure, Short Sales and Loan Modifications, please call Dennis Smith at 760-436-0087.
Dennis@SanDiegoHomes4u.com

See my Short Sale and Foreclosure Avoidance Web Site at
http://HAFAShortSaleConsultant.com/

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Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor®  DRE# 00476662
Certified Distressed Property Expert
Donna "Sunshine" Smith, SFR, Realtor®  DRE# 01249837

Short Sale, Foreclosure Resource Certified
 
Taylor Place Real Estate
Buy or Sell a Home with Me, Use my Moving Truck - F R E E for life.
dennis@SanDiegoHomes4u.com
760-436-0087, or cell at 760-212-8225
http://www.sandiegohomes4u.com/home.htm

My Market Trends Report with graphs and charts for North Coastal San Diego will give you the Sales Statistics for the month and compare it with last year, by city!
http://www.sandiegohomes4u.com/RealEstateTrends.htm

You can view all available San Diego area homes for sale at http://www.sandiegohomes4u.com/MLS_Search.htm
You can search by address, by MLS number or by general criteria.

Providing quality Real Estate services in San Diego County.

Friday, November 20, 2009

Holiday Sale Pricing on Homes

Buy now to get Holiday Sale Pricing on Homes.

Nov., Dec. & Jan. are traditionally the best time for buyers to buy a home or an investment property. There are usually fewer buyers to compete
for the homes and some sellers need to sell without regard to the season.

Many of the banks want to clear out their inventory by the end of the year.
That means you need to be in escrow by December 1st to have a reasonable chance of closing by Dec. 31st, especially with the holiday season slowing down the process.

Some regular sellers will hold firm but many are willing to negotiate
instead of waiting till the Spring when the market heats up again.

The disadvantage of buying now is that you will have a
smaller inventory to choose from. Many sellers are aware that
the Spring time is the best time for the sellers,
so many of them wait until then to market their homes.

The other problem with buying now is that the inventory is low
and we have had 7 straight months of price increases in San Diego County.  We have almost 1/3 fewer listings than last year at this time. Foreclosure listings are almost 70% lower than they were a year ago. About 630 active at this time in the whole County.
There is increased competition as buyers realize that the
housing market is turning and is unlikely to go back down from here.

In San Diego, home buying and selling goes on all year as we do not have to contend with snow impeding our ability to get around and making it difficult to see what the yard looks like without 3 feet of snow.

Holiday Sale Pricing on Homes wont last long. 
These are bargain prices compared to where the prices were
and where they are heading.

Call me today to find out how you can get Holiday Sale Pricing.
Only 10 more home shopping days this year!

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Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
Taylor Place Real Estate
Buy or Sell a Home with Me, Use my Moving Truck - F R E E for life.
dennis@SanDiegoHomes4u.com
760-436-0087, or cell at 760-212-8225
http://www.sandiegohomes4u.com/home.htm

My Market Trends Report with graphs and charts for North Coastal San Diego will give you the Sales Statistics for the month and compare it with last year, by city!
http://www.sandiegohomes4u.com/RealEstateTrends.htm

You can view all available San Diego area homes for sale at http://www.sandiegohomes4u.com/MLS_Search.htm
You can search by address, by MLS number or by general criteria.

Providing quality Real Estate services in the North Coastal San Diego area including Del Mar, Solana Beach, Rancho Santa Fe, Cardiff by the Sea, Encinitas, Leucadia, Olivenhain, Carlsbad, La Costa, Aviara, Oceanside, Vista, San Marcos, San Elijo Hills, Escondido & San Diego County.

Wednesday, November 18, 2009

Property Tax Reduction Deadline is Nov 30th

Property Tax Reduction Deadline is Nov 30th to reduce your taxes due to “Decline of Value”.

If you, or a friend or family member, bought a home in CA between
2003 and 2006, you can probably reduce your property taxes by 10% to 60%, depending on your area. (Location, Location, Location)


The County Tax Assessor must tax properties at the value of the property on January 1st of each year.
You can challenge that San Diego County assessment between July 1st & Nov. 30th. (Other counties may only go to Sept 15th)

The next appeal period is between March 1 and May 30
so you can appeal it again for Jan 2010 comparable sales.

Please be advised that the application will only be effective for the one year appealed. Subsequent years will normally require additional filings.

Here is the information you will need.
See http://www.boe.ca.gov/proptaxes/pdf/pub30.pdf

Here is the application:
http://www.sdcounty.ca.gov/cob/docs/aab/aabadobeapp.pdf

The Assessor will determine the price/value as of Jan 1st, 2009.
If you disagree, then you have to go to the appeals board with your proof.

There are many companies that will assist you with your Property Tax Reduction.
You do not need to use these companies because the data is free.
Sometimes it is more convenient to use a company to assist you. EasyTaxFix.com is one.
I have not checked them out but they only charge $49.99.
They also show you the comparables but not the addresses.
All you need to do is click on the following link.
http://tinyurl.com/PropertyTaxReduction

The clients who have bought or sold a property with me are welcome
to receive free comparable sales date from us.
Please call or e-mail your request.  This applies to SD county properties only.

If you are not a client, www.zilow.com has comparable data
but it is not as complete or as easy to understand.
Just type in your address and click on "Comparable Data" in the info box.
Your results will display below the map.
Please note that their "Zestimates" can be as much as 30% of in either direction.
Do not use that number, just use the comparable sales.
You may only use sales comparables from November 2008 through
March 2009 as they are only looking at the value as of 1/1/09.

Here is an article in the Newspaper with more info.
http://www.signonsandiego.com/uniontrib/20081108/news_lz1c08taxes.html

Remember, the Property Tax Reduction Deadline is Nov 30th


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Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
Taylor Place Real Estate

Buy or Sell a Home with Me, Use my Moving Truck - F R E E for life.
dennis@SanDiegoHomes4u.com
760-436-0087, or cell at 760-212-8225
http://www.sandiegohomes4u.com/home.htm

My Market Trends Report with graphs and charts for North Coastal San Diego will give you the Sales Statistics for the month and compare it with last year, by city!
http://www.sandiegohomes4u.com/RealEstateTrends.htm

You can view all available San Diego area homes for sale at http://www.sandiegohomes4u.com/MLS_Search.htm
You can search by address, by MLS number or by general criteria.

Providing quality Real Estate services in the North Coastal San Diego area including Del Mar, Solana Beach, Rancho Santa Fe, Cardiff by the Sea, Encinitas, Leucadia, Olivenhain, Carlsbad, La Costa, Aviara, Oceanside, Vista, San Marcos, San Elijo Hills, Escondido & San Diego County

Tuesday, November 17, 2009

Contingent listing - what the heck is that?

A CONTINGENT LISTING is the step between Active & Pending.
These properties fall into several catagories.


Offer contingent on Court approval - This is usually for a Probate Sale

Offer accepted or submitted pending lender approval of Short Sale

Offer submitted awaiting buyer or bank approval of a REO (foreclosure)

Offer accepted with ____ hour right of first refusal - Usually the buyer has a house to sell before they can buy this one.

Contingent listings still show up on most web sites as active properties. They have to be looked at on an individual basis to determine what the underlying status is...REO, Short Sale, Probate or time clause.
Then it can be determined if it is reasonable to submit an offer.
 
Please contact my about listings in any Status including CONTINGENT LISTINGS.  I am here to help.

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Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
Taylor Place Real Estate
Buy or Sell a Home with Me, Use my Moving Truck - F R E E for life.
dennis@SanDiegoHomes4u.com
760-436-0087, or cell at 760-212-8225
http://www.sandiegohomes4u.com/home.htm

My Market Trends Report with graphs and charts for North Coastal San Diego will give you the Sales Statistics for the month and compare it with last year, by city!
http://www.sandiegohomes4u.com/RealEstateTrends.htm

You can view all available San Diego area homes for sale at http://www.sandiegohomes4u.com/MLS_Search.htm
You can search by address, by MLS number or by general criteria.

Providing quality Real Estate services in the North Coastal San Diego area including Del Mar, Solana Beach, Rancho Santa Fe, Cardiff by the Sea, Encinitas, Leucadia, Olivenhain, Carlsbad, La Costa, Aviara, Oceanside, Vista, San Marcos, San Elijo Hills, Escondido & San Diego County.

Sunday, November 15, 2009

Wachovia & World Savings Offering cash for short sales.

Wachovia & World Savings Offering cash for short sales.
If you have a Wachovia or World Savings mortgage and qualify for a Short Sale, Wachovia is paying you to move. Homeowners with Wachovia and World Savings mortgages who are upside down on their property and have a finantial hardship, can get 1 percent of the price of their short sale, with a minimum of $2,500 ($250K sale).

Wachovia understands that a short sale is quicker and less costly for them than a foreclosure.

You will be expected to move out promptly and keep the property in as good or better condition as when the process begins.

Sellers must act quickly because the program is temporary and could end anytime.

Another important thing for sellers to note is that Wachovia has agreed not to pursue sellers for any part of the balance due if you cooperate with this program.

If you know anyone who is in finantial problems and upside down in their mortgage, do them a favor and call me with their contact information and I will give them free foreclosure counseling. This way, they will know what their options are and can act accordingly.

It does not matter if the lender is on the Short Sale, Wachovia, World Savings or any other lender, I would love to help them understand their solutions.

See my Short Sale and Foreclosure Avoidance Web Site at
http://HAFAShortSaleConsultant.com/
Subscribe


Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
Donna "Sunshine" Smith, SFR, Realtor® DRE# 01249837

Short Sale, Foreclosure Resource Certified

Taylor Place Real Estate
Buy or Sell a Home with Me, Use my Moving Truck - F R E E for life.

dennis@SanDiegoHomes4u.com
760-436-0087, or cell at 760-212-8225

See my Short Sale and Foreclosure Avoidance Web Site at

http://HAFAShortSaleConsultant.com/
http://www.sandiegohomes4u.com/home.htm

My Market Trends Report with graphs and charts for North Coastal San Diego will give you the Sales Statistics for the month and compare it with last year, by city!
http://www.sandiegohomes4u.com/RealEstateTrends.htm

You can view all available San Diego area homes for sale at http://www.sandiegohomes4u.com/MLS_Search.htm
You can search by address, by MLS number or by general criteria.

Providing quality Real Estate services in the North Coastal San Diego area including Del Mar, Solana Beach, Rancho Santa Fe, Cardiff by the Sea, Encinitas, Leucadia, Olivenhain, Carlsbad, La Costa, Aviara, Oceanside, Vista, San Marcos, San Elijo Hills, Escondido & San Diego County.

Thursday, November 5, 2009

It is all about friends...

It is all about friends...
This story touched me but I do not send chain e-mails.

We all know or knew someone like this!!



One day, when I was a freshman in high school,
I saw a kid from my class was walking home from school.
His name was Kyle.
It looked like he was carrying all of his books.
I thought to myself, 'Why would anyone bring home all his books on a Friday? He must really be a nerd.'
I had quite a weekend planned (parties and a football game with my friends tomorrow afternoon), so I shrugged my shoulders and went on.


As I was walking, I saw a bunch of kids running toward him.
They ran at him, knocking all his books out of his arms and tripping him so he landed in the dirt.
His glasses went flying, and I saw them land in the grass about ten feet from him.
He looked up and I saw this terrible sadness in his eyes
My heart went out to him. So, I jogged over to him as he crawled around looking for his glasses, and I saw a tear in his eye.
As I handed him his glasses, I said, 'Those guys are jerks.'
They really should get lives.

He looked at me and said, 'Hey thanks!' There was a big smile on his face.
It was one of those smiles that showed real gratitude.
I helped him pick up his books, and asked him where he lived.
As it turned out, he lived near me, so I asked him why I had never seen him before. He said he had gone to private school before now.
I would have never hung out with a private school kid before.
We talked all the way home, and I carried some of his books. He turned out to be a pretty cool kid.
I asked him if he wanted to play a little football with my friends
He said yes.
We hung out all weekend and the more I got to know Kyle, the more I liked him, and my friends thought the same of him.

Monday morning came, and there was Kyle with the huge stack of books again.
I stopped him and said, 'Boy, you are gonna really build some serious muscles with this pile of books everyday!
He just laughed and handed me half the books. Over the next four years, Kyle and I became best friends.
When we were seniors we began to think about college.
Kyle decided on Georgetown and I was going to Duke.
I knew that we would always be friends, that the miles would never be a problem.

He was going to be a doctor and I was going for business on a football scholarship.

Kyle was valedictorian of our class.
I teased him all the time about being a nerd.
He had to prepare a speech for graduation.
I was so glad it wasn't me having to get up there and speak Graduation day. I saw Kyle. He looked great.
He was one of those guys that really found himself during high school.
He filled out and actually looked good in glasses...
He had more dates than I had and all the girls loved him.
Boy, sometimes I was jealous! Today was one of those days.
I could see that he was nervous about his speech.
So, I smacked him on the back and said, 'Hey, big guy, you'll be great!'
He looked at me with one of those looks (the really grateful one) and smiled.
' Thanks,' he said.

As he started his speech, he cleared his throat, and began
'Graduation is a time to thank those who helped you make it through those tough years.
Your parents, your teachers, your siblings, maybe a coach...but mostly your friends....
I am here to tell all of you that being a friend to someone is the best gift you can give them
I am going to tell you a story.'

I just looked at my friend with disbelief as he told the first day we met.
He had planned to kill himself over the weekend.
He talked of how he had cleaned out his locker so his Mom wouldn't have to do it later and was carrying his stuff home.
He looked hard at me and gave me a little smile.
'Thankfully, I was saved. My friend saved me from doing the unspeakable.'

I heard the gasp go through the crowd as this handsome, popular boy told us all about his weakest moment.
I saw his Mom and Dad looking at me and smiling that same grateful smile.

Not until that moment did I realize it's depth.
Never underestimate the power of your actions...
With one small gesture you can change a person's life.
For better or for worse, God puts us all in each others lives to impact one another in some way.
Look for God in others.

You now have two choices, you can : 1) Pass this on to your friends or
2) Delete it and act like it didn't touch your heart.
As you can see, I took choice number 1.

'Friends are angels who lift us to our feet when our wings have trouble remembering how to fly.'

There is no beginning or end. Yesterday is history.
Tomorrow is a mystery.. But today is a gift. That is why they call it
THE PRESENT!

Wednesday, November 4, 2009

$8000 Homebuyer tax credit update

$8000 Homebuyer tax credit update…The tax credit has been extended!!!!

Under the law, individuals with income up to $125,000 a year and couples earning up to $225,000 may be eligible for the $8000 Homebuyer tax credit. The extension would cover homes under contract by April 30th and closed by June 30th, 2010. And as we had also predicted, the  homebuyer tax credit will be expanded to non-first time homebuyers as well. There are a few tweaks for non-first time homebuyers - the credit is reduced from $8000 to $6500, and they must have owned and lived in their primary residence for at least five of the past eight years. Their new purchase must be for their primary residence, not a second home or investment home.

This is a great deal for home owners who want to more up, downsize or get a job transfer.
The purchase price of the home is capped at $800,000 in both instances.

Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Military veterans earn one-year federal tax credit extension


Military personnel, members of the Foreign Service, and employees of the intelligence community
have an extra year, through June 2011, to buy their principal residence in the U.S. and claim the federal tax credit. The deadline for a binding contract is April 30, 2011; the deadline to close the purchase is June 30, 2011. The extension applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at period of least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
 
The bill also adds some fraud protection.  Buyers will now have to include proof of purchace with their tax return.

For more details:
http://www.irs.gov/newsroom/article/0,,id=204671,00.html

http://www.federalhousingtaxcredit.com/glance.php

How does all this work in my case?  Ask your tax professional/

Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
Taylor Place Real Estate
Buy or Sell a Home with Me, Use my Moving Truck - F R E E for life.
dennis@SanDiegoHomes4u.com
760-436-0087, or cell at 760-212-8225
http://www.sandiegohomes4u.com/home.htm

My Market Trends Report with graphs and charts for North Coastal San Diego will give you the Sales Statistics for the month and compare it with last year, by city!
http://www.sandiegohomes4u.com/RealEstateTrends.htm

You can view all available San Diego area homes for sale at http://www.sandiegohomes4u.com/MLS_Search.htm
You can search by address, by MLS number or by general criteria.

Providing quality Real Estate services in the North Coastal San Diego area including Del Mar, Solana Beach, Rancho Santa Fe, Cardiff by the Sea, Encinitas, Leucadia, Olivenhain, Carlsbad, La Costa, Aviara, Oceanside, Vista, San Marcos, San Elijo Hills, Escondido & San Diego County.

Saturday, October 31, 2009

Where are all the Foreclosures San Diego County?

Where are all the Foreclosures in San Diego County?

San Diego County has less than 600 Bank Owned Foreclosures or REO’s currently in the San Diego Multiple Listing Service (MLS). A year ago, we had over 3000 active REO’s.

There were 1063 and 1044 REO’s sold this June and July. There were 861 and 846 REO’s sold this August and September.

The sold prices for REO’s have been steadily rising in these months: $242K, $240K, $248K. $256K, $276K. That is a 13% increase in the last 4 months.

Of course, these are not the figures we hear in the media.

Why are there so few Foreclosures in San Diego County?
There are several opinions.
Banks are waiting till the prices go up.
Because of the TARP funds, they have been told to make Obama look good.
They are getting tax breaks.
They do not want to show the write-offs on their books. (Didn’t some banks report huge profits recently? Not the case if they report the “real value” of the assets. That will hurt their stock price.)

The best of the answers seems to be from Sean O’Toole of Foreclosure Radar, a Foreclosure tracking service. In his Blog http://www.foreclosuretruth.com/blog/sean he states that the lenders are getting more money from the Government (WE TAXPAYERS) by holding on, than they can get from the Foreclosure.

“I speculated that foreclosures had dropped primarily because of U.S. Treasury Secretary Henry Paulson's announcment to seek troubled asset relief for banks. The result being that banks are incentivized not to foreclose thanks to mark-to-model accounting changes, and an implied promise that the Fed or taxpayers will take bad loans off their hands at a premium if necessary.”


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Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
Taylor Place Real Estate
Buy or Sell a Home with Me, Use my Moving Truck - F R E E for life.
dennis@SanDiegoHomes4u.com
760-436-0087, or cell at 760-212-8225
http://www.sandiegohomes4u.com/home.htm

My Market Trends Report with graphs and charts for North Coastal San Diego will give you the Sales Statistics for the month and compare it with last year, by city!
http://www.sandiegohomes4u.com/RealEstateTrends.htm

You can view all available San Diego area homes for sale at http://www.sandiegohomes4u.com/MLS_Search.htm
You can search by address, by MLS number or by general criteria.

Providing quality Real Estate services in the North Coastal San Diego area including Del Mar, Solana Beach, Rancho Santa Fe, Cardiff by the Sea, Encinitas, Leucadia, Olivenhain, Carlsbad, La Costa, Aviara, Oceanside, Vista, San Marcos, San Elijo Hills, Escondido & San Diego County.

Wednesday, October 28, 2009

Senate plans to extend an $8,000 tax credit for first-time homebuyers

Senate plans to extend an $8,000 tax credit for first-time homebuyers and allow benefits for some people who already own residences.

The proposal would also let existing homeowners qualify for a $6,500 credit if they have lived in their residence for five years.

The homebuyers’ credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law.

The plan would extend the $8,000 tax credit for first-time homebuyers, due to expire Nov. 30, to home purchases under contract by April 30, 2010, with borrowers allowed another 60 days to close the sale.

It is not a done deal yet because it is tied to bill to extend unemployment benefits along with several other "pork" amendments. Fortunately, there seems to be little resistance to the home buyers credit. We will have to see exactly comes out of the bill.

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Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
Taylor Place Real Estate
Buy or Sell a Home with Me, Use my Moving Truck - F R E E for life.
dennis@SanDiegoHomes4u.com
760-436-0087, or cell at 760-212-8225
http://www.sandiegohomes4u.com/home.htm

My Market Trends Report with graphs and charts for North Coastal San Diego will give you the Sales Statistics for the month and compare it with last year, by city!
http://www.sandiegohomes4u.com/RealEstateTrends.htm

You can view all available San Diego area homes for sale at http://www.sandiegohomes4u.com/MLS_Search.htm
You can search by address, by MLS number or by general criteria.

Providing quality Real Estate services in the North Coastal San Diego area including Del Mar, Solana Beach, Rancho Santa Fe, Cardiff by the Sea, Encinitas, Leucadia, Olivenhain, Carlsbad, La Costa, Aviara, Oceanside, Vista, San Marcos, San Elijo Hills, Escondido & San Diego County.

Friday, October 23, 2009

760 Area Code must now dial 760 for all calls

760 Area Code must now dial 760 for all calls.

It changes tomorrow 10/24/2009!

From a land line you will need to dial 1-760-436-0087 to reach me.
From a cell phone you can dial 760-436-0087 with or without the "1".

You will also need to change all your autodialers for Area Code 760.

Notify alarm service providers of the appropriate area code + telephone number(s) so alarm service records and equipment can be updated as needed.

This will include your preset numbers in your cell phone, call forwarding, fax, modem and any other devices that you have that automatically dial a phone number.

Individuals can still just dial only three digits to call phone numbers such as emergency 911, 211, 311, 411, 511, 611, and 711.

Calls that were local before the area code change will remain local calls. The distance, time of day, and length of a call determine the price of a call not the dialing pattern.


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Dennis Smith, ABR, SRES, e-PRO, CDPE,Realtor® DRE# 00476662
Certified Distressed Property Expert
Taylor Place Real Estate
Buy or Sell a Home with Me, Use my Moving Truck - F R E E for life.
dennis@SanDiegoHomes4u.com
760-436-0087, or cell at 760-212-8225
http://www.sandiegohomes4u.com/home.htm

My Market Trends Report with graphs and charts for North Coastal San Diego will give you the Sales Statistics for the month and compare it with last year, by city!
http://www.sandiegohomes4u.com/RealEstateTrends.htm

You can view all available San Diego area homes for sale at http://www.sandiegohomes4u.com/MLS_Search.htm
You can search by address, by MLS number or by general criteria.

Providing quality Real Estate services in the N Coastal San Diego area including Del Mar, Solana Beach, Rancho Santa Fe, Cardiff by the Sea, Encinitas, Leucadia, Olivenhain, Carlsbad, La Costa, Aviara, Oceanside, Vista, San Marcos, San Elijo Hills, Escondido & San Diego County

Monday, October 12, 2009

San Diego Real Estate Market Report

San Diego Real Estate Market Report

The median price for San Diego County single family,
re-sale homes rose 2.4% in September compared to August.



Year-over-year, the median price was up 1.4%. This is the first time the median price has been higher than the year before since June 2006.

The median price for homes is now at its highest level since August 2008.

Home sales were up in September, gaining 6.4% from August.
Year-over-year, home sales were down 1%.
This is the first time since June 2008 home sales
have down compared to the year before. Year-to-date,
home sales are up 16%.

San Diego County Condo sales were up 5% month-over-month, and down 2.5% compared to last September.
Year-to-date, condo sales are up 17.6% but
prices dropped 8.9% from August, 09.

My complete on-line report is available here: http://dennissmith.rereport.com

Please contact me to see how this information affects your and your home buying or selling needs.

You can view all available San Diego area homes for sale at
http://www.sandiegohomes4u.com/MLS_Search.htm
You can search by address, by MLS number or by general criteria.


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Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
Taylor Place Real Estate

dennis@SanDiegoHomes4u.com
760-436-0087, or cell at 760-212-8225
http://www.sandiegohomes4u.com/home.htm


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Monday, October 5, 2009

Ways to Get or Increase Your Downpayment


Ways to Get or Increase Your Downpayment.  
It can be a maze.

1. Ask for a gift from any family member. Most lenders accept gift letters for your down payment.

2. Borrow the money from a family member. Many lenders accept family loans.

3. Borrow the money from a non-family member: employer, friend, Non Profit Group or Government. $8000 Tax Rebate but must be closed by 11/30/09

4. Borrow from your insurance policy.

5. Borrow from your stock account.

6. Borrow from your retirement account. Your home is a great retirement asset. Why not own one as soon as you can. http://www.brokeragentsocial.com/BobPhillips/blog/2981/

7. Borrow from your credit cards. Most lenders do not approve of this unless your down payment is over 20%

8. Get one or more unsecured loans from your bank or credit union.

9. Find a partner to buy with you: friend, relative or investor.

10. Find a co-signer. You and cosigner must qualify.



More Ways to Get or Increase Your Downpayment:

11. Finance or refinance another asset you have:
House, lot, boat, car, jewelry or ? you may be able to use that asset as collateral.

12. Sell an asset: Anything of value! Many people are getting great prices on Internet auction sites, the worlds largest free classifieds.

13. Trade something of value with the seller. One of your assets or your skills. (What do you do for a vocation or hobby that may be of value to the seller)

14. Get a second job. There can be significant tax benefits to an “in home” business, even if you live in a rental.

15. Ask the seller to pay for your down payment, closing costs or even pay off your debits. The presentation of this type of request is critical. You must show why it is in the sellers best interest to do so.

16. Increase the price so the seller feels comfortable paying your costs or debits.

17. Ask the seller to carry some or all of the financing.

18. Spend Less! Do you really need a Starbucks 1-2 times a day when regular coffee will work. Slim down those TV and Cell Phone packages for awhile.

19. It’s all about determining what is REALLY important to you. What are you willing to do to own a home and reap the tax, lifestyle, appreciation and equity benefits you will get?

If you can think of other ways to legally get or increase your downpayment, please let me know.

Dennis Smith  760-436-0087
Taylor Place Real Estate


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Saturday, October 3, 2009

Rates - APR - Points - Fees: How the Playing Field is Still "Crooked"

Rates - APR - Points - Fees: How the Playing Field is Still "Crooked"

This is a re-blog with permission from Steve Kappre, a Mortgage Planner with Treasury Mortgage


I talked to a client today who was shopping me against some other lenders. I don't blame people, and frankly if I think someone else has a better offer and they are legit, I advise "my client" so and have no hard feelings.


In the scenario today, said client was offered 4.5% with no points. I told him it wasn't possible, but lest I be ignorant, I dropped by this other lender's website. Indeed, the lenders website quoted 4.5% with no points and an APR of 4.878%. The website gave the assumed loan amount and purchase price. So I went and did the math. What did I find out? To make the rate and APR accurate, I had to add 2.25% in points ON TOP OF all of the regular fees (title, appraisal, etc.).

In other words, even though the quote was 4.5% with zero points, the TRUE cost was 4.5%, plus typical closing costs, PLUS 2.25% in additional fees/costs.
Please send me your Goofy Good Fake Faith Estimate!

There are several issues with this scenario

APR is supposed to HELP consumers, not confuse them. Clearly this bank (a large bank at that) is charging hefty fees instead of points. This brings us to our next point ...

Points are tax deductible costs - most other fees are not. Charging high fees in lieu of points is an injustice to the consumer. We see rates quoted with NO POINTS to make them look better to consumers. However the total cost is ultimately higher than a lender that is straight forward, charging the same dollar amount but in the form of points. A loan with the same cost in points (versus fees) is a far better deal, saving a consumer hundreds or thousands in tax deductible costs.

APR is "pliable" - Certain fees are calculated into the APR calculation, others are not. Do not assume lenders don't play with the "names" of fees to artificially lower their APR's. That doesn't seem to be the case in the above example, nonetheless keep this in mind.

Lastly, said bank WOULD NOT give the buyer a good faith estimate without having him apply for a mortgage. OK, not so crazy, but the good faith estimate would not be given for 3 days. And if the bank charged an application fee? That would just be another deceptive way to lure a consumer in and tie them to the bank.

Any lender should be able to offer you a good faith estimate (GFE) in a fairly short amount of time, 24 hours or less, allowing some time for when a lender is very busy. Assuming the lender is honest and accurate with their fees, you should be able to see the true cost of their offered rate. You should be able to see, as in the above scenario, that their rate of 4.5% with no points really has a lender fee of $4,119 (Actual additional cost based on their APR). This same week I had another rate shopper send me a goof good faith estimate with 1% in points and $2,100 in application fees. THIS IS NOT NORMAL or fair to you as a consumer, especially on a purchase loan.
I am not angry for losing business, because I didn't lose business. I am however angry because of the lenders and loan officers that mislead and deceive consumers who are just looking out for themselves by rate shopping. What we often see, is that many consumers that search the world over for the lowest rate, actually end up paying much higher costs via deceptive lenders. Consumers can be blinded by a low rate, not allowing them to see the true cost.

Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in
• All areas concerning NJ First-Time Home Buyer Mortgages, grants, down payment assistance, tax credits, and more.
• Reverse Mortgages
• Equity Management strategies for high-end homes and high net worth individuals
Contact Steve Kappre directly at 856-419-3561 or at http://www.stevekappre.com/

End of his Blog at http://activerain.com/blogsview/1266423/rates-apr-points-fees-gfe-s-how-the-playing-field-is-still-crooked-

_________________________________

My comments:  I agree with Steve completely!

This deceit is not just with online lenders although they have a higher percentage of problems. You can even see it at your local bank. A point dressed up as a fee still costs you money and most fees are not deductible.

This is why I use 2 local lenders who I know and trust to get the loan done right and charge REASONABLE fees.  Everybody deserves to make a fair living but not by deceit.

I have worked with both of these local lenders for over 8 years each.  They have both done an outstanding job with my clients which is why I continue recommending them.  Please call me for their contact info.  760-436-0087

Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
Taylor Place Real Estate
http://www.sandiegohomes4u.com/
dennis@SanDiegoHomes4u.com


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Tuesday, September 29, 2009

15-30 days left for $8000? First Time Home Buyers Scramble!


First Time Home Buyers may be too late for $8000 tax credit. 


The $8000 tax credit expires Nov 30th however, it currently takes 30 to 45 days to close an escrow.  That means you only have 15 to 30 days to get an offer accepted.

(Update - Credit has been extended.  You must be under contract by 4/31/2010,  The Senate Finance Committee and Capitol Hill in general, are not inclined to extend this program again. The National Association of Realtors, the lobbyist for this program, were cautioned that any discussion regarding a further extension of the program was not likely, and would certainly be met with opposition.)

I would not count on the extension.  Bernanke said the recession is over and we have started back to recovery.  Therefore, he states, we need to cut back on some of the stimulus money.  Will it mean the $8000 is gone - maybe?

See my Blog below from Monday, September 7, 2009 for more information on how to get your $8000 share of the Stimulus Money.

Call me now to set up time to see property and get you into your new home. 
          Don't be left alone on the fence.


Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
Taylor Place Real Estate
760-436-0087


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Monday, September 14, 2009

Furniture Fantasy Sale Sat., 8/26/09

Furniture Fantasy Sale Sat., 8/26/09 was GREAT!
Watch for it again next year


Have you ever walked through a Model Home and wished you could get a good deal on the furnishings in the home?  BIA can help.  The Building Industry Association of San Diego County has an annual fundraiser in a 23,000 SqFt warehouse full of great furnishings from Model Homes.

Well now you can. 
As much as 90% off retail.


You must be there early since people start lining up at 4AM. It is open at 8AM and mostly gone by mid morning.

OPEN TO THE PUBLIC
September 26, 2009
8:00am till SOLD OUT
Note: they made over $60K for charity this year - 2009.  Watch for it again in 2010.

FEATURING:

HIGH-END MODEL HOME FURNISHINGS

OFFICE FURNITURE, APPLIANCES

ACCESSORIES

CONSTRUCTION/REMODEL SUPPLIES

All sales are final and items must be removed that day!!!
Cash and Credit Card (MC, Visa, Amex& Discover) accepted

Dont miss the Furniture Fantasy Sale.
Visit: http://www.biacares.org/  for more information.
http://www.biasandiego.org/pdfs/Sales_Flyer.pdf

SALE LOCATION:
3574 Ruffin Road South
San Diego, CA 92123

Exit Interstate 15 on Aero
Go West 1 Mile
Location is one block south off Aero Drive

Follow the Signs!!!

ANOTHER GREAT DEAL!
After you are done there...if you have any money left...
go to the Habitat for Humanity ReStore for more bargains.
The ReStore is having a sale THE WEEK BEFORE on Sat 8/19/2009 to 70% off.
http://www.sdhfh.org/
10222 San Diego Mission Rd
San Diego, CA 92108
(619) 516-5267
 
Up to 70% OFF every Item: cabinets, doors, appliances, granite countertops, windows, lighting, plumbing, flooring, antiques, architectural items and more.

Proceeds to benefit construction of affordable housing in San Diego County.

Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
760-436-0087


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Credit Scores: What's Important to Know Now?

Credit Scores: What's Important to Know Now?

FICO  FICO  FICO  FICO 

Your good credit may be taking a beating even though your score has not changed. 
Lenders have tightened up the requirements by 120 points in some cases.

The Wall Street Journal had a great article on Credit and Credit Scores.  Here are some of the things covered there.
Paying off your cards each month may not give you the best score possible.
Taking advantage of reward cards may affect my creditworthiness.
One 30 day late will ding your credit for a year.
Your credit report stays with you for life.
The score I pay for or get for free may not be my real score.

Check out the article for more information at
http://online.wsj.com/article/SB10001424052970204348804574400700026852702.html#articleTabs=article

Your score does make a difference.
This is on a 30 year, $300K, fixed loan on 9/11/09
FICO        APR       Mo. Pmt.
760-850    4.768%    $1,568
620-639    6.357%    $1,868

Another interesting article from the San Diego Union Tribune talks about how much damage is done to your credit score with a Loan Modification, short sale, foreclosure or bankruptcy.

http://www3.signonsandiego.com/stories/2009/sep/13/nations-housing-kenneth-harney/?home

Want more info on credit scores, call or e-mail me and I can e-mail you more info.
Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
Taylor Place Real Estate  760-436-0087
http://SanDiegoHomes4u.com


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Monday, September 7, 2009

Too late for $8000? First Time Home Buyers Scramble!


First Time Home Buyers
may be too late for $8000 
The Government Real Estate Stimulus Package, first time home buyers tax credit of $8000 is scheduled to be gone on Dec 1st, 2009. A first time home buyer is someone who has not owned a home in the last 3 years. See the details:
http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Will the government extend this program? Do you want to take this risk when many are saying we are past the worst in the Real Estate market?

December 1st seems like a long way away, and it is, except in home buying terms.

With the changes in lending and appraisal, getting an escrow completed in 30 days can be very difficult. Many are taking 45 days to fund and close. That means we should be in escrow by October 15th. Preferably earlier if we find any inspection or appraisal problems and have to find another home to buy.

Here are the 7 things you have to do to make this happen for you.

1 Loan Approval – The first step and one of the most important. If your offer is to be accepted above the others, you must present the best likelihood to close. You will have to have a strong approval letter from a lender and documentation to back it up like proof of liquid funds and a copy of your credit report.

2 Watch the clock. You have about 5 weeks from Sept., 8th 2009 to get your offer accepted and you may have to write 5 to 10 or more offers just to get one accepted.

3 Be aware of the competition. Finding a home can be a challenge in this marketplace. The homes that you are looking for are the same as most other first time buyers are looking for. Competition is very high and will be even higher as the deadline nears. We are seeing multiple offers on all reasonable priced homes and on many homes that are over priced. Five to ten offers is normal and I have been in competition with more than 30 offers on some homes.

4 Know the market. Be ready to look at the lists you receive and be ready to write an offer immediately. That means you need to know what you are willing to accept for your first home. We will need to meet, discuss your needs and wants then see how they match up to the properties and prices that are currently available.

5 Be flexible and be realistic. Remember, this is your first home, not your only one. Maybe you can remodel or add on later, or convert it to a rental sooner than you planned.

6 Keep your credit in top condition by not opening new accounts, not closing old ones and keeping ALL the balances below 40% of your credit limit on each account at all times. The lender usually pulls another credit report near the end of the transaction.

7 Avoid Short Sales that are not approved, unless they have been Pending or Contingent for at least a month and preferably much longer. Consider these only as a last resort. Banks have been known to change their minds or even foreclose while in escrow on a short sale.

Call me at 760-436-0087 if you are a first time home buyer and want to get the $8000 tax credit while it is still here.

Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
Taylor Place Real Estate
Buy or Sell a Home with Me, Use my Moving Truck - F R E E for life.
dennis@SanDiegoHomes4u.com
760-436-0087, or cell at 760-212-8225

http://www.sandiegohomes4u.com/home.htm


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Sunday, September 6, 2009

Money Saving Tip for Home Buyers at SDG&E

Money Saving Tip for Home Buyers at SDG&E

Buying a San Diego area home?  Save money buying a home whenever you can.

You could save money when you buy a home by timing the start of your gas and electric service within one week of the meter read. This works especially well if the home is vacant, like bank owned REO's.  If it is occupied, you may want to ask what the monthly useage is, then decide.
SDG&E charges $15.00 for new service for each meter, gas or electric. If you are within 7 days of the meter read date, they could charge you as little as $5.00 per meter. When you call to start service, ask SDG&E if the meter reading is close enough to get a discount. 
 
Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
Taylor Place Real Estate
Buy or Sell a Home with Me, Use my Moving Truck - F R E E for life.
dennis@SanDiegoHomes4u.com
760-436-0087, or cell at 760-212-8225
http://www.sandiegohomes4u.com/home.htm

My Market Trends Report with graphs and charts for North Coastal San Diego will give you the Sales Statistics for the month and compare it with last year, by city!
http://www.sandiegohomes4u.com/RealEstateTrends.htm
 
You can view all available San Diego area homes for sale at http://www.sandiegohomes4u.com/MLS_Search.htm
You can search by address, by MLS number or by general criteria.

Providing quality Real Estate services in the N Coastal San Diego area including Del Mar, Solana Beach, Rancho Santa Fe, Cardiff by the Sea, Encinitas, Leucadia, Olivenhain, Carlsbad, La Costa, Aviara, Oceanside, Vista, San Marcos, San Elijo Hills, Escondido & San Diego County.


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Sunday, August 30, 2009

Foreclosed/bank owned homes, Short Sales and regular sales in the San Diego market

Foreclosed/bank owned homes, Short Sales and regular sales in the San Diego market .
All 3 are very different in the way they transpire, from the offer, to the transaction and sometimes even the closing. Each one has its advantages and disadvantages.
Regular transactions are usually the easiest and least trying for all parties. Communication is usually good between everybody involved…buyers, sellers, agents. You have a willing buyer and a willing seller. You have a home that is usually in good condition, often pride of ownership. Minor repairs have been made before they become major problems. And the sellers will usually take care of any major defects and some minor defects in the home before closing.

Bank Owned Properties, REO’s (Real Estate Owned - by the bank) or Foreclosed Homes are the next easiest properties to buy.  You can find them in all areas of the county but they are more prevelant in Oceanside, Vista, San Marcos and Escondido along with the South Bay and East county areas. There are currently only 648 bank owned foreclosures for sale in the San Diego MLS.  That compares with over 3000 a year ago.   Available Bank Owned properties make up only 7.5 % of the listings and account for 33% of the sales.  They turn quickly!

But you must follow very strict bank guidelines or you will lose your good faith deposit or pay a per diem of at least $100 per day, depending on the price of the home…and who caused the delay. The following are the guidelines that most banks require. They are all doable, but the buyer and the buyers team must be ready, willing and able to proceed very quickly.

· You will have to sign the banks addendum/counter if you want the home…read them carefully!!!

· 30 to 45 day escrow.

· 7 to 10 days to complete buyers inspections & investigations.

· 10 to 17 days for loan, appraisal & all other contingency removal.

· Seller chooses Title and Escrow services (often overworked and understaffed)

· Pre-Qualify or double apply with their lender (you can then use any lender you want).

· Require proof of funds for the good faith deposit check with the offer.

· May require a Cashiers Check for the deposit within 24 hours of verbal acceptance.

· Proof of liquid funds for any all cash offer – lines of credit or stock accounts are usually NOT OK.

· Offers contingent on the sale of the buyers property are not accepted.

· Time lines are strictly followed. The bank may cancel or charge you per diem if late.

· You often compete with other offers if the home is priced right. Overbids common on good homes.

· Make your offer based on the value, not to the list price. Banks sometimes under price homes.

· Bank asks for your “Highest and Best” offer. The best “net dollars” and best terms to the bank. In many cases, the bank will not return counter-offers after they have requested this. Sometimes they will not counter and just take the best offer.

· Banks & Trusts are exempt from most disclosures. Get a complete professional inspection.

· Banks rarely pay for Home Warranty policies and often do not pay for termite repairs/treatment.

· Properties are usually sold “AS IS” and they rarely fix anything or give a buyer credit for repairs.  If you want anything repaired or included, you must ask for it in the original offer.

· You get a front door key.   Garage door openers, pool, mailbox & Assn. keys (if any) are a bonus.

· Properties still show active on the MLS while you wait 1 - 14 days for bank signatures on verbally accepted offers. Yes, sometimes you will wait that long for the bank to get the fully executed contract to you, and they still want to close in the original 30-45 days. That’s tough on your lender.
We are seeing many multiple offers on the lower end of the market for both houses & condos. As many as 80 offers on one listing. Five to 10 offers is common. Investors have been seeing positive cash flows & they have been buying. There is a lot more money on the sidelines waiting for the “right time”.



Short Sales are the most difficult, uncertain and time consuming. They can take 1 week to 8 months before the bank responds to your offer, then another month to close. Sometimes they will never respond to an offer (even a good offer), or they can foreclose while you are in negotiations.  There are currently 1702 active Short Sales and 3927 contingent Short Sales in the San Diego MLS.  That makes up 36% of the inventory but only 20% of the closings

The bank may even come to the seller and do a “workout” during the negotiations, canceling your sale. They are definitely not short in time or emotion. An “approved” short sale can usually be done in 30 to 90 days. “Approved” means the underlying lender has accepted that they will take less than what is owed on the property and acknowledge that the seller has an acceptable hardship. Often that approval has a required price for the property. If you offer less than the approved price, that can mean a complete new package must be sent to the lender, causing an additional 30 to 90 day delay.
Short Sale buyers should make their offer and continue to look because they may never be able to buy the property until after the foreclosure. Rarely does the first offer get the home because they can’t wait for the bank.
Do not mentally move in. Many fail. Do not lock your loan rate or give notice to move.

Be patient and be prepared for the long haul. Status updates are infrequent.
Short sale properties often have deferred maintenance issues, some significant, as the sellers usually do not have the money or desire to keep the home repaired or upgraded.

Always have the home professionally inspected.
Properties are sold “as is” because the seller has no money and the bank will not pay.
Banks can come back and ask the seller or buyer to pay the back taxes, HOA dues or part of the second Trust Deed. Banks can ask the seller to carry a personal note (most sellers refuse).
Short Sales are not usually great, or even very good, deals. The bank asks the listing agents for comparable sales and, if the comparables are near the home value, usually sends out their own appraiser. Banks usually counter back at MARKET PRICE. They are a business that does not want to loose more money. If you get your offer accepted (1-6 mo. later), you still get to look at the current comparables and decide if you want the home before you spend your money on an appraisal & inspections.

In San Diego County, short sales currently make up over 50% of the available inventory (very location dependant – much higher in some areas/price ranges) but only 20% of the closings (6/30/09 San Diego MLS Stats).
If you are an investor & the property is in foreclosure & owner occupied, there are major rule changes that, if not followed properly, could hit you with fines &/or jail time. Ask me first!

A "Short Sale" can occur when the loans are more than the value of the property and the seller is "short" of enough funds to pay off the existing loans, taxes, HOA, closing costs and other obligations against the property. The seller requests the bank take an amount which is short of the amount owed instead of foreclosing on the property. The bank will consider a short sale if the seller has a verifiable financial hardship, and, the bank will get more for the property than it will in a foreclosure.

The bank is not obligated to do a Short Sale. The seller receives nothing from the transaction except debt relief.

When it is time to buy or sell a home, call me.  I am here to guide you through the transaction while avoiding the land mines.

Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
See my Short Sale and Foreclosure Avoidance Web Site at

http://HAFAShortSaleConsultant.com/
Taylor Place Real Estate
760-436-0087
dennis@SanDiegoHomes4u.com

View area homes for sale at http://www.sandiegohomes4u.com/MLS_Search.htm
Copyright © 2009


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