Nice 5 bedroom home in Eastlake Greens. One full bed and bath downstairs. There is a large yard as well as a large side yard that belongs to the hoa....
Great single story on a cul de sac. Close to association pool and parks. Amazing upgrades too numerous to list but tiled flooring throughout, granite kitchen countertops,...
Many of you out there who are students of the housing market or at least have kept up with the general themes know a few universal truths. One of them and the topic of my blog is: Short sales; no longer painful, slow and are now a viable quick option to your housing crises.
Until recently Short sales were a night mare. I am a well trained agent and at a Bank of America Seminar, we found out some new information on short sales. Banks are speeding up their approval process which also has been uniformly adopted by all banks. This speeds up the process and gets you the client an answer to your situation of having a distressed home. Below is some bullet points that if you follow, will really give you a weapon to help you get out from under your home which is terribly upside down.
1- Please utilize a full time agent. Someone who is in the office every day and not working another job. Banks want you to perform certain tasks quickly and correctly and doing so moves your file along faster. You the owner want your home sold, that is it! So why use an agent that works weekends or sells one home a year. Use a trained, experienced agent who is answering his/her phone at all times of the day.
2- Call the bank and exhaust all loan modifications or attempts to adjust the loan. Any step a bank may require prior to doing a short sale. This gives the agent the knowledge that it is ready to be placed on the market as all other means of retaining the home have been exhausted. If you purchased your home FHA then this is a requirement the MUST be explored before any debt settlement will be approved. Exploring these options first, keeps your HAFA relocation money intact. The bank will give you relocation money upon close of escrow under certain parameters. Your seasoned R.E. Dillon agent will know the requirements or simply call me. 619-279-6311.
3- Often times when people get behind on their payments they begin to throw letters from the bank away. PLEASE DON’T. Utilize a shoe box and throw all letters from the bank in the shoe box as well as a copy of your monthly bank statements and pay stubs. You make your agents job much easier and he/she will know if there is any Notice of Default/Notice of Trustee sales recorded on your property. It also speeds up the whole process as you are organized and not supplying your agent with information piecemeal.
4-Full disclosure by the owner to the agent. You will need to roll up your sleeves and get dirty! You will need to provide any and all papers or statements or financial information your agent ask for and do it in a timely manner. Your agent is doing there job to get your short sale approved and they need to know everything about you financially so as to minimize financials.
Remember, Help us Help You! We agents did not create your hardship. For one reason or another, this is a predicament that created by the homeowner. Help the agent find the root cause of the hardship, exhaust all retention options, reveal everything to your agent that is financially relevant and you will be able to sell your home short. The banks do not want to foreclose and have fully staffed their short sale departments. Call a Realty Executives agent today to work with you on your distressed home loan.
I have thought long and hard about this forthcoming blog as It is not my intention of scolding or hurting anyone’s feelings. However at the same time, I must tell those of you who are looking to buy a house or are looking to find an agent. Please be respectful of what we do and do not play roulette with agents. Instead pick one out whom you are comfortable with and have them help you find a home.
Many agents can regal you with stories of buyers using someone else to buy there home. It happens so often that the industry has a deleterious term for those buyers. The point of this blog is to let you the buyer know that we agents live on our commissions. We don’t work a 40 hour pay period and then go pick up our check every second friday. Most agents in my office work long hours trying to help people find or sell their homes. Then at the last minute have someone else do the contract. It isn’t right. You wouldn’t do that to your dentist, cpa or even your car mechanic.
I had a gentleman come into my office last week with a series of serious issues much of which involved real estate. I sat down with him and worked out a game plan and a course of action. We determined to contact each other a week later to begin the plan once a few others parts of the plan fell into place. I called him and he told me he wrote an offer with another agent. I did all the work and the other agent gets the paycheck. Does anyone out there feel that is how they would want to be treated? I’m guessing not.
Sometimes clients and agents don’t hit it off and the chemistry is not there. I understand and most agents do as well. Be up front and tell someone right away that you are going another way. It still hurts but you minimized the amount of time that agent could have been using to assist someone else. At Realty Executives/Dillon are agents are skilled at working with all people with all their myriad of situations. Stop by or give us a call, we look forward to working with you!
As of the 8th of March, 2012 FHA loanholders are going to be able to do a streamline refianance without mortgage insurance. Streamline simply means you don’t need an appraisal and often do not need income verification.
There are lots of people out there with lots of FHA loans with rates much higher than what is current for a 30-yr note (3.75%). The problem is that that most of these homeowners cannot re-fi because FHA requires that streamline refinances to provide a 5% savings to the borrower- the sum of the new mortgage payment, taxes, insurance, and mortgage insurance also known as (PITI) must be 5% or more lower than existing PITI. This target cannont be reached from loans generated in the last couple of years as these loans were done before the FHA increased mortgage insurance to the existing formula: 1 % up-front mortgage and 1.1%-1.5% for annual mortgage insurance. So even with the new rates now, the new PITI doesn’t provide the 5% benefit needed to qualify for the streamline refinance.
The new announcement today changes the up-front mortgage to .01% and .5-.55 for the annual mortgage insurance. This should make most people qualify and attain the 30-yr fixed loan hovering around 3.75%. The final caveat on this refi plan is that you must have originated the refinanced loan prior to June 1st, 2009. Please contact your Executives home loans or Bank of America lender for more information. You can always call me as well as I specialize in Listening. 619-279-6311
Even though we are lucky to live in Southern California, those of us who live in older homes still feel the cool air of Old Mother Winter. The best way to fight these chilling effects is to limit the opportunities for this cool air to adjust your homes thermal efficiency. The two major ways a home loses heat: conduction and infiltration. Conduction is heat transfer through materials, and infiltration means air is moving through cracks and joints. These are the areas you should focus on when weather proofing your home. A simple commitment of time, energy and some basic supplies can address these fixes. Windows and doors are “moisture vapor exits” and using caulking on the underside of these exits is essential. The next section has the five steps necessary to help correct this thermal loss.
Address the Foundation- Masonry settles and wood swells and shrinks depending on temperature. Over time, a home’s foundation is affected by this subtle shifting and may crack. This is common and should be addressed before you have to resort to caulking up the air leaks.
Replace or Install Weather-Stripping- Weather-stripping seals air leaks around movable joints like windows and doors. Inspect the existing weather-stripping for bent or missing sections and repair. Common types are rubber, felt, foam, vinyl and metal.
Put a Damper on Heat Loss- Check the fireplace damper; you can close it off and limit heat loss when a fireplace is not in use. Remember to open it up again if you decide to enjoy a fire or you’ll soon be smoked out.
Insulate Unheated Crawlspaces- Properly insulating crawl spaces, in combination with air sealing and controlling moisture will save your energy costs and increase your comfort in your home. How to insulate your crawlspace depends on whether it is a ventilated or nonventilated. Consulting an expert before insulating as it can be an involved process and hazardous if not done properly.
Don’t Forget to Look Up- Wherever your house has penetrations like pipes, vents, hatches or recessed lights, there is an easy venue for air movement. Focus your efforts of sealing those areas up. Larger areas can be sealed up with plywood or pressboard and smaller areas like joints; crack should be sealed up with caulking suited for that type of material.
Remember to always consult your experienced Realty Executives/Dillon agent as they have the expertise and can provide you with a local professional to help with weather proofing your home. Contact Jason @ 619-279-631 for more information.
On first thought, closets can appear to be an insignificant factor in the homes main selling features. A home must have storage as people need to store their food, cleaning supplies, and their clothing. Even your old high school year book and grandma’s jewelry bequeathed to you must be stored somewhere. Buyers nearly always will comment on a homes closet space and homes that have adequate, organized closets draw more attention and increase the chances of a homes successful sale.
The first thing to do is to get rid of all the clutter. We are all guilty of storing our “valuables” and old clothes in the closet that we no longer need. This makes the closets look overburdened and ready to burst. This is a turn-off to buyers. Sell your old clothes or take them to your local thrift store. I can assure you that you will never miss items and your closets will breathe new life. Now organize your closet
Buy storage boxes and sort and store items by size and place in the boxes. Color block your clothes and group like items. Place your seasonal clothing in the garage in some of the same storage boxes you are using in the closet. Place your shoes on shoe racks. All those shoes scattered around or simply placed on the floor takes away the prospective buyer from seeing the floor. Add shelving and racks. It is amazing the difference your closet will transform into with some inexpensive shelving from your local hardware store. A drill and screwdriver can make installation easy and creates wonderful patterns. Use this same strategy on all your closets and even your pantry in the kitchen!
Depending on your budget you can even install some fancier custom built units that can wow a buyer and put your home on the top of many buyer’s lists. Walk-ins are a key selling point and upgrading the lighting will maximize the potential in any closet space. You want to buyer to see the true size and functionality of the space and not overwhelmed by your families collection of junk. If you need to keep Aunt Edna’s hope chest, put it in the garage!
Recently in Real Estate circles, agents have been wondering where all the Foreclosed properties are on the market? It seems that the available properties are either Short Sales or a more traditional sale where the seller has some equity.
Well after a year of negotiations between the banks and the state and federal governments there has been a monumental agreement reached. Five of the Six biggest banks have agreed to pay$26 billion dollars in foreclosure abuses and practices that caused the state attorney generals to level lawsuits on behalf of delinquent homeowners who have been improperly handled by the banks.
This settlement will help thousands of homeowners, but it will also bring in a new wave of foreclosures. 2011 had a 34% drop in foreclosure filings due to the uncertainty involved in these ongoing negotiations between the banks and the fed/state governments. This year new filings will go as high 2.5 million this year. The agreement is going to allow the banks to foreclose in a more orderly fashion with the tacit blessings of the local governmental bodies. In our market this is a good thing as foreclosed properties do not drive down the market as they do in other parts of the country. The government now needs to step aside and let these toxic assets work there way through the housing market and place homeowners on a quicker track to a healthier market.
For many people today, homeownership is a distant but hopeful dream. A plan that seems distant in this turbulent unreliable market we find ourselves in. The transition from being a renter to an actual owner can seem daunting and impossible. However, this article delivers a path to plan ahead and budget with the goal of homeownership in this buyer’s market.
Private Mortgage Insurance- When you purchase a home with less than 20% down , you will have insurance placed on your loan called PMI. This protects the lender in case a homebuyer defaults on a loan. As equity builds up on your home, the PMI will go away.
Taxes- Property taxes in California, as everywhere else, generate monies for local and county governments and the school system your home resides. This cost varies across the county but here in San Diego County, it’s 1.25 percent of the homes assessed value.
HOA Fees- Homeowners’ Association fees can add hundreds of dollars to your monthly expenses. These fees go to pay for maintenance of common areas like parks, pools, sidewalk, streets etc. They also establish some rules on what can be done to your home or other areas owned jointly. Some owners may prefer more freedom with their home. Once the neighbor paints his/her house bright red or leaves a car on blocks in the front yard, they may rethink their position. An HOA does bring conformity to an area but it does help to maintain a home’s value.
Homeowner’s Insurance- A homeowner with a bank lien on his/her property also has insurance. The exact amount you pay depends on what part of the country you reside. Older homes can cost more as repairs are a persistent possibility. Homes along canyons or surrounded by foliage can be dangerous due to a fire hazard and may increase the costs to insure. Some insurance companies simply will not offer a policy if it deems you to be in a high-risk area.
Utilities and appliances- When renting, many renters do not consider these costs as the landlord generally fixes appliances when they breakdown. However, a broken furnace, water heater, or even a range can be quite costly. A dishwasher replacement alone can be over $300 dollars. It is advisable to set aside a household repair fund and do your best to avoid using it for other creature comforts. You’ll find it’s very helpful IF and When something breaks in your home.
Inspections, Appraisals, and Closing costs- Many buyers may budget for the closing costs of a home purchase but there is a home inspection and appraisal that will need to be paid by the buyer. You do not want a seller to pay for these in any situation. The majority of your closing cost will be what you are paying the lender to do your loan, your escrow costs, and a title policy on your home. This cost can come to nearly $10,000 dollars on a basic purchase in Southern California. Your offer will be stronger if you are paying these fees yourself as opposed to asking the seller to pay them.
To hear more about the costs of home ownership as well as the benefits, please contact your Realty Executives/Dillon agent who is qualified and competent in these matters. You can contact Jason @ 619-279-6311. Remember, “I Specialize in Listening!”
Well 2011 ended with a mixed bag for the housing market. The Median price dropped from a year ago but sales rose during the year-end rush to close. It’s normal for sales to spike during November/December as investor’s want to close their deals before the end of the year for tax purposes. This affected the market again in 2011 which had a heavy investor presence, lots of activity in the sub-$300,000 dollar market and lower than normal homes sales. However the new home market did help to bolster homes sales overall.
So what lies ahead for the housing market? Statistical and historical trends would suggest we have turned the market towards prosperity and an upward trend. The market now offers rock bottom mortgages, a shrinking supply and record affordability. Pent up demand and the constrained supply all suggest a modest rise in value. Especially in most areas of San Diego/Chula Vista’s south bay area. It is an area of high desireability which aids in home values.
There is also a school of thought that suggests the price-income ratio that has been affordable recently will increase and that will impact low and middle incomed families as they try to enter or re-enter the housing market. Finally short sales are still a problem. They don’t sell quickly and you have to deal with a third party. There are lots of homes out in the market that are six months or more behind on their payments and have still not been given a notice of default. These shortsales homes that have a large association and Mello-Roos
Home sales prices in 2012
fees may still have to fall in value to be a viable purchase. I cautiously suggest that the market will see a slow and stubborn increase of 2-4% on the year.
Believe it or not in this market, Listing agents are beginning to receive multiple offers on our well priced listings. Bank foreclosures and short sales are now receiving offers as the market conditions are such that buyers are emboldened and writing several offers in the hopes of attaining a good price on a home. Financing terms are helping to drive this surge of offers and slowly real estate agents are seeing a reduction in inventory. That’s a good thing.
For years agents have been under the impression that we could not discuss with buyer’s agents the terms of other offers we had received. We could only give hints and suggestions as to the terms of competing offers. This frustrated buyers to no end. Well what is the rule on this? My broker, an experienced and knowledgeable agent herself, has been telling us that one of our first requirements is to, “protect and promote the interests of our clients.”
I did my own homework and double checked my boss who is usually right. I looked in the Standard of Practice book for Realtors. Rule I-15 addresses this issue, “Realtors, in response to inquiries from buyers or cooperating brokers shall, with the sellers’ approval, disclose the existence of offers on their property.” Additionally the terms of offers can be disclosed to competing buyers or their agents by sellers or seller’s representatives unless their is a law specifically prohibiting this disclosure. I checked and there is not such a law.
We as agents, selling our clients assets, should strive to get the most we can for them as that is our fiduciary responsibility. Telling an agent of the terms of another offer can only help our clients get the most they can. At Realty Executives/Dillon this is all a part of our daily work, to best represent our clients. Should you be considering selling your home, know that I will strive to do my best in representing your best interests. This is standard in all our well trained agents at Realty Executives. Please stop by our office in the Eastlake shopping mall and ask for Jason. Let my experience and hard work ethic be put to use for you.
This property has it all! Nearly 2,700 sq.ft. with an all beige tiling throughout. Stone concreted driveway and single car garage. Located on a cul -de-sac with views to the west enjoyed while utilizing your large patio with built in … Continue reading →
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