San Diego Real Estate: Short Sale, Foreclosure or Deed in Lieu?
July 1st, 2008 Categories: Mortgage News, Real Estate News, San Diego, San Diego Market Trends, San Diego Real Estate
San Diego’s mortgage meltdown has left many stressed and relocating homeowners wondering what to do. Should they just let their home go to foreclosure? Should they see if their lender will accept a deed in lieu of foreclosure? Or should they go through the uncertainties of a short sale on their San Diego home?
Fannie Mae’s recent announcement seems to provide some real clarity for owners of San Diego homes in default.
In a nutshell, avoid foreclosures, bankruptcy and deed in lieu of foreclosure if at all possible. It is far, far better to have a short sale–or a pre-foreclosure sale–as a resolution.
Why?
Under the Fannie Mae Announcement 08-16 (released 06/26/2008), short sales or those engaging in pre-foreclosure sales will be cleared to borrow on another home via Fannie Mae in two years from completion date of the short sale. This may be painful, but two years is far preferable to the alternative….
of 5 to 7 years if the home goes to foreclosure and 4 to 7 years if one opts for deed in lieu of foreclosure.
I am horrified that there are real estate agents advising people that there is no difference between a short sale and foreclosure–or that a deed in lieu of foreclosure may be preferable to either.
If homeowners were to follow this fallacious advice, our country’s real estate market would remain in the tank for at least another five years–and by that time we might have gone through an economic depression of epic proportions.
If your San Diego home is in default, please contact a qualified short sale specialist as soon as possible to help avoid the long-lasting consequences of foreclosure. The best buyer for your home is a cash buyer who is in a position to perform on short notice–at no cost to you.
We work with such a buyer–and are willing to forfeit any real estate commission on the sale to this investor group, because they will eventually turn around and list with us.
For additional information, call Mike or Roberta Murphy at 760-402-9101/9102.
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How Walkable is your San Diego Neighborhood?
June 28th, 2008 Categories: Oceanside, San Diego Communities, San Diego Real Estate
With San Diego gas prices going through the ceiling, interest is building for homes that are in walking distance to shopping, theaters, schools and other local destinations.
In the past, many of these properties were shunned by home buyers because of traffic noise and “urban noise.” These days, more and more buyers of San Diego real estate are asking about the nearest grocery store, and how close homes are to schools, parks–and train stations.
Noise is no longer the deterrent it once was.
A new site offers you the opportunity to check the walkability of your own San Diego neighborhood–or perhaps the one you grew up in across the country.
Curious about how walkable your neighborhood might be? Just go to: WalkScore
Now, think I’ll go walk the dog and consider the possibilities….
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San Diego Pre-Foreclosure Solution
June 23rd, 2008 Categories: Mortgage News, Real Estate News, San Diego Real Estate
There are thousands of San Diego real estate owners who are in various stages of mortgage distress and pre foreclosure. Some have had interest rate resets, making their mortgage payments unaffordable, while others have had life setbacks which might include job loss, divorce, medical problems–or perhaps even gas prices that are breaking bank accounts.
These are just some of the reasons we are seeing (and have seen) so many San Diego short sales and foreclosures this past year–and spend so much of our time trying to help homeowners in distress. Many are seeking short sale relief, where their homes are sold for less than what is owed on them–and for good reason.
Short sales in San Diego are preferable to foreclosure sales because:
1. Credit scores will not be so severely damaged because mortgage debt will be “settled.” The consequences of a short sale will be far less devastating on credit scores than a foreclosure.
2. The homeowner will be able to move out of their San Diego home on terms closer to their own, rather than having a sheriff doing it for them.
3. The homeowner is in a stronger position to negotiate with a lender in a short sale situation versus a foreclosure. Mortgage lenders do not want foreclosures and have no desire to be the owners of San Diego foreclosed properties. The homeowner may be able to exit their home with no judgment or 1099 trailing them.
Short sales, though, come with their own set of problems for Realtors and their clients. Offers from buyers end up on lender’s desks, piled high with dozens of files. It can literally take weeks to get a response to the buyer’s offer, unless, of course, one has an inside track to the lender’s decision makers.
We are now working with a substantial cash buyer of San Diego real estate who has successfully negotiated several hundred short sales with almost all major lenders. They have also been very successful at stopping foreclosures if adequate notice is given. We now intend to place all of our qualifying short sales with this buyer–who charges nothing to the seller or us.
It is truly a win-win solution for all San Diego homeowners in distress.
If you need a fast sale for your San Diego home or are in short sale or foreclosure territory, please give us a call at 760-402-9101/9102 and we’ll explore your alternatives.
And under no circumstances should you deal with anyone who tries to charge you for saving your home from foreclosure–or for handling your short sale.
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North County School Site Needed
June 23rd, 2008 Categories: Carlsbad, Encinitas, Oceanside, San Diego Real Estate, Schools
Sometimes it is good to write about something other than San Diego real estate, Rancho Santa Fe news or La Costa condos. Sometimes, it just feels good to see if there is a way to lend a little hand to the community.
This morning, for example, I heard Sanderling Waldorf School in Encinitas and Cardiff is losing its lease and needs a new location somewhere in North County.
Any ideas?
This north San Diego County private school currently needs around 4500 square feet, with room for 7 classrooms, a kitchen, offices and storage. It is anticipated that over the next four years, there will be a requirement for 6300 feet and 10 classrooms.
The ideal site would have room for two playgrounds: The preschool would be fenced with around 2400 square feet, while the elementary playground would have at least 4000 to 6000 feet.
Location?
Their current school community resides in the Encinitas area. Sanderling Waldorf School would consider sites from Del Mar,Carmel Valley or Encinitas in the South; to Carlsbad, Oceanside, Vista, or San Marcos in the North; and Elfin Forest, Olivenhain or Rancho Santa Fe in the East.
There is a current budget of $7000 per month. The ideal site would have a natural setting, with zoning and permits in place for a school.
Perhaps a church? Or perhaps a public school that is closing its doors in Oceanside? Hmmm…..
Think I’ll place a few calls–starting with Sanderling Waldorf School, Villa Sotheby’s agent Sandy Mirisch, and Main Street Oceanside.
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Rancho Santa Fe Real Estate Exchange Wanted
June 17th, 2008 Categories: Rancho Santa Fe, Real Estate News, San Diego Real Estate
Might we have a Rancho Santa Fe homeowner seeking over 100 beautiful and organic acres just outside Carmel in Northern California?
Very specifically,we have a Carmel Valley homeowner seeking Rancho Santa Fe real estate with a value ranging from $1.5 to 2.8 million. The property he is offering in return is a lovely 104-acre parcel planted with 380 organic citrus trees, acres of Zinfandel vines, two greenhouses devoted to basil and Whole Foods Markets, and a number of fat field-fed Angus cattle. Plans are also in place for a well-situated Tuscan Villa. Total debt is only $800,000 and the Northern California owner has close to $3 million invested in this prime real estate offering
It’s a long story (best told over a fine bottle of Zinfandel and a couple of aged organic Angus steaks), but this congenial Northern neighbor absolutely must get back down to Southern California–and Rancho Santa Fe in particular.
If you have a Rancho Santa Fe home and have dreams of a bucolic life outside Carmel and California’s premier wine country, please let me know and I’ll arrange for a proper introduction. Going one step further, if you have a fine home anywhere in San Diego and are interested in trading it for something more appropriate, just give us a call at 877-818-81979 or 760-402-9101. And if your property is located elsewhere and you want to exchange it for San Diego real estate, let’s talk see what we can do!
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