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San Marcos, CA Real Estate Market Report

Durrell Thomas — Thu, 04 Mar 2010 15:55:40 +0000

San Marcos, CA Real Estate Market Report for February 2010

With March upon us, it’s time to look at San Marcos real estate sales during the month of February and think about where the San Marcos real estate market is headed. But before we get to those finite numbers, it must first be said that the San Marcos real estate market is changing quickly, and what may be evident now may not be the case for March.

I guess we’ll have to wait until April to really know how things are shaping up in the first quarter of 2010.

The San Marcos Real Estate Numbers

In February, a total of 64 homes sold in the San Marcos community zip codes 92069 and 92078. The average sale price was $413,169 for single family homes. The average sale price was $280,812 for Attached homes. Now, here is the interesting part: In February 2009, 91 homes sold, but the average sale price was $338,614. While we have seen a 29.7 drop in sales volume, we also see a small increase in average sale price.

The average number of days on the market remained consistent between the two years with 74 days being the average in February 2009 and70 days being in the average in February 2010.

This data does not include any private sales nor manufactured housing; the numbers are derived from the MLS and are believed to be accurate but are not guaranteed.

California Foreclosure Statistics

A big influence in San Marcos and neighboring communities’ home sales are foreclosure rates. According to ForeclosureRadar.com, a company that tracks every foreclosure in California, San Diego County saw 1,861 notices of default in January 2010, which is down from 2,031 in December 2009 and down from 3,046, which was seen in January 2009. With fewer business days in January 2010 than December 2009 this number may not be too revealing, but it does show that fewer notices were issued in 2010 than in 2009.

However, delinquent payments continue to rise, which according to ForeclosureRadar means the “foreclosure problem will be with us for many years to come.”

Still Time to Buy

With home prices rising, now is the time to consider a home purchase in San Marcos and surrounding areas. Keep your eyes on short sales and other distressed properties to find your ideal home. We are still in a buyers market. more on that in the next post

Four Steps to Rebuilding Your Life After the Home Foreclosure Process

Durrell Thomas — Wed, 27 Jan 2010 16:39:17 +0000

Going through the home foreclosure process can be an emotional time for many San Diego families. No matter how stressful the experience, understand that you are in a position to start fresh and handle your home loan mortgage better the next time around. We know this to be true because we see our clients go through this process often.

Follow these four steps to rebuild your life after the home foreclosure process.

Step one – Patience is a virtue

With a foreclosure on your record, you will not be able to purchase a home for the next three to seven years, unless you can pay cash for a home. In the meantime, just be patient.

Step two – Become a renter

In an ideal situation you will have enough money in savings to pay for a deposit and two months rent. If you don’t have this kind of savings, then there are several programs in the San Diego metro area that can help, including these:

Step three – Repair your credit

A foreclosure could stay on your record for up to 10 years, which means your credit is likely in bad shape right now. You can’t change the foreclosure, but you can do other things to improve your credit, like paying off debt. If you feel a credit repair counselor or a lawyer will help you with this process, then ask for referrals from friends or even from San Diego Short Sales ASAP. Before you begin to work with anyone, always check the counselor’s credibility with the Better Business Bureau.

Step four – Learn from the home foreclosure process and build your savings

It’s important to continue paying off debt and repairing your credit, but it’s also important to have money set aside for emergencies, and of course, your future home purchase. Make it your goal to save 10% of your after-tax income.

If you’ve gone through the home foreclosure process and are ready to start again, contact us to speak with our home foreclosure specialists.

Mortgage Default 101: You’ve Been Notified, Now What

Durrell Thomas — Fri, 22 Jan 2010 19:49:51 +0000

According to a RealtyTrac US foreclosure report, close to 400,000 Californian homeowners defaulted on their mortgage and received foreclosure notices from January to June 2009, which was a 15% increase from the number of NODs recorded during the first half of last year.

What is a Notice of Default?

After homeowners have been delinquent in mortgage payments for a couple of months, a notice of default (NOD) is issued. In the state of California, you are given 90 days to bring due loans current after receiving an NOD by certified mail, and if you don’t bring your payments up to date, then a notice of trustees of sale will be issued. At this point, mortgage default is official.

What is a Notice of Trustees of Sale?

This notice serves to inform delinquent homeowners their properties will be put up for auction. The notice is published on the property and in a local newspaper once a week for three consecutive weeks. Homeowners will also receive a copy of the notification by certified mail.

What to Expect at an Auction?

A representative from the lending institution will conduct a public auction at the place stated in the notice of trustees of sale. The trustee’s deed will be handed over to the successful bidder once the total amount of the bid is paid. Payment has to be made in cashier’s check or cash immediately after the bidding is over.

Can You Prevent Any of This from Happening?

When your property goes to auction, it’s too late to save it, but you can prevent an auction by acting fast after you receive the NOD. Here’s how:

Using equity, you can try to refinance your mortgage
Work with your lender to modify your loan
Hire a San Diego agent to get you going on a short sale

If your mortgage is in default, the best thing to do is to consult a real estate expert at San Diego Short Sales ASAP. We look forward to hearing from you.

We at San Diego Short Sales ASAP realize you are in the information gathering stage of your purchase and we respect your privacy. Should you have any questions, please feel free to Contact us or call directly at 760-576-4357. If you or someone who you know could use are help contact us DRE Lic 01788274

3 Tips on How to Handle Pre Foreclosure

Durrell Thomas — Wed, 20 Jan 2010 16:13:54 +0000

Pre foreclosure begins after you have fallen two or three months behind on your mortgage payments and the lender issues a notice of default (NOD). Usually, you will have 90 days to catch up on your payments before foreclosure is official.

Instead of losing hope, you should take advantage of pre foreclosure and try to avoid actual foreclosure. Here are a few tips to do that.

Pre Foreclosure Tip #1 – Learn What You Can

Look for foreclosure prevention tips on the Internet or seek advice from relatives and friends who have gone through pre foreclosure themselves. SDShortSalesASAP.com as well as HUD.gov and FDIC.gov provide information on how to handle pre foreclosure. The goal is to become educated and make smart decisions.

Pre Foreclosure Tip #2 – Refinance or Modify Your Loan

If you have enough equity in your home, you may be able to refinance your loan. Ordinarily, you will need about 10% to 25% equity as well as a good credit record to get refinancing. Your chances of getting refinancing are also dependent on how far behind you are on your payments.

Another thing you can think about is a do-it-yourself loan modification with your lender. This involves changing the terms of the loan so you can get back on schedule again.

Pre Foreclosure Tip #3 – Find the Right Agent and Consider a Short Sale

One of the most effective ways to deal with foreclosure is to short sell your home. Here at San Diego County Short Sales we can help you negotiate with your lender for permission to do a short sale and then we can help you complete the sale too.

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Homeowners Per foreclosure is not the end of your home ownership. It’s only an opportunity to avoid a foreclosure, which is final

The San Diego Foreclosure Process – Don’t Panic

Durrell Thomas — Thu, 31 Dec 2009 02:15:19 +0000

Foreclosure impacts thousands of homeowners in San Diego County every year, and the process can be an emotional and financially difficult time for everyone involved.

Technically speaking, the term foreclosure refers to the termination of a homeowner’s right to redeem a mortgaged property, and it results in the transfer of full property ownership to the lending institution.

The foreclosure process usually begins when a homeowner fails to meet his or her financial obligations for home mortgage. After a certain period of time whereby the homeowner has not made payments, the lender will send a Notice of Default (NOD). The grace period for late payment varies from state to state, but in California the grace period is usually about three months.

The notice is a threat to terminate rights to the property if payment for the total amount owed is not made within a specified period of time. If you are still unable to make payment after receiving the NOD, the lending institution will proceed to put the property up for sale and you will be forced to leave your home.

Don’t panic if you receive a NOD. There are a number of things that you can do to keep your property. One of the best ways to deal with foreclosure is to ask your lender to reinstate your home loan. Explain to them politely that you were going through a rough patch for a few months, and you are now in a better position to meet your financial obligations. If they are considerate enough, they may allow you to make a lump sum payment or scheduled payments to reinstate your loan.

Another way to solve the problem is to look into a San Diego loan modification or try to refinance your home. If you have enough equity in your property, you can ask the lender to give you refinancing on the existing loan and the late payments will become part of the new loan.

Last, consider listing your property with San Diego Short Sale ASAP. Assuming you have not gotten too far into the foreclosure process, you may still be able to short sell your property and start new.

Breaking News 2nd wave of Foreclosures? or Did Obama see his Shadow?

Durrell Thomas — Wed, 11 Nov 2009 18:24:31 +0000

The government backed loan modification program is helping more people, but how much is unclear. The number of homeowners getting help from the governments massive foreclosure alternative program is growing, according to data released Tuesday by the Treasury Department, however it is too early to tell how many of these homeowners might still lose their property.

The administration will not release figures on completed modifications until December, however so far it appears that very few trial modifications are becoming permanent, often because of a lack of documents.

In San Diego county and nationwide Titanium Solutions Inc has been hired by mortgage servicers to go door to door gathering needed documents. “Most people got into loan with assistance” and need similar help with the modification process, said a Freddie Mac Senior Vice President Ingrid Beckles

Deciding Which San Diego Distressed Property Purchase is Right for You

Durrell Thomas — Tue, 10 Nov 2009 18:01:55 +0000

Distressed properties can be purchased at unbelievably low prices. If this is something that interests you, think about which type of distressed property purchase is the best option for you.

Foreclosure, short sale or REO (bank owned)

The most common type of distressed property in San Diego County is a foreclosed home. In this situation, the homeowner has failed to make mortgage payments and the lender has issued a Notice of Trustee Sale, which means that if the homeowner doesn’t pay up, the lender will receive rights to the home and sell the house.

Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney’s fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier’s check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in “as is” condition, which may include someone still living in the property. There may also be other liens against the property.

In the case of a short sale, the lender has agreed to accept an amount that is less than the total sum owed on a property, which means the homeowner is able to sell the house without any negative foreclosure mark on their credit. The homeowner is usually facing financial hardship and is really just looking for a quick house sale.

A short sale purchase may be a more profitable option than a foreclosure purchase, since you do not have to have cash to pay off the mortgage loan or clear any title issues after the sale. Additionally, the home seller is easier to work with, because they are eager to move on and start fresh.

REO properties,

Another type of distressed property is a real estate owned (REO) property. This is similar to a short sale property, except that the property already belongs to the lender due to foreclosure. REOs are often regarded as the best distressed properties to purchase, because the property is free and clear of all title issues.

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property “reverts” to the bank. It becomes an REO, or “real estate owned” property.

If you want to learn more about purchasing a distressed property or making a quick house sale in San Diego, contact San Diego Short Sales ASAP.

We at San Diego Short Sales ASAP realize you are in the information gathering stage of your purchase and we respect your privacy. Should you have any questions, please feel free to email us at durrell@oaktreerg.com or call directly at 760-576-4357. If you or anyone you know is looking to buy or sell a home, please note that we can provide detailed information.

Four Things You Need to Do Before Buying a Home

Tania Shanahan — Tue, 03 Nov 2009 15:31:42 +0000

Your first step is to home-ownership is to contact a loan officer who is referred to you by someone you trust. Buying a home is a big step and a big responsibility, so make sure you are dealing with people you can rely on to look after your best interests.

Be prepared for your first meeting or phone conversation with your loan officer by having your most recent pay stubs, most recent bank statements, and W2s and tax returns from the last two years handy. Having these items ready will help your loan officer to qualify you for the right purchase price and monthly payment.

It is also very important to review your average monthly income and outgoing expenses. Knowing how much money is currently coming in and going out will help you to determine what monthly payment you will be comfortable paying. You want to be confident that you won’t be overextending yourself when it comes time to pay your monthly bills at your new home. TIP—print out your last three bank statements and add up the amount of money that comes in and goes out of your accounts each month. Look carefully at what items you may need to cut out in order to afford a new house.

NO surprises when your first payment comes in the mail.

Be sure to ask your loan officer these important questions: How long is the interest rate fixed for? What are the terms of the loan you are offering me? How much will my down payment be? How much are your loan fees? What will my total closing costs and out of pocket costs be? What is the interest rate? What will my total monthly payment be? You need to be sure you clearly understand how much your total payment will be including your mortgage payment, property taxes, home owner’s insurance, and any HOA dues, mortgage insurance, or special property tax assessments.

Tania Shanahan

Loan Officer Prospect Mtg

Cell: (858) 248-3529

PS. Home prices in San Diego are affordable, and interest rates are still near historical lows. Right now is a great time to buy a home. As long as you are smart about your purchase and your mortgage, you will reap the benefits of home-ownership for years to come!!!

3 Things a Short Sale Provides That a Loan Modification, Refinance, and Foreclosure Can’t

Durrell Thomas — Thu, 29 Oct 2009 17:37:36 +0000

There are several alternatives to short sales including loan modifications, refinances, and foreclosures, each of which could benefit the home owner. At San Diego Short Sales ASAP we look at each client’s situation and recommend what’s best for their particular situation, but most often, we provide short sale help, and here’s why.

A Fresh Start

A foreclosure may allow you to walk away from your current home, but you do so with a large mark on your credit history. On top of that, Fannie Mae won’t approve you for a new home loan for up to seven years.

In a short sale you might be facing the possibility of foreclosure, but you haven’t gotten there yet. The goal should be to get short sale help before you are 60+ days late on a payment.

Peace of Mind

Refinancing your current mortgage can help to reduce your interest rate and bring your payments to a more manageable level. Likewise, a loan modification can lower your interest rate, alter the term on your mortgage, and lower your monthly mortgage payments. These may be options that change your mortgage situation for the better and allow you to remain living in your home, but is that what you want?

The responsibility of home ownership is a stressful experience for some San Diego home owners. With short sale help you can walk away from your home and move into a financially comfortable housing situation.

Cash in Your Bank Account

You might not make any money on a short sale, but you could save money by paying rent or purchasing a less expensive home. If your current home mortgage doesn’t allow you save money, contact San Diego Short Sales ASAP to find out how we can help with a short sale.

5 Things You Must Do Before Agreeing to a Short Sale

Durrell Thomas — Tue, 27 Oct 2009 16:58:41 +0000

All through October we are discussing short sales here at San Diego Short Sales ASAP; the timing with Halloween is no coincidence. Muwahahahaha.

We understand many home owners are fearful of short sales, because on appearances the process is daunting. But the truth is that you just need to have the right set of tools and the right San Diego short sale specialist behind you.

To help alleviate your fears over short sales, we’ve created this “must do list” of things you need to do before you agree to a short sale.

Understand that you won’t be making any money on the short sale of your San Diego home. However, if you don’t have any late payments, then you will walk away from a short sale without damage to your credit.
Hire a home seller who can complete a comparable analysis and determine the value of your home. Your lender will require a professional analysis to confirm your home’s value has declined in the last five years. (Our San Diego short sale specialist can help, just click here to find out how.)
Contact your home mortgage lender(s) to find out if they would consider you for a short sale and what documents and information is required.
Collect all the necessary documents the lender needs in a short sale package . If you can’t provide the necessary documents, your short sale will not be accepted. Cover that base before you get an offer.

5. Be willing to set a reasonable selling price. Lower is not necessarily better in a short sale, even if you think it will help sell the house quicker. Banks understand home values and the sales process; work with them, not against them.

Check back with San Diego Short Sales ASAP next week when we discuss how short sales compare to the alternatives.