Real Estate Blog 
Response Time
Monday, March 15th, 2010 at 6:14pm. 29 Views, 0 Comments.
Making an offer on a home is an exciting time for a buyer and usually would like to know when they will get a response on the offer. Every situation is different but here are some ETA's depending on the type of sale.
Traditional Seller - By default of the Purchase Agreement, an offer will Expire in 3 days. But a buyer has an option to make it shorter or longer. For example, a buyer can have the offer expire the next day at 7:00 pm or next week at 12:00 pm. The sellers response has to happen before the offer expires.
Bank Owned Foreclosure - The average time the bank responds to an offer is 3-5 business days. I had one respond in 1 day and I had one actually respond in 3 weeks. But I have be averaging 3 business days lately.
Short Sale - It seems like…
Deal Killer!?!
Tuesday, March 9th, 2010 at 1:59am. 55 Views, 0 Comments.
After looking and making offers on many homes, you finally got one into Escrow. Everybody is happy until the Appraisal comes in. "What! The home appraised $25,000 less than what I am buying it for. What do I do?" This situation is happening a lot these day because of all the good homes with multiple offers and to win the home, buyers need to make a strong offer.
So lets get back to "what to do". One thing a buyer can do is cancel. But if the buyer really really really wants the home, the buyer can pay the $25,000 difference in cash because the buyers lender will only finance upto the Appraisal price. Another option is to renegotiate the purchase price or terms and conditions with the seller. The seller will consider this option because chances…
Websites To Know
Tuesday, March 2nd, 2010 at 2:44am. 48 Views, 0 Comments.
After doing a blog providing the website links to the FHA and VA complex approved lists, I thought of other websites that may be handy for buyers. Here are 2 website links for Schools:
http://www.schoolmatters.com/
http://www.greatschools.org/
Whenever I have clients ask me about the school system, I like to refer them to these websites. Both of these sites give information about the school and even some reviews.
Now here is a website link to get information on the amenities around a particular home:
http://www.walkscore.com/
Walkscore.com is a cool site where you can tell how far the grocery store, gas station, restaurant, etc... from a home. This is great if a buyer isn't familiar with the neighborhood.
Here is the website link to learn more about the…
FHA and VA Approved
Friday, February 19th, 2010 at 2:11pm. 99 Views, 1 Comments.
With FHA and VA loans being the most popular loans being used today, many condo buyers are wondering how to find out if the condo complex is FHA or VA approved. Easy, there are websites to look up if the condo complex is FHA or VA approved and here are the links.
FHA Approval Site: https://entp.hud.gov/idapp/html/condlook.cfm
VA Approval Site: http://condopudbuilder.vba.va.gov/2.2/frames.html
Really, the buyers Realtor and Loan Officer will be doing the research but if the buyer wants to check it out themselves, feel free to see these sites. Also keep in mind even though the condo complex is FHA or VA approved, it doesn't mean that particular unit is automatically approved too.
As for a Single Family Home buyer with a FHA or VA loan, there isn't a…
Mira Mesa Market Update - 2/16/10
Tuesday, February 16th, 2010 at 2:48am. 89 Views, 0 Comments.
Here is a Market Update for Mira Mesa.
Active Status
50 Detached Homes and 28 Condos or Townhomes
Contingent Status
45 Detached Homes and 50 Condos or Townhomes
Pending Status
67 Detached Homes and 62 Condos or Townhomes
Average List Price to Sold Price Difference (%)of Homes Sold in the last 30 Days
For Detached Homes - 15 SOLD Listings
Average List Price: $384,845
Average Sold Price: $397,926
Sellers are getting around 3% More from List Price
For Condos or Townhomes - 18 SOLD Listings
Average List Price: $226,277
Average Sold Price: $216,188
Sellers are getting around 4.5% Less from List Price
The statistic that stood out the most was for how much more the Detached Homes Sold for. Most people wouldn't expect to see that but that is how the market is right now in…
Scripps Ranch Market Update
Wednesday, February 10th, 2010 at 4:17pm. 102 Views, 0 Comments.
Here is a quick Market Update for Scripps Ranch. I love doing these because 6 months from now, I can look back at these numbers and compare.
Active Status
48 Detached Homes and 28 Condos or Townhomes
Contingent Status
18 Detached Homes and 30 Condos or Townhomes
Pending Status
47 Detached Homes and 32 Condos or Townhomes
Average List Price to Sold Price Difference (%)of Homes Sold in the last 30 Days
For Detached Homes - 15 SOLD Listings
Average List Price: $638,900
Average Sold Price: $622,166
Sellers are getting around 2.5% Less from List Price
For Condos or Townhomes - 12 SOLD Listings
Average List Price: $362,668
Average Sold Price: $357,125
Sellers are getting around 1.75% Less from List Price
If you have any questions regarding Scripps Ranch Real Estate,…
Pre-Qualified vs. Pre-Approved
Wednesday, February 3rd, 2010 at 2:55am. 125 Views, 1 Comments.
This will be a quick blog but I wanted to tell a brief difference of being Pre-Qualified and Pre-Approved. Basically being Pre-Qualified means the buyer told the Loan Officer his/her financial situation (debts, assets, income and down payment) without providing the documents which usually happens over the phone or internet. To get Pre-Approved, the buyer provided all those necessary documents, completes the Loan application and the Loan Officer runs a credit check. And that is the major difference. Pre-Approved, verified financial situation. Pre-Qualified, nothing verified.
Why should a buyer get Pre-Approved and not just Pre-Qualified? When a buyer makes an offer, the seller will take the buyer more seriously if he/she is Pre Approved because it is…
Contingent Status
Monday, January 25th, 2010 at 2:27am. 125 Views, 0 Comments.
In 2009, the Contingent Status was created for listings on the MLS. And the question I would always get is "what does it mean?" Well with Short Sales and Bank Owned Foreclosures dominating the market, having the Contingent Status helps show what homes are still available. For instance, if a Short Sale is in Contingent status, most of the time it means that the seller already accepted an offer which has been sent to their mortgage lender to see if they can Short Sale their home. From a buyers standpoint, a buyer can submit an offer as a back up. Now if you are asking why don't the Sellers Realtor just put the home in the Pending Status? Well the Sellers Realtor can't until the mortgage lender approves the Short Sale because the sale of the home is…
New Listing in Scripps Ranch
Tuesday, January 19th, 2010 at 2:52am. 77 Views, 0 Comments.
I just listed a condo/townhome in Scripps Ranch I want to tell you about. The property has 3 bedrooms, 2.5 baths and 1,335 Sqft. It features beautiful flooring downstairs with granite countertops in the kitchen, as well as a good size patio and attached 2 car garage. The master bedroom includes french doors which leads into bedroom #2. All appliances come along with the property and a water softener too. All this for only $399,000. If you are looking for a property in Scripps Ranch, this is something you should consider. If you have any questions, please let me know.
Here are some pictures:
Search all Scripps Ranch Homes For Sale.…
My 2009 Recap
Tuesday, January 12th, 2010 at 3:33am. 107 Views, 0 Comments.
Sorry I haven't been blogging lately but I have been really busy which I guess is a good thing. But here is a quick blog about what I saw in 2009 San Diego Real Estate.
In the beginning of the year, the inventory of homes for sale were still good and buyers still had the leverage on offering below the asking price. Also one of the other big topics is that the Banks are holding on to their Foreclosures which they will be releasing a flood of them into the market sometime in the spring. As we all know, the flood never came.
During the spring time, the $8,000 First Time Home Buyer Tax Credit was announced and in my opinion, it did get some buyers off the fence about buying a home. Also in this time, the inventory of homes are starting to get low and…