HARP 2.0

What is HARP 2.0?  HARP 2.0 is a Mortgage Refinance Program that allows home owners to refinance to the current low interest rates even if the home has little or no equity.  Here is a quick example, a home owner owes $400,000 but the home is worth $325,000.  Now typically the home owner cannot refinance because the Loan to Value is to high but with HARP 2.0, this home owner can. President Obama announced this program last October but the banks guidelines for HARP 2.0 just came out a few weeks ago (March 19, 2012).

What are the guidelines for HARP 2.0?  I was told it is just like applying for a refinance but the mortgage loan has to be owned by Fannie or Freddie.  If you don't know if Fannie or Freddie owns your loan, I can look it up.  As…

If you are planning to buy a home in San Diego and you have kids, schooling is an added factor on your home search.  So here are some websites that have ratings for schools in San Diego.

http://school-ratings.com/cities/San_Diego.html

http://www.greatschools.org/california/san-diego/

Just like what they say in infomercials, "results may vary" but by researching these websites, you will have a good idea on which school you want your children to go to.  Other websites you can visit is the school districts website and the actual schools website.  The best way to find them is just to google their name (ex. Poway School District).

I hope these websites help.  Have a great day!

Selling your home in a bad economy can be tough but here are 5 ways to improve your chances on getting your San Diego Home SOLD.

1.  Create Curb Appeal -  The first thing a buyer will see is the curb appeal of the home.  Having a nice curb appeal will give a buyer a positive vibe about the home before even entering the home.

2.  Remove Clutter -  Having clutter will make the home feel small.  A quick clean up can make a huge difference.

3.  Light and Bright -  During a showing or Open House, having the window blinds open and the lights on will show the home beatifully.

4.  Easy To Show -  Having access for buyers to view the home is important.  With time restrictions, it can take away some buyers from seeing the home.

5.  Pricing - …

A Blog about VA Loans by Shelly Heimer with The Lenders Group

VA guaranteed loans are made by lenders and quarantined by the U.S Department of Veterans Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan.

VA does not require a down payment and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

Other benefits of a VA loan include:

• Negotiable interest rate (IRRL)
• Closing Cost Comparable – sometimes lower –than other financing types.
• No private mortgage insurance
• Right to prepay loan without penalties
• Mortgage can be taken over (or “assumed”) by the buyer when a home is sold.
• Counseling and…

Home inspections are very important these days.  I am not saying they weren't important before but with Short Sales and Bank Owned homes on the market, who knows what happened in those homes.  Here's a quick explanation.

Short Sales - Typically when a home owner plans on Short Selling their home, the owner usually stops doing the common home maintenance because it wouldn't make sense for the owner to put more money into a house that they will lose.

Bank Owned Homes - Banks are exempt from some disclosures because they don't know the condition history of the home.  Also some home owners might damage the home before leaving.

When you get into Escrow, the buyer usually has 17 days to do their inspections.  Some Banks will only give you 7 or 10 days. …

I recently just listed a beautiful home in Escondido.  Here is a quick description and some pictures.

Great opportunity for a 3 bedroom, 2 baths, 1,107 Sqft home in Escondido with a huge lot!  The home features dual pane windows, vaulted ceiling in the living room, ceiling fans in the bedrooms, RV Parking, fruit tress and much more.  The asking price for this home is only $240,000.  If you have any questions or would like to preview the home, please let me know.

Paul Caparas - Broker Associate, Realtor   858-349-2390  

Quick Link:  Search Homes For Sale

A few months ago I decided to upgrade www.PaulCaparas.com so San Diego Home Buyers and Sellers can easily navigate this site and get the information that they want.  Now it is done, you are probably asking "whats new?".  Well here is a list of the new features.

- New Design

- Cleaner look/format to easily navigate the site

- You can enlarge pictures on the listings details page

Regarding the Home Search Options (www.paulcaparas.com/idx/)

-  Search by Subdivison (ex. 4S Ranch, Bernardo Heights, etc...)

-  Search by Bank Owned

-  Search by Short Sales

- Search by New Listings (ex. Listed Today, 1 Day ago, 7 Days ago, 30 Days ago)

- Search by only Active Homes

- Search by only Contingent Homes

Well I hope you will like the new site.  If you…

I just listed 11156 Beaton Court in Mira Mesa I want to tell you about.  Here are the details.

5 Bedrooms

2.5 Baths

2,138 Sqft

Stunning Mira Mesa home for sale featuring a recently remodeled kitchen and upgraded flooring downstairs.  A huge backyard with fruit trees and a pool that is perfect for entertaining.  Close to parks, schools, shopping, restaurants and more.  All this plus beautifully situated on a cul-de-sac.  Asking price is $479,000.

 If you are interested or have any questions, please let me know.

Paul Caparas, 858-349-2390

Lets say you made an offer on a San Diego Home and then it gets accepted.  Well that starts day 1 of Escrow as well as day 1 of the Contingency period.  So how long is the Contingency Period you ask?  By default on the California Residential Purchase Agreement, the Inspection, Appraisal and Loan Contingencies is 17 Days (also negotiable).  So during those 17 days, the inspections will be done, disclosures will be reviewed, Appraisal will be done and the Loan will be fully approved.  Now if a buyer won't be able to get a Loan, home doesn't Appraise or isn't satisfied with the condition of the home from the inspection or disclosures, the buyer may cancel the deal during the Contingency period and will be able to get their deposit back from Escrow as…

Ok, so you found the home of your dreams and ready to make an offer.  Should you try to negotiate for a lower price, offer the asking price or even offer more than the asking price?  Well here is a little to do list so you can figure out the best strategy on getting the best price for your dream home.

-  Look at the Comps.  This is obvious but some buyers don’t do it.

-  Look at how long the home has been on the market.  If the home has been on the market for a while, chances are the seller is starting to get worried and probably ready to negotiate to get the home sold.

-  Ask the listing agent (or seller if it is FSBO) what is the motivation for selling the home.  Chances are they won’t answer that question but they might.  It doesn’t…