August 2009

Mira Mesa Foreclosure For Sale

Monday, August 31st, 2009 at 4:40pm. 223 Views, 0 Comments.

A new Foreclosure listing in Mira Mesa my office listed last week I want to tell you about.  It is a condo with 2 bedrooms, 1.5 baths and 884 Sqft which features an appealing open floor plan, convenient central location with easy access to the I-15, new paint, numerous modern amenities and more. Also this condo was actually a condo conversion a few years ago.  All this for only $182,850.  So if you have any questions or would like to view the condo, let me know.  This is a great opportunity to own a condo at a spectacular price.

Another Hurdle for FHA Loan Buyers

Thursday, August 27th, 2009 at 3:16am. 216 Views, 0 Comments.

According to HUD Letter 2009-19, FHA spot approvals will be going away 10/1/09.  If you don't know what is a FHA spot approval, well basically if the property that you are buying is in a complex that isn't FHA approved, you can request a FHA spot approval.  Most sellers don't like it because it makes the escrow longer and might be a waste of time for them.  But as of 10/1/09, that option will be gone.

Also any complex that was FHA approved before 10/1/2008 will come off HUD's approved list and will have to be REAPPROVED.  And the turn around time to get a complex approved is estimated 8 weeks!  Now, if you are a FHA buyer and is already frustrated with complexes not be FHA approved, the properties you are looking at today might not be approved in a few…

So What's Going On With San Diego's Real Estate Market

Wednesday, August 19th, 2009 at 3:26am. 275 Views, 0 Comments.

The inventory of homes for sale is still really low.  For the past 6 months or so, banks have been saying that they will be releasing their Bank Owned Homes into the market soon but it's just a few of them every now and then.  Many buyers right now are getting really frustrated because of the low inventory and multiple offers on the properties for sale.  Especially with the $8,000 First Time Homebuyer Tax Credit is going to expire soon and the Mortgage Rates are low, they are being really aggressive with their offers.

Speaking of mortgage rates, some Loan Officers are saying the rates are expected to be low for a few more months then will go up so if you are looking to buy soon and haven't got Pre Approved, let me know and I can refer you to someone who I…

Heads Up for Buyers with a FHA Loan

Thursday, August 6th, 2009 at 3:51am. 247 Views, 0 Comments.

One of the popular loans right now is a FHA (Federal Housing Administration) Loan because of the low minimum down payment requirement of only 3.5%.  But the catch is the property you buy has to be FHA approved.  Meaning the property has to be within FHA property requirements like having range/stove in the kitchen.  If there isn't one, either the buyer or seller (depending on the agreed terms) will put one in before the Close of Escrow.  And for condos, the condo complex has to be FHA approved, if not, you can not buy it. 

Another thing with Buyers with FHA loans, if you are looking for a condo, you will probably have more competition for a condo versus if you had a conventional loan.  The reason I say that is because since FHA loans are very popular and…