San Diego Real Estate Blog 
Another Hurdle for FHA Loan Buyers
Thursday, August 27th, 2009 at 3:16am. 217 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. 248 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…
Chula Vista Foreclosure
Thursday, July 30th, 2009 at 1:44pm. 175 Views, 0 Comments.
My office got a new Bank Owned Foreclosure listing in Otay Ranch of Chula Vista I want to tell you about. This property has 3 bedrooms, 3 baths, 1,237 Sqft and a 2 Car Garage. Features a wonderful open floor plan, a beautiful kitchen with granite counter tops. This is not a place you want to miss your chance at owning! Centrally located to all schools, parks as well as shopping. All of this for only $194,900. If you have any questions or would like to see the property, please let me know.
Search Chula Vista homes for sale
Mira Mesa Homes For Sale
Wednesday, July 29th, 2009 at 5:54pm. 174 Views, 0 Comments.
Mira Mesa has always been a hot market because of the price and location but now it is really hot. For Detached Homes, currently there is only 2.16 months of inventory and for Condo/Townhomes is 4.6 months of inventory. Those numbers were much more higher a year ago. Also whenever a new Traditional or Foreclosure listing, the first day of showing is like a zoo of buyers interested.
Basically the market in Mira Mesa as a Buyer is pretty rough. If the house looks good and priced good, you will have a lot of competition. All you can do as a buyer is make your best offer and if you get it, great, if not, at least you tried your best.
If you are a home owner thinking about selling, really consider it now. Or give me a call. We can play match maker and I…
Using the $8,000 Tax Credit Towards Down Payment
Wednesday, June 24th, 2009 at 1:57am. 219 Views, 0 Comments.
Just a quick blog with an update on using the $8,000 Tax Credit towards the down payment or closing cost. On May 29th, it seems HUD approved to use the Tax Credit towards down payment or closing cost but there isn't any third party who has fully implemented it into use. So basically it can not be done yet. One other thing to know when it will actually be available to be used is you can't use it as part of the 3.5% of the down payment. It would be used for down payments that are higher than the 3.5%.
Once one of my team members find a third party that implemented this program, I will blog about it right away.
Where are all the Listings???
Tuesday, June 23rd, 2009 at 3:33am. 282 Views, 0 Comments.
The number 1 question I have been asked for the past month or so is
"where are all the listings?” Well, let’s think about it.
First, a traditional homeowner who isn't in financial trouble. Chances
are they aren't selling because they may owe more than their home is worth so
they rather wait it out. Next, homeowners who are in financial trouble
are probably planning to walk away from their home, trying to do a Short Sale
or the popular choice, talking with their Bank/Lender in doing a Loan Modification.
Lastly, San Diego Bank Owned Foreclosures. From last November to March, most Banks halted
Foreclosing on homes to wait for the details of President Obama's plans to help
distress homeowners so during that 4-5 month period, the inventory of…
Who is Selling?
Wednesday, April 8th, 2009 at 2:09am. 314 Views, 0 Comments.
There are different types of Sellers in this San Diego Real Estate market and here is a quick blog about them.
Traditional Seller - Seller isn’t in distress and no Lender Approval. Just a regular sale like what everyone is use to seeing 2 or 3 years ago.
Short Sale Seller - Currently trying to negotiate with his/her Lender to sell the home at the current market value even though the Loan Balance is higher. This Short Sale process is long and you will need a lot of patience. Everything including Purchase Price and Repairs are subject to Lender’s Approval. Basically the Lender has the final say on how much the home will sell for, not the Seller. My Buying Short Sale Blog
Bank Owned Seller - The Bank took over…
$10,000 Tax Credit for New Home Purchase
Wednesday, April 1st, 2009 at 3:07am. 283 Views, 0 Comments.
By now you should know about the $8,000 First Time Home Buyer Tax Credit but did you know you can get an additional $10,000 Tax Credit if you purchase a Brand New Home! That's right, you can get up to $18,000 in Tax Credit. Well actually I think the $10,000 Tax Credit will be credited over 3 years which will still may still add up to $18,000. To learn more about the $10,000 tax credit, here is a link:
http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml
By the way, the $10,000 Tax Credit for a New Home Purchase is for only Califonia. So if you are interested in taking advantage of these credits and ready to buy your new home, please email me or give me a call at 858-349-2390. Thanks.
First Time Home Buyer Tax Credit (Up To $8,000)
Tuesday, February 17th, 2009 at 5:22pm. 1368 Views, 1 Comments.
Great News! First Time Home Buyers will get up to $8,000 Tax Credit if you purchase a principle residence on or after January 1, 2009 and before December 1, 2009. The best part is the $8,000 credit is it doesn’t have to be repaid!
For the past month or so I have been getting a lot of calls about this credit and now it passed, it is the time to take advantage of this credit. If you are interested in buying a home and would like to take advantage of this credit, please let me know. Even if you are not ready to buy now but maybe in 3-6 months, let’s get you prepared because you still have until December 1st!
We can have a quick meet and greet at my office to discuss your goal. Feel free to call me at 858-349-2390 or contact me…