Buying

San Diego Short Sale Homes with a 2nd Mortgage

Friday, August 27th, 2010 at 3:22am. 39 Views, 0 Comments.

Here is a quick blog about the 2nd Mortgage on Short Sales.  Lately to get the Short Sale approved from the 2nd Mortgage, they have been asking for about 10% of the loan balance.  So basically if the balance is $200,000, the 2nd Mortgage wants $20,000 to approve the Short Sale.  Now the 1st Mortgage usually gives about $3,000-$8,000 to the 2nd Mortgage, so who would pay the difference?  Most likely the Buyer will be asked to pay the difference because chances are the Seller doesn't have the money.  Now if the Buyer won't pay it and all other parties in the transaction can't agree to some kind of terms to satisfy the 2nd Mortgage, the home will go back on the market or even Foreclosed.

Why is it important for a Buyer to know this?  It will save…

Is a San Diego Neighborhood with an HOA for me?

Tuesday, August 10th, 2010 at 6:47pm. 82 Views, 0 Comments.

Buying a home that has a HOA definitely has its Pro's and Con's.  So I will list some of them and hopefully it will help you decide on what you want.

Here are some Pro's:

Keeps the neighborhood clean

Keeps the homes a neutral color so there won't be any purple homes in the neighborhood

Keeps all the Homeowners to maintain the curb appeal of their homes

Here are some Con's:

HOA Fee

HOA Fee can be raised

For some changes to the home or landscaping, you may need HOA to approve it

If you are wondering which one I prefer, I actually want a HOA if the fee is lower than $150.  I met many buyers who hate it and met many who want it.  It is really what you prefer.  If you have any questions, please let me know.

***Please keep in mind, all HOA's are different.

Paul…

15624 Via Montecristo - Del Sur Home For Sale

Saturday, July 3rd, 2010 at 2:16am. 177 Views, 0 Comments.

I just listed home for sale on 15624 Via Montecristo in the Del Sur Community in Rancho Bernardo that I want to tell you about.  This stunning home has 4 Bedrooms, 3 Baths and 3,156 Sqft which features Solar Panels, granite countertops and stainless steel appliances which includes a 42 inch built-in Refrigerator in the kitchen, tile flooring downstairs, window covering Shutters, a bedroom and bathroom downstairs and much more!  All this for the asking price of $699,000.  If you have any questions or would like to see the home, please give me a call at 858-349-2390.  Search Del Sur Homes for Sale

Here are some pictures of the home:

…

Home For Sale in Scripps Ranch - 12884 Starwood Lane

Friday, May 21st, 2010 at 4:53pm. 165 Views, 0 Comments.

I just listed a beautiful home in the Estates of Stonebridge in Scripps Ranch on 12884 Starwood Lane.  Here are the details.

5 Bedrooms + a Loft

3.5 Baths

3,563 Square Feet

Built in 2005

Poway School District

Traditional Sale!  Stunning Home in the Master Planned Community of Stonebridge Estates in Scripps Ranch.  The home features granite countertops and beautiful tile in the kitchen, good size back yard for entertaining, 1 bedroom with its own bathroom on the first floor, large walk in closet in the master bedroom and much more.  There will be a Open House on Saturday (May 22, 2010) from 1-4pm.  Asking Price is $799,000 - $849,000.  Please let me know if you have any questions.  Thank you.

Up To $18,000 in Home Buying Tax Credits for a Limited Time!

Saturday, April 3rd, 2010 at 1:32am. 466 Views, 0 Comments.

Last week, Gov. Schwarzenegger signed a new $10,000 State Tax Credit for First Time Home Buyers and New Home Buyers which starts on May 1, 2010.  Now since the Federal Tax Credit is still going on, if a buyer times it perfectly, the buyer can receive up to $18,000 in combined State and Federal Home Buyer Tax Credits.  To qualify, a First Time Home Buyers has to close escrow between May 1, 2010 - June 30, 2010 (in contract before May 1, 2010).  There are other terms and restrictions on both Tax Credits.  If you want to learn more or would like to take advantage of these Home Buying Tax Credits, please feel free to contact me at 858-349-2390.  Thank You.

Offer Response Time

Monday, March 15th, 2010 at 6:14pm. 364 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…

Home Did Not Appraise

Tuesday, March 9th, 2010 at 1:59am. 250 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…

FHA and VA Approved Homes in San Diego

Friday, February 19th, 2010 at 2:11pm. 595 Views, 4 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…

Pre-Qualified vs. Pre-Approved

Wednesday, February 3rd, 2010 at 2:55am. 272 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. 399 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…