Selling

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…

Do You Zillow?

Tuesday, December 15th, 2009 at 3:30am. 343 Views, 0 Comments.

One of the frequent questions I get asked is "what do I think about Zillow.com?"  Well before I answer that question, if you don't know Zillow.com, it is a website that provides Real Estate information such as sold price, an estimated value of a home called "Zestimate" and more. 

Alright now for my answer, I don't hate it or love it, I just think Zillow.com is an okay tool.  The reason why I think it is just an okay tool is there are some things like and dislike about it.  What I like is the sold information that is listed so people can look at the comparables.  What I dislike is the Zestimate.  Lately I have been seeing Zestimates really off.  I had a client that bought a home in Mira Mesa for $400,000 and the Zestimate was actually $510,000...…

Where are all the Listings???

Tuesday, June 23rd, 2009 at 3:33am. 280 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…