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Thinking of Walking Away from Your Mortgage?
Posted by Sara Driscoll | Leave A Comment »
Strategic Default – Is it for you?
If you are considering whether to “strategically default” on your mortgage, be sure to look into all of your options. Results of a recent study estimates that 36% of Americans think that walking away from their mortgage is a viable solution when they owe more on their home than it is worth. With one in four American homeowners “underwater”, you are not alone.
In a “strategic default”, homeowners simply stop paying their mortgage when they owe more than the home is worth. They just walk away, not understanding that the inevitable foreclosure carries consequences they haven’t considered.
3 Reasons to Question the “Strategy” in “Strategic Default”:
1. Defaulting on purpose is not strategic. Options including short sale, mortgage modification and refinancing (just to name a few) are worth consideration before you expose yourself to credit issues, current and future employment challenges, security clearance problems and possible debt collections which can result from a foreclosure.
2. Waiting periods to obtain a new mortgage are considerably less in a short sale vs. a foreclosure–possibly as much as five years less.
3. A foreclosure will appear on your credit report and affect your financial situation for many years to come. That will be inconvenient, to say the least, every time you apply for a home loan, auto loan, new job, and many other occasions.
Fortunately, you have options available to avoid foreclosure and protect your financial future. Always seek legal advice before deciding on your strategy.
Request our report today and create a genuine strategy which will help to protect your financial future.
Survey Source: Chicago Booth/Kellogg School Financial Trust Index
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Sara & Daryl | 858-876-5643
Related Posts: Foreclosure Avoidance, foreclosure options, foreclosure prevention, Foreclosures, San Diego, Short Sales
One of the 7 Best Lots in “The Palisades” in Poway
Posted by Sara Driscoll | Leave A Comment »
The Palisades is one of Poway’s most desired neighborhoods, and this is one of the very best lots in the entire development! The community is comprised exclusively of single-level homes on lots of at least 1 acre in size. What makes this setting special is the corner location, which results in a flat, entirely usable acre!
Highlights include an oversized pool and spa, sport court, gated RV parking, covered entertaining area, and expansive lawn, all framed by lush landscaping and near-total privacy!
The single-level floor plan offers generously proportioned rooms and versatility with the bedroom count. Though originally designed as a 4-bedroom plan with a large, formal dining room, it’s simple to utilize the dining room as a 5th bedroom or office, while the enormous living room has more than enough space for a still-spacious dining area.
Poway is a suburb of San Diego, situated approximately 20 minutes from downtown San Diego. With its reputation for friendly residents and often-spacious lot sizes, Poway is affectionately referred to as “The City in the Country”. Poway boasts 4,700 acres of open space, 82 miles of trails and 25 parks.
The highly acclaimed Poway Unified School District is well-known for its impressive test scores and peak performance of its students. Many home buyers target Poway, whether or not they have children, due to the stability of property values afforded by this highly desired school district.
This is a “sweet sale”, owned by actual humans instead of a bank! If you’ve ever tried to buy a property in the short sale process, you can appreciate how rare and wonderful it is to deal with actual people! A reasonably speedy closing can be accomplished here.
Be sure to see the virtual tour, then arrange for a private viewing of this 1-of-a-kind offering. This is a Value Range Listing. The seller will entertain offers between $1,100,000 and $1,350,876. Sara Driscoll 858-336-5643.
Search for all active homes in San Diego County from our website, www.saradaryl.com!
Related Posts: Poway, poway real estate, San Diego
Exceptional Horse Property in Poway, CA – San Diego County
Posted by Sara Driscoll | Leave A Comment »
This exceptional horse property on just over an acre in Poway is situated at the end of a peaceful cul-de-sac and offers abundant privacy.
Featuring a fully-fenced pasture and arena, an electrified perimeter fence is just one of the special highlights enhancing the horse facilities.
Besides the arena, there are several separately fenced areas on the grounds, including a sizable dog run, so the property is as ideally suitable for dogs as it is for horses.
The kitchen and baths have been impeccably redone, interior amenities include newer carpeting, newer concrete tile roof, dual-paned windows, newer heating and air conditioning systems.
Extensive horse trails and the Poway rodeo grounds are nearby, adding special appeal for equestrians.
Poway is a part of the greater San Diego area, situated approximately 20 minutes north of downtown San Diego. With its reputation for friendly residents and often-spacious lot sizes, Poway is affectionately referred to as “The City in the Country”.
Poway boasts 4,700 acres of open space, 82 miles of trails and 25 parks.
The highly acclaimed Poway Unified School District is well-known for its impressive test scores and peak performance of its students.
Many home buyers target Poway, whether or not they have children, due to the stability of property values afforded by this highly desired school district.
This is a “sweet sale”, owned by actual humans in stead of a bank! If you’ve ever tried to buy a property in the short sale process, you can appreciate how rare and wonderful it is to deal with actual people! A reasonably speedy closing can be accomplished here.
This is a Value Range listing. The seller will entertain offers between $575,000 and $659,876. Be sure to see the virtual tour, then contact us to arrange your private viewing of this special property.858-336-5643.[/youtube]
Search all active properties for sale in San Diego County from our website, www.SaraDaryl.com.
Check out our “Secrets of a Real Estate Agent” video series: www.youtube.com/saradaryl
You can view the video tour of this property below, or on our YouTube Channel.
Related Posts: Area Information, homes for sale, Poway, San Diego
Secrets of a Real Estate Agent: 4 Negotiation Tips for Home Sellers
Posted by Sara Driscoll | Currently 2 Comments »
Whether market conditions favor buyers or sellers, a few simple negotiating tips can give you an advantage and reduce the stress of selling your home.
SECRET #1: Don’t Be Emotional
I know that’s easier said than done, but the party that remains calm throughout the negotiation has a serious advantage. Make sure you are that person! Many sellers choose to be insulted by offers they feel are too low. Be insulted by the buyers who DIDN’T make an offer on your beautiful home, not the ones who did. No matter the price, they have paid you a compliment by writing an offer. Accept it for what it is and begin the negotiation.
SECRET #2: Don’t Judge the Buyer by their Offer
They’ve read lots of articles and received advice from many well-meaning friends, and by now they feel obligated to start low and see what they can get. Let them. Their next move will tell you whether they are for real, but for now, you don’t have enough to go on. Your first counteroffer, however, will tell THEM whether YOU are for real. This is your most important move, because your goal is to find out what the buyer does next. If you counter extremely high to make up for their extremely low offer, the most likely outcome is they walk away and the negotiation is finished before it starts.
SECRET #3: Make a Strategic Counteroffer
Remember, your goal here is to get the buyer to respond–hopefully with a signature of acceptance, but even if they counter again, you need to see what they are made of. Your counteroffer should be in the ballpark of the market value of your home. Forget where the buyer started. Forget where you started with your asking price. Stay focused on reaching an agreement in the neighborhood of true market value. If they come up $2,000 you can tell them to have a nice life and you don’t have to reply again. If they show you a significant move toward a fair price, then you can play your next card and hopefully you reach agreement. After two rounds, everyone starts to forget Secret #1 and get emotional
SECRET #4: Answer a Concession with a Concession
Now you are in escrow, and the buyer is still negotiating. Some of that is necessary, but if you give a concession, it’s a good idea to ask for something in return. It’s a little like a hostage negotiation at this point. They ask for a pizza, you get a hostage released. You get the idea. If they know you will always ask them for a return concession of some sort, it tends to discourage them from asking for more.
Stay focused on the goal, which is to sell your home, and remember these 4 secrets. A good agent on your side can be your best friend.
If you enjoyed this, you might like Negotiating Secrets for the Home Buyer!
Sara Driscoll & Daryl Petsch | 858-336-5643 | [email protected]
Related Posts: San Diego, Sellers
Secrets of a Real Estate Agent: 4 Negotiating Tips for Buying a Home
Posted by Sara Driscoll | Currently 8 Comments »
A home is one of the largest and most emotional purchases most of us make in our lives. Here are a few key points to keep in mind as you negotiate for your Dream Home.
Negotiation Begins Long Before the Offer is Written
Every interaction between buyers, sellers and their agents has a bearing on the outcome of an attempted home purchase. Every question the listing agent or the seller answers can give you a clue as to their motivation. (It’s good to remember this whether you are asking or answering the questions.)
Let the Seller See that you Love Their Home
Playing hard-to-get is good strategy when buying a car or furniture, but not when buying someones home. Often, one of a home seller’s secret goals is for the new buyer to love their home as much as they do. The seller and the listing agent are evaluating the likelihood that the buyer will remain committed all the way to a successful closing. Go ahead and let some passion show!
Be Creative
I remember selling a home which received 8 offers. The first buyer to see the home was the first to write an offer–on the first day the home was on the market. The following day they had flowers delivered to the seller. The seller selected them over the other buyers who wrote offers, two of which actually offered a higher sale price. It wasn’t just the flowers, of course, but the level of their excitement and commitment which convinced the seller that these people would still be there at the closing. (The flowers didn’t hurt.) At the same time, one of the agents who wrote an offer came across as arrogant to the seller. Choose your agent wisely.
There is a Time to Stop Negotiating
The final secret is one that the expert negotiator will have a difficult time with. Whether this home purchase is for your personal residence or an investment, if it is the ideal property to buy, remember that saving $10,000 on a home you don’t get doesn’t really save you anything. Ask yourself whether this home will be remembered as the one that got away, and understand that $5,000 or $10,000 measured against the personal enjoyment of your family may not truly matter. Sometimes you “win” by getting the house.
These four secrets will give you a nice advantage in your next negotiation. Next week we’ll share Secrets of Negotiating for Home Sellers. (Check us out and see what the other side’s secrets are!)
Related Posts: Buyers, San Diego
