Archive for the 'Foreclosures' Category
Homeowners Do Their Homework . . . and it’s paying off!
Posted by Erica Vautier | Leave A Comment »
Dramatic advancements in online tools means more real estate resources are available to more people than ever before. Armed with a plethora of new tools, buyers are doing their homework. They can search for homes, tour neighborhoods, and get expert advice from the convenience of their personal laptop.
A recent survey by the National Association of Realtors (NAR) shows that more than 77% of consumers now start the real estate process online. On sites like Realtor.com, buyers can specify what type of home they are interested in and have a list of properties that meet their criteria appear in seconds.
Good real estate sites let visitors save searches, send automatic notices when new listings enter the market, and provide extensive information on the property. Advanced sites will even provide foreclosure lists and help locate great real estate buys.
It’s no wonder that more than 3 out of 4 respondents to the NAR survey said they use search engines to browse through properties. While internet buyers spend a longer period of time looking for a home online than traditional buyers, they spend less time searching with their agent and have to view fewer properties in person.
A 2007 California Association of Realtors (CAR) survey showed that next to searching for homes, buyers spend most of their time online surveying neighborhoods. They look at comparable sales, watch local videos and map out the area.
User-generated videos on YouTube provide unique insight into many San Diego cities; a search for “La Jolla, San Diego” yields more than 1,100 results! Some reports suggest that buyers are beginning to prefer these amateur tours to the store-bought variety, which can come off as manufactured.
To further examine neighborhoods, buyers use interactive mapping tools like Google Maps. Simply type in an address and Google Maps displays: satellite images of the location; charts of the terrain; real-time traffic reports and drive times; and frighteningly accurate, panoramic street views. Online maps allow visitors to take a virtual stroll down their future block without ever leaving home.
As buyers migrate toward the internet, so are many real estate agents. Through industry blogs like Active Rain and personal blog sites, real estate agents are sharing their knowledge and experience with the world.
Most buyers are tired of the pre-canned information that populates most real estate sites and are instead choosing to read more organic blog entries.
On our company blog, Picture Perfect San Diego, Windermere agents write about the community, home sales, area activities, market trends, financing options and so much more. It’s a great forum for buyers to meet our agents, read first hand accounts of what is going on in the real estate market, ask questions and leave feedback.
The abundance of research tools available online has made today’s buyer more educated than ever before. They can search for homes, tour neighborhoods, and get expert advice online.
There is a lot of information out there, have you done your homework?
If you need help getting started on your homework, these links may help:
- Read More Articles by Erica Vautier about the Technology and Marketing Available to Homeowners and Agents
- Contact me about working for Windermere and gaining access to these tools
- Contact me about becoming a VIP Member of our site and gaining access to great technology search tools for homeowners
- Leave Feedback and let us know what you’d like to learn more about
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Related Posts: Buyers, Education, Foreclosures, Free Foreclosure Lists, Homeowners, Marketing, Picture Perfect San Diego, Technology, Windermere, Windermere Agents
Loan Modification Success
Posted by Rachel LaMar, J.D. | Currently 1 Comment »
Many homeowners have been hit hard by the recent changes in the housing market. We all know someone who has been threatened with foreclosure or is fearful that they will lose their home due to interest rates resetting, job loss, illness or other factors.
Some homeowners took equity out of their homes in good times and with decreased values they now find that their homes are worth less than what they actually owe. All this fear has lead many to foreclosure, including intentional foreclosure or “walk aways.”
Whether it’s a friend, neighbor, family member or yourself facing this issue the fact is that it effects all of us by bringing down property values. The reality is that there are other options to foreclosure and walking away, including loan modification.
This option is getting a great deal of attention in the media right now due to the lenders’ panic to come up with solutions to foreclosure. The good news is that modifications are easier to get now than before, but you have to understand how to to approach this subject so that you can successfully work with the bank and possibly save your home.
The following information is from my book, Mortgage Walkaway Options. Let’s start with the basics. A loan modification occurs when there is a change in one or more of the terms of a loan, which reduces the loan amount and generally m
akes payments more affordable.
In simple terms, it means refinancing a loan to a lower amount. The lender and borrower must agree in writing to change the terms of the loan. Up until now many lenders didn’t want to speak with borrowers who had not yet defaulted on their loans.
This is because they had a plethora of active files sitting on the desks of their loss mitigation department already, and they were having trouble dealing with the ones who were in default and did not have the manpower to add more files that were not yet considered risky. Luckily that seems to be changing. There are a few recent regulations and announcements that will help you achieve a successful loan modification.
Firstly, if your first loan is with Bank of America or JP Morgan Chase you are in luck. B of A, now one of the largest lenders in the business, announced in October that it was going to begin review of all of its loans that were variable interest rate loans and option ARMs. Upon review, the lender plans to notify homeowners if they qualify for loan modification, and then to work with the homeowners toward resolution. Chase also announce it is putting a hold on foreclosures with the intent to work out modifications with qualified borrowers.
This news is HUGE for several reasons: one, it takes the burden off the homeowner to try for resolution with a lender who often does not have time nor manpower to help.
Two, the bank is actually being proactive in preventing more foreclosures, which will help many stay in their homes and eventually help the real estate market and likely induce other lenders to follow suit.
If your loan is with another lender who has not yet instituted such a policy, you can seek help under the newly enacted government plan, Hope for Homeowners. This legislation took effect October 1, 2008 and allows you to refinance your loan into a new 30-year fixed rate loan if you qualify.
Your loan will be based upon an appraisal of the CURRENT market value of your home, so if prices have gone down since you purchased your new loan payments will be based upon current values, making them much more affordable. 
This program requires you to contact the lender to initiate the process. There are important considerations you need to be aware of in regards to this program. For example, if you sell your home after the modification takes place the new lender will be entitled to a percentage of the gain on the property (appreciation and equity sharing). The amount changes over time.
Also, you will not be able to take out equity on your property after the change unless these second liens are directly related to property maintenance.
To understand fully the ramifications and qualifications under this legislation you can go to the website, www.MortgageWalkawayOptions.com and download my book, or you can feel free to call me and I will be happy to help you. My direct number is (760) 310-9466.
Most importantly, know your options in the face of foreclosure and educate yourself BEFORE taking any action. Right now is a great time to modify a loan, as there is a general consensus among lenders that this option benefits them the most (as does it benefit you, the homeowner).
Take advantage of the programs available to you so that you don’t have to lose your home or worry about an upcoming rate change. Just as important, you need to be in constant contact with your lender–keep a record of all correspondence and communications with your lender and be vigilant–keep calling.
If you are not having luck there are numerous counseling groups that can assist you. My favorite is HopeNow. They can be reached at (866)995-HOPE (4673). Best of luck to you!
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Related Posts: Contracts & Negotiations, Education, Financial news, Foreclosures, Free Foreclosure Lists, Home Loans, Homeowners, Mortgage News, Real Estate News, San Diego, Short Sales
San Diego Foreclosures Filings Down? - Get The Facts
Posted by Diane White | Leave A Comment »
According to an article posted by Inman News recently, RealtyTrac said that foreclosure filings were down 12 percent nationwide in September.
California, which accounts for nearly one-third of foreclosure activity, recently passed legislation that requires lenders to contact their borrowers 30 days before filing a notice of default. This could explain why such a dramatic 51 percent drop in notices last month.
The article further goes on to state that this may only delay the process and may not alleviate the continuing influx of foreclosures.
Read the entire article: Foreclosure filings down 12% in September
The County of San Diego Assessor/Recorder’s Office also states the decline could be due to the requirements of the new legislation.
This became effective September 6, 2008. Read their letter here:.
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The Assessor/Recorder’s office also states that over 50 percent of the homes that are served a default notice do go back to the bank. A hefty 56.23% of the 27,990 Notices of Default filed through the month of August, or 15,740 went into foreclosure. Click the image to read the full report.
Some other interesting notes:
- Trustee’s Deeds (Foreclosures) recorded thru September were 15,740
- Total Deeds recorded were 88,437
- That means only 17.80% of home sales this year were bank owned/foreclosure sales!!
There will undoubtedly by more sales of homes that were foreclosed on, and 17.8% is a still a high number, but the facts are here in the report. This dispels the myth that over 50% of the homes sold in San Diego are foreclosures…doesn’t it?
If you would like me to research particular areas, please contact me at Diane@DianeWhiteSanDiego.com or simply leave a comment to this post.
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Related Posts: Area Information, Area Statistics, Buyers, Financial news, Foreclosures, Market Trends, Real Estate News, San Diego
San Diego Homes Under $200,000? - Get the Facts
Posted by Diane White | Currently 1 Comment »
Are there really homes in San Diego for under $200,000? Yes there are…over 2,700 of them! And they are located throughout the county.
In fact there are a number of “affordable” homes that under $300,000 (5,800) and an additional 4,400 between $300,000 and $500,000. Listed below are the number of homes available (single family residences detached and attached homes only) in different price ranges as of Friday, 10/24/2008.
Below $200,000
San Diego County: 2,709 Listings
562—Metro Area
226—North County Coastal
603—North County Inland/No East
536—East County
Below $300,000 ($200,000-$299,000)
San Diego County: 3,095 Listings
625—Metro Area
322—North County Coastal
821—North County Inland/No East
453—East County
Below $400,000 ($300,000-$399,000)
480—Metro Area
326—North County Coastal
761—North County Inland/No East
490—East County
Below $500,000 ($400,000-$499,000)
298—Metro Area
229—North County Coastal
555—North County Inland/No East
201—East County
Below$600,000 ($500,000-$599,000)
San Diego County: 1,189 Listings
225—Metro Area
224—North County Coastal
402—North County Inland/No East
115—East County
It may be the perfect time to get into your first home or to buy that investment propety you have always talked about doing. Because of the foreclosures and short sales, prices are down and interest rates are very low.
Contact me for more detailed information on a particular area in San Diego County.
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Related Posts: Area Information, Area Statistics, Buyers, Condos & Townhomes, Find A Home, Foreclosures, Great Real Estate Deals, Interest Rates, Investment Properties, Market Trends, Picture Perfect San Diego, San Diego, Short Sales, Windermere
