Brand new listing in Jamul. Check out this 3 bedroom, 2 bathroom home. You have to see this updated kitchen. Horses are allowed and you can ride off the property to miles of trails. This home is located just minutes from Rancho San Diego. Call me for more information and to schedule and appointment to view.
2893 Echo Valley, Jamul
Saturday, November 26, 2011
Tuesday, November 15, 2011
More Bank Insanity
Banks just need to get out of their own way. Within the last two weeks I have run into 2 separate examples of how banks jeopardize real estate transactions with their lack of common sense. The first involves a short sale. The short sale lender has decided in all their wisdom to require an affidavit be signed and notarized verifying that there is not a property flipping scam involved in the transaction.
Here is an exert from the affidavit that the short sale lender (GMAC) requires to be notarized before they will consider the buyer's offer.
"BUYER represents, along with BUYER real estate agent, that I/WE are not involved in a for profit scheme to flip the property and there are no current agreements, written or otherwise, to immediately re-sell the Property at a higher price, and that no transactions of this nature will take lace within ninety (90) day of the date of closing on the short sale transaction.
I/WE represent that there are no relationships between any parties involved in the transaction, including BUYER, SELLER, FINANCING COMPANY OR INSTITUTION, or REAL ESTATE AGENT "
GMAC requires this form be notarized by the buyers, the buyer's real estate agent and the buyer's lender. They are requiring the buyer to spend money on this before they know if their offer will be accepted and if GMAC will even do the short sale. I understand the need to protect themselves from scams and this form should be addressed but it should be notarized by the buyer once the offer is accepted and escrow is opened.
The second issue I have is that the second paragraph essentially means I, as a real estate agent, can not represent anyone I have a relationship with. I can not represent my mother, sister or daughter since I do have a relationship with them. Wow, really? I can't represent them even if they are first time, owner occupied buyers?
The final issue that stands to be the deal breaker is the most ironic. The short sale lender (GMAC) requires this form be notarized not only by the buyer and the buyer's agent but also the buyer's lender. The buyer is using Navy Federal Credit Union for their loan. It is probably not surprising to you to learn that the buyer's lender will not sign and notarize such a form. NFCU will not sign it.
So now the buyer's offer is stuck in limbo between two banks. The first demanding a form to be signed by the second institution and the second bank refusing. The buyer's offer will not be submitted so they will not be able to continue. It is so sad that the ready, willing and able buyers are trapped in a pissing match between lenders and unable to purchase a property.
The second example of lenders being ridiculous and shooting themselves in the foot involves a REO (bank owned) property. In this example the buyer's submitted an offer with a 17 day contingency period. This is a standard time frame to do their inspections, review title, HOA reports and get the appraisal done. The bank that owns the property reduced the time for the contingencies to a point where it would be difficult, if not impossible for an appraisal to be done. This is not because of the buyers but rather the buyer's lender can't get it done that quickly. Once again a buyer is caught between two banks the first bank reducing the appraisal period to a point that even their own institution could not get an appraisal done in their own time frame. To make matters worse the listing bank takes forever to return the signed contract and the buyer's lender refuses to order the appraisal until they get a copy.
The banks need to stop the insanity. They need to ask themselves if they would be able to do what they are requesting of other lenders. If they would not be able to comply with their own demands, chances are other lenders will not be able to perform the tasks either. By making unreasonable demands, they are not helping themselves but rather they are making things worse. And unfortunately they are forcing the buyer into the middle and stopping them from buying homes.
Here is an exert from the affidavit that the short sale lender (GMAC) requires to be notarized before they will consider the buyer's offer.
"BUYER represents, along with BUYER real estate agent, that I/WE are not involved in a for profit scheme to flip the property and there are no current agreements, written or otherwise, to immediately re-sell the Property at a higher price, and that no transactions of this nature will take lace within ninety (90) day of the date of closing on the short sale transaction.
I/WE represent that there are no relationships between any parties involved in the transaction, including BUYER, SELLER, FINANCING COMPANY OR INSTITUTION, or REAL ESTATE AGENT "
GMAC requires this form be notarized by the buyers, the buyer's real estate agent and the buyer's lender. They are requiring the buyer to spend money on this before they know if their offer will be accepted and if GMAC will even do the short sale. I understand the need to protect themselves from scams and this form should be addressed but it should be notarized by the buyer once the offer is accepted and escrow is opened.
The second issue I have is that the second paragraph essentially means I, as a real estate agent, can not represent anyone I have a relationship with. I can not represent my mother, sister or daughter since I do have a relationship with them. Wow, really? I can't represent them even if they are first time, owner occupied buyers?
The final issue that stands to be the deal breaker is the most ironic. The short sale lender (GMAC) requires this form be notarized not only by the buyer and the buyer's agent but also the buyer's lender. The buyer is using Navy Federal Credit Union for their loan. It is probably not surprising to you to learn that the buyer's lender will not sign and notarize such a form. NFCU will not sign it.
So now the buyer's offer is stuck in limbo between two banks. The first demanding a form to be signed by the second institution and the second bank refusing. The buyer's offer will not be submitted so they will not be able to continue. It is so sad that the ready, willing and able buyers are trapped in a pissing match between lenders and unable to purchase a property.
The second example of lenders being ridiculous and shooting themselves in the foot involves a REO (bank owned) property. In this example the buyer's submitted an offer with a 17 day contingency period. This is a standard time frame to do their inspections, review title, HOA reports and get the appraisal done. The bank that owns the property reduced the time for the contingencies to a point where it would be difficult, if not impossible for an appraisal to be done. This is not because of the buyers but rather the buyer's lender can't get it done that quickly. Once again a buyer is caught between two banks the first bank reducing the appraisal period to a point that even their own institution could not get an appraisal done in their own time frame. To make matters worse the listing bank takes forever to return the signed contract and the buyer's lender refuses to order the appraisal until they get a copy.
The banks need to stop the insanity. They need to ask themselves if they would be able to do what they are requesting of other lenders. If they would not be able to comply with their own demands, chances are other lenders will not be able to perform the tasks either. By making unreasonable demands, they are not helping themselves but rather they are making things worse. And unfortunately they are forcing the buyer into the middle and stopping them from buying homes.
Tuesday, November 8, 2011
Fireplace Safety Reminders
With the cooler weather moving into San Diego, many of us will be lighting the fireplace or wood stove for the first time of the season. Please take a moment to make sure your family is safe.
Keep Fireplaces and Wood Stoves Clean
Keep Fireplaces and Wood Stoves Clean
- Have your chimney or wood stove inspected and cleaned annually by a certified chimney specialist.
- Clear the area around the hearth of debris, decorations and flammable materials.
- Leave glass doors open while burning a fire. Leaving the doors open ensures that the fire receives enough air to ensure complete combustion and keeps creosote from building up in the chimney.
- Close glass doors when the fire is out to keep air from the chimney opening from getting into the room. Most glass fireplace doors have a metal mesh screen which should be closed when the glass doors are open. This mesh screen helps keep embers from getting out of the fireplace area.
- Always use a metal mesh screen with fireplaces that do not have a glass fireplace door.
- Install stovepipe thermometers to help monitor flue temperatures.
- Keep air inlets on wood stoves open, and never restrict air supply to fireplaces. Otherwise you may cause creosote buildup that could lead to a chimney fire.
- Use fire-resistant materials on walls around wood stoves.
- Never use flammable liquids to start a fire.
- Use only seasoned hardwood. Soft, moist wood accelerates creosote buildup.
- Build small fires that burn completely and produce less smoke.
- Never burn cardboard boxes, trash or debris in your fireplace or wood stove.
- When building a fire, place logs at the rear of the fireplace on an adequate supporting grate.
- Never leave a fire in the fireplace unattended. Extinguish the fire before going to bed or leaving the house.
- Soak hot ashes in water and place them in a metal container outside your home.
- Stack firewood outdoors at least 30 feet away from your home.
- Keep the roof clear of leaves, pine needles and other debris.
- Cover the chimney with a mesh screen spark arrester.
- Remove branches hanging above the chimney, flues or vents.
- Install smoke alarms on every level of your home and inside and outside of sleeping areas. Test them monthly and change the batteries at least once a year. Consider installing the new long life smoke alarms.
- Provide proper venting systems for all heating equipment.
- Extend all vent pipes at least three feet above the roof.
Tuesday, November 1, 2011
El Cajon Real Estate Market Report - October 2011
Here is the real estate market report for El Cajon, It is broken down by zip code. I have included the active, pending and sold numbers for single family detached homes for the month of October.
92019
There are currently 85 active real estate listing in El Cajon, 92019. Ranging from $144,900 for 2 bedrooms, 1 bathroom, 1081 square feet to $1,850,000 for 3 bedrooms, 3 bathrooms, 4445 square feet.
38 properties are pending, (currently in escrow).
26 properties sold (closed escrow). Ranging from $234,000 for 3 bedrooms, 2 bathrooms, 991 square feet to $1,200,000 for 4 bedrooms, 4 bathrooms, 4600 square feet.
The average time on the market for the properties that sold was 78 days.
92020
There are currently 88 active real estate listings in El Cajon, 92020. Ranging from $165,000 for 2 bedroom, 1 bathroom, 792 square feet to $1,015,000 for 4 bedrooms, 3 bathrooms, 3175 square feet.
31 properties are pending, (currently in escrow.)
29 properties sold (closed escrow) in October. Ranging from $210,000 for 3 bedrooms, 2 bathrooms, 1000 square feet to $687,000 for 4 bedrooms, 5 bathrooms, 3519 square feet.
The average time on the market for the listings that sold was 68 days.
92021
There are currently 114 active real estate listings in El Cajon, 92021. Ranging from $139,000 for 2 bedrooms, 1 bathrooms, 728 square feet to $1,550,000 for 3 bedrooms, 3 bathrooms, 5500 square feet.
51 properties are pending, (currently in escrow).
22 properties sold (closed escrow) in October. Ranging from $135,000 for 2 bedrooms, 1 bathroom, 995 square feet to $835,000 for 5 bedrooms, 5 bathrooms, 4985 square feet.
The average time on the market for the homes that sold was 68 days.
92019
There are currently 85 active real estate listing in El Cajon, 92019. Ranging from $144,900 for 2 bedrooms, 1 bathroom, 1081 square feet to $1,850,000 for 3 bedrooms, 3 bathrooms, 4445 square feet.
38 properties are pending, (currently in escrow).
26 properties sold (closed escrow). Ranging from $234,000 for 3 bedrooms, 2 bathrooms, 991 square feet to $1,200,000 for 4 bedrooms, 4 bathrooms, 4600 square feet.
The average time on the market for the properties that sold was 78 days.
92020
There are currently 88 active real estate listings in El Cajon, 92020. Ranging from $165,000 for 2 bedroom, 1 bathroom, 792 square feet to $1,015,000 for 4 bedrooms, 3 bathrooms, 3175 square feet.
31 properties are pending, (currently in escrow.)
29 properties sold (closed escrow) in October. Ranging from $210,000 for 3 bedrooms, 2 bathrooms, 1000 square feet to $687,000 for 4 bedrooms, 5 bathrooms, 3519 square feet.
The average time on the market for the listings that sold was 68 days.
92021
There are currently 114 active real estate listings in El Cajon, 92021. Ranging from $139,000 for 2 bedrooms, 1 bathrooms, 728 square feet to $1,550,000 for 3 bedrooms, 3 bathrooms, 5500 square feet.
51 properties are pending, (currently in escrow).
22 properties sold (closed escrow) in October. Ranging from $135,000 for 2 bedrooms, 1 bathroom, 995 square feet to $835,000 for 5 bedrooms, 5 bathrooms, 4985 square feet.
The average time on the market for the homes that sold was 68 days.
Alpine Real Estate Market Report - October 2011
Want to know how the Alpine real estate market looked for October 2011? Well, here you go. Below are the statistics for single family homes in Alpine.
There are currently 93 active real estate listings in Alpine. They range from $136,250 for a 2 bedroom, 1 bathroom, 768 square feet to $2,595,000 for 3 bedroom, 3 bathrooms, 3000 square feet.
27 properties are pending, (currently in escrow).
16 properties sold in October (closed escrow), ranging from $215,000 for 2 bedroom, 2 bathroom, 1000 sqft to $644,000 for 4 bedrooms, 4 bathrooms, 3994 square feet.
The average time on the market was 111 days.
There are currently 93 active real estate listings in Alpine. They range from $136,250 for a 2 bedroom, 1 bathroom, 768 square feet to $2,595,000 for 3 bedroom, 3 bathrooms, 3000 square feet.
27 properties are pending, (currently in escrow).
16 properties sold in October (closed escrow), ranging from $215,000 for 2 bedroom, 2 bathroom, 1000 sqft to $644,000 for 4 bedrooms, 4 bathrooms, 3994 square feet.
The average time on the market was 111 days.
Jamul Real Estate Market Report - October2011
I have no idea where October went, but it is now Novemeber and time for the monthly real estate market report for Jamul. Below are the active, pending and sold numbers for single family detached homes for the month of October.
There are currently 39 active real estate listings.. Rangining from $169,000 for 4 bedrooms, 3 bathroom, 1975 square feet to $1,300,000 for 3 bedrooms, 2 bathrooms, 1102 square feet.
12 properties are pending (currently in escrow).
2 properties sold in October (closed escrow), a 3 bedroom, 3 bathroom, 2111 square foot home for $303,000 and 3 bedroom, 3 bathroom, 2714 square feet for $410,000.
The average time of the market for the 2 properties that sold was 84 days.
There are currently 39 active real estate listings.. Rangining from $169,000 for 4 bedrooms, 3 bathroom, 1975 square feet to $1,300,000 for 3 bedrooms, 2 bathrooms, 1102 square feet.
12 properties are pending (currently in escrow).
2 properties sold in October (closed escrow), a 3 bedroom, 3 bathroom, 2111 square foot home for $303,000 and 3 bedroom, 3 bathroom, 2714 square feet for $410,000.
The average time of the market for the 2 properties that sold was 84 days.
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