The Federal Housing Administration is extending the anti-flipping waiver through the end of 2012, which allows buyers to purchase homes that have been previously sold within the last 90 days.
The waiver, which was set to expire soon, was "intended to accelerate the resale of foreclosed properties in neighborhoods strggling to overcome the possible effects of abandonment and blight," Carol J. Galante, the acting Federal Housing Administration commissioner, said in a statement. "FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can,"
Souce: Realtor.com
This is good news for FHA buyers. If the waiver had not been extended they would have been prohibited from purchasing homes that had changed hands within the last 90 days. This would have made it impossible for the FHA buyer to purchase the majority of bank owned homes and properties that investors had purchased, fixed up and put back on the market.
Friday, December 30, 2011
Tuesday, December 27, 2011
Post Holiday Help
If you are like me you enjoyed way too much rich, yummy food this weekend. I know I am feeling a little guilty about the calories I consumed. I plan on getting a head start on my New Years resolution to exercise more in 2012. If you want to repair some of the damage done this holiday season, here is a list of some of the fitness centers in El Cajon. Please add to the list. Enjoy!!
Crunch Gym
The Sporting Club
Pure Fitness
24 Hour Fitness
Women's Fitness World
East County YMCA
Bikram YogaOptimum Condition
Crunch Gym
The Sporting Club
Pure Fitness
24 Hour Fitness
Women's Fitness World
East County YMCA
Bikram YogaOptimum Condition
Tuesday, December 20, 2011
Bank Insanity #3
When I usually write about bank insanity, it usually involves the short sale lender or the REO owner. Today I am going to let you know about a buyer's lender who is driving me up the wall. The buyers are using Navy Federal for their loan. The only item missing from the file before they would order the loan docs was the termite clearance. We submitted the clearance yesterday and this morning I received a call that the processor saying it is inadequate, that they require the Section 2 item to be repaired. What? Really? Since when are section 2 items required?
When you have a termite inspection done the report is broken down into 2 sections. Section 1 is evidence of active infestation and lists the work necessary to provide a clearance. This work is done in order for the termite company to provide a clearance stating that the property is free of pests. The second section of the report is the Section 2 items. These are recommendations or findings of items that could lead to infestation in the future. Items such as moving dirt away from walls, stucco damage from sprinklers, grading issues. These are things that a homeowner might want to remedy to prevent damage in the future. I have never had a transaction where the buyer's lender required section 2 items to be done in order to get the loan.
I have sent numerous emails and left messages for clarification. All the loan officer would say is that all repairs have to be made. The section 2 item on this particular report is "Stucco deterioration". The recommendation is to get it checked out by an "appropriate tradesman". The report is not even recommending a repair. All the loan officer will say is that "the processors is requiring it to be fixed". What repairs? Do they want the buyer to pay a stucco company $100 to say "Yup, the stucco is chipping"? If so, this is going to be required for 99% of the sales in California since most homes are stucco and most homes have had a sprinkler hit the wall! Or are they suggesting that we should re stucco the house? Good luck with that one since it is owned by Bank of America.
So, here I sit, waiting for a call from either the processor or the supervisor to hopefully get them to listen to reason and understand this is a section 2 item and no repair is being recommended. If in fact they did change all their requirements and now need section 2 inspections and repairs completed, why did they wait until now to let everyone know? The buyers (their clients) now risk losing the house, their deposit, the appraisal fee and inspection fee. All because either a processor does not understand the requirements or Navy Federal has changed theirs.
When you have a termite inspection done the report is broken down into 2 sections. Section 1 is evidence of active infestation and lists the work necessary to provide a clearance. This work is done in order for the termite company to provide a clearance stating that the property is free of pests. The second section of the report is the Section 2 items. These are recommendations or findings of items that could lead to infestation in the future. Items such as moving dirt away from walls, stucco damage from sprinklers, grading issues. These are things that a homeowner might want to remedy to prevent damage in the future. I have never had a transaction where the buyer's lender required section 2 items to be done in order to get the loan.
I have sent numerous emails and left messages for clarification. All the loan officer would say is that all repairs have to be made. The section 2 item on this particular report is "Stucco deterioration". The recommendation is to get it checked out by an "appropriate tradesman". The report is not even recommending a repair. All the loan officer will say is that "the processors is requiring it to be fixed". What repairs? Do they want the buyer to pay a stucco company $100 to say "Yup, the stucco is chipping"? If so, this is going to be required for 99% of the sales in California since most homes are stucco and most homes have had a sprinkler hit the wall! Or are they suggesting that we should re stucco the house? Good luck with that one since it is owned by Bank of America.
So, here I sit, waiting for a call from either the processor or the supervisor to hopefully get them to listen to reason and understand this is a section 2 item and no repair is being recommended. If in fact they did change all their requirements and now need section 2 inspections and repairs completed, why did they wait until now to let everyone know? The buyers (their clients) now risk losing the house, their deposit, the appraisal fee and inspection fee. All because either a processor does not understand the requirements or Navy Federal has changed theirs.
Monday, December 19, 2011
Get Ready for the Increase in Homes For Sale
With January right around the corner it is time to start preparing to sell your home. While I recommend to my clients not to wait until January, many prefer to list their home after the holidays. The inventory tends to drop in December which makes December a great time to get your home on the market but if you really need to wait until January, you need to make your home is priced competitively, if not aggressively. The prices in San Diego County have come down significantly over the past few years and you want to get as much out of your home as possible. You may be tempted to list at a higher price than comparable properties and reduce the list price as needed. DON"T DO IT.
Most experts agree that the best way to increase the odds of a successful sale is to list your home at fair market value. Do not increase the list price to "leave room for negotiation". The bottom line is that if you list above fair market value, you will have no one to negotiate with! Here's why, when a new listing hits the market real estate agents are going to see it and see if it is a fit for their buyers. If it is listed too high you are immediately labeling your property as "over-priced" in their minds. This is a difficult stigma to overcome. They are going to remember this every time they see your property and are unlikely to suggest it to their buyers. Buyers have become very savvy with the internet. They are able to watch the market months ahead of actually searching for a home. They understand what homes are selling for and will know if your house is overpriced. With the flood of inventory, they are unlikely to consider an overpriced home. Neither the agents nor the buyers are going to want to view your home.
With no showings your listing is going to go cold quickly. The longer it sits on the market the less likely it is to sell. Buyer and agents have the ability to see how long the home has been on the market. When a home is on the market for quite awhile buyers start to think there must be something wrong with it if no one else has put in an offer. This now becomes another obstacle for you to overcome. Your home can start to be used to sell your competition. Agents will share your property listing to a property listed at market value and guess what, the completion just became a deal by comparison.
You are also setting yourself up to tougher negotiations. Buyer's who views your home are more likely to feel like they are doing you a favor by submitting an offer on a home no one else wants. Even if you reduce to a fair market value they will not offer as much since it has been on the market for so long. They will not offer as much as a new comparable property.
While your home languishes on the market over priced you are missing opportunities. Buyer's who would be interested at your home at fair market value are buying other homes. Buyer's who might be interested are not viewing your home if it is out of their price point. All the while prices are continuing to decline and you will be forced to chase the market or stay put. I am assuming you want to sell, otherwise why is your home on the market?
Did you know that even if a buyer is willing to pay over market value for your home they will not be able to unless it is a cash deal. Any purchase that involves the buyer using financing is going to require an appraisal and a lender will not lend more that the appraised value and 99.99% of buyer's will not pay over appraised value.
If you want to sell your home you need to make sure it is listed at fair market value. Make sure you look at the comparable properties that have sold in your neighborhood in the last 30-60 days. That's right 30-60 days. Do not think that since your neighbor sold a year ago you will be able to get that price. Do not think because you have new carpet or paint you will get more. You won't. The only advantage will be you will get showings and offers but not a significantly higher price.
If you are thinking of selling your home, call me. I would be happy to sit down with you and honestly assess what your home will sell for so you can make an informed decision. Do not fall for the unscrupulous agents who tell your home is worth 20% more than the comps. They want your listing and that is all. I want to get your home sold.
Most experts agree that the best way to increase the odds of a successful sale is to list your home at fair market value. Do not increase the list price to "leave room for negotiation". The bottom line is that if you list above fair market value, you will have no one to negotiate with! Here's why, when a new listing hits the market real estate agents are going to see it and see if it is a fit for their buyers. If it is listed too high you are immediately labeling your property as "over-priced" in their minds. This is a difficult stigma to overcome. They are going to remember this every time they see your property and are unlikely to suggest it to their buyers. Buyers have become very savvy with the internet. They are able to watch the market months ahead of actually searching for a home. They understand what homes are selling for and will know if your house is overpriced. With the flood of inventory, they are unlikely to consider an overpriced home. Neither the agents nor the buyers are going to want to view your home.
With no showings your listing is going to go cold quickly. The longer it sits on the market the less likely it is to sell. Buyer and agents have the ability to see how long the home has been on the market. When a home is on the market for quite awhile buyers start to think there must be something wrong with it if no one else has put in an offer. This now becomes another obstacle for you to overcome. Your home can start to be used to sell your competition. Agents will share your property listing to a property listed at market value and guess what, the completion just became a deal by comparison.
You are also setting yourself up to tougher negotiations. Buyer's who views your home are more likely to feel like they are doing you a favor by submitting an offer on a home no one else wants. Even if you reduce to a fair market value they will not offer as much since it has been on the market for so long. They will not offer as much as a new comparable property.
While your home languishes on the market over priced you are missing opportunities. Buyer's who would be interested at your home at fair market value are buying other homes. Buyer's who might be interested are not viewing your home if it is out of their price point. All the while prices are continuing to decline and you will be forced to chase the market or stay put. I am assuming you want to sell, otherwise why is your home on the market?
Did you know that even if a buyer is willing to pay over market value for your home they will not be able to unless it is a cash deal. Any purchase that involves the buyer using financing is going to require an appraisal and a lender will not lend more that the appraised value and 99.99% of buyer's will not pay over appraised value.
If you want to sell your home you need to make sure it is listed at fair market value. Make sure you look at the comparable properties that have sold in your neighborhood in the last 30-60 days. That's right 30-60 days. Do not think that since your neighbor sold a year ago you will be able to get that price. Do not think because you have new carpet or paint you will get more. You won't. The only advantage will be you will get showings and offers but not a significantly higher price.
If you are thinking of selling your home, call me. I would be happy to sit down with you and honestly assess what your home will sell for so you can make an informed decision. Do not fall for the unscrupulous agents who tell your home is worth 20% more than the comps. They want your listing and that is all. I want to get your home sold.
Thursday, December 15, 2011
Tis the season for Christms lights! Here is a list of where you can see some festive lights around San Diego. Get out and enjoy!
Allied Gardens: 7048 Hillsboro St, off Waring and Princess View, Dec 10-24, dusk to 10:00.
Chula Vista: "Christmas Circle", Whitney St, between 1st and 2nd, off H St., Dec 10-26, 5-10pm.
El Cajon: "Jingle Bell Hill", Solomon Ave/Pegeen Pl
San Carlos: 7900-8000 block of Hillandale Dr., Dec. 1-31, 5-9pm
Santee: Tomel Court, off Magnolia, Dec 17-26, 7-10pm
Tierrasanta: 5306 Belardo Dr, tune radio to 89.7 to hear lights dance, through Dec 26, 5:30-10pm
San Diego Bay Boat Parade of Lights: Dec 18th, fireworks at 5:30 then parade until 9:00. Starts off Shelter Island, through bay and elds at the Ferry Landing, Coronado. www.sdparadeoflights.org
Where is your favorite place to see the lights and get in the holiday mood?
Allied Gardens: 7048 Hillsboro St, off Waring and Princess View, Dec 10-24, dusk to 10:00.
Chula Vista: "Christmas Circle", Whitney St, between 1st and 2nd, off H St., Dec 10-26, 5-10pm.
El Cajon: "Jingle Bell Hill", Solomon Ave/Pegeen Pl
San Carlos: 7900-8000 block of Hillandale Dr., Dec. 1-31, 5-9pm
Santee: Tomel Court, off Magnolia, Dec 17-26, 7-10pm
Tierrasanta: 5306 Belardo Dr, tune radio to 89.7 to hear lights dance, through Dec 26, 5:30-10pm
San Diego Bay Boat Parade of Lights: Dec 18th, fireworks at 5:30 then parade until 9:00. Starts off Shelter Island, through bay and elds at the Ferry Landing, Coronado. www.sdparadeoflights.org
Where is your favorite place to see the lights and get in the holiday mood?
Monday, December 12, 2011
My 12 Days of Christmas Wish List!
Here is the video of us singing it at the office meeting.
On the first day of Christmas my true love gave to me...
A like of my facebook fan page.
On the second day of Christmas my true love gave to me...
2 reviews on Yelp
And a like of my facebook fan page.
On the third day of Christmas my true love gave to me...
3 Twitter Tweets
2 reviews on Yelp
and a like on my facebook fan page
On the fourth day of Christmas my true love gave to me...
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the fifth day of Christmas my true love gave to me...
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the sixth day of Christmas my true love gave to me...
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the seventh day of Christmas my true love gave to me...
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the eighth day of Christmas my true love gave to me...
8 Lenders lending
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the ninth day of Christmas my true love gave to me...
9 Qualified Buyers
8 Lenders lending
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the tenth day of Christmas my true love gave to me...
10 Savvy Sellers
9 Qualified Buyers
8 Lenders lending
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the eleventh day of Christmas my true love gave to me...
11 Good appraisals
10 Savvy Sellers
9 Qualified Buyers
8 Lenders lending
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the 12th day of Christmas my true love gave to me...
12 Escrows closing
11 Good appraisals
10 Savvy Sellers
9 Qualified Buyers
8 Lenders lending
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the first day of Christmas my true love gave to me...
A like of my facebook fan page.
On the second day of Christmas my true love gave to me...
2 reviews on Yelp
And a like of my facebook fan page.
On the third day of Christmas my true love gave to me...
3 Twitter Tweets
2 reviews on Yelp
and a like on my facebook fan page
On the fourth day of Christmas my true love gave to me...
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the fifth day of Christmas my true love gave to me...
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the sixth day of Christmas my true love gave to me...
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the seventh day of Christmas my true love gave to me...
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the eighth day of Christmas my true love gave to me...
8 Lenders lending
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the ninth day of Christmas my true love gave to me...
9 Qualified Buyers
8 Lenders lending
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the tenth day of Christmas my true love gave to me...
10 Savvy Sellers
9 Qualified Buyers
8 Lenders lending
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the eleventh day of Christmas my true love gave to me...
11 Good appraisals
10 Savvy Sellers
9 Qualified Buyers
8 Lenders lending
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
On the 12th day of Christmas my true love gave to me...
12 Escrows closing
11 Good appraisals
10 Savvy Sellers
9 Qualified Buyers
8 Lenders lending
7 short sale letters
6 bank approvals
5 New Listings!
4 blog comments
3 Twitter Tweets
2 reviews on Yelp
and a like of my facebook fan page.
Friday, December 9, 2011
Gift Ideas For New Home Owners
With the lower home prices and crazy low interest rates, many of the people buying homes are first time buyers. They are moving from condos, apartments and even their parents homes. Once the excitement of getting the keys and moving in has passed, they are sometimes faced with another reality of home ownership...repairs. This opens up a whole new area when it comes to gift purchasing. Do you know someone who recently bought their first home? If so, here are some great gift ideas I wanted to share.
Tool Belt: to carry all the new tools
Tool Box: for convenient tool storage
Hammer: If I had a hammer, I'd hammer in the morning...
Tape Measure: funiture placement and finding midpoint
Level: make those pictures straight
Handsaw and miter box: for baseboards and crown molding
Chalk box and string: for marking and measuring, great for floor installation
Pliers: to pull all the pesky nails out of walls
Wrenches: fix that leaky pipe
Screw Drivers: all sizes and shapes will do the trick
Utility Knife: scoring drywall
Drill and drill bits:
Voltage tester: Safety First
These are some of my ideas but I am always looking for more. Please feel free to add to my list and help others find the perfect gift.
Tool Belt: to carry all the new tools
Tool Box: for convenient tool storage
Hammer: If I had a hammer, I'd hammer in the morning...
Tape Measure: funiture placement and finding midpoint
Level: make those pictures straight
Handsaw and miter box: for baseboards and crown molding
Chalk box and string: for marking and measuring, great for floor installation
Pliers: to pull all the pesky nails out of walls
Wrenches: fix that leaky pipe
Screw Drivers: all sizes and shapes will do the trick
Utility Knife: scoring drywall
Drill and drill bits:
Voltage tester: Safety First
These are some of my ideas but I am always looking for more. Please feel free to add to my list and help others find the perfect gift.
Friday, December 2, 2011
El Cajon Real Estate Market Report - November 2011
Here are the real estate market statistics for the 3 zips codes in El Cajon.
92019
There are currently 74 active homes for sale in El Cajon zip code 92019. Ranging from $200,000 for 3 bedrooms, 2 bathrooms, 945 sqft to $1,799,000 for 3 bedrooms, 4 bathrooms, 4702 sqft.
45 proerties are pending, currently in escrow.
22 properties sold in El Cajon (92019) in November. Ranging from $199,500 for 3 bedroom, 2 bathroom, 1331 sqft to $800,000 for 5 bedrooms, 5 bathrooms, 4376 sqft. The average time on the market was 98 days.
92020
There are currently 75 active homes for sale in El Cajon zip code 92020. Ranging from $167,500 for 2 bedrooms, 1 bathroom, 720 sqft to $865,876 for 4 bedrooms, 3 bathrooms, 2734 sqft.
47 properties are pending, currently in escrow.
11 properties sold in El Cajon (92020), ranging from $158,000 for 3 bedroom, 1 bathroom, 1403 sqft to $585,000 for 4 bedroom, 4 bathroom, 2887 sqft. The average time on the market was 69 days.
92021
There are currently 98 active homes for sale in El Cajon zip code 92021. Ranging from $119,900 for 2 bedroom, 1 bathroom, 604 sqft to $1,550,000 for 3 bedroom, 3 bathroom, 5500 sqft.
57 property are pending, currently in escrow.
22 properties sold in El Cajon (92021), ranging from $215,000 for 3 bedroom, 2 bathroom, 1204 sqft to $840,000 for 4 bedroom, 3 bathroom, 3132 sqft. The average time on the market was 80 days.
If you would like more information or the real estate market report for anonther area, please let me know of visist my website at www.kqsellshomes.com
92019
There are currently 74 active homes for sale in El Cajon zip code 92019. Ranging from $200,000 for 3 bedrooms, 2 bathrooms, 945 sqft to $1,799,000 for 3 bedrooms, 4 bathrooms, 4702 sqft.
45 proerties are pending, currently in escrow.
22 properties sold in El Cajon (92019) in November. Ranging from $199,500 for 3 bedroom, 2 bathroom, 1331 sqft to $800,000 for 5 bedrooms, 5 bathrooms, 4376 sqft. The average time on the market was 98 days.
92020
There are currently 75 active homes for sale in El Cajon zip code 92020. Ranging from $167,500 for 2 bedrooms, 1 bathroom, 720 sqft to $865,876 for 4 bedrooms, 3 bathrooms, 2734 sqft.
47 properties are pending, currently in escrow.
11 properties sold in El Cajon (92020), ranging from $158,000 for 3 bedroom, 1 bathroom, 1403 sqft to $585,000 for 4 bedroom, 4 bathroom, 2887 sqft. The average time on the market was 69 days.
92021
There are currently 98 active homes for sale in El Cajon zip code 92021. Ranging from $119,900 for 2 bedroom, 1 bathroom, 604 sqft to $1,550,000 for 3 bedroom, 3 bathroom, 5500 sqft.
57 property are pending, currently in escrow.
22 properties sold in El Cajon (92021), ranging from $215,000 for 3 bedroom, 2 bathroom, 1204 sqft to $840,000 for 4 bedroom, 3 bathroom, 3132 sqft. The average time on the market was 80 days.
If you would like more information or the real estate market report for anonther area, please let me know of visist my website at www.kqsellshomes.com
Alpine Real Estate Market Report - November 2011
Here are the statistics for Alpine real estate for the month of November. If you would like to research another real estate market please visit www.KQSellsHomes.com
There are currently 82 active homes for sale in Alpine. Ranging from $131,000 for 2 bedrooms, 1 bath, 768 sqft to $2,595,000 for 3 bedroom, 3 bathrooms, 3000 sqft.
26 properties are pending, currently in escrow.
16 properties sold in November (closed escrow) ranging from $250,000 for 4 bedroom, 4 bathroom, 2356 sqft to $895,000 for 4 bedroom, 4 bathroom, 5085 sqft. The average time on the market was 119 days.
There are currently 82 active homes for sale in Alpine. Ranging from $131,000 for 2 bedrooms, 1 bath, 768 sqft to $2,595,000 for 3 bedroom, 3 bathrooms, 3000 sqft.
26 properties are pending, currently in escrow.
16 properties sold in November (closed escrow) ranging from $250,000 for 4 bedroom, 4 bathroom, 2356 sqft to $895,000 for 4 bedroom, 4 bathroom, 5085 sqft. The average time on the market was 119 days.
Jamul Real Estate Market Report
Want to know how the real estate market for Jamul shaped up in November? Well, here are all the statistics.
There are currently 44 active homes for sale in Jamul. Ranging from $199,000 for 1 bedroom, 1 bath, 640 sqft to $1,300,000 for 3 bedroom, 2 bathroom, 1102 sqft.
9 properties are pending, currently in escrow.
3 properties sold in Jamul in November, ranging from $369,000 for 4 bedrooms, 4 bathrooms, 2680 sqft to $415,000 for 3 bedrooms, 3 bathrooms, 2208 sqft. The average time on the market was 51 days.
To research more mrket reports please visist my website at www.kqsellshomes.com
There are currently 44 active homes for sale in Jamul. Ranging from $199,000 for 1 bedroom, 1 bath, 640 sqft to $1,300,000 for 3 bedroom, 2 bathroom, 1102 sqft.
9 properties are pending, currently in escrow.
3 properties sold in Jamul in November, ranging from $369,000 for 4 bedrooms, 4 bathrooms, 2680 sqft to $415,000 for 3 bedrooms, 3 bathrooms, 2208 sqft. The average time on the market was 51 days.
To research more mrket reports please visist my website at www.kqsellshomes.com
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