Archive for August, 2007
What’s in Your…… Homeowners Insurance Policy?
August 30th, 2007 categories: Buying San Diego Real Estate, San Diego Real Estate
Have you reviewed your insurance policy of late? Probably not. After closing on the purchase of your home, (how many years has it been now), you put the policy away feeling all nice and secure that you have it and go on about your life. Do you think you are fully covered against most of the even more common perils that might befall you and your home?
| Discussion: 1 Comment »
What Makes A Winning Marketing Plan and Who is in Control of it?
August 29th, 2007 categories: San Diego Real Estate, Selling San Diego Real Estate
It is time to sell the old place and you are interviewing local REALTORS hoping to hear that your home will fetch a “pie in the sky” price.
Doubtful that will happen but let’s take a look at why you might have that expectation.
The agent wants the listing and most will tell you the market today is more normal ( level pricing with lower appreciation) and prices have adjusted downward from the lofty exaggerated prices of a couple years ago. The agent will tell you they have a great marketing plan and as you can see they will be doing a lot of advertising and will ultimately accept that too high of price you forced on them. So the process begins.
1st weeks open house, ads in the newspaper, brochure box on the sign post, nice property brochure and the end of the first week results, no offers. The agent said it will take a while, so patience is to be accepted.
| Discussion: 2 Comments »
Are We About To See A New Definition of ” Redlining ” ?
August 28th, 2007 categories: Buying San Diego Real Estate, San Diego Real Estate
Will the current credit crunch lead to creating a new or quasi type of redlining by the major lenders and those that invest in the loans?
Is it possible that whole categories of borrowers, loan types and credit profiles are going to suddenly be shunned or priced so high that they will soon be out of reach?
If that happens, how will 2nd home purchasers, non-owner occupieds, high rise condos and people with minimal cash available fare in the seeking and obtaining of affordable mortgages?
| Discussion: Comments »
California Advocacy Groups Call for Moratorium on Foreclosures
August 22nd, 2007 categories: San Diego Real Estate Legal
Consumer advocates meeting the with the California Senate Banking committee this week are asking for a moratorium on all home foreclosures in the state. They warned that California is facing a tidal wave of foreclosures over the next year and that California is ground zero for problem nationwide.
They reiterated that more than 46,00 home were in foreclosure and that there were 76,732 more mortgages that are currently delinquent.
Witnesses warned the banking committee that the numbers would be rising as the loan adjustments take place on the adjustable loans. They advised that Homeowners appeared paralyzed and dont understand that they may have some options. They are not contacting their lenders and some of the lenders are saying that they cant reach the consumers to even discuss the explosive issue.
There is an anticipated jump widely forecasted in the 4th quarter of this year that will continue through the fall of 2008.
| Discussion: 1 Comment »
Even Losing your home in forclosure may not be the end of the nightmare.
August 21st, 2007 categories: Local San Diego News You Can Use, San Diego Real Estate, San Diego Real Estate News
We are all pretty much now used to the 1099 shortfall , whereby the lender gives the seller of the short sale a 1099 reflecting the amount of the debt relief, which may be taxable as ordinary income.
Had you ever heard that the lender can do the same for foreclosed property owner if the value of the foreclosed property is deemed less than the market value?
In 2005 and 2006, the Sub-Prime loans that were made to weak borrowers are and will be putting many households in jeopardy of either a potential short sale necessity or facing foreclosure. Because there was so little down payment required, the value of many of these homes may be worth less than the amount owed.
| Discussion: 1 Comment »
