Earlier this week  I completed my live course here in San Diego achieving the new designation of CDPE through the Alex Charfin’s Distressed Property Institute.

Back in the nineties I did a few short sales listings when they were first accepted as means of avoiding foreclosure. Most of the work then was done with the homeowner and the homeowner worked with the loss mitigation department and if there was a hardship many of these homeowners ended up avoiding foreclosure. The consequences at that time for the homeowner were very different.

The short sale process today with the number of distressed homeowners is much more complex and time consuming than it was back then. I recalled being called to take the listing and actually did much less then that I would have to do today in the same situation. The process is more time consuming today having a lot to do with the sheer number of homeowners in distress overwhelming the lenders loss mitigation departments that must make the decision.

Over the past couple years having seeing the real estate business change right before my eyes, I still resisted marketing to the needs of the distressed homeowners thinking I might escape the need to do short sales in my real estate business. Sadly, the distressed homeowners are representing a larger share of the current inventory and in the next few years more and more homeowners are expected to be in this situation. Equity listings are in short supply in my market but the need to help distressed property owners try and prevent foreclosures is on the rise. The need for selling short to help homeoners prevent foreclosure is expected to greatly increase over the next few years.

Knowing something about short sales is simply not enough in this climate. It is necessary to take the course study that teaches the process and provides all the supplemental forms needed for the lender and the transaction. There is also the need to learn specific counseling of the consumer needing to prevent the eminent foreclosure. There is extensive knowledge required and especially in learning and being familiar with the governemnt programs that are currently available or soon will be. While this training helps some mitigate foreclosure, sadly it doesn’t work for everyone. But for each homeowner we help to prevent foreclosure, they become one less statistic and can better get on with the rest of their lives.

The course material and instructor were nothing sort of awesome and I would highly recommend this course presented by the Distressed Property Institute. Short Sales are a lot more work and considerably more time is needed to get the transaction to a successful closing. As real state professionals we must be committed to helping consumers avoid foreclosure even while also knowing that we can’t save them all but we can and do make a difference.

If you are Buying, Selling or Relocating to San Diego and need help from a professional REALTOR®, give me a call or visit my San Diego Real Estate website and  sign up for Listing alerts for your favorite San Diego Home and Condominium Property Searches.

I specialize in Single Family Homes and Condominiums throughout the coast and inland areas of San Diego. Some of those communities are La Jolla, University Town Center, Bay Park, Mission Valley, Pacific Beach, Scripts Ranch, Poway, Carmel Mountain Ranch, Rancho Bernardo, Rancho
Penasquitos,Carmel Valley and Solona Beach.  If I didn’t mention a city or community that you are interested in, just let me know  and i will find you an expert for that community as well.

I have seen availability coupled with affordability drop, seemingly to close out the family even with a fair amount of income if they need to occupy the property in a reasonable time frame ( most  short sale purchases can be several months off if lender approved).  The numbers of Buyers for more moderate priced homes has mushroomed and this week alone I have viewed many properties through much of the lower half of San Diego County and touching into the upper half up of the county to the $400,000 level for just such a family. Many short sales have no acceptable occupancy time line and the corporate REO’s have limited financing due to the 90 day FHA flipping rule.

The market has heated up very quickly since the extension and expansion of the Federal Tax Credit for first time and for move-up Buyers in the moderately priced home range. The housing supply is dwindling and the current limited inventory in many cases is going into overbid with multiple offers..

Market conditions seem to indicate that the more affordable single family housing is to be found more inland and anything that is priced well and market ready within 20 to 25 minutes of the coast is getting a lot of Buyer showings and multiple offers within days of bringing the property to market.

Affordability as cited by the economic predictions usually deals with statistics based in medians and averages. I am not dealing with statistics but rather real families with real housing needs. Day after day searches bring me to the conclusion that housing affordability has waned and the price of property is increasing as affordability based on lower inventory are declining.

Please Note: This is real life and I didn’t bother to check to see how my empirical evidence aligns with the actual statistics since my clients are suffering through the real life situation and statistical numbers don’t mean much to them in trying to find a property they can call home.

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If you are Buying, Selling or Relocating to San Diego and need help from a professional REALTOR®, give me a call or visit my San Diego Real Estate website and sign up for Listing alerts for your favorite San Diego Home and Condominium Property Searches.

I specialize in Single Family Homes and Condominiums throughout the coast and inland areas of San Diego. Some of those communities are La Jolla, University Town Center, Bay Park, Mission Valley, Pacific Beach, Scripts Ranch, Poway, Carmel Mountain Ranch, Rancho Bernardo, Rancho
Penasquitos,Carmel Valley and Solona Beach. If I didn’t mention a city or community that you are interested in, just let me know and i will find you an expert for that community as well.

While I expect the Winter and the Spring markets to be at least as good as much of 2009 , the indicators will show some more improvement in 2010. Regretfully there will be mortgage resets, the possibility of increasing unemployment  and more  homeowners defaulting on their mortgages which will offset some of the more positive improvements of the market .

This is not to give a negative perspective of our markets but one of realistic expectations. I expect we are at or near the end of the downward price spiral and things are showing signs of a bit more stability. Interest rates are expected to remain historically low through the first half of the year and beyond that no one is certain about where rates will go. My guess is that they will remain low through the whole year.

Statistically we currently have between 1.5 and 2. 6 million households in the US that are at some stage of foreclosure. And through a larger scope there are over many millions of households that are late on their mortgage. A good percentage of the late pays now being caused by unemployment.

I expect to see more short sales and Reo’s ( Bank Owned Foreclosed Property) in the market in 2010. The National Association of REALTORS predicts in the range of 4.7 million home sales around the US.  Here in San Diego a good percentage of our share of those sales will be distressed properties. Maybe as high as 30 to 35%. Equity Sales will increase in 2010 but currently the market has a declining inventory of properties for sale.

We have a ways to go to get a to a fully improved market, although there are new reports daily that the trends are becoming more favorable each quarter. We have had 7 straight quarters of the market moving in an upward direction. We have seen prices begin to stabilize and we have seen prices even increase in a couple areas. We have heard that the percentage of homeowners that are upside down is declining. All good news. We are not out of the woods as yet but we are beginning to see sunlight again through the trees.

Well over 400 participants converged at the downtown San Diego location of the world famous Stingaree NightClub, hosted by Jim Marks, NAR, Zillow and countless others, the REBarCampSD kicked off yesterday morning at 8:30Am and ended with a party like reception outside on the rooftop under the stars of the Stingareee Nightclub. This Venue I am told may be one of the most outstanding ever to host the BARCamp events.

What an extraordinary experience!

“Attendees don’t just watch a set list of speakers. They give their own talks. Podcasting. Web standards. Microformats. Gum stick computers. Physical security. Robotics. Evolutionary algorithms. It can be anything. One of the best barcamp presentations ever given was about sandwiches. BarCamp is what you make of it.” a quote taken from the REBar Camp site.

Topics today included the “Importance of and increasing SEO for your website” presented by Drew Meyers ( Zillow ) through topics on “Blogging” , by Jay Thompson and Kris Berg ( PhoenixRealEstateGuy.com and SanDiegoCastles.com) “Marketing properties with Photos “,” Syndication of the WordPress platform, Social Networks and guidelines for maximizing your experience,” Introducing Posterous.com”, presented by Eric Stegemann. All the social network gurus were there to help each us learn the many ways to interact and build and establish relationships. Social Networks are about Relationship Building. There were experienced “REO Specialists” conducting discussions on the “future and explosion of REO’s”, “ShortSale Specialist Experiences”, and “How to convert Online Consumer Leads” by Bob Wilson. There are too many topics to name all of them but certainly all of the many remarkable topics had presenters giving of their time to help each of us participating to always have the best online experience.

There were 3 levels of areas at the venue ( 12 specific and named areas ) used throughout the venue creating 12 simultaneous classrooms, that changed topics every 30 minutes. The sessions involved a presenter that guided the full participation of each and every attendee. As they say, “ This is not a spectator sport”. To maximize your shared knowledge and experiences, everyone was encouraged not to just attend but to actively participate.

Some of us knew each other well on line and today many of us from ActiveRain, Facebook,Twitter, Linked In, met in person for the first time. I guess you can just imagine how incredible that was.

What an amazing event and I was overwhelmed with the outpouring for friendship and sharing at this most amazing experience.

I am re-posting this post that I originally published on another blog for Real Estate Professionals.. The reason is simple really, I feel it will help you the consumer to know our passion and dedication to learn all that we can that will ultimately help you the most in your real estate decisions. To know that we care to be the very best we can be in providing you state of the art services for any transaction that will assure you the best result.

If you are Buying, Selling or Relocating to San Diego and need help from a professional REALTOR®, give me a call or visit my San Diego Real Estate website and sign up for Listing alerts for your favorite San Diego Home and Condominium Property Searches.

I specialize in Single Family Homes and Condominiums throughout the coast and inland areas of San Diego. Some of those communities are La Jolla, University Town Center, Bay Park, Mission Valley, Pacific Beach, Scripts Ranch, Poway, Carmel Mountain Ranch, Rancho Bernardo, Rancho
Penasquitos,Carmel Valley and Solona Beach. If I didn’t mention a city or community that you are interested in, just let me know and i will find you an expert for that community as well.

San Diego Real Estate …. WOW!…Wireless Discount Coupons with new iPhone App…. YOWZA!!

Wireless is in, paper is out. Even for those that like to clip coupons to their favorite restaurants or department stores. With competition heating up, having access to coupons on your cell phone will make it really easy. Remember to take your phone with you and forget the paper coupon.

Well,that is how it is for some businesses already and there will be growing encouragement on retailers to be sure to add their coupons online as well as  running those coupons in newspapers and mailers and making them available to access right on your phone.

The software app was developed by Yowsa and can be downloaded now for iPhone users. Perhaps there will be other platforms in the near future but for now, iPhone is the place. When I have asked people what kind of phone they have and they answer other than the iPhone, I always chuckle and say , “Gee that’s too bad”. The truth is though that I am sure all phones with data plans will eventually have these type of apps. When you think about it, clipping coupons is not always convenient and most often, even when you have a coupon, you forget to take it, at least I do.

Problem solved. At least for a few companies that are integrating their coupons with the Yowsa software that runs the app. And the way it works is so cool. You either get a promotional code that is imputted into the cash register at time of checkout or you get a bar code right on the screen of your iPhone and it can be scanned.

What could be more convenient ? Frankly with the economy the way it is and people looking for breaks in retail and food prices anywhere they can find them, this new service could not be more timely. This idea could also work for any type of service that might include hair salons, carpet cleaners, dry cleaners, laundry, car washes,  etc.

There will be more and more of demand for online coupons as people start asking about them. As people get used t the idea that these great money savers are online and ready for them, they will downloading the app and taking advantage so that they can carry all the coupons with them. These coupons might even determine where you might want to eat lunch one day based just on the fact that you have a coupon with you.

I downloaded the app and a number of stores come up. For example, REI, Sears, Saks Fifth Ave, The Container store, Islands Restaurant, Pier 1 Imports, Rubio’s, The Sports Authority,Tutti Fruiti Yogurt, Mountain Mikes Pizza , Loehman’s, golf courses and there were more. I had written to Yowza seeking permission to use their logo which they granted and they also informed me that some new restaurants in my area are about to come on line with Yowza. Great news.

Yowza has this cool little dial for how many miles away you want your list from. There is a also an FAQ section on Yowza’s Home page.

You will want to check this out. And I have an idea from the vast number of stores I haven’t mentioned that Yowza could use some help getting the word out and I for one will be telling stores where I shop about it and encouraging them to sign up. Hey, it’s in our best interest, right? So tell your clients about it, tell from friends and mention it at stores you shop in. I thnk Yowza is going to become one of my favorite iPhone apps.

San Diego Real Estate- What’s The Future Of Our Technology and Our Mother Earth

We are still in the infancy stage of developing the technology that will become common place in our world. Technology has been developing since the dawn of civilization in one form or another. In recent decades, we are bombarded with so many different manifestations of it in our daily lives. But more recently as different ways of utilizing it come out in the market, we as consumers anxiously try to obtain as many of these latest and greatest gadgets as our budgets allow. We are filling our homes and cars with them everyday.

There is however a bigger price to pay than what we can easily afford. We are  beginning to see what all these machines and the gadgets look like as they pile up in our homes, older models not being used and relegated to the garage or anyplace else we find to store them. This includes old printers, monitors, computers, PDA’s, cell phones, scanners, copiers, analog TV’s, first and 2^nd generation digital cameras. If you can name it we each probably have several. Now think of all the people that must have some of these old antiquated things and you begin to see what the landfills will be looking like when theses items are incorrectly disposed of.

One day soon, we will need to strike the ultimate balance when everything we want and even create the need for,  somehow integrates itself seamlessly into our homes. I imagine a day when we will have one great master system and everything we have, technology wise,  will be a part of the master system.

In America, we all need our gadgets, the cell phones, iPod and mp3 players , PDA’s and laptops, video players and DVD’s, CDRoms and Scanners, copiers and printers, desk top computers and notebook PC’s and TV’s of all shapes, sizes and models. But we also continue to look to others to be responsible when it is time to rid them from our lives. There was nothing on the box that said, please return these to the manufacturer when they have served their useful life.

Mother Earth is screaming not to stuff these  in her secret places and not to bury them them beneath her skin or in her waters. While she is screaming, only a few can hear her. She has been tuned out with the noise of society, the same one she comforted before they abused her. She is no longer silent, she has gathered many voices new voices, not as melodious as her voice but they’re speaking for her often.

San Diego Median Price Home Increased in June 2009

The median price of single family detached homes that sold in June was up 7.7 % over May to $350,000. This median price though is down 13.6% from a year ago.

The Condo market faired equally well with a 5.5 % percent gain the median price but reflected a 19% drop over the last year.

The new construction sales of homes and condos did not fair as well with a drop in the median price of 4.3 % with a median value of $455,500. Over the last year the median price of new construction shows a 7% decrease.

If you are Buying, Selling or Relocating to San Diego and need help from a professional REALTOR®, give me a call or visit my website and  sign up for Listing alerts for your favorite San Diego Homes and Condominiums Property Searchs. I specialize in Single Family Homes and Condominiums throughout the coast and inland areas of San Diego. Some of the communities are La Jolla, University Town Center, Bay Park, Mission Valley, Pacific Beach, Scripts Ranch, Poway, Carmel Mountain Ranch, Rancho Bernardo, Rancho Penasquitos,Carmel Valley and Solana Beach. If I didn’t mention a city or community that you are interested in, just let me know  and I will find you an expert for that community as well.

Need Help and Guidelines for Buying or Selling a Home ? Check out my new ” Voice of San Diego Real Estate Blog “

Tinker

Many have been asking where I have been for the past week. This past Thursday I sent my little one ( 2.5 lb Yorkie) in to have her bi-annual teeth cleaning. She didn’t come home, that is until today and it was her cremains in a small little box with a heart on it in which her little foot print was impressed upon it. Having gone through this just 10 months ago with my other little girl, I know what’s in the unopened box.

This past Thursday she went in to the vets in the morning and I had a contractors inspection to attend late the morning so I would be picking her up in the afternoon. I did not receive a call from the vets office so I called in to check what time to pick her up and I was asked to hold on a moment for the Vet. A bit strange but she picked up quickly and said “ how sorry she was that little Tinker had complications and died shortly after the procedure. I sort of went into shock not even able to talk.

So the past number of days I have been grieving and being alternatively angry. Having nightmares about her needing me and I couldn’t reach her. Sleeping has consisted of falling asleep in a chair and awakening thinking she needs to go out.

Tinker had this really cute way about her, not being a barker, of coming into a room I was in and she would walk to some distance away where I could see her and then she would turn around and face me and would just look at me. She either needed to go out or wanted to eat. So I usually always asked both questions. When I hit on the right one, she would either run to the door or the Kitchen where her treats were. When I would be at my desk, however, she made this tiny little noise, I can’t describe it but when I would hear it, I would look down and there she was. It was her way of talking to me that she needed something, mostly to go out, which she did about about 20 times a day. She loved walking in the grass , around and around, back and forth, never missing barely an inch of her private yard.

She was so easy on the eyes as a beautiful little girl with long hair, silver black with light tan markings. She had the most beautiful gate when she walked, almost like a strut, if you will. I loved to watch her walk going to either side of the yard to do her business. She was so beautiful to watch, as she seemed lighter than air. Her tan markings on her rear side enhanced the look as she walked away from me. She also had the cute way of questioning things. If she wondered about something or something different or unusual was in her path, she would lean to the right and raise her left front leg, not high but it was just so cute. As if to say, “hold up, I got a think a minute”. What is this thing I have encountered.

Playing with her had to be on her level so being on the floor and feeling her nustling and nudging around my face and body was one my wonderful morning highlights. But when we felt scared or uneasy about something she would find comfort laying high on my chest under my neck. She never moved, this was her safe place. Everything in life was so oversized for her being so tiny. But on her morning walks, she was fearless. She knew how to walk so beautifully and never missed a step while setting the pace. When it came to her morning walks, this was the most exciting thing to her and she was always ready, any time, any place.

I can hardly bring myself to talk about having her memories, I still look for her in the morning. Her little bed is still in place. Late yesterday I got her cremains and I haven’t opened the box as yet maybe because I know what’s in it and maybe because I still don’t want to accept that it is true. I find myself still grieving her loss while finding it difficult to believe it is even possible she has gone.

I have heard that people and pets can and do die from anesthesia and it is not as rare as it ought to be. My emotions don’t seem to care that such things are possible, maybe it does happen but surely not to this little one when she had been thoroughly checked out before hand and the vet saw no issues with her health. Then of course I would reason if I had been there, having saved her life twice before once from a fall that knocked her out and stopped her breathing and a bee sting that closed up her trachea and she had stopped breathing, that I could have done something. I knew how to open up her trachea and breath for her those couple times when she was unable to breath. I used my own breath to breath for her until she would feel strong enough to do it herself. Life sometimes is about circumstances and I can’t help to question , if only…..

Now My little sweet and wonderful creature awaits for me at the Rainbow Bridge where I hope she has met up with her sister CeCe, my other little one in heaven. CeCe was taken from life last Sept after fighting cancer for 2 and half valiant years. These little sweet wonders in life make our lives complete until that difficult day that comes way too soon and often without notice. And then they tear our hearts out when they leave us and in this case, without even a way to say Goodbye.

I dedicate this post to my Little Tinker’s memory. May she always know that I love her and miss her so very much. And I now have to accept the promise that we will all one day be rejoined together, never ever needing to say Goodbye again.
Click here to view the embedded video.

San Diego Real Estate – Sellers Market, Buyers Market or …………..Lenders Market?

Buyers rule?  Not so fast.  Certainly that’s not quite true if the property falls under the category of distressed property.

Distressed property usually needs far more than a paint job, at least, that’s true, or has been up to now in San Diego’s  Homes for Sale market. Property is considered distressed if it has been foreclosed by the lender or the owner is seriously late in making payments or the property is upside down.  Upside down meaning that the value of the property is less than the mortgage amount.
So what am I meaning by Lender’s market?To define a “Lenders Market”, let’s first review the characteristics of  a ” Seller’s Market ” and a “Buyers Market“.

In defining a “Sellers Market”, we usually find a lower than usual and faster moving inventorywith prices generally increasing and the Seller more clearly in control to determine  the outcome of any successful effort to purchase. Buyer’s tend to pay more ( often times more than property might be listed for).  Many of the buyers contingencies are either eliminated or greatly reduced.  The time for removal of contingencies is  shortened.  In some cases many of contingencies are negotiated way, such as a buyers typical request for repairs and the length of time the buyer has to obtain services such as appraisal and loan approval.

In a really hot “Seller’s Market”, buyers typically need more  down payment and higher earnest money deposits that may be defaulted if the Buyer fails to consummate the transaction in the exact time frame as outlined in the purchase agreement.

In a “Buyer’s Market”, buyers tend to have greater control of the time frames and also many of the terms and conditions in the contract tend to favor their wants. Sort of a flip of what is found in the “Seller’s Markets”. In a “Buyer’s Market”, buyers typically pay less than they might in an active “Seller’s Market” and usually have a larger selection of properties to choose from.

So what then is a “Lender’s Market”? A “Lenders Market” is typically where there is a large number of or a majority of the market is made up of distressed property sales. Distressed properties being those where the owner is either in default of keeping the mortgage current or has already been foreclosed upon. A property is also said to be distressed if the value of the property is less than the mortgage or trust deed amount and the owners are unable to keep the mortgage current and want to sell the property. When a property has been foreclosed by a lender, it is called Real Estate Owned ( REO ). When a property owner wants to sell a property for less than is owed on the property, it is referred to as a Short Sale.

A “Lender’s Market” might have a combination of many of these characteristics. Many of the buyers benefits in their offer to purchase are striped away including the pest inspection and clearance, closing costs, home warranties and repair requests with the lender opting to sell the property in it’s present physical condition. Naturally there are exceptions to this depending on the Lender and whether the distressed property is a short sale or REO. By and large, lenders want the  highest possible price with the least number of contingencies. Only Buyer’s with pre-approved loans are considered and in the case of REO’s, the lenders will give greater priority to All Cash offers over offers with financing even if the offering amount is slightly less.  All Cash offers have less contingencies and can usually close faster clearing the asset from the lender’s books faster without any hassles or delays as may be occasioned by other banks that are providing the Buyer’s loan.

When properties are  “ Sold in it’s present condition”, Buyers must be extra diligent  in their property inspection to ascertain to the extent possible, the true nature of the property.

Typically lenders will tighten down time lines and may impose a penalty if there is any delay in the close of escrow for any reason. The essence of the lenders market is “take it or leave it” . As the saying goes, “He who has the gold makes the rules”. But it is also important to know that many REO’s and short sales can be good deals but it does require extra diligence and careful consideration when purchasing them.

To further describe the difference in distressed properties, in a Short Sale the owner of the property remains the Seller and in the REO, the lender is the new owner and the differences between a short sale and REO can be striking.

In the short sale, the lenders key role is to approve taking a loss in the amount owed on the trust deed or the mortgage.  When the mortgage is late usually for 3 consecutive pay periods, the lender can file a notice of default. In a short sale, if the owner files documents with the lender explaining the financial distress that is causing the late payment and wants to sell the property, the lender may opt to consider a purchase offer on the property that is short of what is owned combined with the costs of sale. It is a judgment call of the lender since they have the right to file a default notice and if the owner can not correct the default amount, the lender can foreclose. The lender has specific times frames it must follow in this regard. The Buyer as well has a specific amount of time to cure the defaulted payments with any penalties.

Lenders have been encouraged by the government to for stall the foreclosure process and help slow down the excessive number of foreclosures that have taken place over the last couple years on the defaulting loans.

Lenders involved in distressed properties are clearly in charge to determine if they will accept  even the highest offer on the property. In the case of short sales, they can either accept writing off the short fall of the outstanding trust deed or opt to continue the foreclosure process. Of late, lenders are becoming much more realistic in understanding that short sales are costing them less than they would have to write off as a bad asset in a foreclosure.

REO’s close in the shortest possible time period of property sold in San Diego.  In short sales, there is most often a serious lag time (often months) before the lender even agrees to the process. Today with the greater influence of government encouraging banks to accept the short sale process sooner rather than later, we will most likely see the short sales process refined and the time frames for approval to be lessened.

Distressed property sales in San Diego make up close to 50% of the entire real estate market in reported sales.  The good news is that equity sales are increasing and perhaps by spring of 2010, the equity sale will once again be a far greater share of the market.

For now, the “ Lender’s Market” in San Diego homes for sale is certainly the market at hand. For more about Buying and Selling San Diego Real Estate, visit my website The Voice of San Diego Real Estate. There will find many tools to guide you in the process. if you are seeking to locate any home for sale on the San Diego MLS, you will be able to locate any home or condominium using my IDX ( Internet Data Exchange) by licking on “Search for Property”.

Happy Hunting! And feel free to contact me if you would like some personailzed guidance in the process of searching for San Diego Homes and Condominiums.

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