This is an amazing 1962 mobile home.  Now don't click the delete button just yet.  This is a 'gotta see this home'! type of new listing.

These people bought a little old mobile home near the beach and opened it wide up on one side and brought in the Pottery Barn...it is a delight to see.  It has no resemblance to a mobile home at all.  There is rock floors, shadow glass closet doors, custom bathroom vanities with the bowl type sinks.  We have a gourmet kitchen, new vinyl windows, and amazing yard complete with fruit trees and grass, totally fenced but the best part is the deck.  It is an entertainment dream with friends over a glass of wine or curl up with a good book.

You can walk to restaurants, shops, public transportation such as the Coaster and the best part is moon light walks on the beach just a few blocks away.   How can you live this close to the beach and not have to pay millions for a tiny spot in paradise

Bring me an offer over $195,000 and you might get it.  Sure it used to be a 62 mobile home but now it is a 2007 renovated home with up to the date everything.  You might ask what the heck were they thinking to spend so much money on this little home....but aren't we glad they did as it could be your little beach getaway.  Bear in mind that the park space rent is around $1000 a month, but if you have cash and can pay that space rent then you are AT THE BEACH and the quaint area called Leucadia.

You have to see these pictures....and then call me,  Elissa Davey at 760-805-9058

The Housing and Economic Recovery Act: Tax Credit The tax credit is for First Time Homebuyers (not owned a primary residence for the past three years) whose loan closed between April 9, 2008 and June 30, 2009. The highest amount of the tax credit will be $7,500 for individuals earning up to $75,000 and couples earning no more than $150,000. The amount of the tax credit declines when the income rises and phases out completely when the single tax payer earns $95,000 and a couple earns $170,000. A tax credit is much better than a tax deduction. A tax deduction is added to all of the other deductible items on Schedule A (medical expenses, charitable contributions, home interest, property taxes, unreimbursed employee expenses, etc.) and then that amount is deducted from the adjusted gross income, giving you the bottom line income from which the income tax is calculated. A tax credit is taken after all of the deductions are calculated, the adjusted gross income is calculated, and the income tax is decided - then the $7,500 comes off of that amount! If the taxpayers owe less than $7500 in taxes, the difference between what they owe and the $7500 is given to them as a tax refund. However, this tax credit is not necessarily a gift...This $7,500 is an interest-free, 15-year loan. Every year for the next 15 years, the taxpayers must increase the amount of taxes they pay by $500 until the loan is paid in full. If the homebuyers sell their home within 15 years, and the gain on the home is less than the amount of the credit, then the remaining portion of the tax credit is forgiven. If the gain is greater than the remaining portion of the tax credit, then the balance will be due for that year's income taxes.

"Hope for Homeowners" is a short-sale refinance intended to allow distressed homeowners keep owner occupied homes from going into foreclosure.  There are a lot of moving parts to this bill and the homeowners will have to agree to an equity share for five years after they refinance into this loan.  The mortgage holders are NOT required to participate in the program. 

Basic principles are:

•·         Principal residence only.

•·         Borrowers certify that they did not intentionally default on the mortgage for the purpose of obtaining the HOPE loan.

•·         Borrowers mortgage debt-to-income ratio (including all existing mortgages) as of March 31, 2008 must be 31% or higher (this is also known as the front ratio).

•·         Calculation of the new loan will be based on the borrower's ability to make mortgage payments determined by FHA or other underwriting standards AND the loan-to-value limited to 90% of the appraised value.

•·         The existing lien holder must waive any prepayment penalties and fees.

•·         The existing lien holders must agree to accept the proceeds as payment in full of all indebtedness under the hope loan; and all encumbrances must be removed.

•·         Those lien holders of existing subordinate mortgages will be entitled to future appreciation of the property.  Standards and policies of the shared appreciation will be developed by FHA.

•·         The new term may not be for less than 30 years and the rate must be a fixed rate.

•·         The new loan amount cannot exceed $550,400 which is 132% of FHLMC loan limit established in 2007.

•·         The borrowers cannot put a new second lien on the property for 5 years after the refinance takes place.

•·         Income must be documented by income tax returns for the most recent two years.

•·         The borrower cannot have convicted of mortgage fraud under Federal or State law during the past 10 years.

•·         The borrower must supply documentation to prove that they only own this one residence.  If they own other properties, they cannot utilize this program

•·         No one can unduly influence an appraiser in connection with this mortgage.

•·         MIP - a 3% UFMIP will be included in the mortgage being financed, through a reduction of the amount of indebtedness that existed on the loan being refinanced and will be paid to HUD, additionally the annual mortgage insurance premium will be 1.5% of the loan amount.

•·         The interest rates and origination fees will be determined by the new Federal Housing Finance Agency, but will be comparable to market rates.

•·         Equity Appreciation - upon sale or disposition of the property or subsequent refinance there will be shared equity on a graduated scale. 

                a) Sale or refinance within one year entitles HUD to 100% of the equity appreciation.

                b) Sale or refinance within more than one year and less than two years entitles HUD to 90% of the equity appreciation.

                c) Sale or refinance within more than two years and less than three years entitles HUD to 80% of the equity appreciation.

                d) Sale or refinance within more than three years and less than four years entitles HUD to 70% of the equity appreciation.

                e) Sale or refinance within more than four years and less than five years entitles HUD to 60% of the equity appreciation.

                f) Sale or refinance within year five entitles HUD to 50% of the equity appreciation.

Just heard it though the grapevine that Morgan Stanley is going to liquidate their Real Estate porfolio to the tune of in the trillions for 22 cents on the dollar...What does that mean to us? 

I have no idea...but I do know that there will be great properties coming available and you need to be ready to purchase with all your loans in place and ready to go.  

We have great deals here in San Diego county that are ready to go and just need a buyer with their loan ready and a bit of money on the side to do repairs.

Now is the time to buy if you are looking for a home.  You need money for your down payment and closing cost, but loans are available that will fit your need. Don't miss out on this time to buy while the prices are low and the inventory is great.

The legislation will assist an estimated 400,000 homeowners facing foreclosure, many of whom reside in California, by allowing them to refinance their current mortgages with a Federal Housing Administration (FHA)-backed loan.  The bill also will permanently increase FHA, Fannie Mae, and Freddie Mac loan limits in high-cost areas.

The bill permanently increases the conforming loan limit to $625,500.  C.A.R. has long advocated for higher conforming loan limits.  In February, the Economic Stimulus Act of 2008 was signed, temporarily raising the conforming loan limit in high-cost areas to $729,750 from $417,000 until December 31, 2008.

Although we would have liked Congress to make permanent the current $729,750 loan limit, C.A.R. is pleased with the new permanent loan limit of $625,500. It will allow California homeowners to refinance their loans into safe affordable loan products and allow first-time home buyers to enter the market.

The new loan limits for Fannie Mae and Freddie Mac are the greater of either $417,000 or 115 percent of an area's median home price, up to $625,500.  The new FHA loan limit will be the greater of $271,050 or 115 percent of an area's median home price, up to $625,500.  Both new loan limits will be effective at the expiration of the economic stimulus limits on December 31, 2008. 

You want to buy a foreclosure but you don't want to be in a bidding war?  

Well then step away because that is exactly what is going to happen. 

People are over bidding on foreclosures here in Oceanside, California because the deals seem to real to be true.  They are bidding on fixer uppers that really need fixing. Bring on the paint brushes, carpet, appliances and huge bucket of soap and you will end up with your elbow grease getting you a great investment. 

You have to be prepared to wait for an answer back from the bank and that may take weeks to get back.  You may lose out on a deal because you are waiting to hear back on one and another pops up and you don't know what to do.  It's a wait and see game.

Can you place offers on other properties?  Yes!  Your offer is not final until you confirm that you are accepting the banks reply.  But if you have an offer on the table the best thing to do is wait it out and see if you get the property you wanted as usually first choice is the best choice.

Ask your realtor for advise as we are the professionals.  But don't ask us hows the market as we have not a clue. We don't have a crystal ball because if we did we would have socked money away more and bought oil stock.  We know our job and thrive to be ethical, honest and knowledgable, but no one can tell you what is going to happen tomorrow because tomorrow isn't here.  Just follow your gut instincts. 

Buy a foreclosure NOW- put your money to use as these are the best prices I have seen in years here in San Diego County not to mention the whole country.  BUY USA!   Call in all your friends and have a cleaning party and then celebrate your new pretty home with a great American Barbeque.   

You should call your Realtor today and start looking at the homes for sale. It doesn't have to be a foreclosure as there are wonderful deals here in San Diego County, which is a destination of choice for most out of towners.   Get going on your dream home now while there are plenty to choose from.

Please keep in mind that a lot of families have lost their homes because of the loan packages they chose and our hearts go out to them that they will be able to pick up the pieces and start anew soon.  We give them our prayers that they will get through this setback and come back bigger and better.

I wish you all 'ENOUGH".  Elissa

32 Acres of Orange & Olive trees on auction in Lemon Cove, CA

AR - Rogers Commercial building with connected storage warehouse on major highway in Rogers, Arkansas. Total square footage is approximately 8150 sq. ft. Adjacent lot has approximately .47 acres. Ideal location for business
	Date of Auction: 7/30/2008, at: 10:00 AM
	AZ - Tucson 2 story, 2 bedroom, 1 bath Condo/Townhouse in the Old Pueblo
	Date of Auction: 8/27/2008, at: 11:00 AM
	CA - Lemon Cove **UPDATE-NEW SALE DATE-2ND COURT ORDER INCLUDES STOCK IN WATER DISTRICT** OPEN HOUSE WILL BE CONDUCTED AS SCHEDULED. Orange Blossom special- this this little ranch needs an investor with a vision.Great house with views of the Sierra Nevada Mtns
	Date of Auction: 8/12/2008, at: 11:30 AM
	CA - Los Angeles ´Vacant residential hillside lot, 6,360 square feet per assessor records.´
	Date of Auction: 7/28/2008, at: 10:30 AM
	CA - Pollock Pines **UPDATE-NEW SALE DATE**Vacant residential lot located in Sly Park Recreational Area in Northern CA´
	Date of Auction: 8/7/2008, at: 11:00 AM
	FL - Daytona Beach Where the water is great! 42 Marie Drive, Ponce Inlet, Lot 18, PONCE LANDING SUBDIVISION, Daytona Beach, FL
	Date of Auction: 8/21/2008, at: 10:00 AM
	FL - Weeki Wachee Ahhhh....Peaceful Living! 3.5 Acres of unimproved residential vacant land.
	Date of Auction: 8/28/2008, at: 10:00 AM
	IA - Des Moines **UPDATE-PAYMENT TERMS CHANGED**Commercial Office building , good location
	Date of Auction: 8/12/2008, at: 12:00 PM
	IA - Des Moines **UPDATE - SALE ADJOURNED-NEW SALE DATE JULY 31, 2008**6 bedrooms, 5 baths with approx 3411 sq ft on large lot
	Date of Auction: 7/31/2008, at: 11:00 AM
	MA - Seekonk Industrial Truck Terminal on 3.03 acres with 12,068 sq ft bldg, Great Location minutes to I-195
	Date of Auction: 8/21/2008, at: 12:00 PM
	MD - Baltimore Two Story Row House
	Date of Auction: 8/26/2008, at: 9:00 AM
	NC - Greensboro Opportunity to buy a 4000+ sq. ft. in prestigeous Irving Park. 4 bedroom, 4.5 Bath, Double Lot with swimming pool
	Date of Auction: 8/28/2008, at: 11:00 AM
	OH - Cleveland **UPDATE-NEW SALE DATE & MINIMUM BID REDUCED**Commerial Real Estate: A 9,620 commercial property located on busy Pearl Road with 76´ of road frontage with a high traffic count. The property was formerly used as a restaurant.
	Date of Auction: 8/5/2008, at: 11:00 AM
	PA - Erie Prime commercial property located in great area of Erie, PA
	Date of Auction: 9/3/2008, at: 10:00 AM
	PA - Philadelphia **UPDATE-SALE ADJOURNED-NEW SALE DATE**Prime commercial property located next to major shopping mall, ready for development
	Date of Auction: 7/29/2008, at: 11:00 AM
	SC - Fair Play **UPDATE - SEE REMARKS IN NOTICE OF SALE**Great opportunity to own real estate in upscale area within minutes of public docks! 4 interior lake lots located in Edgewater Hills Subdivision near Lake Hartwell.
	Date of Auction: 7/31/2008, at: 10:00 AM
	TX - Austin Nice family home in South Austin
	Date of Auction: 7/29/2008, at: 10:00 AM
	TX - Austin Single Family Home in Prestigious Circle C Subdivision
	Date of Auction: 7/29/2008, at: 10:00 AM
	TX - Carrolton **UPDATE - See Remarks in Ad**JUDICIAL SALE - Residential Home; 3BR, Central Air/Heat, 2-Car Garage & More! Don´t miss a great opportunity to own this beautiful home!
	Date of Auction: 8/29/2008, at: 10:00 AM
	TX - Corpus Christi Good Investment property- a nice single family, 840 sq ft home with a large front yard and one car garage
	Date of Auction: 9/9/2008, at: 12:00 PM
	TX - Katy ´REDEEMED PROPERTY´- A spacious 3,128 sq ft home with 4 bdrms, 2 1/2 baths, 2 car detached garage, game room , built in kitchen appliances- located in Kelliwood Place, Katy, TX. I-10 West, good location, school district, and neighborhood.
	Date of Auction: 8/1/2008, at: 10:00 AM
	TX - Red Rock Great commercial opportunity for a restaurant business or any other commercial business about 8 miles south of Bastrop, TX. Plenty of parkking
	Date of Auction: 8/12/2008, at: 10:00 AM
	TX - Travis County Acreage in South Austin near Travis and Hays County lines
	Date of Auction: 7/29/2008, at: 10:00 AM

8 Reasons Why You Should Work With a REALTOR®

Thank heavens for FHA financing. Many of today's real estate professionals and consumers have never been exposed to FHA because of home prices in the San Diego market over the past several years. For many of us, FHA was an important part of the housing market in the past. All good things eventually resurface and FHA is one of the bright stars that are shining on this market. I think it is important to identify all of the reasons why this program is so important to the real estate community. Before doing so, it is worth noting that the mandatory seller fees associated with FHA financing in the past no longer exist. All fees are negotiable now - mandatory seller fees were as high as $1500 with some lenders and often discouraged sellers from entertaining offers involving FHA financing prior to this change in policy.  

 As loan programs go, finding one with a low down payment requirement of only 3% is hard to find. Couple that with the fact that the 3% can be "gift funds" from a relative, you would be hard-pressed to find a more affordable way of accessing homeownership. The following are a list of reasons as to why FHA is so important to us.

 •-          FHA is not driven by credit scoring. However, most lenders will impose a minimum credit score of 580 to 600. Some lenders do not require having a credit score - in cases such as these we look for three alternative sources of credit to verify a payment history (i.e. rent, gas & electric, cable, etc...).

•-          Non-occupying borrowers are allowed to help the occupying borrowers qualify for the loan. In addition, the occupying borrower is not required to have a source of income when a non-occupying borrower is involved.

•-          Interest rates are very competitive for all parties - even for those with low or no credit scores! 

•-          NO adjustments to loan amounts in declining markets are automatically imposed.

•-          In the event of a refinance, consolidating a 1^st and 2^nd mortgage into one loan is acceptable.

•-          As mentioned above, seller's concessions can be as high as 6%. On low-down payment loans this is unusual and exceptional.

•-          The ENTIRE down payment can be in the form of GIFT FUNDS from a relative.

•-          Qualifying ratios and underwriting guidelines often provide more flexibility then conventional financing.

 At American Sterling Bank we are not only approved to do FHA loans but I also have extensive experience in this sector of the market. FHA experience is hard to come by in this market. Don't let lenders steer you away from FHA - it may be that they are not approved to do FHA loans or that they do not understand them. If you need assistance or would like more information about FHA financing, do not hesitate to call. It is truly a program that can make a difference for many!

I received this today from my good friend, Cindy Choice at Sterling Bank. For more information you can reach her at cchoice@asbloan.com

Now that the temperature is hot, humans aren't the only ones who suffer from overheating. Dogs and cats actually have a harder time than their owners staying cool.

If you own a cat or a dog you should take precautions to help your pet beat the heat this summer. Here, from the Humane Society of the United States, are some tips:

- Recognize the signs of overheating. Heat stress in your pet can include heavy panting, glazed eyes, a rapid pulse, unsteadiness, vomiting, or a deep red or purple tongue.

- If you sense that your pet is overheating, get out of the sun. You can dump cool water over your pet to gradually lower the body temperature. You should also let your pet drink small amounts of water or lick ice cubes. A dog who continues to exhibit these symptoms should be taken to the vet.

- On hot days, limit the amount of exercise your pet gets. You should be especially careful with older dogs, short-nosed dogs and dogs with heavy coats. A good idea is to let dogs exercise in the early morning or at night when it's coolest. During the day, let them sit in a cool area either in front of a fan or in an air conditioned room.

- Don't leave your pet in the car. Cars can heat up fast in the summer, and if left for too long that heat can be fatal for your pet. If you must leave a pet in your car, don't do it for more than a few minutes. Remember to keep all the windows rolled down a few inches and park in the shade. Also, make sure your pet has sufficient water.

- Refrain from bringing your pet to crowded events such as concerts or fairs. The combination of the crowds and the heat can be stressful for a dog or a cat. Be sure to leave pets at home where it'

This message is brought to you today from Lowe's. Lowe's cares about your pets. Visit www.lowes.com for the best advise in all your household needs. Home, family and pets as well.

Hope you enjoyed this. Elissa