The lovely development called Discovery Hills San Marcos is situated around 27 miles northeast of San Diego in San Marcos. This community is just south of highway 78 near Discovery Lake. Discovery Hills, San Marcos is a great place to live.

At the center of Discovery Hills, San Marcos is Discovery Lake. This lake is surrounded by open space and many trails for walking and hiking. 

Discovery Hills San Marcos Homes come in all kinds. There are condominiums, one-story homes, and homes with more square footage than you could imagine—all with a wide variety of price ranges as well. Discovery Hills also includes a homeowner’s association, which takes care of local parks and common areas.

Check out the video below. Then, if you are interested in taking a tour of Discovery Hills or any of the other lovely communities in Escondido, San Marcos and beyond, please do not hesitate to contact the agents at Broadpoint Properties.

 

Want to see all the homes for sale in Discovery Hills (updated every two hours)? Bookmark this page or save it to your favorites, and check ‘em, out below.

At the request of one of my readers, I am featuring the Encinitas Boat Houses. Residents of Encinitas recognize these two homes on Third Street in Encinitas. While they look very real, these two  ship homes are not seaworthy. The homes, as you can see from the photo, are side-by-side. Each is about 15 feet tall and 20 feet long with a total living space of a little over 2000 square feet.

Perhaps the boat houses look so real because they have so many “ship” features. Each home has 19 portholes, two decks, large flat-roofed pilothouses, a galley, and even a bathroom below deck.

According to the Encinitas Historical Society, these homes are “the earliest and best examples of recycled architecture.” Built in the 1920s by Miles Kellogg (son of a sea captain), these homes were made from old timber from a popular nightspot that did not survive the Prohibition.

Owned by the Encinitas Preservation Association, these homes are currently rented in order to raise funds—the goal being to turn one of the two homes into a museum.

The Encinitas Boat Houses are just a block away from the Pacific Ocean and three blocks away from South Coast Highway.

Does this area of Encinitas pique your interest? Want to see some homes for sale in Encinitas? Check out the interactive map below. And, if you see anything you like, please do not hesitate to contact me.

The Giants won the Super Bowl. That was a bit of a surprise to me. (Not because I’m for the Patriots—even though I am). It’s because I’ve been following these amazing dolphins at the Georgia Aquarium in Atlanta; they’ve been predicting winners for years. Check out this video:

 

I cannot figure out how that do it. It must be intuition. However, as you can see, their intuition is not fullproof.

When you are taking a short sale listing, it is a good idea to use more than your intuition, too. After all, if you want your short sale to close, there are a number of things you can look out for in the short sale listing appointment that can send you on your way to short sale success.

Here are just a few ways to be sure your short sale is a winner:

1. Assure that the short sale seller is willing to submit all the required documentation to the short sale lender. Many lenders will not move forward without all of the short sale documentation: paystubs, bank statements, tax returns. If a short sale seller is not willing to provide this information to the short sale lender, the short sale process will not be able to move forward.
2. Is the seller interested in a loan modification? There are still a number of prospective short sale sellers that are deliberating a loan modification or underwater refinance. It is best to take a short sale listing only when the seller is certain that s/he will not be moving forward with a loan modification.
3. Check foreclosure auction dates. It is extremely difficult to effectively process a short sale if there is already a foreclosure auction date scheduled. Research the title and learn about any foreclosure activity before taking the short sale listing.

Using more than your intuition and looking into the three items listed above will make your next short sale winner.  

When a potential short sale seller calls you on the phone to seek your advice, are you already calculating your commission? I hope not. Because you need to do about five hundred and fifty-seven things before you ever see a short sale commission check. But, what’s the first thing that you need to do? 

You need to evaluate the borrower and the property, and see whether the situation will lead to a viable short sale. Of course, you can never anticipate with certainty what the bank will do with the short sale, but you can assess whether this short sale will likely be successful.

Here are three tips for evaluating the short sale transaction:

1. Ask the seller whether s/he has missed any payments. If the answer is no, and there is the opportunity for eminent default, then you may have a short sale situation on your hands. If the answer is yes, find out how many payments the seller has missed. Foreclosure might be imminent.
2. Order a property profile or preliminary title report. Check out the number of mortgage liens on the property. You will need to be prepared to work with the mortgage lien holders. Are there additional liens? If so, speak with the seller because this is a red flag that the deal may not go smoothly.
3. Is the property in active foreclosure? How close are you to the auction date? Check into this carefully by reviewing public records. A property five days from foreclosure does not a good short sale make. 

If the property is up to snuff on these three items, then you are probably good to go for the short sale listing. However, there are still about 554 other things that you will need to do before you cash your commission check.

 

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It’s always my goal to help you stay on top of the latest and greatest news. Hey… you already are ahead of the game—brave enough to stare short sales in the face and take short sale listings.

Here’s a recap of some of the interesting stuff that went on this past week in the distressed property arena:

Administration Revamps HAMP Program to Reach More Borrowers   Many people say that it is too little too late, but the administration has decided that now they might consider a principal reduction as part of their HAMP offerings. Just like other stuff we have reported lately, this might just be another example of pulling off the Band-Aid slowly. What say you?

Lessons from the Costa Condordia Captain and Chesley Sullenberger  It may seem a bit bizarre, but you might actually be able to learn something about how to be a better agent (even a better short sale listing agent) by reviewing these lessons based on recent disasters. 

Why Moneyball Was Really a Real Estate Movie  You thought that it was a movie about baseball, didn’t you? Actually, Moneyball was a movie about a whole lot more. Read about how the movie can change the way that you approach real estate in 2012.

 

And…. just for fun: I lament to share with you that Picnik, my all-time favorite site for editing photos is closing its virtual doors this April. The good news is that all of the premium features are now free. So, if you are looking for a really awesome photo editing tool and you object to long term relationships, then check out Picnik—before it’s too late.

 

There’s lots going on in the distressed property arena. And, if you are actively working with ‘distressed’ borrowers, it’s important to keep up with all of the changes in the industry. Sometimes that’s hard, which is why I've provided you with a weekly recap right here.

The community of Encinitas Ranch is located in the city of Encinitas, sandwiched on a ridge between the 5 freeway and El Camino Real. It is conveniently located next to the Encinitas Ranch Golf Course, the San Diego Botanical Garden, the Magdalena Ecke YMCA and all sorts of shops, transportations and schools.

Located in the 92024 ZIP code, the setting of Encinitas Ranch in Encinitas is extremely picturesque—with scenic ocean views and gorgeous westerly sunsets. 

Homes in Encinitas Ranch Encinitas are in the distinguished Encinitas and San Dieguito Union School Districts.

Homes in Encinitas Ranch are quite large—many with spectacular upgrades and well-appointed installations. These homes may include granite countertops, custom cabinetry, high end flooring, and one-of-a-kind landscaping and swimming pools.

Check out the video below. Then, if you are interested in taking a tour of Encinitas Ranch or any of the other lovely communities in Encinitas, Carlsbad and beyond, please do not hesitate to contact the agents at Broadpoint Properties.

 

Want to see all the homes for sale in Encinitas Ranch (updated every two hours)? Bookmark this page or save it to your favorites, and check ‘em, out below.

Have you ever actually talked until you were blue in the face? Have you ever typed so much that your fingers were bruised?

Neither of those conditions has ever happened to me. However, I have said and typed the following phrase so many times in the last few years that I feel as if I am getting blue in the face and my fingers are a bit numb:

A HOA can be a short sale deal killer.

Why? This is because the fees associated with the HOA transfer to the new buyer (including unpaid HOA dues) may not be paid by the short sale lender.

What Should You Do if the Fees Are Not Paid by the Short Sale Lender? Aah. The question should really be, “What did you do to prepare just in case the fees were not approved by the short sale lender?”

When you take a short sale listing, you need to advise your seller that not all short sales are free (that is, completed at not cost to seller). (Remember the lyrics to the Beatles song, Money?) There are often a few costs that the seller may still have to absorb in association with a short sale transaction. One of those such costs in the HOA.

First and foremost, a seller should always attempt to keep the HOA dues current, since there is no telling whether the bank will approve any proceeds towards unpaid HOA dues.

Second, it is possible that HOA docs will need to be ordered well before the transfer of title, and someone may have to pay for those documents at the time the order is placed.

Sellers and agents need to have a plan in place to pay for HOA docs, transfer fees, and unpaid dues. Of course, sellers and listing agents may need to engage the buyer and buyer’s agent in their plan. As you can see, when working on a short sale, it is important to plan ahead.

It was the poet, Robert Burns (yes, that’s him in the photo) who wrote, “The best laid schemes of mice and men / Go often askew, / And leave us nothing but grief and pain, / For promised joy!”

If you do not want your closing to go askew, do your best to lay a scheme with respect to the HOA fees associated with your short sale transaction.

 

(photo credit)

Did you know that the City of Escondido has a first time homebuyer’s program where eligible homebuyers can get up to $25,000 towards the purchase of a home?

Wow! That’s really great, right? Just today, we received an email in our office where a local Escondido resident asked the following question:

“How can I go about getting qualified for the Escondido first time homebuyer’s program?”

Well, this gentleman already knows the answer to the question, but I am going to share it with you here.

In order to get qualified for the Escondido first time homebuyer’s program, you need to sit down with a local mortgage officer who has experience with this program. This means that the individual that you are working with must understand the qualifications for the program as well as the process for obtaining the city loan. The good news is that the mortgage lender takes care of all of the details for the program and works it out so that the loan you obtain with the mortgage lender (called your first mortgage) and the loan from the city (your second mortgage) are all taken care of by one individual.

The best part of this program is that repayment of the loan is deferred until you sell, transfer, refinance or no longer live in the property as your primary residence.

So, if you are interested in buying your first home in Escondido and want to take advantage of this program, please feel free to contact our office. We can “hook you up” with a local mortgage lender and help you get on your way to homeownership in Escondido.

Like Escondido? Want to see what properties have just come on the market? Check out the interactive map below and hover your mouse over the little houses to learn more about individual properties. And, if you see something that piques your interest, feel free to give us a call.

First off, I guess everything really depends upon your definition of a backup offer. After reading the guidelines, I’d surmise that Equator and the average agent probably have a very different definition of the term backup offer. For me, a backup offer is any offer that I receive and ‘hold’ after I have a fully accepted and executed contract—just in case the buyer on that fully executed and accepted contract cancels the deal.

For Equator and Bank of America, backup offers refer to offers submitted when the first offer is declined or when you need to substitute a buyer.

Just a few weeks ago, the Bank of America Equator folks changed their policy on ‘back up offers’. Now, instead of a 14 window, you only have an 8-day window in order to submit a revised offer or an offer from a new buyer before your transaction is knocked out of the Equator system.

According to Bank of America, here’s what you need to do if you want to submit a new “backup” offer:

When a backup offer becomes necessary:

• Contact your short sale specialist immediately.
• Let the specialist know if you have a backup offer to submit.  

Within eight calendar days, resubmit the listing data, submit the short sale offer, and upload the offer documents and supporting documents.  Any backup offer will require analysis and investor approval, regardless how similar it may be to the previous offer. 

If no backup offer is available:

• The short sale will be closed in Equator by your short sale specialist.
• You should return to marketing the property.
• You may initiate a new short sale in Equator when you receive a new offer on the property. 

I’m not sure what I think about this update to the procedure. Is 8 days too short? It might not be enough time for agents to hold open houses, drive traffic to listings and find new offers.

If you have any thoughts on the matter (either for or against), please feel free to share them in the comments box below. As always, I'm just trying to make the world a better place—one short sale at a time ;-)

It’s always our goal to help you stay ahead of the game. Hey… you already are ahead of the game—brave enough to stare short sales in the face and take short sale listings.

Here’s a recap of some of the interesting stuff that went on this past week in the distressed property arena:

Fannie Mae Extends Mortgage Relief to the Unemployed Fannie Mae is offering additional forbearance to the unemployed; this might not be a good thing. How will slowing down the foreclosure process help us to get out of this recession? It might just be the same as pulling off the Band-Aid slowly. What say you?

Short Sale Settlement Statements  Try saying that four times fast. Just as difficult as the tongue twister is the preparation of a perfect short sale settlement statement. This article provides some great tips to help you generate a picture perfect HUD-1.

Failed HAMP Trials End in Foreclosure   Sometimes homeowners who are having trouble making ends meet wait way too long before doing something about it. Often they put their eggs in the loan mod basket and then poof… loan mod declined and it is one week before the foreclosure auction date. Kind of stinky, huh?

And…. just for grins: I’m in love with The Oatmeal. This guy is so hilarious and has so much passion. Check out his site if you want an escape from the madness of real estate.

There’s lots going on in the distressed property arena. And, if you are actively working with ‘distressed’ borrowers, it’s important to keep up with all of the changes in the industry. Sometimes that’s hard, which is why we’ve provided you with a weekly recap right here.