Citi Offers Seller 35K to Participate in a Short Sale - 08/30/11 09:53 AM
A short sale seller contacted me last week to let me know that Citi has offered him $35,000 to sell his home. He sent me a copy of the letter he received in the mail, and it is true. Citi is offering him $35,000 (terms and conditions apply) to sell his home valued at $335,000 in a short sale. 
Thus, for those of you who had not heard the news yet, we can now add Citi to the list of servicers that pay sellers to participate in a short sale as opposed to letting their homes go to foreclosure. (Other servicers … (9 comments)

View Home for Sale in Downtown Escondido - 08/28/11 10:22 AM
1066 Pinecrest Avenue, Escondido, California 92025
MLS #110048727

The year 1066 is well-known as the year in history. (It has something to do with the Battle of Hastings and the Norman Conquest.) So, when we got this new listing at 1066 Pinecrest Avenue in Escondido, California, I knew immediately that I would not forget the street number.
This lovely family home is far newer than the year 1066. In fact, this four bedroom, three bathroom home (which is currently bank-owned) was built in the 1960s. It features 1814 square feet of living space and is located on a large two … (4 comments)

Homes for Sale in Eureka Springs Escondido - 08/26/11 11:41 PM
Homes for Sale in Eureka Springs Escondido 
I was cruising around Escondido just the other day on my way over to visit some Realtor® friends in Valley Center, and I happened upon the Eureka Springs community. And, I thought to myself—Eureka, that’s a community that I haven’t written about before on our San Diego and Riverside County real estate website.
Eureka Springs is a master planned community located off of Bear Valley Parkway, adjacent to Dixon Lake in Escondido. It is comprised of homes in three different sections—The Steppes (by Lennar), and The Knolls and The Terraces (by Centex).
All three … (4 comments)

Are HAFA Transactions Worth the Time? - 08/25/11 12:10 AM
For some folks, it may be time to celebrate as HAFA is finally accomplishing something in the short sale world. Finally is definitely the operative word here. HAFA was written into the March 2009 stimulus package, but didn’t come to fruition until April of 2010. At the end of 2010, HAFA was still not making the cut—closing something less than 700 transactions in the first several months. Then, the guidelines were revised a bit and HAFA had its first birthday.
The most recent HAFA news (according to the Treasury’s latest report which covers program activity through June of this year) is … (9 comments)

What Do Realtors Do Everyday? - 08/23/11 09:38 AM
When it comes to real estate agents, things may not be as they seem. Many people conjure up images of the stereotypical salesman with the aggressive antics and the polyester suit. Others think that real estate agents (or Realtors®, if the agent belongs to the National Association of Realtors®) talk on mobile phones, drive BMWs, and view properties.
It is true that most agents do use their cell phones (but, doesn’t everyone?). And, it is also true that agents view properties. And, some agents also drive a fancy car like a BMW. But, when a Realtor® is running a business and … (21 comments)

Homes for Sale in Brookside Escondido - 08/21/11 10:23 AM
Homes for Sale in Brookside Escondido 
Are you looking for a home in Escondido? Want to learn more about Brookside? Brookside is a gated community of 262 homes situated adjacent to the Reidy Creek Golf Course in Northwest Escondido.
Brookside offers many wonderful amenities--large homes on large lots in a secure, gated location just minutes to all. The Brookside community is comprised of two sections: one is Pine Valley. All of the 136 homes in Pine Valley begin at approximately 2933 square feet, and there are three different floor plans.
The other section of Brookside is Oakmont. All of the homes in … (7 comments)

Is it Possible for Mortgage Servicers to Make Agents Look Bad? - 08/20/11 04:43 PM
Thanks to the big banks, the agent’s credibility is shot. They make us look bad--whether they mean to or not.
No matter how experienced an agent is with the short sale market, expert agents would probably agree that one thing is certain: the uncertainty that comes with the processing of the short sale transaction.
It doesn’t matter that you are already familiar with the HAFA forms, the Dodd-Frank and the 4506-T and that you get all that completed by the seller at the short sale listing appointment, there is frequently some sort of unexpected hiccup that comes in the midst of … (14 comments)

Open Houses - Escondido Homes for Sale - 08/19/11 09:15 PM
Do you have your Escondido Home for Sale currently on the market? If you do, than it is entirely possible that your Realtor® will want to hold an open house (likely because both you and your agent want to get the home sold fast).
An open house is an opportunity to make the home available to neighbors, prospective buyers, and anyone who may know someone who may be interested in purchasing the home. When a home is scheduled for open house, this is a great opportunity for those who may not otherwise make an appointment for a property showing.
When your … (4 comments)

Hootsuite Helps You Plan Ahead - 08/18/11 09:31 AM
In this day and age, Realtors® are expected to be all things to all people (and we are expected to do it FAST and furious). Emails, CMAs, slideshows, flyers, open houses: we are expected to produce everything at the drop of a hat.
Life moves so fast these days. We can watch movies on television and computers and we can fast forward through commercials with a DVR. It’s tough to keep up with all of the continual demands made upon us, but there are certain productivity tools that really assist agents in making even the most mundane tasks more efficient.
One … (9 comments)

What's Up With the Shadow Inventory? - 08/16/11 01:35 AM
Crazy, crazy, crazy. One of the agents at my office just got an assignment for an REO. That’s great. Agents love REO assignments, and this wasn’t his first. 
Here’s the crazy part. When I was going over the paperwork, I noticed that the property had been foreclosed upon by the lender in 2008. I couldn’t believe it, so I actually asked a title company to double check that date for me. And, yes, it was true. So, here’s the clincher: the property is still occupied. (Talk about livin’ large; that’s almost three years without making a payment on anything except utilities.)
… (42 comments)

How Senate Bill 458 Impacts the Wacky World of Short Sales - 08/14/11 01:19 PM
Just a few weeks ago, the Governor of California signed Senate Bill 458 into law. Senate Bill 458 expands upon previous short sale anti-deficiency laws. You may recall that the previous law (Senate Bill 931) allowed homeowners to sell their homes at a value less than their existing first mortgage value and the mortgage holder would accept the short sale as full payment of the obligation. Namely, the first lien holder was required to waive the right to pursue a deficiency judgment against the seller.
This new law, Senate Bill 458, applies the same treatment to any secondary, or junior loans involved in the transaction. In other … (7 comments)

Torrey Highlands Home for Sale - 08/12/11 12:20 AM
Come check out this new listing located at 13293 Copperwind Lane in Torrey Highlands (MLS #110043881). Located in the distinguished Poway School District, this family home features 2789 feet of living space, 4 bedrooms, 3.5 baths. There is a full bedroom and bath downstairs, perfect for guests. And, the laundry room is located upstairs—perfect for mommies, daddies and teens who love to do laundry.
Check out the slideshow so that you can learn more about this Avalon Point Torrey Highlands Home for Sale. It’s an entertainer’s delight, as you will soon see.
 
If you are interested in making an appointment … (7 comments)

Wells Fargo, Equator and Lucille Ball's Birthday - 08/10/11 12:41 AM
Saturday would have been Lucille Ball’s 100th Birthday. I loved Lucille Ball. Her “I Love Lucy” show was hilarious. I’ve probably seen every episode more than once or twice. Lucy’s head stuck in a trophy. Lucy dressed up as an alien outside her building window. Lucy with Harpo Marx. Lucy at The Brown Derby. 
Instead of spending Saturday watching the old reruns again, I spent the better part of the day working through one of our lovely Wells Fargo Equator short sales. 
Just recently, we reported that Wells Fargo is going to be using Equator, the online short sale processing platform … (20 comments)

Hidden Meadows Escondido Home for Sale - 08/08/11 10:20 AM
Home for Sale in Hidden Meadows – Adobe Estate
If you like adobe homes, then you will love this great listing just newly on the market. 
It’s a 3 bedroom, 2.5 bathroom home with over 3500 square feet of living space. It includes unique architectural elements including traditional adobe-style fireplaces, interior adobe brick, custom doors and entryways.
This wonderful home sits on 2.5 acres. The grounds are divine and include all sorts of exotic flowers and shrubs, citrus and avocado trees as far as the eye can see. 
Check out this video of 28752 Mountain Meadow in Hidden Meadows, Escondido (MLS … (4 comments)

Bankruptcy - Latest Short Sale Trend - 08/07/11 12:50 AM

 
Even though I ain't an attorney, the sheer volume of short sales that processed by my office does give me an opportunity to share what I observe as the latest trends in the short sale arena.
Last year at about this time, we reported on our observations with respect to Fannie Mae short sales and Fannie Mae’s penchant for foreclosing. About six weeks later, Fannie Mae issued a press release explaining their policies and procedures that was in line with our observations.
Additionally, we were doing soft declines (substituting buyers) in Equator long before Bank of America unleashed their … (3 comments)

Three Ways to Bulletproof Your Short Sale - 08/06/11 09:37 AM
Maybe "bulletproof" is not the correct word. According to Merriam-Webster, it means impenetrable to bullets; not subject to correction, alteration, or modification; invincible.
Unfortunately, short sale transactions are flogged or battered by problems: one of the largest being that the impatient buyer walks away prior to lien holder approval and the transaction cannot close. Our free Short Sale eBook provides many tips and tools for a seeing successful short sale closing. This article also provides a little more food for thought. 
If you represent a seller in a short sale transaction, you will surely want to avoid working through all of … (5 comments)

Home for Sale in Avalon Point Torrey Highlands - 08/04/11 07:34 PM

Perhaps you have heard on CNN or one of the other news stations that you can purchase a whole entire town in South Dakota for $800,000.00. Sounds like a great deal, right? But just imagine the upkeep on an entire town—a dance hall, a saloon, two jails, a train depot, and some empty buildings. 
Instead, for a little less than $700,000, you can purchase this lovely home in the community of Avalon Point in Torrey Highlands. It features 2789 feet of living space, 4 bedrooms, 3.5 baths. There is a full bedroom and bath downstairs, perfect for guests.
And, you … (3 comments)

What Is Included in the Short Sale Package? - 08/02/11 12:22 AM
If you are a seller who is interested in selling your home as a short sale, you must be prepared to provide some information to your mortgage lender in order for the lender to approve the short sale. Despite the fact that the information is not wrapped in a box, it is called the short sale package.
Although different mortgage lenders require the seller’s documentation at varying times in the process, it is important to have all of the information below at your disposal in order for your agent to work with the bank and process the short sale.
Here is … (4 comments)

 
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Escondido Real Estate - North San Diego County Homes

Melissa Zavala, Broker

Escondido, CA

More about me…

Broadpoint Properties

Address: 220 West Second Avenue, Escondido, CA, 92025

Office Phone: (760) 839-3838

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Broadpoint Properties



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