foreclosures: Real Estate Consumers: Trick or Treats?
- 11/02/09 03:01 AM
Carlsbad, CA–This past year has been tough for both San Diego real estate sellers–and buyers–and both sides of the fence have had to wonder if they are being tricked or treated by market conditions. On one hand, home sellers hear that we are in the toughest market for San Diego home sales in years. Prices have dropped off the cliff and these home sellers have heard of neighbors who finally took their home off the market after trying to sell for a year or more. On the other hand, we have buyers who have made multiple offers on multiple properties … (3 comments)
foreclosures: The F-Word in Luxury Real Estate
- 06/10/08 04:22 PM
Forecl-----. It’s a word softly whispered when luxury homeowners in luxe communities like Palm Beach (33480), Beverly Hills (90210), Greenwich (06831) and Rancho Santa Fe (92067) discuss their local real estate markets. Real estate prices have been declining in many of these markets throughout the country, and some of the heavily mortgage homes are ending up as foreclosure sales. The most prominent foreclosure victim of late is Ed McMahon, whose $5 million Beverly Hills mansion was recently lost to foreclosure. This morning, CNNMoney reports that three of the richest US zip codes saw nasty declines in home prices for the three-month … (21 comments)
foreclosures: Are You Dealing with Phantom Agents?
- 05/12/08 01:00 PM
I’ll never understand the process by which lenders choose to list their San Diego REO’s and foreclosures. Many are represented by professional real estate agents; but more and more, it seems these REO’s (bank-owned properties) are administered by absentee agents who rarely respond to phone calls or emails. Should we be looking for some logic in the lender’s decisions to list with these phantoms? There again, these may be the same investors who lent mortgage funds to ghosts in the first place. They loaned million$ to phantom borrowers who said they earned $20,000 a week as a gardner or insurance salesman– … (90 comments)
foreclosures: A San Diego Short Sale Solution
- 04/27/08 09:25 AM
More and more, San Diego real estate bargain hunters are making specific requests: Show me foreclosures, show me great deals, but forget short sales. Why? They have learned that about the cost of lost opportunity while they wait an interminably long time for banks to respond. Banks and loan servicers are absolutely overwhelmed with paperwork and pleading phone calls and it can literally take months for a short sale to close. During that time, vacant homes may be subjected to vandalism, neglect and the elements. Increasingly, real estate agents also avoid showing short sales because of uncertain pricing, uncertain compensation, and … (12 comments)
foreclosures: San Diego Realtors Seeing Double...Offers
- 02/07/08 10:52 AM
The San Diego real estate market has been swirling with dismal reports about short sales, foreclosures and inventory gluts. The markets are particularly bad in San DIego suburbs like Eastlake, Otay Mesa, San Marcos and Oceanside–where so many new subdivisions were built in the last six years. Buyers swarmed into these communities, lured by granite countertops, stainless appliances and liar EZ loans. Most buyers assumed they would be able to sell at a profit as soon as the builder’s next phase was released. Fallout from this real estate mess has left no community unscathed. Even the Rancho Santa Fe real estate … (10 comments)
foreclosures: Tax Relief for Strugging San Diego Property Owners
- 11/25/07 11:25 AM
This has been a tough year for America’s Finest City. There has been destruction of homes by wildfires and landslides. Then there’s the San Diego real estate market which has taken a needed serious slide that has resulted in a record number of foreclosures and short sales. But all is not gloom and doom for San Diego County property owners. Those whose homes were damaged or destroyed by the 2007 fires and La Jolla landslides–and who suffered at least $10,000 in damages–should file a claim with the Assessor’s Office within twelve months of the damage occurrence. This tax relief also extends … (9 comments)
foreclosures: Lenders: Pre-Negotiate Your Short Sales!
- 10/17/07 03:01 AM
We are trained and skilled negotiators. Give us a chance, and we could probably get hostages released from terrorists, convince a teenager to leave his tongue unpierced (perhaps)–or successfully negotiate a sale leaseback of the Brooklyn Bridge. As competent Realtors, it’s what we enjoy doing, and we are passionate about negotiating on behalf of our clients. Most successful transactions have been hammered out when we account for and respect the needs of both the home buyer and the seller. When we understand what each party really wants, we can begin to negotiate a successful resolution. And though each party to the … (23 comments)
foreclosures: Let's Pour Some Rain on that Phantom Tax
- 06/28/07 06:16 PM
Short sales and foreclosures are becoming commonplace throughout the country, and we are certainly seeing our share in the San Diego market. The gloomy real estate statistics provide fuel for the bubble bloggers, who depend on these numbers to spin their stories and theories of conspiracies and doom. I doubt many of these mouthpieces are actually in the trenches dealing with the people and families who are having to endure the loss of their homes and dreams. The former owners of these lost homes are not the greedy flippers and short term investors targeted by the bubblers. They could be your next door … (39 comments)
foreclosures: Short Sales, Foreclosures and a Big Secret
- 05/02/07 05:05 PM
It is difficult to avoid the subject of short sales and foreclosures when discussing real estate these days. We receive ongoing emails and calls from people wanting to buy short sales and foreclosures because they want the best deal possible. They believe that the best buys can only come from bloodied sellers and lenders-and that somehow real estate agents are the best bloodhounds of all (which is often true). There's this misconception floating around that if a lender is willing to shave off some of the debt owed on the property and sell it for less than what is owed, it must be a good … (18 comments)
foreclosures: Do You Neighboroo?
- 05/02/07 04:02 AM
One of the more interesting sites to follow this past year has been Neighboroo. In fact, we now recommend it to both local and relocating San Diego area real estate clients when they begin the process of searching for homes. Though still in beta format, Neighboroo is amazingly rich in the type of information home buyers are seeking: Local housing marketAverage pricesNeighborhood and community safetySchool performanceCost of livingApartment rentsClimate (San Diego shines!)Air and water qualityPhysicians per capitaPopulation age and ethnicityAnd more recent additions: Foreclosures and Collateral Risks Despite wide-ranging and mostly negative news reports on the real estate market in general, it is important to remember that … (7 comments)
foreclosures: San Diego Home Losses Hit New High
- 04/17/07 07:52 AM
by Roberta Murphy According to the latest release from Dataquick, a record number of default notices have been sent to California homeowners during this last quarter, setting a new ten-year record. Why? Dataquick reports that "flat appreciation, slow sales, and post teaser-rate mortgage resets" have contributed to these financial casualties. The San Diego Union Tribune reports that San Diego County endured 1,182 foreclosures from January through March, 2007--or almost eight times the 153 logged for the same period last year. The prior record was set in the third quarter of 1996, when the housing market was in a deep slump. Under any circumstances, these are not good … (4 comments)
foreclosures: Real Estate Agents and Loan Fraud
- 09/04/06 03:16 AM
This is a continuation of the loan fraud discussion. I feel strongly about this issue because loan fraud affects not only our industry reputation, but does real damage to communities (foreclosures) and various levels of our economy. It is a serious crime, and I wish it were more diligently pursued by law enforcement agencies. In the first case to which I alluded, the listing had had a $500,000 refi appraisal done in late 2004. We listed the property with a value range of $449-$500,000 in the spring of 2005. The home needed gutting, but it was on a nice lot not … (5 comments)
foreclosures: Nightmare Mortgages?
- 09/03/06 10:01 AM
The latest issue of Business Week will probably alarm a number of readers. In it, an article written by Mara Der Hovanesian takes aim at risky loans, with heavy emphasis placed on Option ARMS offering ultra-low payments, easy qualifying and payments almost any homebuyer could afford. http://www.businessweek.com/magazine/content/06_37/b4000001.htm?chan=top+news_top+news+index_top+story I had discussed this in an earlier blog, but this article paints a pretty bleak picture, full of nasty surprises and surprising accusations. Needy homeowners over the last few years were able to refinance their mortgages into these creative products, thereby cutting their payments in half. Many ambitious homebuyers got into the game with no financial documentation … (7 comments)
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