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March 9th, 2010
New Federal Program That Pays Homeowners To Short-Sell
Carlsbad, CA - In an interesting turn of events, the federal government is instituting a program designed to encourage short sales. In this program, expected to start in April, the government will provide $1,000 to the first lender, $1,000 to the second lender, and $1,500 in relocation assistance to the homeowner to encourage a short sale.
Is it enough to really encourage the banks to be more cooperative in a short sale environment? Probably not. Will it encourage more homeowners to attempt to short sell their house versus a foreclosure – maybe.
In a Carlsbad short sale, the homeowner normally can not afford to keep making the payments. Maybe they have contacted the lender and asked for a modification and the lender couldn’t help them. So, rather than walking away from the property and letting it go to foreclosure, they attempt to sell the property for less than is owed on it. They normally live in the property (payment free) until the sale is completed.
This is beneficial to the lenders because vacant foreclosures are often ransacked – by angry property owners, or vandals, bringing down the price of the home even further. It is beneficial to the homeowner because it reports more positively on their credit report.
For More Information on Carlsbad Short Sales vs. Carlsbad Foreclosures…
February 3rd, 2010
You May Still OWE on Your Foreclosed Home, Even Though You Don’t OWN It Anymore
Carlsbad, CA - Are you considering a foreclosure as a way to eliminate that payment?
In today’s real estate market, more and more people are looking foreclosure out of both necessity and financial strategy. If you give back your house, they can’t still hold you accountable for the loan, can they?
Although California is a non-recourse state that typically says no – more and more banks are finding themselves successful in recouping losses from borrowers who refinanced their homes and used the funds for things other than improving the home itself!
In addition to the more severe credit penalties, a debt on a house you don’t even own anymore is really making foreclosures less desirable. If you can not afford to make the payment on your home, you really may want to talk to a real estate professional about the possibility of a short sale instead. In a short sale, you actually sign documents with the lender, releasing yourself from the obligation of the loan. If you have any questions at all about your possibilities of a foreclosure or short sale, please contact The Mewborn Team. We would be happy to schedule a no obligation marketing consultation.
January 26th, 2010
Nationwide Home Prices Rise for Sixth Straight Month
Home prices rose for the sixth straight month in November, with 14 of 20 metro areas posting improvements from the month before.
The Standard & Poor’s/Case-Shiller home price index released Tuesday inched up 0.2 percent to a seasonally adjusted reading of 145.49. The index was off 5.3 percent from November last year, nearly matching analyst’s estimates that it would fall by 5.1 percent.
January 5th, 2010
More New Construction in Carlsbad, CA
Carlsbad, CA - One of the first signs of a real estate rebound in a local area is when building starts increase. Over the past year, we have seen quite a bit of growth in the Carlsbad and La Costa area. Colrich has been building Copperwood and Rockledge in La Costa Oaks. KB Homes is building Avellino in La Costa Greens. DR Horton is grading to begin a new neighborhood on Rancho Santa Fe Road across from San Elijo Hills.
But in addition to some of the existing projects, there is a new development starting in northern Carlsbad called The Foothills. DR Horton, William Lyon Homes, and Brookfield Homes are partnering up to build 404 new homes at the intersection of El Camino Real and Cannon Road in Carlsbad, CA.
William Lyon will be building 110 single family homes. Brookfield will be building 210 single family homes. And DR Horton will be building 84 detached condominiums. A grand opening is anticipated to be some time in the spring of 2010. The homes will range in size from 1,778 to 3,287 square feet, with prices expected to start in the $500,000s.
The neighborhood will also include a 2.67 acre recreation center that includes a picnic area, tennis courts, a swimming pool, children’s pool, and various parks and trails.
If you have any questions about this neighborhood or any other Carlsbad real estate, please contact The Mewborn Team. We specialize in Carlsbad and Coastal North County San Diego real estate.
December 11th, 2009
Just Listed – Beautiful La Costa Oaks Home – 3534 Camino Cereza
Carlsbad, CA - You may often read the smile on my face as I write about our neighborhood, La Costa Oaks. Mike and I bought our house in La Costa Oaks in May 2005. It is one of the best decisions we ever made! First of all, we love our home. It is spacious, comfortable, and has so many amenities and features that fit the busy, professional lifestyle of those who love to entertain! Second of all, I think we live near some of the most wonderful people on this planet. Our La Costa Oaks neighbors have become some of our closest friends.
The Mewborn Team just listed one of our neighbors’ homes this week. The La Costa Oaks home at 3534 Camino Cereza has too many amenities to list, but here are a few great features:
- 4 Bedroom, 4 Bath – 3534 square feet, with a bonus room
- 3 car garage
- Custom tile flooring
- Maple cabinets and upgraded Bosch and Thermador stainless appliances
- Dual air conditioning
- Upscale clubhouse with fitness center and Olympic pool
- Award winning San Dieguito School District
- Professional landscaping with flagstone walkways and stone walls
3534 Camino Cereza is listed at $799,000. Please contact The Mewborn Team to schedule a time to tour the home. You couldn’t pick a better place to build a life or raise a family!
November 30th, 2009
Carlsbad Real Estate News – Credit Score Damage Points
| DAMAGE POINTS: HOW MISTAKES AFFECT FICO SCORES |
||
|---|---|---|
| Credit mistake | If your score is 680 | If your score is 780 |
| Maxed-out card |
Down 10 to 30 pts. |
Down 25 to 45 pts. |
| 30-day late payment |
Down 60 to 80 pts. |
Down 90 to 110 pts. |
| Debt settlement |
Down 45 to 65 pts. |
Down 105 to 125 pts. |
| Foreclosure |
Down 85 to 105 pts. |
Down 140 to 160 pts. |
| Bankruptcy |
Down 130 to 150 pts. |
Down 220 to 240 pts. |
| Source: FICO | ||
Carlsbad, CA - You may know your credit score – but do you have any idea how it is calculated? In a formula that is so secretive that they could tell you – but then they’d have to kill you, we never know how our actions will affect that score.
How will your credit score change if you close a credit card? Should you go through the hassle of a short sale, or just allow your house to go into foreclosure? What if things are tight, and you go over your credit card limit?
Your credit score is a three digit number normally between 300 and 850. It is the number used to determine the risk of giving you a loan.Scores over about 715 are considered good scores, and typically will get you the best interest rates. Scores over 600 and under 715 are moderate scores.
And although you may get a loan, you may pay a premium interest rate to get it. Scores under 600 are typically considered to be a high risk borrower. These borrowers either may not get a loan, or may pay much higher interest rates on their loan.
Although the formula is still a mystery, Fico.com has at least provided a table showing some of the most common penalties to your credit score.
FICO’s information shows that bankruptcy does the most serious damage to a credit score (up to 240 points), followed by foreclosure (up to 160 points) while maxing out a credit card has the least numerical impact (as few as 10 points).
Those with good or excellent credit — so-called prime borrowers — put more points at risk with each mistake. For example, someone with an average credit score of 680 who pays a bill 30 days late will see a drop of 60 to 80 points. But for someone with an excellent credit score — 780 — that same delinquency can cost 90 to 100 points.
If considering whether or not to try to sell your house through a short sale vs. allowing a full foreclosure, please keep in mind that settling a debt (short sale) with a lender can save you 50 to 100 points (and the ability to get another loan in the future) or MORE! If you have any questions about how this might impact you personally, or how to market your property for a short sale, please contact The Mewborn Team. We are happy to sit down with you for a no obligation consultation about your best options.
November 11th, 2009
Encinitas Real Estate For Sale – Prices for October 2009
The average days on the market in Encinitas is 60, with an average selling price of about $681,000.
Average selling price is $604k, down a bit from $618k in September
Something else to note – in all price ranges – the high, low, and average – properties sold at over 90% of their listing price.
| B/B | SFt | LP | LP/SF | SP | SP/SF | SP/LP | |
| High | 5/6 | 5,177 | $1,795,888 | $914 | $1,740,000 | $914 | 97% |
| Low | 1/1 | 744 | $199,000 | $205 | $185,500 | $136 | 93% |
| Avg | 3/3 | 1,965 | $705,330 | $373 | $681,423 | $362 | 97% |
Mike & Amy Mewborn Real Estate Specialists
Mike: 858.205.2000
Amy:760.213.6653
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- New Federal Program That Pays Homeowners To Short-Sell
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- Nationwide Home Prices Rise for Sixth Straight Month
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