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June 24th, 2009
Carlsbad FAQ – What’s The Difference Between a Short Sale and a Foreclosure?
Short sale – the sale of a property for less than is owed to the lender. The lender must agree to take less for the property. The current owner is involved in the sale of the property.
Foreclosure – legal proceedings by a lender to take a property back from a borrower after the home is in default (after at least one missed payment). In CA, most lenders do not start foreclosure proceedings until at least three missed payments. Once foreclosure proceedings have started, the lender is the only one able to sell the property.
If you have any real estate questions you would like answered or there is anything we can do to help you avoid a foreclosure, please contact us below.
June 18th, 2009
The Worst Year of Your Life?
As a San Deigo real estate agent, there is just no way to really prepare a client for something that can be the longest, most frustrating process they have ever experienced!
First let me tell you what a short sale is. To put it most simply – a short sale is a lender allowing a property to be sold for less than is owed on it (due to a lower property value). The home owner has normally missed a payment or two, and negotiates with the bank to sell the home for less than is owed to avoid a full foreclosure.
For a seller, this is a long arduous process because they must fill out paperwork similar to that of the home loan to prove to the bank that they just can’t keep up on the payments any more. They then have to go through all the normal steps of the sale – EXCEPT that the bank adds in a few extra steps.
For a buyer, you would think that the bank would just want to sell the property, and they would move quickly to do it. The most recent short sale we are working on – the offer was submitted about six months ago. We have the highest offer (almost full asking price) and are STILL waiting on the bank to sign off that the offer is accepted.
Most short sales, you submit the offer, you sit, you wait, and you MAY one day get a call back. Some as late as A YEAR later!!!!
1) Client submits short sale package
2) File is assigned to a lender representative
3) Lender requests an internal appraisal
4) Lender receives appraisal and approves the offer
5) Short sale package is signed off by “the powers that be”
6) If there is Private Mortgage Insurance, file goes to insurance company to approve
7) If there is a second loan on the property, file goes to the second to approve
During this time, this is happening behind the scenes, often with no communication to the client. In our opinion, a good agent will follow up on status on a weekly basis. But there are often no answers forthcoming from the lender representatives. And in the past year, the offer you submitted in March may not be what the property is worth in November, and you may have to start the whole process again.
So, even though that short sale looks like a great price. We caution you to stop and ask yourself if you have the time and patience that might be required to get that property. Look into a foreclosure. Look into another nearby property that is priced to compete with that short sale. You will save yourself MANY sleepless nights!
If you have any Carlsbad or San Diego real estate questions, please contact us at any time.
June 18th, 2009
Oceanside Market Statistics – Oceanside, CA
If you are looking for a home in Oceanside, CA – it may be a great time to buy Oceanside real estate . The average sale price for real estate for sale in Oceanside in the month of May was $259,093 (for 1,453 square feet). This was up from $258,607 (for 1,528 square feet) the month prior. This means that the actual price per square foot of the Oceanside real estate – sold properties increased from $169 to $178.
April 2009 – Oceanside Real Estate – Oceanside Homes For Sale – Oceanside Statistics
92054, 92055, 92056, 92057, 92058
|
|
BR
|
BA |
SFt |
LP |
LP/SFt |
SP |
SP/SFt |
SP/LP |
|
High
|
6 |
5 |
3,516 |
$649,900 |
$185 |
$629,000 |
$179 |
97% |
|
Low
|
1 |
1 |
550 |
$26,000 |
$47.27 |
$23,500 |
$42.72 |
90% |
|
Avg
|
3 |
2 |
1,528 |
$264,309 |
$172 |
$258,607 |
$169.24 |
98% |
For May….
May 2009 – Oceanside Real Estate – Oceanside Homes For Sale – Oceanside Statistics
92054, 92055, 92056, 92057, 92058
|
|
BR
|
BA |
SqFt |
LP |
LP/SqFt |
SP |
SP/SqFt |
SP/LP |
|
High
|
5 |
4 |
3,840 |
$798,000 |
$207.81 |
$665,000 |
$173 |
83% |
|
Low
|
1 |
1 |
525 |
$20,000 |
$56 |
$15,000 |
$49 |
88% |
|
Avg
|
2 |
2 |
1,453 |
$264,058 |
$182 |
$259,093 |
$178 |
98% |
June 15th, 2009
May 2009 – Del Mar Real Estate – Del Mar Homes For Sale – Del Mar Market Statistics – 92014
These April and May Del Mar real estate statistics track the month over month Del Mar real estate – sales price vs. listing price, the price per square foot, and the days on the market. The things that really should catch a Del Mar home buyer’s attention is the selling price vs. listing price on Del Mar properties under $400,000. In both months, these Del Mar homes were in escrow in less than 10 days - one Del Mar home had an accepted offer on its first day on the market! Also, you will see that these homes sold for MORE than the original asking price. This Del Mar home fact reinforces what we have been telling clients – well priced homes are selling – FAST, and if we find one of these great real estate values, we have to be ready to move quickly.
April 2009 – Del Mar Real Estate – Del Mar Homes For Sale
Del Mar Market Statistics – 92014
| BR | BA | SqFt | LP | LP/SqFt | SP | SP/SqFt | SP/LP | DOM | |
| High | 7 | 6 | 5,771 | $2,195,000 | $461 | $2,055,000 | $444 | 94% | 216 |
| Low | 1 | 1 | 800 | $199,000 | $247 | $207,000 | $257 | 104% | 9 |
| Avg. | 3 | 3 | 2,394 | $832,232 | $342 | $791,957 | $330 | 95% | 115 |
For May Del Mar Market Statistics
May 2009 – Del Mar Real Estate – Del Mar Homes For Sale
Del Mar Market Statistics – 92014
| BR | BA | SqFt | LP | LP/SqFt | SP | SP/SqFt | SP/LP | DOM | |
| High | 6 | 6 | 5,300 | $15,950,000 | $3,987 | $14,000,000 | $3500 | 87% | 313 |
| Low | 2 | 1 | 804 | $199,000 | $232 | $205,500 | $232 | 103% | 0 |
| Avg. | 3 | 3 | 2,587 | $2,612,946 | $899 | $2,372,036 | $838 | 91% | 81 |
If you have any questions on Del Mar, or any other local, real estate, please contact us. We look forward to assisting you in your real estate sale or purchase.
May 30th, 2009
HELP! Why Didn’t My House Sell?
Nearly 15% to 25% of all listings do not sell. The market rejects them.
In other words, the market did not accept the Marketing Effort, the Price, the Condition, the Location, or a combination of these areas—perhaps all four of them. We believe that La Costa Homes – La Costa Oaks, La Costa Greens, La Costa Ridge, or La Costa Valley are some of the most desirable locations in all of San Diego County.
The good thing is that you control two of these areas: Price and Condition. We control one: Marketing Efforts.
Marketing Effort
Staging and Pricing
For Sale Signs, Riders, and Flyer Box
Multiple Listing Service
Professional Photos and Flyers
Open House Program
Track Showings/Collect Feedback
Property Caravans
Weekly Seller Updates
Condition
A hundred dollar bill is a great metaphor: they all look good, but people will always choose the nice, clean, crisp one over a dirty wrinkled one. How does your house look to others? This is the crucial important difference between Showing condition and Living condition.
Price
Being overpriced is usually the reason a home did not sell, but condition will help determine what the market is willing to pay. Remember that YOU control price and condition. The wrong price attracts the wrong buyers. It creates a bad reputation for the house in the market place and makes properly priced homes look even better. Would anyone intentionally put their home on the market to help sell the competition?
Location
Ask your La Costa neighbors – do you love it here? Nobody can do a thing about their location except to accent the positives and minimize the negatives.
Mike & Amy Mewborn Real Estate Specialists
Mike: 858.205.2000
Amy:760.213.6653
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