Mewborn Team Real Estate Consultants: CoastalLuxurySanDiego.com

December 2nd, 2011

How does my neighbor’s foreclosure affect me?

Categories: Buyers, Communities, Foreclosure Prevention, Real Estate FAQ, Sellers

As we finish out another year, we are starting to see how the year has shaped up in real 
estate sales in San Diego county. Carlsbad, CA Foreclosures and Short Sales

As of the end of October, the median San Diego home price was down to about $357,000 from $364,000 in September. Overall, San Diego home prices are down about 7.1% since last October.

As most home owners are seeing in their neighborhoods, the largest single influence in our prices right now are due to distressed sales. Any time a home goes into a short sale or foreclosure, those homes tend to sell at a lower price, ultimately bringing all of our home values down.

Foreclosures in particular tend to drastically lower prices – with many foreclosures selling for a full 10-20% less than its non-foreclosed upon neighbor.

As less distressed properties hit the market, we will start to return to more normal sale prices – and that is when home values will start to rebound. If you, or someone you know, owns a home that you are not able to continue making payments on, please contact us to discuss a short sale. A short sale will look more favorably on your credit report, as well as your neighbors’ home values.

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November 30th, 2009

Carlsbad Real Estate News – Credit Score Damage Points

Categories: Buyers, Foreclosure Prevention, Home Loans, Interest Rates, Sellers

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.

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Mike DRE 01711050
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