San Diego Real Estate Cafe by Krista Lombardi
Archive for July, 2010
When Someone Wants to Pay More For Your Home Than the Appraised Value…
Take it!
I should end the blog there, but in fairness, I’ll fill you in on some news you can use.
Sellers right now are in a predicament. If they really want to sell, they have to accept the current financial and economic situation. Just like there is no magic wand out there for the economy of the United States of America, there is no magic wand for the price that your home will appraise for.
Webster’s dictionary defines “appraiser” as someone who “evaluates, especially in an official capacity.” An appraiser is the authority on what your home is worth.
What happens if your home appraises for less than you’ve agreed on with a current buyer?
The Dirt On New Short Sale Laws
The dirt on short sales
So the housing crash has left at least 11 million people in the unenviable position of owing more on their homes than they are worth.
Although it seems grim, we are in a much better place than we were in the fall of 2008. That was a scary time.
We’ve had a year and a half of first time homebuyer tax credits, some states are receiving aid to struggling homeowners, and now we have something new on the scene through the HAFA program that we hope will help too.
This federal foreclosure prevention program has been expanded to encourage delinquent homeowners to avoid foreclosure. What it does is streamline the short sale process.
How does it work?
Don’t Throw the Baby Out With the Bath Water – Wait, No! With the Loan!
The Department of Housing and Urban Development have launched investigation into some mortgage lenders.
Am I the only one that feels like these banks have gone completely haywire?
The most recent news that I’ve heard is that multiple investigations were ordered following a report in the New York Times about banks denying credit because of pregnancy or maternity leave.
Is It Still Wise to Make Low Ball Offers in San Diego?
Is submitting a low offer like gambling?
Now I know what people are going to say. It’s still a buyer’s market. This is true if your definition of a buyer’s market is affordable prices and low interest rates but as far as home prices are concerned probably not. I recently read an article stating that San Diego recorded it’s 13th straight month of price increases.
This doesn’t mean that we’re out of this current real estate correction by far but it’s an indicator that things aren’t as bad as people think. I’m sure prices aren’t going to take off at a feverish pace as we saw in 2004 through 2006 but they’re rising ever so slightly. For sellers, as well as all the rest of us homeowners, this is great news because this means that perhaps the worst has passed here in San Diego. Read the rest of this entry »
How Do You Close Escrow In California?
I’m asked this all the time. Do you have to be there at closing if you’re buying or selling? Do you have to sit at a closing table?
This question has been popping up often because I’ve had quite a few clients from out-of-area. I’m going to really go out on a limb and say that I hope that means that everyone is doing better regarding employment and finances. We can all hope, right?
So often out-of-area homebuyers ask if they have to be at the closing, and often they have a horrible story about a closing with attorneys arguing, angry sellers, took hours, etc.
Some states are attorney states and some are escrow states.
Top 7 Hottest Things To Do in San Diego This Week!
Comic Con
Happy Sunday San Diego! Today is the last day of the weekend, so make it count!
The San Diego Real Estate Cafe picked out unique and interesting events for this week that can appeal to a wide range of people. There’s lots to do in San Diego, so if there is something specific you’re looking for, let us know!
1. Sunday July 25th – Comic Con Substitute
If you couldn’t get tickets to Comic Con, visit the New Children’s Museum in East Village. We actually didn’t know that there is a New Children’s Museum there, so this event is an added bonus!
The event will focus on original comic book art, sketches and drawings from Shrek, Penguins of Madagascar and more. New Children’s Museum, 200 West Island Ave., San Diego, CA,92101
2. Monday July 26th – Full Moon Paddle on Mission Bay
Red Flags That Mean It’s a Real Estate Scam!
You’d think after everything that has happened with the housing economy (and the economy in general) that everyone would lay off the scams. Well they won’t.
Real estate and mortgage fraud are vast. An estimated $4 billion to $6 billion in annual losses result from it according to FBI reports.
Entire communities can be damaged, as we’ve seen recently. Real estate and mortgage fraud can lead to foreclosures, lenders raising rates and fees to compensate for losses, and spiraling home values.
What is scary about this is that the crimes are usually complex and they usually involve more than one party, many times one that seems official, only they’ve duped a logo of a legal entity.
Here are the 5 red flags that a real estate scam is going on:
1. Short Sale Scams
You’re Fired!
Every once in awhile, especially in this market, a seller has one of those buyers that he just can’t deal with anymore.
Truthfully, you’ve lived in your home for years and years. Raised your kids in the home, did upgrades, had parties, had dogs tear up the furniture, sat around the table and had tea and coffee with friends on rainy days, gazed out the window. Your home has lots of memories in it.
You’ve done so much in this home and now…this home is like part of your life and you have a buyer purchasing it who will most likely change everything about it and tear up John and Suzy’s bedrooms.
Not only that, but they are hemming and hawing after the inspection and dragging their feet and they want everything repaired and credits.
These buyers suck.
You had other offers on your home. Can you kick the current buyer out and take one of those?
Are the Tough Economic Times Making Owning a Pet Difficult?
Have changes in your current economic status made it harder to keep your pet?
I was thinking about this and wondered about people who have come to the unfortunate realization that they might have to give up their pet.
It’s a tough and hard call to have to part with pets no matter how long you’ve had them especially if you’re blindsided by economic changes that force your decision.
After thinking about how horrible it must be to have to give up a pet because times are tough I looked around to see if there were any resources for people in this type of situation. After searching on the internet for a bit I was happy to find a couple of resources available to pet owners in distress. Read the rest of this entry »
Should You Pay Your Rent If the Property You’re Renting Is Being Foreclosed on?
Now this is one of the questions I’ve been asked several times. Many renters out there have seen their rental properties hit by the recent increase in foreclosures.
More often than not the landlord doesn’t inform them that anything is wrong and tenants find out when someone comes and puts up an announcement on their door.
It’s a sad way to find out you might be moving by no fault of your own.
So what’s the answer to the title question of this post?
Well, I’ll give you a clue to the answer.
Let’s just say that the answer isn’t going to make many of you out there happy. You must all remember that more than likely there is some form of contract involved between the tenant and the landlord. So having said all of this the answer is yes. That is if you want to continue to live there. Read the rest of this entry »
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