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A few minutes from the Beach!
• 1,648 sq. ft., 2 bath, 4 bdrm single story - $585,000 - Newly Remodeled Old Carlsbad, Carlsbad - Remodeled single story home in established neighborhood in Old Carlsbad. Enjoy backyard BBQ's on the patio or relax out on the custom deck under beautiful shade trees with views for miles. This 4 bedroom 3 bath also features new carpet, paint, fixtures and new landscaping, ready to move in. 2 car attached garage with paved and gated RV access on the side. All this and just minutes from the beach! Property information
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What are your thoughts about buying a home that has already been lived in? If the answer is "No Thanks" then please read on... Allow us to take you on a tour of the new home communities in Northern and Central San Diego. With the assistance of a knowledgeable Realtor, it can be filled with many great memories. Together, we will help you make it a positive experience. Understand this, no two builders are alike. Homes differ just like their builders. As your Real Estate experts, we understand building a newly constructed home is among the top stressful events you will face in your life. There are a number of things that can go wrong, and so many people will not speak up and demand that the home is built right. If you are paying hundreds of thousands of dollars for a home it should be near perfect. We don't mind doing the dirty work. After all, that is our job. We are representing your interests. The home buying process, especially buying new construction, is full of complicated decisions that most home buyers never think about. 1) The site agent represents the builder, they are not there to "help" the consumer. 2) A buyer's agent can inform the client of issues in construction, knows what questions to ask, you don't always get what you see. 3) How many of those foreclosures were with customers that had no representation? A lot of them! Funny how a house appraises for the builder, but when you go to resale, it doesn't, ever wonder how that happens? 4) An experienced agent will save the consumer money building with new construction, builders do not discount the price because the consumer has no representation. Real Estate is a huge investment, why not use a professional that has years of experience and knowledge to put to work for you. It is like trying to be your own attorney. Not usually a good idea. Instead of spending a day driving around looking for the new home developments, wasting your gas bouncing from development to development. Let us take you around. It is a nice no pressure way of getting to know us better. You really have nothing to lose. If you are ready to go look at homes, Contact us directly to set up a time to go look. Even if you decide not to bring us to the new home developments, make sure you bring another Realtor. Maybe it's because we have seen so many things that can go wrong during the process that we feel it is so important, and it won't cost you anything. Hope to hear from you soon! Mick & Julie Perez
Realtors Coldwell Banker
2651 Via De La Valle
Del Mar, CA 92014 (858)703-7815
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In light of the rising number of property foreclosures in the United States, the government has expanded the Home Affordable Modification Program (HAMP) to include provisions and incentives for servicers to allow short sales or deeds-in-lieu as positive options for eligible homeowners in default who wish to avoid foreclosure. The new program is called Home Affordable Foreclosure Alternatives (HAFA). Participation in HAFA cannot save the homeowner from losing his or her property, but it can eliminate the effects of a foreclosure on the homeowner’s credit. Financial incentives for participation in the program include a $1,000 servicing bonus for lenders and a $1,500 relocation bonus for displaced homeowners. HAFA is designed for homeowners who have applied to HAMP for assistance but have had no success with their loan modification program. To participate in HAFA, homeowners must still meet HAMP’s eligibility criteria (principal residence, first-lien mortgage, serious delinquency, unpaid balance under $729,750, and a mortgage payment over 31 percent of gross income). Homeowners must be considered for HAFA within 30 days if they cannot meet HAMP’s requirements or if they specifically request consideration for HAFA. However, the homeowner only has 14 days to respond to a written notice that HAFA may be available to them, giving the lender time to meet their 30-day deadline. As with other short sales and deeds-in-lieu, the lender or loan servicer of the primary mortgage must approve of the transaction and conduct their own independent appraisal. Under HAFA, however, they must also agree to accept the proceeds from the sale of the house as payment in full, waiving their right to collect the balance of the loan from the homeowner. It is up to the lender or servicer of the first-lien mortgage whether they or the homeowner negotiate with any subordinate lienholders. Lenders of HELOCs and other subordinate liens may be allowed to keep a limited portion of the proceeds (up to $3,000 each) of a short sale, with the first-lien lender’s approval. These funds are part of an incentive program for subordinate lienholders to waive their right to collect the balance due on their loans. The original lender may not be held responsible if any subordinate lienholders decline to participate and decide to sue the borrower for the amount of their unpaid debt. HAFA’s Short Sale Agreement (SSA) has certain stipulations for all parties involved. Their SSA requires that the deadline for the homeowner to find a buyer and complete the transaction be not less than 120 calendar days from the date the SSA is mailed to the homeowner. The lender has the option of extending this deadline another 245 calendar days, for a total term of 12 months. The SSA also mandates that a HAFA transaction must be ‘arms-length’, and that the end buyer must agree to hold the property for at least 90 days after closing. Finally, the SSA gives the listing real estate agent the right to an undiscounted 6 percent commission at closing. A short sale is any sale of property, usually during the foreclosure process, in which the lender(s) agrees to accept less than the balance due on the mortgage(s) or lien(s) in order to avoid the cost of foreclosure. Depending on HAFA requirements and state law, the lender(s) may or may not pursue the homeowner for the remainder of the debt. The vacancy date is determined by the terms of the closing. Unlike a short sale, a deed-in-lieu simply allows the homeowner in default to transfer the deed to the property back to the lender in exchange for partial or full payoff of the mortgage. The vacancy date must be at least 30 days after the deed-in-lieu agreement is signed. In either case, HAFA requires that the lender agree to suspend all foreclosure sales in good faith, pending the outcome of either transaction. In the case of a short sale, the lender also must agree to pay the administrative closing costs. The Department of the Treasury, which authorizes all programs under the Making Home Affordable umbrella, has designated Freddie Mac as its compliance agent. The HAFA program is set to begin on April 5, 2010. Servicers may initiate a HAFA transaction earlier in 2010 under certain conditions. As of this writing, all HAFA agreements must be finalized and signed by December 31, 2012.
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This just in.... Gov. Schwarzenegger signed Assembly Bill 183, the Homebuyer Tax Credit legislation, into law. His actions today are the result of our efforts in Sacramento over the last several weeks as members and our team in the capital worked for the bill’s passage before it landed on the governor’s desk. AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).
The positive impact of the federal home buyer tax credit is clear. Nearly 40 percent of first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered, according to C.A.R. research conducted last year.
The state’s previous home buyer tax credit program was so successful that it ran out of tax credits by the end of June 2009, eight months before it was set to expire and just as housing markets appeared to be turning a corner. Unlike last year’s legislation, AB 183 adds a tax credit for the purchase of an existing home by a first-time home buyer.
AB 183 will significantly contribute to the effort to stimulate jobs-creation within California's housing market by helping to incentivize first-time home buyers to purchase homes that have been abandoned, foreclosed upon and returned to the lender, or have been sitting on the market for extended periods of time. It is these homes that will require substantial rehabilitation by the new owners, which will in turn generate a tremendous increase in jobs and accessory purchases connected to home improvement activities. Steve Goddard 2010 President CALIFORNIA ASSOCIATION OF REALTORS® Click Here for more information about the new tax credit.
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What is a Short Sale? The sale of a house in which the seller owes more than what the total payoff to the lender of record is. Why would a lender accept a Short Sale? Lender's are in an economic crunch. Either they can accept a short sale and still write off the loss on their taxes or they can foreclose. While foreclosing, the lender will incur costs for processing the foreclosure, taking chances of vandalism and liability costs, as well as maintaining the property until the property is sold. What options does a homeowner have when the homeowner needs to sell? Sell the house and pay the difference to the lender. Walk away and give the house back to the lender (Deed in Lieu). Make a deal with the lender to accept less than the loan amount (Short Pay). Walk away and the property forecloses.
What hardships would qualify a seller for a Short Sale? Death, family illness or injury Job relocation Job loss or significant loss of income Divorce or split of domestic partners Adjustment in mortgage payment or unforeseen increase in living expenses
What documentation will a seller have to provide to the lender? Letter of Authorization (for the Broker to act on the behalf of the seller). The letter should include the following: - Property Address
- Loan Reference Number
- Your Name
- The Date
- Your Agent's Name & Contact Information
Reference Mortgage loan number, contact phone and fax numbers. (including 2nd loans, HOA, etc.) Hardship Letter Two most recent years tax returns and W-2's Last three paycheck stubs Three most recent bank statements and all income source Monthly expense breakdown
What other possible documentation will the seller have to provide to establish hardship? Declaration of divorce/separation Bankruptcy discharge Proof of unemployment insurance Proof of job termination (pink slip) Medical records Death Certificate
What are the advantages for the seller to complete a short sale? No out of pocket cost to close escrow. Fewer stigmas than a foreclosure. A short sale raises fewer legal issues. Less damage to credit than a foreclosure or bankruptcy. However, since most banks will not approve a short sale unless the seller is in default and can show a true hardship, the late or no payments will show on the credit report for 7 - 10 years.
What are the disadvantages or consequences to the seller for completing a short sale? Seller receives no monies at the close of escrow. A short sale can make a home harder to sell. There is damage to the credit score. Tax Implications-this has to do with "Debt Forgiveness." The lender of record will be able to write any loss off in their taxes. The IRS realizes this is money they are not receiving. That is when the IRS goes after the seller. The seller may be liable to pay taxes on the shortage amount. The IRS sees this money as income earned. That is why the seller needs to seek the advise of a financial/tax specialist or an attorney.
How do I get started on a Short Sale? It's easy. If you would like to get prequalified for a Short Sale, call Mick and Julie Perez at (858) 703-7815. If you would rather email, Mick.JuliePerez@gmail.com. There is no charge to you to get started. If you later decide you don't want to do a short sale that is okay too.
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Those Who Wait Will Pay Thousands More This Spring Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).
Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.
Here are a few reasons why:
On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly.
Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.
There is only one way to avoid being affected by all of these costly changes that lie ahead – submit all FHA mortgage applications by the last week of March.
If we can answer any questions you may have about how these changes could impact you, call us. We appreciate your business. Mick & Julie Perez Coldwell Banker-Residential (858) 703-7815
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• 1,082 sq. ft., 2 bath, 1 bdrm single story
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MLS®
$1,500,000
Park Del Mar, Solana Beach
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Seller is looking to trade into something larger.* Oceanfront condo with spectacular, panoramic views of the Pacific. Extensively remodeled top to bottom with superb, high quality finishes. No expense spared! Soundproofed, high ceilings, storage unit, forced air, two sky lights, spa master bath, custom cabinetry, granite and marble throughout...see suplement! Complex has 4 pools, 2 hot tubs, tennis courts, ocean front rec room and more. Enjoy the coastal lifestyle in this ideal location close to all.
Property information
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