San Diego REO Listings Offered by Ghosts
May 12th, 2008 Categories: Mortgage News Real Estate News San Diego San Diego Market Trends
I’ll never understand the process by which lenders choose to list their
San Diego REO’s and foreclosures. Some are listed by normal real estate agents, but more and more these REO’s (bank-owned properties) are listed by unknown companies with agents who rarely respond to phone calls or emails.
Should we be looking for some logic in the lender’s decisions to list with these phantoms?
There again, these may be the same folk who lent mortgage funds to ghosts in the first place. I mean, they loaned hundreds of millions to phantom borrowers who said they earned $20,000 a week working as a gardner or car salesman– or whatever suited their imaginations. Their homes, haunted by unsustainable debt and a declining San Diego real estate market, floated back to the lender…who then turned to eidolon agents to market their foreclosed properties.
I guess if lenders didn’t bother to check the reality of their borrowers in the first place, why should they now take to time to check the substance of their real estate representation for their REO’s?
We have worked with several buyers of San Diego foreclosures, and are appalled at the low level of representation a number of these foreclosed properties receive. In several cases, we have ended up faxing offers to the agent’s number listed in the MLS, and waited for a response from…someone or anyone. No reply was forthcoming, even though our offers were at and above the listed price.
We have an offer in on one foreclosure near San DIego State University now, and it cannot be presented to the lender because the agent is on a two week vacation. (Uh…isn’t there an assistant, or another agent who is taking care of this absentee’s business?)
Are the banks/lenders aware of this non-representation?
And why am I feeling that we are in deja-vu all over again? I hoped thought most of the dingbat agents had left the business after the crash of the 2003-2006 real estate market.
Regrettably, those San Diego agents seem to have taken another get-rich course and are now in the foreclosure business.
And it seems many lenders have ended up with the same folk who helped get them into trouble in the first place.
I am wondering if this is a phenomenon that is isolated to the San Diego real estate market–or is it more widespread?
For the sake of our national economy, I hope not.
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Save trees: (How to) Stop Junk Mail
May 8th, 2008 Categories: Real Estate News San Diego Activities San Diego Events San Diego Real Estate
Here’s a little tip that might save a few trees and the good nature of more than a few San Diego home owners.
I don’t know about you, but there is nothing more annoying than to have solicitors intruding into your life by telephone. Millions rejoiced when Do Not Call lists were instituted and we all reclaimed precious time in our lives by signing up.
Now if we could just find a way to stop those pesky surveys.
Not quite so intrusive is all the junk mail that clogs our mailboxes, trash cans and landfills. I would be delighted to never receive another offer to refinance my home, buy more insurance, open a Capitol One credit card, or borrow money of any sort.
I am also more than a little annoyed that credit bureaus are allowed to sell our information, FICO scores and other data to these soliciting firms. Were you aware of this practice?
Want to opt out?
Under the Fair Credit Reporting Act (FCRA), you have the right to opt out from these offers and prevent the credit reporting companies from selling or providing your credit and contact information to these solicitors.
To do so, just go to OptOutPreScreen and complete a simple form.
By doing so, Equifax, Experian, Innovis and TransUnion will be unable to share your information for at least five years. If you wish to permanently do so, instructions are provided for doing so by snail mail.
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Downtown Oceanside: Moving Up
May 6th, 2008 Categories: Oceanside San Diego Activities San Diego Communities San Diego Events
by Roberta Murphy
Late yesterday afternoon at a Carlsbad Cinco de Mayo fest, I met two wonderful ladies who had spent the last 20 years with their families living in downtown Oceanside.
Their kids went to school in Oceanside–and for the umpteenth time, I heard rave reviews about the downtown Oceanside community spirit, and the friendliness and caring of its residents.
“People here don’t just come home from work and pull down their garage doors. We truly connect and socialize with our neighbors,” one explained.
Oceanside, CA is a great place to spend a weekend, a two-week vacation, or even a lifetime (say local residents). It offers a great coastal climate, broad sandy beaches, relatively affordable homes, condos and townhomes, and lots of activities for all ages.
Visitors to Oceanside (many arriving by train) marvel at the downtown building and bustling activity. High rise condominiums, such as the newly-constructed Oceanside Terraces, are reshaping the local skyline, while the historic Oceanside Pier continues to draw fishermen, sightseers or those out for a lengthy ocean stroll.
For those seeking museums and missions, Oceanside has many rich offerings. For example, the California Surf Museum located at 223 North Coast Highway is a surfers’ mecca. Not only do they offer displays showing the evolution of surfing, but they also have a large display of surfboards, ranging from single-finned woodies to contemporary four-finned and lightweight fiberglass models.
If you are interested in the visual and fine arts, there is the edgy Oceanside Museum of Art, located at 704 Pier View Way. In addition to their eye-opening and provocative art displays, the museum also hosts their School of Art, which offers instruction in a variety of media, including painting, pottery and ceramic sculpture, along with drawing and drumming. The Oceanside Museum is housed in the classic Irving Gill-designed building that preserves the 1930s flavor of Southern California.
Oceansides Mission San Luis Rey de Francia is California’s King of Missions. It was established in 1798, and is located just four miles east of downtown Oceanside. This early and largest California mission is still a center of Catholic Church activities and events. Visitors are welcome to stroll through the Mission Church and the surrounding gardens and grounds.
The Oceanside Farmers Market is a local’s favorite and is held every Thursday between 9 a.m. and 1 p.m. on Pier View Way, between Coast Highway and Ditmar Street. The event reopens in the late afternoon at 4 p.m. to the delight of both downtown residents and visitors. All can find just-picked and local fruits and vegetables, fresh fish, fragrant and steaming hot tamales, bouquets of local flowers, and other culinary surprises. Bring your appetite and sense of adventure!
Restaurants are abundant in downtown Oceanside, and range from seafood spots by the Oceanside Harbor, to Cuban, Japanese Mexican, French and California Nouveau cuisine. For a taste of history (but not yesterday’s fare ), you may wish to stop for a cup of coffee or a meal at the 101 Cafe, located at 631 S. Coast Highway. This roadside treasure has been around since 1928, and offers visitors glimpses of what life was once like in this scenic California beach town.
For additional information about Oceanside and life in San Diego’s prime North County, you may wish to view the following:
Oceanside Urban Luxury: Oceanside Terraces
San Diego Baby Boomers: The Wish List
Fun at Oceanside and San Diego Farmer’s Markets
Oceanside and San Diego a Bargain for Foreign Investors
Things to Do with Kids in Oceanside and San Diego
Oceanside and San Diego Real Estate Irresistible to Foreigners and Expats
Things to Do in Downtown Oceanside
Testimonials from Our Real Estate Clients
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Should I Wait to Buy a Home in San Diego?
May 5th, 2008 Categories: Oceanside Real Estate News San Diego San Diego Market Trends San Diego Real Estate
A Zillow questioner asks if he or she should wait to buy a home in San Diego until the market levels out.
It is a question that seemed to beg an answer from me, if only because we are personally struggling with that very issue as I write this post.
We have an opportunity to buy an Oceanside property that should yield a mildly positive cash flow with a 20 percent down payment. It is new construction, close to Oceanside beaches, and the only hurdle is finding financing that is reasonably acceptable for our circumstances. But that is another story.
The Zillow questioner is asking about the advisability of buying a piece of San Diego real estate as his or her home in today’s market. So much depends on location and local market conditions.
My advice:
You may want to explore home financing options available today that might not have worked just a couple of years ago.
The ACORN loan (available through Bank of America and Chase) is great for buyers earning less than $92,000 per year and who own no other real estate. The down payment is low and there is no PMI (private mortgage insurance). Loans are available up to $500,000, and buyers must attend a one-day class on home ownership prior to receiving an eligibility certificate.
FHA loans are also making a recent strong appearance in San Diego, and we are using them with a number of our buyers. These loans offer 3 percent down payments on mortgages up to almost $700,000. There are additional fees involved with FHA loans, but motivated sellers may be willing to assist with these costs–and may also be willing to reduce the home price to meet FHA loan maximums.
The best strategy is to find a very well-priced home (compare to area comparables)–or perhaps even a San Diego foreclosure– and secure the best available mortgage financing.
It’s a raging buyer’s market that will benefit the courageous, hard-working and smart investor.
This is advice I would offer to anyone considering the purchase of San Diego real estate in the sub- $700,000 range.
If you are considering San Diego County real estate beyond that price range, please give me a call at 877-818-8197 or 760-402-9101 and we can discuss other options.
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Want to Search for San Diego Foreclosures?
April 30th, 2008 Categories: Real Estate News
San Diego foreclosures and bank REO’s are quickly becoming the top request among many of our San Diego home buyers–so we decided to add a tool that we could use as well.
It has become a necessity, because until banks can quickly expedite their short sales and offer them at reasonable prices, most buyers are better off with foreclosure pricing.
Now, when you come to this San Diego real estate search site, all you have to do is click the little REO House icon at the bottom of each article, and you will be able to drill down to the neighborhood level to see all listed foreclosure. Looking for foreclosures in Carlsbad, Encinitas, Rancho Santa Fe or Oceanside? REO’s in San Marcos, Del Mar, La Costa or Aviara? You can find them with the San Diego Foreclosure link below.
Enjoy your search!
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