Redlining is a term that describes the unethical if not illegal practice where lenders red line a neighborhood or community, making it very difficult for buyers to purchase in these afflicted areas.
I have recently heard from a couple of direct lenders, Countrywide Home Loans and Bank of America, that most if not all of San Diego County real estate is in the red zone.
Qualifying for current red zone status simply means that the subject property is located in a declining market area. The impact of this colorization is significant to both the San Diego real estate market as a whole and to first time home buyers in particular.
How this version of redlining works creates a no-win situation for buyers putting down less than 5 percent.
Even if a buyer has negotiated a bargain purchase price, say 10 percent under market value, the appraiser will automatically deduct another 5 percent from the contract price to determine a value. In other words, a borrower cannot get away with putting less than 5 percent down.
I spoke with Brian Brady a couple of weeks ago about this matter. I had been told by a representative from a large direct lender that San Marcos, CA was in a red zone, and would be subject to different lending standards. Brian bristled at the thought of redlining, declaring it an illegal practice unless an entire region were painted red.
Well, it seems that most, if not all of San Diego County real estate, is swimming in blood.
One of our agents is struggling with a couple seeking to buy their first home in the Shadowridge area of Vista, CA. The buyer is an automobile service manager in nearby Carlsbad and his wife is an attorney. They are conservative in lifestyle, and can afford payments on a $417,000 home. However, they are short on down payment. And with current lending guidelines and the unavoidable prospect of buying in a red zone, they can no longer qualify for the 100 percent loan Countrywide Home Loans had promised.
And what makes this particular case so interesting is that the home is a foreclosure held by Countrywide as an REO (real estate owned). Any reasonable person would think that Countrywide Home Loans would jump through hoops to get this liability off their books especially with buyers like these.
Wouldn’t reasonable minds agree?
Listed below are all current listings of homes for sale in Shadowridge area of Vista:
SHORT SALE! Rare 3BR single level ground floor unit is located in the Shadowridge Glen. 3bed, 2 bath with a patio approx 9x22 is the perfect starter home that just needs a little TLC and some updating. Includes a detached 1 car garage. Great location and conveniently close to shopping, schools, restaurants and freeway 78 access.
Spectacular Falcon Hill Home in Shadow Ridge. Nov. appraisal of $620,000 BEFORE recent upgrades. Perfect artificial lawn never needs watering/mowing. Granite counter tops throughout home. Wood floors, vaulted ceilings and new windows give the home a very bright and airy feel. Excellent location: By schools, shopping, Shadowridge Country Club. Also easy access to 78, I-5, and I-15. No Mello-Roos. Low HOA. SOLAR-- attached options. Agent and Buyer to verify all information prior to closing.
Updated 2 bedroom - 2 bath mobile home with a wonderful outside yard that includes a gorgeous covered side porch, brick patio with wood trellis cover and a nice size fenced garden area perfect for a pet or a amazing place to relax! Some of the numerous upgrades done in the last 2-3 years include: dual pane windows and slider, re-sealed roof, wood laminate flooring, interior and exterior painting, curtains and the amazing outdoor space. There are also 2 sheds on the property for lots of extra storage.
WOW, JUST WOW! This property is special from the moment you walk on the premises. If you are looking for horse ranch property with plenty of space around you this is it. There are 2 houses on the property, one is not permitted but in use by family members (3 Bed,2 baths). The other is permitted (2 Bed,2 baths). The horse stable holds approx. 20 horses, all in separate stalls. The office and tack rooms are also part of the stable. There is one HUGE riding arena, and more. Call Mia Worley 760.688.9077 Neighborhoods: Rancho Mar Vista Equipment: Shed(s) Other Fees: 0 Sewer: Septic Installed Topography: LL, Bed 2 Dimension: 14x15 Bed 3 Dimension: 10x12 Dining Room Dimen: 10x10 Family Room Dim: 10x20 Kitchen Dim: 15x10 Living Room Dim: 10x20 Master Bedroom Dim: 15x15 Frontage Dim in Ft: 521 Guest House Est. SQFT: 1800
Home has been remodeled with drywall, baseboards, new carpet, newer laminate floors, upgraded appliances, updated Kitchen & Bathrooms. Master offers mirrored wardrobe doors, double sinks, & skylight in Bathroom. Separate Living & Family room, plus a California room! Wet bar. Wide hallways offer easy access to bedrooms & Baths. Private front porch & back decks w/ gas BBQ & 2 sheds. Convenient to clubhouse & amenities / pool & spa / guest parking! Walk to grocery store, CVS, Walmart, dining, Rx, & more! Neighborhoods: Grandview Terrace Complex Features: ,,, Equipment: Dryer, Range/Oven, Washer Other Fees: 0 Sewer: Sewer Connected Topography: LL Bed 2 Dimension: 11x10 Dining Room Dimen: 9x8 Extra Room 1 Dim: 6x5 Family Room Dim: 14x9 Kitchen Dim: 9x8 Living Room Dim: 21x13 Master Bedroom Dim: 14x11
Beautiful community in Shadowridge neighborhood, 4 bedrooms 2.5 baths, private patio, sliding glass doors, vaulted ceilings. Swimming pool and spa, close to shopping centers, schools, churches, golf course and easy access to Hwy 78
Updated & meticulously maintained light filled home on a quiet cul-de-sac in sought after shadow ridge. This gorgeous home offers an open floor plan w/high ceilings featuring tile flooring throughout main floor, NEW central air and furnace, Upgraded kitchen w/stainless appliances & granite counter tops that opens to a large family room. Upstairs features 3 large bedrooms w/newly updated bathrooms. You will enjoy the Professionally Landscaped private yard. Low HOA & No Mello Roos. It's a must see!
Here is a Great Opportunity to own a home in the Vista Del Mar 55+ Community. This 3 bedroom, 2 bathroom home is located on a quiet street close to the club house. Besides Ocean Breezes , the location has nearby shops and restaurants. The home has a large floor plan with a dinning room, inside laundry, large master bedroom, master bath includes a large bathtub with separate shower, walk in closet, outside patio has afternoon sun with a fruit tree and room for more, attached 2 car garage with direct access . At this price you can afford to make changes to fit your style. The low HOA fee of $70.00 month includes Club house Pool ,Spa Tennis & RV Parking, Pets: Allowed w/Restrictions.
This home has been lived in and loved by the same family over 40 years! It is ready now for a new family to upgrade and make their own... Open floorplan with original cabinets and granite counters. Bonus family/game room off entry with large 4th bedroom. Tumbled Stone in master bath. Located just across the street from Vista's finest elementary school, Breeze Hill. Rare full half acre. Great original bones prime for a mid century style makeover yet very lovable in present form.
Priced Below Market. Multiple offers will be received. Looking for highest and best offer! ***Only viewing time Sunday September 16th 1 to 4.**** Great 4 bedroom home in Shadowridge Cul De Sac Location Pool Sized Lot!! Offer to be submitted to lender for approval by September 24, 2018. Experienced Short Sale Agent! Agent to verify all aspects of the property including verifying the condition of the property. No termite clearance provided! Sold as is!
Lovely move in ready home. Kitchen features corian countertops/sink, and stainless steel appliances. Half bath on first floor has been updated. cozy fireplace opens up to your adorable back patio, w/ direct through access to your 2 car garage. Dual master suites upstairs w/ their own full baths /vaulted ceilings and walk in closets.Remodeled bathrooms, Carpet was installed in 2015 along with forgiving wood like flooring on the stairs. Newer AC/Furnace/ water heater/Dual pane windows.
Reduced Priced to Sell!Tropical Oasis on lush ½ lot with a wide variety of Palms. Stunning single level home built in 2002 home is one of 18 homes in the desirable community of Vista Del Oro. Corner lot with lots of privacy. Light & Bright open floor plan with high ceilings featuring a chef’s kitchen with center island, oak cabinets and granite counter tops. Neutral designer colors, 16” Italian Ceramic tile throughout, carpet in bedrooms. Beautiful home in the Shadow Ridge area of Vista. No Mello Roos.