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:
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 & well 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,water heater 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!
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.
This beautiful property has been customized with many features like stained glass found in entryway & kitchen and master bath cabinets & bathroom windows. Kitchen has newly refinished solid oak cabinets, tile backsplash, and stainless steel appliances. Custom tile throughout first floor & new walnut wood flooring hall & stairs.Bedrooms engineered wood floors.Insulated bamboo window treatments on 1st floor & bamboo blinds on 2nd floor. Designer lighting in every room,ceiling fans in bedrooms & master bath. Neighborhoods: Vista Point Equipment: Dryer,Garage Door Opener, Range/Oven, Washer Other Fees: 0 Sewer: Sewer Connected Topography: LL,SSLP Bed 2 Dimension: 11x9 Bed 3 Dimension: 11x9 Dining Room Dimen: 12x10 Family Room Dim: 17x15 Kitchen Dim: 11x10 Living Room Dim: 14x11 Master Bedroom Dim: 15x12
Excellent opportunity to purchase two story home on premium lot in the coveted gated community of Moncado Springs! Pleasing floor plan with carpet throughout downstairs and up. Large kitchen with granite countertops, lots of cabinet space, center island with breakfast bar, and dining area opens up to family room with brick fireplace. Glass sliding doors off kitchen/family room area lead to the sunny backyard with a large concrete patio and grass area, great for entertaining. Seller to provide allowance fo
Huge price reduction!! Motivated Seller....bring all offers! New luxury waterproof vinyl flooring throughout home, updated kitchen with new appliances quartz countertops, pantry, and breakfast nook/bar. New washer and dryer, both bathrooms have been updated. Walk in closet in master bedroom, vaulted ceilings, gas fireplace. This is a must see to appreciate all the upgrades. Community features pool, spa and clubhouse, close to Costco, 10 minute drive to the ocean and easy access to freeway 5, 78 and 15.
This tri-level contemporary home provides a smart layout with a convenient downstairs bedroom with walk-in closet and full-sized bathroom, along with the two-bay garage on the first floor. Upstairs is the main living area on the second level, which showcases an open layout among the gourmet kitchen and great room which leads onto a balcony. At the top level are two more bedrooms, including the spacious master suite, each of which enjoys an en-suite bathroom and walk-in closet.
One of the few 4Br PLUS, 2.5Ba, 1835 esf property in the golf course community of Lido at Shadowridge. Two community pools/spas w/no Mello-Roos fees on a quiet cul-de-sac. Gated courtyard entry, formal living & dining room w/dramatic ceilings in addition to family room w/fireplace. Kitchen w/nook, central AC, master w/roman style tub & separate shower. Enjoy back concrete patio with brick bands, concrete walkway on the side for trash bin storage & back yard access. HOA maintains front yard landscaping.
Beautiful Shadowridge Aspens condo on the golf course! Adorable downstairs 1 bed/1 bath has beautiful, peaceful views of the lush green golf course & pond from the patio, bedroom & living room. One car parking garage. Comes fully furnished with appliances. HOA includes insurance on the building structure, common areas, pool, spa & club house, water/trash service. The perfect place to call home. Close to shopping & transportation. Set in the desirable Shadowridge community
MOTIVATED SELLER! STUNNING HILL VIEWS. RESORT-STYLE LIVING IN THE HEART Of SHADOWRIDGE! NO HOMES BEHIND/IN FRONT. BRIGHT OPEN FLOOR PLAN W/ DRAMATIC VAULTED CEILINGS. WOOD FLOORING. STAINLESS STEEL APPLIANCES INCL BOSCH DISHWASHER. ENJOY LATEST TECH RING,NEST,RACHIO,KEYLESS ENTRY. WALK TO GROCERY, STARBUCKS, RESTAURANTS, HIKING. COMMUNITY POOL/SPA/TOT LOT & GOLF CLUB WITHIN 1MILE. LOW HOA/NO MELLO ROOS.