Real Estate Information Archive

1. Get "Pre-Approved" - Not "Pre-Qualified!"

Do you want to get the best property you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Price is only one element in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller.

In years past, I always recommended that buyers get "pre-qualified" by a lender. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you "pre-qualified" and issues a certificate that you can show to a seller. Sellers are aware that such certificates are WORTHLESS, and here's why! None of the information has been verified!

Many times unknown problems can come to the surface! Some of the problems I've seen include recorded judgments, alimony payments due, glitches on the credit report due to any number of reasons both accurately and inaccurately, down payments that have not been in the clients' bank account long enough, etc.

So the way to make the strongest offer today is to get "pre-approved". This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few days to a few weeks depending on your situation. It's VERY POWERFUL and a weapon I recommend all my clients have in their negotiating arsenal.

2. Sell Your Property First, Then Buy the House

If you have a house to sell, sell it before selecting a house to buy! Contingency sales aren't nearly as strong as one that comes in with a ready, willing and able buyer. Consider this scenario: You've found the perfect house - now you have to go make an offer to the seller. You want the seller to reduce the price and wait until you sell your house. The seller figures that this is a risky deal, since he might pass up a buyer who DOESN'T have to sell a house while he's waiting for you. So he says OK, he'll do the contingency but it has to be a full price offer! You have now paid more for the house than you could have because of the contingency, and you have to sell your existing house in a hurry! Otherwise you lose the house! So to sell quickly you might take an offer that's lower than if you had more time. The bottom line is that buying before selling might cost you THOUSANDS of dollars.

If you're concerned that there is not a house on the market for you, then go on a window-shopping trip. You can identify possible houses and locations without falling in love with a specific house. If you feel confident after that then put your house on the market.

Another tactic is to make the sale ''subject to seller finding suitable housing''. Adding this phrase to the listing means that WHEN YOU DO FIND A BUYER, you will have some time to find the new place. If you don't find anything to your liking, you don't have to sell your present home.

3. Play the Game of Nines

Before house hunting, make a list of things you want in the new place. Then make a list of the things you don't want. You can use this list as a guide to rate each property that you see. The one with the biggest score wins! This helps avoid confusion and keeps things in perspective when you're comparing dozens of homes.

When house hunting, keep in mind the difference between ''STYLE AND SUBSTANCE''. The SUBSTANCE are things that cannot be changed such as the location, view, size of lot, noise in the area, school district, and floor plan. The STYLE represents easily changed surface finishes like carpet, wallpaper, color, and window coverings. Buy the house with good SUBSTANCE, because the STYLE can always be changed to match your tastes. I always recommend that you imagine each house as if it were vacant.

Consider each house on its underlying merits, not the seller's decorating skills.  

4. Don't Be Pushed Into Any House

Your agent should show you everything available that meets your requirements. Don't make a decision on a house until you feel that you've seen enough to pick the best one.

A decade ago, homes were selling quickly, usually a few days after listing. In that kind of market, agents advised their clients to make an offer ON THE SPOT if they liked the house. That was good advice at the time. Today there isn't always this urgency, unless a home is drastically underpriced, and you'll know if it is.

Don't forget to check into the SCHOOL DISTRICTS of the area you're considering. Information is available on every school; such as class sizes, % of students that go on to college, SAT scores, etc.

5. Stop Calling Ads!

Please note - ads are sometimes created to make the phone ring! Many of the homes have some drawback that's not mentioned in the ad, such as traffic noise, power lines, or litigation in the community. What's not mentioned in the ad is usually more important than what is.

For this reason, I want you to be very careful when reading ads. Remember that the person writing the ad is representing the seller and not you! The most important thing you can do is have someone on your side looking out for your best interests. Your own agent will critique the property with an eye towards how well it meets your needs and will point out any drawbacks you should know about. Pick an agent you feel comfortable with and enlist the services of that agent as a buyer's broker. Then you become a client with all the rights, benefits, and privileges created by this agency relationship, and you're no longer just a shopper. Did you know that many homes are sold WITHOUT A SIGN ever going up or an AD EVER BEING PUT IN THE PAPER? These "great deals" go to those people who are committed to working with one agent. When an agent hears of a great buy, who do you think he's going to call? His/Her client, who he has a legal obligation to work hard for you, or someone who just called on the phone and said "keep your eyes open"? So to get the best buy on a property, I always recommend that you hire your own agent and stick with him or her.

Source: The original author is not known. It is not our intention to infringe upon copyrighted material. If you are the original author of any of these articles, please let us know so that we may provide appropriate credit.

Great article from Yahoo with 7 easy fixes to increase your home's value!

This time of the year is the perfect time to tackle home improvements tasks you put off during the cold winter weather. There are lots of relatively simple and affordable things you can do to give your home a facelift. Your house will look better and your family will feel happier in it. As a bonus, you will also boost your home's value at the same time.

Add the Perfect Touch with Paint

"A fresh coat of light pain on the interior walls can work wonders," says Kelly O'Ryan of Coldwell Banker in Lexington, Massachusetts. "Paint will always clean up dirty walls and give a room a better image."

Although dark colors can be stylish, O'Ryan advises going for lighter shades to brighten things up in warmer seasons. Karol Nickell, editor-in-chief of Fresh Home magazine, offers this advice: "Smart color selections can make a small or cramped room appear dramatically larger. In the foyer, make a good first impression with similar tones mixed at different strengths. In the living room, a bold color paired with a white ceiling makes the room seem taller than it really is."

2. Focus on the Flooring

Good, well-maintained flooring can set a positive tone for the entire interior of your home. Take proactive steps to protect your biggest investment.

"Like paint, flooring can help create an impression of spaciousness and airiness," Nickell says. "Whether it's a floating laminate floor, tile or a natural 'green' alternative, lighter-tone flooring can make formerly drab areas appear modern and streamlined."

3. Lighten Up the Accents

"Summer is a great time to change your window treatments and area rugs," O'Ryan says. "Once again, dark colors are associated with winter months; a lighter airy curtain will give any room a brighter and more pleasant appearance. If your floors are in great shape, you may want to remove the area rug(s) and leave the floors bare. Eliminating the rugs will open up the room and make it appear larger."

4. Update the Windows

Old windows aren't just ugly - they can also let your heat and air conditioning escape, costing you big bucks.

"While window treatments are typically a focus in many home makeovers, the actual windows themselves are often overlooked," says Victor Gonzales Maertens, an energy efficiency expert with Lennox Industries. "However, upgrading old single-pane windows with new ENERGY STAR-qualified windows can save an average of between $126 and $465 per year on energy bills, and some new windows qualify for the federal tax credit."

5. Weed Out Bad Landscaping

Neglected bushes and overgrown lawns can kill a home's curb appeal. Don't worry - you don't need a green thumb to spruce up your yard. Going green doesn't have to damage your finances.

"Clean up the site by removing any dead or dying plants, branches and flowers," suggest Jennifer Hoxsie, landscape designer with Greenhaven Landscapes in Lake Bluff, Illinois. "Prune overgrown shrubs along the home's foundation so they are below the window sills and off walkways and driveways. Fill empty holes with site-appropriate plants. Have all the planting beds weeded, edged and mulched for a clean, crisp look. Finally, weed and fertilize the lawn and provide supplemental watering if necessary to maintain a lush green carpet."

6. Add Decorative Touches to the Yard

We're not talking about plastic pink flamingos or creepy garden gnomes. Taylor Graves, representing CertainTeed building products, says, "Adding benches, stepping stones, fountains or other garden accents could go a long way in making your outdoors a visually appealing and welcoming environment."

7. A Few Final Exterior Touches

While you're outside, there are a few other quick moves that can make a big difference. (If you only have $1,000 to spend, what can you do that will get you the most bang for your buck?

"Add color with paint to outdoor features such as window frames, decorative beams and porches," says Kurt Gleeson, national vice president of sales for RealEstate.com. Stick with calm colors that complement the home's exterior color scheme, avoiding shocking shades and drastic contrasts.

"Clean external brickwork or concrete slabs with a liquid masonry cleaner to make them look new and neat. Power washing can give external stonework, walkways and front stoops a quick makeover."

Spruce Things Up

By investing a few bucks and some elbow grease, you can boost your home's image - and value - quickly this summer.

Source: Yahoo Finance

I found some great information about Short Sales. Many people aren't sure what they are or even why they are necessary at times. On top of being a Fine Home Specialist, I am also a certified Short Sale Specialist and am here to help you with all of your homebuying and selling needs.

What is a Short Sale?

A short sale is necessary when the proceeds from the sale of your home are not enough to pay off the loan balance against the home, thus prohibiting the sale. A short sale will allow a homeowner to sell their home for less than the amount owed on the mortgage, and in most cases, the difference does not have to be paid back to the lender.

4 Myths About Short Sales

I don't have a serious enough hardship to qualify for a short sale.

Today, it's harder to Not qualify, than it is to Qualify. There are numerous ways to qualify for a short sale and a borrower does not have to be behind on payments. If a borrower can show that they are struggling to make payments or are facing some other type of hardship such as a divorce, tenant moving, job transfer, medical emergency, decrease in pay, etc., then a bank will seriously consider approving a short sale.

I'll be responsible for the difference between what I owe and what my home sells for.

Most lenders will put the following verbiage on the short sale approval letter you receive in writing: "Lender will not seek a deficiency judgment against borrower". In most cases if a lender accepts a short sale they are going to write off the loss, show the debt as settled, and you are able to walk away from the debt without having to worry about your lender coming after you. There are a few lenders who are pursuing borrowers after a short sale.

My credit will be ruined if I do a short sale.

A short sale can actually save your credit. It is treated by your lender as a "settlement of debt", and as opposed to a foreclosure, it is infinitely easier on credit and for a much shorter period of time.

I will owe taxes on the amount of loss that the bank takes on my short sale.

This can be avoided most of the time. As an example, if your lender accepts $100,000 less than what you owe them they may report this amount to the IRS, and you will be taxed on that $100,000 as 'ordinary income' at the end of the year. Good news is there are many ways to avoid this tax, including recent legislation. You can research the Mortgage Forgiveness Debt Relief Act of 2007 or see if you qualify for "Insolvency". Contact your tax advisor.

Short Sales - Pros

1. Depending on the lender, you may be able to get a release from the deficiency in writing.

2. If your property is 100,000 dollars upside down, you get rid of the liability now. If you do a loan mod and then have to sell your house in two years, you may still be 100,000 dollars upside down or worse.

3. Within a few years your credit rating may recover and you may be in a position to purchase property in a down market.

4. You may get to live rent free for a while.

Short Sales - Cons

1. You may not be able to buy a house for a little while. (Average 1 to 2 years)

2. You will have to move eventually.

3. You may damage your credit (Though much less than a foreclosure)

4. You have to deal with the the selling process.

Home Sales in San Diego Rise 5.2 Percent

July 13, 2010

Homes sales in San Diego County rose 5.2 percent in June, compared to the same month a year ago, while prices increased 6.8 percent during the same period, a real estate information service reported today.

A total of 3,885 homes changed hands locally last month, compared to 3,692 in June 2009, according to La Jolla-based MDA DataQuick. The median price of a home in San Diego County in June was $335,500, compared to $314,250 in the same month a year ago.

A total of 23,871 new and resale houses and condos sold in the six-county Southern California region -- Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties -- in June, according to DataQuick. That was up 7.2 percent from 22,270 in May, and up 2.6 percent from 23,262 in June 2009.

June sales throughout Southern California were the highest since July 2009.

"The market was wildly out of kilter a year ago, now it's just somewhat out of kilter," said John Walsh, MDA DataQuick president. "We're still seeing lots of bargain hunting, and we're not seeing much discretionary buying. The single-biggest issue is still mortgage financing. Rates may be at record lows, but that doesn't mean much if the lender won't qualify you."

The median price for a Southern California home was $300,000 last month, down 1.6 percent from $305,000 in May, and up 13.2 percent from $265,000 in June 2009, according to DataQuick.

Source: CITY NEWS SERVICE

This article from the La Jolla Light tells how home sales and median prices are increasing! Take advantage of low interest rates now and have me help you find the home of your dreams!

A recent market trend report created by Prudential California Realty, in collaboration with Altos Research, indicates a significant increase in the sale of homes under $1 million, for San Diego, Los Angeles and Orange County, between the end of the first quarter of 2009 and the end of the first quarter of 2010.

Developed to provide consumers with a comprehensive source of information about the impact of the national economy on their local housing market, the market trend report also showed a 16.7 percent increase in median home prices in Southern California compared to last year, to $297,540.

"The window of opportunity for buyers to capitalize on the historically low interest rates could be closing," said Mark Johnson, vice president of marketing and technology for Prudential. "Prices are still about 30 percent below the peak of the market, but that could change quickly. Just over the past few months, I have heard many of our agents talk about how their listings generated multiple cash offers and sold above the original asking price."

Prudential creates four separate issues of the report every month, for the regions surrounding San Diego, Los Angeles, Orange County and Santa Barbara. The report offers helpful and relevant information pertaining to each region, from the average cost per square foot of housing and the average days on the market for listings, to average sale prices and the inventory of homes in a specific price range.

Provided at no charge to the consumer, the market report can be requested via the company's website, at www.PrudentialCal.com, or by contacting a local Prudential agent. To showcase the company's ongoing commitment to the environment and sustainable business practices, the report is published in an attractive electronic format that allows it to be easily saved or e-mailed.

Even though the June report indicated that sales of homes under $1 million have dramatically increased, the data for homes priced over $4 million represent extremely favorable conditions for buyers. Since the average price of homes declined, and the number of listings grew significantly over the past year, the data for this segment of the market shows that there are numerous opportunities for buyers interested in fine homes throughout Southern California.

The Del Mar Race Track season starts July 21, 2010!

One New Bet on 2010 Wagering Menu at Del Mar

With the exception of one new bet, Del Mar's 2010 wagering options will mirror those of past seasons when the seaside course "where the turf meets the surf" rolls out its seven-week season starting Wednesday, July 21.

The new bet is one that has proven highly popular at other racing venues and is expected to find a happy home among Del Mar's faithful. It is a 50¢ Pick Four, which will be offered on the final four races daily on the Wednesday through Sunday cards.

The bet, which is a tweak on the track's previous $1 Pick Four, first surfaced at Keeneland in Kentucky in 2007 and has met with pari-mutuel success at several other tracks, including Churchill Downs. It requires players to pick the winners of four consecutive races.

Del Mar will feature the standard win, place and show wagering on all its races, as well as the following "exotic" bets:

The $2 Pick Six (on the day's final six races), $2 Rolling Double (on all races but the last), $2 Quinella (all races), $2 Parlay, $1 Rolling Pick Three (starting with the first race and ending with the last three), $1 Super High Five (on the day's final race), $1 Place Pick All, Exacta (all races), Trifecta (all races with at least six betting interests) and the minimum 10¢ Superfecta (races with at least eight betting interests).

The track's betting "exotics" are relatively simple to understand: The Pick Six requires picking the winners of six straight races. A Daily Double requires picking the winners of two consecutive races. A Quinella requires picking the first two horses (in either order) in one race. An Exacta requires picking the first two horses (in exact order) in one race. A Trifecta requires picking the first three horses (in exact order) in one race. A Parlay requires the picking of at least two consecutive winners, with the winnings from the earlier bet(s) going back on the subsequent race(s). A Pick Three requires picking the winners of three consecutive races. A Superfecta requires picking the first through fourth horse in a single race in correct order. A Super High Five requires selecting the first through fifth horse in a single race in correct order.

Del Mar's 37-day meeting begins Wednesday, July 21 and runs through Wednesday, September 8. Racing will be conducted Wednesdays through Sundays.

http://www.dmtc.com/

I found this article on Frontdoor.com and think it's great advice for someone getting ready to move. I've heard nightmare stories about movers, as well as, those who have had very pleasant experiences with movers. Always do your research and follow these helpful tips below to insure you have a pleasant moving experience!

Congratulations on moving! A new home and a new life await you. But first, a lot of research is ahead.

Don't worry, "research" doesn't entail an awful, taxing process. In fact, if done right, finding and hiring moving companies can be a smooth, painless exercise -- so long as you follow a few basic steps and stay on your toes.

1. Research mover names. Ask for recommendations from family and friends, check out the phone book for local movers, and go to a Website that offers free quotes, such as Relocation's prescreened list of quality moving companies.

Don't always assume that a big van line is the best option; there are plenty of quality, independently-owned movers that can offer you a great experience at a reasonable price.

2. Start calling. Don't get quotes over the phone; the only solid estimate is one that you get after you have a moving company representative in your home looking at your stuff.

However, you can use this initial phone call as a good screen to see if you're comfortable with the movers -- ask about the number of moves they make, whether they own their own equipment or contract out, how long they've been in business, and whether they're a member of the American Moving and Storage Association.

None of their answers should disqualify them, but asking these questions is a good way to give you a glimpse of the type of company you'll be working with.

After talking to a handful of companies, arrange for at least 3 in-home assessments so you can get accurate estimates of how much your move will cost.

3. The in-home assessment. Show the moving company everything you plan to move. The more thorough you are in detailing what has to be moved, the more accurate the estimate will be. Also, let the estimator know about any factors at your home -- or the home you're moving to -- that could complicate the move. A steep set of stairs to climb, for instance, might add to the costs.

Remember: Disclose everything so there are no surprises at the end.

The in-home assessment is a good time to get a feel about the company you're thinking of hiring -- a quality estimator probably represents a quality company. You should also get a lot of information about the company, because this interview will form the backbone of your decision.

There are several factors that determine not only the price you will pay for your move, but the quality of service you receive. For example, some moving companies will negotiate for your business.

Above all, beware of the low-ball offer. There IS such a thing as "too good to be true." If an estimate is extremely lower in comparison to the others, you're more likely to get hit up for costs later.

4. The estimate. Now that you have the moving estimate, be sure you understand it completely. The documents you get from the moving company should include the estimate, which could be a combined document that serves as your order for service and your bill of lading -- be sure to clarify with your moving company.

For an interstate move, make sure the estimate has a description of the type and quantity of goods you're shipping, the distance of the move, delivery dates, and any additional services you've requested.

A local move estimate (generally under 50 miles, but it varies state by state) won't go by weight, but by hourly rate and any additional costs you'll be responsible for; an intrastate move over 50 miles will be based on weight

During this process, you'll also be asked to consider valuation coverage to protect your goods. You are covered up to the predetermined amount. Your existing insurance policies could cover you as well, be sure to ask your agent -- but it's barebones, so you might want more.

5. The final check. You've narrowed down your list of your movers; now you should check them out with the secretary of state, the Better Business Bureau, and the Federal Motor Carrier Safety Administration to make sure your mover is licensed and doesn't have any problems with unresolved complaints.

6. Choose your mover!

This article was written by a Relocation.com staff member. Relocation.com is a leading provider of moving quotes and information on moving companies.

1535 Calle Leticia, La Jolla 92037
$1,649,000 For Sale

$4,700/month For Rent (plus deposit)

For more information about this property click here!