Four Seasons Realty: California: Cardiff by the Sea

Short Sale Process Explained - Cardiff by the Sea California - Short Sale My Home

Do you think you are in a potential short sale situation?  Do you know your options?   You do have them...

Overview:   Short sales typically occur when a borrower is in a situation where the home is worth less than what is owed to the lender on the property.   In some cases depending on the borrowers situation, the lender may approve a short sale which allows the property to be sold for less than the amount owed.   In this case the lender approves the short sale and takes less, and the borrower is no longer responsible to pay the loan.   In some cases the lender can ask that the borrower take back a loan to pay the deficiancy amount between what was owed and what the property sold for.   However, in many cases, this can be avoidable and the borrower can walk away and in return the lender can sell the home and get their money out.    

 

The Process:   The Short sale process unfortunately can take some time, 2 to sometimes 6 months.   The bank will want to review the borrowers situation, see that there has been some form of hardship, the lender will want the property to be listed on the market by a Real Estate agent, and will want to review offers.   Once an offer is received for the property, the bank will then usually order an appraisal.   Once the lender reviews the appraisal, the offer, and the client's paperwork, the lender will then either approve or deny the short sale.    If the short sale is approved, the lender will usually issue a short sale approval letter.   This letter will outline the price the lender will accept and terms.   It usually will always have an expiration date to which a new approval will have to then be rendered or they may cancel the short sale all together.   To learn more about the short sale process click here.

 

Who may qualify?:  Typically people who are in some form of financial hardship or have had some change in income or assets who no longer can financially afford to pay the loan may qualify for a short sale.   If you may be in a situation like this, you owe it to yourself to give us a call, we may be able to help.

How does this help or hurt my situation?:   While performing a short sale may have an adverse effect on your current credit situation; the short to long term benefits may highly outweigh it going to foreclosure.   Foreclosures effect you for up to 7 years, while in many cases, you can recover from a short sale much quicker!  

What if I have been declined for a loan mod?   Many borrowers have tried to do loan modifications without much success.    If you have been declined for a loan modification, this does not mean you wouldn't get approved for a short sale.  It may be that your income has changed since you bought the home that they declined the loan modification, however this could be a good sign that they would approve a short sale due to the hardship financially.

 

What are the next steps?:  The first step is to contact us.   We can give you a no obligation consultation regarding your current situation to see if a short sale may be right for you.   We are highly experienced in handling short sales and are we are standing by ready to help!   Don't wait til it's too late!   Call us or click here.

 

 

If you are interested in purchasing short sales in Cardiff by the Sea or other cities you can view all active short sale listings on our website by clicking here.

 

 

       

 

 

Buying Foreclosures at the Auction Vs. Buying Bank Owned REO Homes for Sale.   Which is the better deal?  The answer usually lies in what is best for your situation...  Below is some information to help you determine whats right for you...

 

When we look at the current Real Estate environment it can be overwhelming with all the headlines in the news.  Everyone has a different opinion of where the good deals are and how to find them or where the economy or housing market is headed.

We have clients call us all the time wanting to buy foreclosures, short sales, or REO's because they think the thought of them automatically sound like a good buy!    However, is this true?   Lets first have an understanding of what they are and the differences of each.

Foreclosures and Short Sales can be great buys if you know how to find them and how the process of buying them works.

Short Sales: Are properties that are in default, meaning the current owner is at least 3 months behind on their mortgage or more.   Short sale's require the lender approve the sale if the amount the property is selling for is less than what is owed.   I recommend these to our clients when it is a property that they absolutely love and are willing to wait on.   Many times it can take 3 to 6 months to get the lender to approve a short sale, and even though its under contract between the buyer and the current seller, the lender can still say no in the end!   If its a property that the buyer isn't that crazy about, they are probably not worth the time and effort.   However, sometimes waiting and being patient, can not only get you a great deal, but a great home that you love all in one.   To learn more about short sales and to search all available shortsales in Cardiff by the Sea click here.

Foreclosures scheduled for Auction:  We actually attend the Foreclosure auctions on a weekly basis.  They are either held downtown San Diego on the courthouse steps or in El Cajon.  These properties are ones that the lender was not able to work out a viable solution for the current homeowner by either refinancing them, modifying their loan, or facilitating a short sale.   In this case, they take them to the foreclosure auction to offer them up for sale to 3rd party investors.   There can be a lot of great deals to be had at these sales if you really do your homework and are diligent in your efforts.    Some important things to note about these sales:

• You have to pay cash on the spot if you are the winning bidder (Via Certified Cashiers Check)
• You can't buy Title Insurance, which protects you against any unknown or past liens
• The properties are sold in completely "as is" condition
• Many times the properties are still occupied by the current owners or tenant and it is up to the new buyer to handle the eviction process at this point
• Many times if the property is occupied before the foreclosure auction it is impossible to inspect these properties up front

These items listed above could really come back to haunt you if you don't thoroughly do your homework, however they also many times allow for great opportunities.   To learn more about upcoming foreclosure auctions, and to track upcoming foreclosures in Cardiff by the Sea and other San Diego County cities click here.

Bank Owned REO Homes for Sale:  This is an area in the current market place that I think can have tremendous opportunities for buyers.   These properties have gone through the foreclosure process and are now owned by the bank alone.   The banks traditionally don't like to own these homes because it ties up money that they could be using to lend.   Usually offers on bank owned homes for sale are responded to quickly and you don't have the time of waiting around for months to hear back like you do with short sales.   Here are some important bullet points about Bank Owned REO Homes for Sale:

• In most cases you can use traditional financing on these properties just like you would with buying a Resale or New Home.
• You can also inspect the property thoroughly up front and have appraisals, termite inspections, home inspections, etc, performed in advance before closing.
• You can buy title insurance.  Unlike with foreclosure auctions, Bank owned homes for sale allow you to protect yourself and buy the property with clean title.
• The last owner or tenants have already been evicted and the properties are vacant.
• The banks are motivated to sell.

I believe that in many cases bank owned REO Homes for Sale are just as good of a deal as Short Sales or Foreclosure Auctions.   It still comes back to your personal situation and your risk tolerance for what is right for you.   If you are looking at this as an investment, but its also a home that you and your family are going to live in, than I would suggest a bank owned REO home, a Resale home, or potentially even a short sale.   If you are a saavy investor, you don't plan on living in the home, and you have a higher risk tolerance, than maybe buying at the Foreclosure Auction is the solution for you.   Either way, we can help you make that decision easier for you.    To learn more about Bank Owned REO Homes for Sale and actually search available bank Owned Homes in Cardiff by the Sea and other San Diego County Cities click here!

We have put together a fully integrated Real Estate website which will allow you to search all of these properties that we have talked about above, all in one place.   You can search properties throughout the entire San Diego County MLS, save properties, request showings, print fliers, track foreclosures, etc, all for free.   All we ask in return is the opportunitiy to be of service to you or someone you know in helping them find their next home.   Give us a call or visit us here.

We look forward to hearing from you!

Cardiff by the Sea California Free Foreclosure Auction Search, Bank Owned REO, Short Sales, and Homes for Sale.

November 10th, 2009

Understanding the foreclosure property auction (also known as Trustee Sale) process takes time, due diligence, and understanding.  Saavy Real Estate investors can find some of the best deals around buying at these auctions, but is it right for everyone?   We would like to help explain further about these auctions and the benefits and downsides of buying Real Estate at them.

Here are some of the latest statistics from Foreclosure Radar hot off the press for September 2009.  If you are unfamiliar with some of the following terms please read below for further explanations.

• Notice of Defaults for California rose by 1.08% to 37,417 filings.
• Notice of Trustee Sale dropped by 5.10% from August to 32,457 filings.
• A total of 13,123 foreclosures were taken to Sale at auction.
• The opening bids set by lenders were an average of 33.9 percent lower than the loan balance, with 46% of sales being discounted of 50% or more.
• Nearly 91 percent of foreclosure sales in September were for loans that were made between January 2005 and December 2007.
• In the month of June San Diego had 2,769 Notice of Default Filings, 2,520Notice of Sale filings, and 290 sales to 3rd parties.

Understanding the overall process is the key, and here is how the process goes as an overview:

Pre-Foreclosure (Also known as Notice of Default).  Pre-Foreclosure is usually when the current homeowner is 90 days past due on their Mortgage.  Under the new California Foreclosure moratorium lenders have an extra 90 days in which they are supposed to aggresively pursue loan modifications with those current home owners who qualify.  The current lender files with the County Recorders office a Notice of Default.  When this is filed, this information becomes a matter of public record.  When this notice is filed the lender usually gives the homeowner 90 days to come current on the amount they are past due.  During this period a good amount of homeowners lately have been trying to obtain new financing terms by doing a Loan Modification with their current lender or a Short Sale with a Realtor if they know they aren't going to be able to keep up the payments due to hardship.  Both of these options often times delay the foreclosure process as the bank looks to work with the current owner to see if one of these options may be a fit.  To learn more about Pre-Foreclosures in Cardiff by the Sea and actually search all Pre-Foreclosures in Cardiff by the Sea for free click the yellow map.

Foreclosure Sale (Also known as Notice of Trustee Sale).  The Foreclosure sale usally occurs and is scheduled roughly 90 days after the Notice of Default is issues.  Although, these days this process is delayed most of the time.  Notice of Trustee sale usally takes place on the courthouse steps in the County in which the property is located.  In this area, most auctions take place in Downtown, San Diego.  Properties are sold as is, without any warranties or guarantees, and they must be paid for on the spot with a certified cashiers check.  Many times the buyer of that foreclosure property has to end up evicting the current homeowner or tenant and this sometimes can be a process.   However, even though its a riskier process, the reward can be great.  To learn more about Foreclosure Sales In Cardiff by the Sea and Search upcoming properties scheduled for Foreclosure click the yellow map below.

 

Bank Owned (REO).  Bank owned properties are the properties that have gone through the two steps above and didn't sell at the Foreclosure Sale.  In this case, the current lender has to take them back if there are no acceptable bids.  This can also be a great option for an investor because in a lot of cases, the lender does not want to own these properties.  These can be great deals for an investor, you can also research these properties in greater detail than Foreclosure Auctions, and most all of the time you can use financing and obtain a home warranty with these.  To learn more about Bank Owned REO listings in Cardiff by the Sea and search all available inventory click the yellow map below.

 

Re-Sale Properties.  Many people think Re Sale properties are not a great deal with all the Foreclosure properties out there.  This is actually not true in many cases.  Re Sales have to be priced aggresively and in line with Foreclosures if they want to have a chance of selling in todays market.  In a lot of cases a buyer or investor can buy a re sale that has been taken good care of, that doesn't have much fix up to perform, and is very close in price to that of a Foreclosure that might require a lot of work.  Sometimes people think that because they are buying a Foreclosure at 20% below market value that its always a steal, however sometimes there is 20% worth of rehabilitation to get the property back to standards that actually makes it the same deal as a re-sale.   This makes Re Sales a great option as well.  To learn more about Re Sale Homes for Sale in Cardiff by the Sea and search available inventory click the yellow map below.

We have built a fully integrated Real Estate Website that will allow you to search every aspect of what we have discussed above.  To search Pre-Foreclosure, Foreclosure Auction, Bank Owned REO, and New and ReSale Homes in Cardiff by the Sea click here.

We also attend the Foreclosure Auctions for San Diego on a weekly basis and track virtually every Foreclosure property in San Diego County and would be happy to talk with you about your needs further. 

We Look forward to hearing from you!

The latest data and sales statistics were provided by Foreclosure Radar.

 

Hello and welcome to Cardiff by the Sea California Homes for Sale, Foreclosures, Auctions, REO, Short Sale Property.

September 16, 2009

Real Estate Silver lining or still too early to tell? Lets look at the numbers of the recent activity to see...

August 2009 Foreclosure, REO, and Short Sale update.

According to Foreclosure Radar (A service which tracks every single foreclosure daily in the state of California) in the month of August Foreclosure notices in the state of California saw a decline while foreclosure sales rose in the state of California.

Sales at the actual foreclosure auction rose by 3.4 percent overall to 17,289 sales.  According to estimates foreclosure sales sold to third party investors at an average of a 29.7% discount from estimated market value.

Notices of default dropped by an estimated 19.1% from the record level set the in June.  Notices of Trustee sale (Foreclosure Auction) decreased by 15.1% from the prior month.

Although it's too early to tell if this will be a trend its important information to consider and keep an eye on.

Some important bullet points to consider:

• Notice of defaults still remain at close to record highs.  To search Pre-Foreclosure Properties in Cardiff by the Sea, California and other San Diego cities click here.

 

• Nearly 90 percent of the foreclosed loans for the month of May were originated between January of 2005 and December of 2007.

 

• Lenders took back roughly 14,327 foreclosures in which no third party bid was received.  These properties become REO inventory (Real Estate Owned), and then are usually listed with Real Estate agents or sold at third party auctions.  To search current REO inventory in Cardiff by the Sea California and other San Diego cities click here.

 

• The percentage of total properties sold at foreclosure auction still remains pretty low compared to the overall amount of homes for sale going through the auction at only 19% with 81% going back to the lender.

 

• San Diego county for the month of May saw Notice of Defaults at 2,855, Notice of Truste Sales         (Auctions) at 2,623, and Sales at auction of 1305.   To search Pre-foreclosures, Foreclosures, and property which went back to the lenders in Cardiff by the Sea, California and other San Diego cities click here.

 So what does this all mean?  There are still many foreclosures coming down the pipe and foreclosure activity is still at close to record levels.  However, sales volumes are now starting to turn around.  San Diego County sales volumes were up substantially last month compared to August of 2008.  Many first time and value buyers are now stepping back into the market.  The many incentives such as the $8,000 tax credit, low interest rates and decade low prices (for many areas) are making this a great time to purchase for many people.  To learn more about properties for sale in Cardiff by the Sea, California and other San Diego cities click here.

 

Click the yellow map below to view Homes for Sale, Pre-Foreclosures, Foreclosures, Auctions, REO, Short Sale, and the entire San Diego County MLS.

At Four Seasons Realty, we track most every Foreclosure in San Diego County and attend the auctions on a weekly basis. We also come across many off market opportunities as well.  To learn more about foreclosures in San Diego, please visit our fully integrated Real Estate Website at www.fourseasrealty.com,   where you can search all active pre-foreclosures, foreclosures, auction, short Sale, and REO listings along with the entire San Diego county MLS.

You can also sign up for our free Property watch service which will automatically keep you updated of any new listings that fit your guidelines or any price changes!

We Look Forward to Hearing From you!

 

Hello and Welcome to Cardiff by the Sea Foreclosure properties. During the recent down turn Cardiff by the Sea home prices have experienced declines due to the overwhelming number of foreclosures and the tightening of credit. The region also faces pressure due to the recent rises in unemployment. So the question to ask, Is there opportunity to buy in this market? We believe the answer is Yes, but only with the right approach. The potential silver lining and opportunity here is the following: According to Dataquick, in the month of May, 2009 there were 3,094 sales in San Diego county which represents a 8% increase in sales volume over May of 2008. The median home price for San Diego has actually increased by 15,000 over the last 3 months from a low of 280,000 to 295,000 in May. The median home prices in Cardiff for that same 1 year period have fallen by 34.8% to a median price for Cardiff of $ 360,000 making Cardiff by the Sea as affordable as it’s been in years. Many value buyers are now stepping in to take advantage of the great prices because certain price ranges are definitely starting to see stabilization. To learn more about foreclosures in Cardiff, please click the yellow map above , where you can search all active foreclosure, short Sale, REO, and auction listings along with the entire San Diego county MLS. You can also sign up for our free Property watch service which will automatically keep you updated on any new listings that fit your guidelines or any price changes! We Look Forward to Hearing From you!

Cardiff by the Sea California Foreclosures, Bank Owned REO, Short Sale, and Homes for Sale

June 29, 2009

Real Estate Silver lining or still too early to tell? Lets look at the numbers...

May 2009 Foreclosure, REO, and Short Sale update.

According to Foreclosure Radar (A service which tracks every single foreclosure daily in the state of California) in the month of April Foreclosure notices in the state of California saw a decline while foreclosure sales rose in the state of California.

Sales at the actual foreclosure auction rose by 32 percent overall.  According to estimates foreclosure sales sold to third party investors at an average of a 28% discount from estimated market value.

Notices of default dropped by an estimated 4.2% from the record level set the prior month.  Notices of Trustee sale (Foreclosure Auction) increased by 42% from the prior month.

Although it's too early to tell if this will be a trend its important information to consider and keep an eye on.

Some important bullet points to consider:

··         Notice of defaults still remain at close to record highs.  To search Pre-Foreclosure Properties click here.

 

··         Nearly 90 percent of the foreclosed loans for the month of May were originated between January of 2005 and December of 2007.

 

··         Lenders took back almost 12,000 foreclosures in which no third party bid was received.  These properties become REO inventory (Real Estate Owned), and then are usually listed with Real Estate agents or sold at third party auctions.  To search current REO inventory click here.

 

··         The percentage of total properties sold at foreclosure auction still remains pretty low compared to the overall amount of homes for sale going through the auction at only 12% with 88% going back to the lender.

 

··         San Diego county for the month of May saw Notice of Defaults at 3282, Notice of Truste Sales         (Auctions) at 3294, and Sales at auction of 1322.

 

··         The median home prices in Cardiff by the Sea for that same period have fallen by 34.8% to a median price for Cardiff by the Sea of $495,000 making Encinitas as affordable as it's been in years.

 

So what does this all mean?  There are still many foreclosures coming down the pipe and foreclosure activity is still at record levels.  However, sales volumes are now starting to turn around.  San Diego County sales volumes were up 67% last month from May of 2008.  Many first time and value buyers are now stepping back into the market.  The many incentives such as the $8,000 tax credit, low interest rates and decade low prices (for many areas) are making this a great time to purchase for many people.  The median home price in San Diego appears to have stabilized somewhat recently going from 280,000 in March, to 285,000 in April to now 290,000 in May.  It will be important to see how this number holds up with the continued high level of Foreclosures.

 

Click the yellow map below to view Pre-Foreclosures, Foreclosures, Auctions, REO, Short Sale, and the entire San Diego County MLS.

At Four Seasons Realty, we track most ever Foreclosure in San Diego and attend the auctions on a weekly basis and we come across many off market opportunities.  To learn more about foreclosures in San Diego, please visit our fully integrated Real Estate Website at www.fourseasrealty.com ,   where you can search all active foreclosure, short Sale, and REO listings along with the entire San Diego county MLS.

You can also sign up for our free Property watch service which will automatically keep you updated of any new listings that fit your guidelines or any price changes!

We Look Forward to Hearing From you!

Cardiff by the Sea California Auction, Foreclosures & Bank Owned REO Real Estate

We have added a new Pre-Foreclosure and Foreclosure Auction Search feature to our website.  You can now search every Pre-Foreclosure, Foreclosure, and Auction property in San Diego County.  This new capability, along with the ability to search all active Foreclosure, Short Sale, and REO listings, along with the entire San Diego County MLS, makes the Four Seasons Realty Website one of the most up to date and informative websites in the region.          

Click the Yellow Map Below to search Pre-Foreclosure, Foreclosure, and REO Properties.

 

April 2009 Foreclosure, REO, and Short Sale update.

According to Foreclosure Radar (A service which tracks every single foreclosure daily in the state of California) in the month of April Foreclosure notices in the state of California saw a decline while foreclosure sales rose in the state of California.

Sales at the actual foreclosure auction rose by 35 percent overall.  According to estimates foreclosure sales sold to third party investors at an average of a 28% discount from estimated market value.

Notices of default dropped by an estimated 18.2% from the record level set the prior month.  Notices of Trustee sale (Foreclosure Auction) also dropped by 8.5% from the prior month.

Although it's too early to tell if this will be a trend its important information to consider and keep an eye on.

Some important bullet points to consider:

•·         Notice of defaults still remain at close to record highs

•·         Nearly 90 percent of the foreclosed loans for the month of April were originated between January of 2005 and December of 2007.

•·         Lenders took back almost 12,000 foreclosures in which no third party bid was received.  These properties become REO inventory (Real Estate Owned), and then are usually listed with Real Estate agents or sold at third party auctions.

•·         The percentage of total properties sold at foreclosure auction still remains pretty low compared to the overall amount of homes for sale going through the auction at only 12% with 88% going back to the lender.

•·         San Diego county for the month of April saw Notice of Defaults at 3,441, Notice of Trustee Sales (Auctions) at 2,381, and Sales of 993.

•·         The median home prices in Escondido for that same period have stayed steady to a median price for Cardiff by the Sea of 755,000 making Cardiff by the Sea as affordable as it's been in years. 

At Four Seasons Realty, we track most every Foreclosure in Cardiff by the Sea and attend the auctions on a weekly basis and we come across many off market opportunities.  To learn more about foreclosures in Cardiff by the Sea, please visit our fully integrated Real Estate Website at http://www.fourseasrealty.com/cardiffforeclosure.html , where you can search all active foreclosure, short Sale, and REO listings along with the entire San Diego county MLS.

You can also sign up for our free Property watch service which will automatically keep you updated of any new listings that fit your guidelines or any price changes!

 

Click the Map Below to Search the Entire San Diego Count MLS.

 

We look forward to hearing from you soon!

 

Cardiff by the Sea California Foreclosures

Real Estate Silver lining or too early to tell?

April 2009 Cardiff by the Sea Foreclosure, REO, and Short Sale update.

According to Foreclosure Radar (A service which tracks every single foreclosure daily in the state of California) in the month of April Foreclosure notices in the state of California saw a decline while foreclosure sales rose in the state of California.

Sales at the actual foreclosure auction rose by 35 percent overall.  According to estimates foreclosure sales sold to third party investors at an average of a 28% discount from estimated market value.

Notices of default dropped by an estimated 18.2% from the record level set the prior month.  Notices of Trustee sale (Foreclosure Auction) also dropped by 8.5% from the prior month.

Although it's too early to tell if this will be a trend its important information to consider and keep an eye on.

Some important bullet points to consider:

•·         Notice of defaults still remain at close to record highs

•·         Nearly 90 percent of the foreclosed loans for the month of April were originated between January of 2005 and December of 2007.

•·         Lenders took back almost 12,000 foreclosures in which no third party bid was received.  These properties become REO inventory (Real Estate Owned), and then are usually listed with Real Estate agents or sold at third party auctions.

•·         The percentage of total properties sold at foreclosure auction still remains pretty low compared to the overall amount of homes for sale going through the auction at only 12% with 88% going back to the lender.

•·         San Diego county for the month of April saw Notice of Defaults at 3,441, Notice of Trustee Sales (Auctions) at 2,381, and Sales of 993.

•·         The median home prices in San Diego for that same period have fallen by 11% to a median price for Cardiff by the Sea of 590,000 making Cardiff by the Sea as affordable as it's been in years. 

At Four Seasons Realty, we track most ever Foreclosure in San Diego and attend the auctions on a weekly basis and we come across many off market opportunities.  To learn more about foreclosures in Cardiff by the Sea, please visit our fully integrated Real Estate Website at http://www.fourseasrealty.com/cardiffforeclosure.html ,   where you can search all active foreclosure, short Sale, and REO listings along with the entire San Diego county MLS.

You can also sign up for our free Property watch service which will automatically keep you updated of any new listings that fit your guidelines or any price changes!

We Look Forward to Hearing From you!

 

Hello and Welcome to Cardiff by the Sea Foreclosure properties. During the recent down turn Cardiff home prices have experienced declines due to the overwhelming number of foreclosures and the tightening of credit. The region also faces pressure due to the recent rises in unemployment. So the question to ask, Is there opportunity to buy in this market? We believe the answer is Yes, but only with the right approach. The potential silver lining and opportunity here is the following: According to Dataquick, in the month of March, 2009 there were 3,020 sales in San Diego county which represents a 43% increase in sales volume over March of 2008. The median home prices in Cardiff by the Sea for that same period have fallen by 11% to a median price for Cardiff by the Sea of 590,000 making Cardiff by the Sea as affordable as it’s been in years. Many value buyers are now stepping in to take advantage of the great prices because certain price ranges are definitely starting to see stabilization, there are many potential government home buyer tax credits, and the current interest rates are at historic lows. To learn more about foreclosures in Cardiff, please visit our fully integrated Real Estate Website at www.fourseasrealty.com , where you can search all active foreclosure, short Sale, and REO listings along with the entire San Diego county MLS. You can also sign up for our free Property watch service which will automatically keep you updated on any new listings that fit your guidelines or any price changes! We Look Forward to Hearing From you!