Escondido Home Seller

If you follow my blog, you may have read that our office is managing quite a few upcoming auction dates on many of our short sales. We have 27 foreclosures scheduled for this month. And, knock on wood, as of today, all of our auction sale dates have been postponed.

I have an Escondido home seller who is in the midst of the short sale process. This is not an easy short sale because the liens are with two different lien holders-both of which do not have particularly speedy loss mitigation departments. This Escondido home seller has his first lien at Chase, formerly Washington Mutual. The sale date is scheduled for the very end of September, and he is very nervous.

Although we submitted the short sale package in early July, Chase has just assigned the negotiator and is moving at a snail’s pace. This is completely normal. Each and every bank employee has hundreds of short sale files on their desk. Short sales are time consuming to process, and it’s possible that each employee probably should not manage nearly as many short sales as they have been assigned.

That being said, this Escondido home seller wants his auction date postponed right now. In many cases, the mortgage lenders postpone the auction dates to entertain the short sale-especially if the short sale has been submitted well before the sale date. That being said, some banks do not work on their auction date postponements until 24 hours prior to the sale itself.

I explained the process to this seller and suggested that he call Chase to confirm that there is not much else that we can do until the auction sale is imminent. He did call Chase and now feels a little bit better about the short sale process.

If you are considering selling your home as a short sale in Escondido, San Marcos, Vista, Oceanside or beyond, I urge you to hire a qualified Realtor® who has closed hundreds of short sales in order to help you get the deal done quickly and efficiently. Keep that in mind, especially if foreclosure is right around the corner.

Helpful articles for those facing foreclosure:

Avoid Foreclosure in San Diego County

The 411 on Short Sales

Getting to closing is the ultimate pleasure for many buyers, although it might rival walking in the door of your new home. 

I have some good friends I recently helped to buy their first home. It was a major lesson in patience, among other things, over a long period of time. 

20 offers later over 10 months (REOs, short sales, getting outbid many times even when at and above asking price, and having to withdraw from 2 transactions due to significant inspectional issues), major delays with the underwriter and then the PMI company, and some title issues that were overcome, we closed…about 4 weeks later than the projected date. Fortunately the REO lender was fine with this. 

While the congratulations are about closing, they are also about the process, the transformation, and the perseverance of my clients. I suspect some other buyers might benefit from what my buyers learned.

I congratulate my buyers for: 

Realizing that patience is indeed a virtue, especially when dealing with short sales.  Were there moments of impatience and frustration? Indeed there were… many. But they hung in there 

Asking lots of good questions about the process of buying, submitting an offer, short sales and REOs, disclosures, inspections, and so on. Some questions, like “why is the bank taking so long?” were unanswerable 

Having a list of criteria for the home they hoped to buy, but a willingness to relent on some things when they realized they were not achievable, while sticking to their guns on the issues that were most important

Prompt follow-up on getting questions answered about their loan, completing and signing paperwork, providing information for offers, doing their own due diligence on communities they liked including environmental issues, crime stats, and local ordinances, and checking out homes and neighborhoods in many case before deciding to see the homes

Using technology to stay in touch and respond quickly, and keeping the paperflow moving quickly 

Making prompt decisions, such as making immediate offers in very competitive situations

Keeping the end goal, closing on a home they loved, in mind and trying not to get derailed by small annoyances and delays. There were times when I know how hard that was

Of course they were also pre-approved, had great credit, could provide proof of funds for a substantial down payment, and were committed to the process.

Most of all, however, I am so pleased that my friends got their first home for a price they wanted, and in an area that works so well for them in many ways. I wish them years of enjoyment and fun in their new home.

Rancho Santa Fe Real Estate Market for July 2010

As a buyer or seller in the Rancho Santa Fe real estate market, having information about the current market conditions will enable you to make an informed decision regarding what to do with regard to buying or selling a Rancho Santa Fe home. 

The Rancho Santa Fe real estate market is very localized, and the most expensive community, on average, in San Diego County. Knowing what is going on in the market with regard to inventory and sales is important for making a buying or selling decision. Finding comparables for determining price for either a listing or a purchase can sometimes be tricky. 

READ MORE:  Rancho Santa Fe – Luxury Home Buyer’s Paradise in San Diego

Walkable Neighborhoods – Rancho Santa Fe Real Estate Near Ranch Santa Fe Village

Rancho Santa Fe Homes – The Crosby: Golf Community Extraordinaire

Here is a summary of the Rancho Santa Fe real estate market for July 2010 based on information provided by the MLS (private sales are not included). These data are deemed reliable but are not guaranteed. 

Note: There were no attached sales in June for comparison to July statistics

The number of homes sold in Rancho Santa Fe rose over last month by 4 (about 27%), with a decline in detached home sales, but a jump in attached home sales from 0 to 6.  Average prices also increased for detached homes after reaching the lowest average in many months.

 As of the end of July there were 10 homes in the Rancho Santa Fe real estate market with a Contingent status (i.e., short sale and REO homes that had offers being reviewed) and, thus, are included in the Active statistics below.

As of July 2010 there were 270 Ranch Santa Fe homes for sale (96% of these are detached), a decline of 15% from last month. This represents an inventory of 7.6 months for attached homes (down from 12 in June), and 15.6 months for detached homes at the current rate of sales (based on a 6-month period), which is down substantially from 17.9 months in June.

Fewer Rancho Santa Fe homes came on the market in July: 55 as opposed to 61 last month, with 11 homes going pending during the same period, about the same (31% less) than in May.

While higher end homes are selling in the Rancho Santa Fe real estate market (relative to their average price), all the sales thus far this year remain under million. There are currently 13 homes on the market in the to million range, some of which have been on the market well over 1 year.

READ MORE: How Important is Inventory when Buying or Selling? Very!! 

Data are based on information provided by the MLS for homes that went under contract in the last couple of months. If you would like more details about the Rancho Santa Fe real estate market with regard to current activity as well as the specific areas such as Fairbanks Ranch and the Covenant, please let me know. 

READ MORE:

Rancho Santa Fe Real Estate – Rancho Santa Fe Real Estate Market Report for May 2010

Rancho Santa Fe Real Estate – Rancho Santa Fe Real Estate Market Report for April 2010

Rancho Santa Fe Real Estate – Rancho Santa Fe Real Estate Market Report for March 2010

Rancho Santa Fe Real Estate – Rancho Santa Fe Real Estate Market Report for February 2010

Rancho Santa Fe Real Estate – Rancho Santa Fe Real Estate Market Report for January 2010

Rancho Santa Fe Real Estate – Rancho Santa Fe Real Estate Market Report for September 2009

Rancho Santa Fe Real Estate – Rancho Santa Fe Real Estate Market Report for August 2009

Hi, folks. This is me blogging. No holds barred. I was sitting at my computer this morning making a list of all of the things that I want and need to do this week. Staring back at me was this picture of a lion which is a portion of a postcard that my husband sent from an Africa safari he took a few years back. You remember those years-years when deals were easy to put together, they closed in thirty days, and the commission was deposited shortly thereafter.

This screaming lion (or is he yawning?) reminded my of the gamut of emotions that I felt throughout this past week. For one, we had several short sales that were scheduled for foreclosure. Luckily, none of the short sales was foreclosed on and all auction dates were postponed. But, each and every one of those deals made me want to scream-just like the lion. For one, it is very difficult to get a straight answer out of bank employees. You have to call two, three and sometimes four times in order confirm that the information you already received is accurate. And, of course, just because a customer service representative for a mortgage lender tells you that a postponement was requested does not mean that it actually has been postponed.  You need to follow up with attorneys in order to confirm with 100% certainty that the foreclosure has actually been postponed.

We had one Freddie Mac loan that I was very worried about. If you have been following my reports on trustee’s sales, with respect to Fannie Mae and Freddie Mac, you may recall that of late the investor likes to see these go to auction and does not entertain postponements. This was a funny one. Two Saturdays ago (yes, Saturday), our office received an email from the mortgage lender stating that she was countering the purchase price of the short sale. She needed about ,000 more. However, the property is not worth ,000 more. It will not appraise at ,000 more than the purchase price. You could explain that to the bank employees until they are blue in the face, but they were having none of it.

So, it was time to ‘escalate.’ Don’t you love the word ‘escalate.’? It is the cool, buzz word of the year. The problem that I foresaw is that we were up against the auction date. It didn’t matter that they had the short sale package for 8 weeks prior to the date she emailed the counter offer. The bank does not like to budge. We hemmed and we hawed. We grumbled and we groaned. We killed ‘em with kindness. But, that did not seem to be enough. And, on Tuesday morning, we thought that the property was gone. Then… we got the good news from the executive offices at lunch time. The mortgage lender had postponed the short sale. This was a great bit of good news, and now we just need to prove that they have the incorrect value.

By the time that the postponement came in, my hair was already grayer and curlier. Inside I felt like the lion in the photo. And that was only one transaction!

I also have this HAFA transaction at Bank of America that has been stuck in HAFA underwriting for ten weeks! So much for HAFA being half the time, huh?

Best wishes for a great work week!

My latest and most scintillating posts:

Latest Trend in Short Sales: Foreclosure

Fannie Mae and Freddie Mac Short Sales

Are Short Sales Part of Your Business Plan?

I received a call the other day from a lovely gentleman from San Marcos. He is a home seller who had some good questions about the short sale transaction.

His first question was about the time frame. “From the time I list the property,” he wondered, “how long will it take for the short sale to be approved?”

That’s a great question, and the answer is twofold. First off, a short sale does not officially begin until the short sale package is received by the bank. And, you cannot send the short sale package to the bank until there is an offer on the property. Second, depending upon the mortgage lender (or lenders), the short sale approval could be days or months.

For example, in San Marcos and in San Diego County, Wachovia bank has a fast track short sale program and the approvals are very quick. However, if you have a first mortgage with Guild (a San Diego-based mortgage company with a very, very small staff), then approvals take a very long time (and I mean very long).

“What can I do to make the short sale process go more quickly?”

There are many things that San Marcos Home Sellers can do to make the short sale process go more quickly. One thing would be to assure that the property is accessible to prospective San Marcos home buyers. Another thing that could help would be to assure that the items that are provided for the short sale package are complete and up to date.

A third thing that San Marcos home sellers who are selling a short sale can do is to be patient. However, that’s often harder said than done. The good thing is that there are so many great things to do in San Marcos (golf, shopping, hiking, etc.) that the time should pass very quickly during the short sale process.

La Jolla Real Estate Market Report for July 2010

The La Jolla real estate marketis one of the most expensive in San Diego County. A visit to La Jolla on-line, or better yet in real life, will quickly give you a good sense of why this is so.

La Jolla, “The Jewel,” is an extraordinarily beautiful coastal community with many homes offering fabulous views of the ocean from the hills, and a trendy, very up-scale village offering the finest in shopping and dining. La Jolla has often been compared to the French and Italian Rivieras with wonderful ocean and coastline vistas from the hills, amazing homes, beautiful architecture, and a terrific year-round climate, attracting visitors from around the world.

READ MORE:

La Jolla Real Estate – A Jewel on the San Diego Coastline

La Jolla California – VIDEO Tour of this Jewel by the Sea

Mt. Soledad in La Jolla California – Forever Views of San Diego and La Jolla

Walkable Neighborhood Series – Real Estate in Upscale, Affluent La Jolla Village

Having accurate information on the La Jolla real estate marketis essential so you can make informed decisions about your home buying and selling in the community. Like other communities, La Jolla has been hit by the downturn in the market. Despite the shift in prices, La Jolla remains an expensive real estate market, particularly for ocean view and ocean front homes.

The La Jolla real estate market saw 36 homes sell in July 2010, 39% less than last month. Here’s a summary of the real estate activity (these data do not include private sales, and are believed to be accurate but are not guaranteed).

The volume of sales in the La Jolla real estate market was down substantially over last month but in contrast average sales prices went up significantly.

34 La Jolla homes (7% of the total) had a contingent status at the end of July (these homes are still considered active, but have offers that are being considered by either the short sale or REO lenders).

There were 503 homes in the La Jolla real estate market for sale at the end of July, 2% more than at the end of June, another increase in inventory; 60% of these are detached single family homes. This translates into an inventory of 13.7 months for detached homes (down from 14.5 last month), and 8 months for attached (up from 7.9 months in June), based on the rate of sales over the last 6 months.

READ MORE:   How Important is Inventory when Buying or Selling? Very!!

107 homes entered the La Jolla real estate market in July (down 7% from the 115 new listings last month), with 35 homes going pending, compared to 43 last month (down 19%).

If you would like more detailed information about the La Jolla real estate market, or would like to know more about specific residential areas and the market conditions (the Village, Muirlands, La Jolla Shores, La Jolla Farms, Bird Rock, Mt. Soledad, Windansea) please let me know.

READ MORE:

La Jolla Homes for Sale – La Jolla Real Estate Market for June 2010

La Jolla Real Estate – La Jolla Real Estate Market Report for May 2010

La Jolla Real Estate – La Jolla Real Estate Market Report for April 2010

La Jolla Real Estate – La Jolla Real Estate Market Report for March 2010

La Jolla Real Estate – La Jolla Real Estate Market Report for February 2010

La Jolla Real Estate Market Report for January 2010

We had a terrific trip recently up the California coast through Big Sur and spent a couple of days in wine country (Napa, Sonoma), and then 2 days in San Francisco, one of my very favorite cities.

One of the highlights was dinner at a very well known restaurant (the review is coming). This was the view from our table on the bay, looking out across the marina to the Golden Gate Bridge. The meal, the company, and the views were memorable.

What is a short sale package?

If you are a seller who is selling your home in a short sale transaction, then you will need to submit to your mortgage lender (or lenders) a certain number of items in order for the lender to consider you for a short sale.

Short sales are subject to mortgage lender approval. Mortgage lenders are not required to allow you to participate in a short sale transaction. You see, sometimes they will allow you to do so because they know that they can make more money in a short sale then if they allow the property to end up in foreclosure.

Since the decision to approve the short sale is entirely up to the mortgage lender, you need to be patient and tolerant of your mortgage lender throughout the short sale process.

The first part of the short sale process is to prepare the documentation also called the short sale package. The short sale package usually includes pay stubs, bank statements, and tax returns. Additionally, the package will also include a hardship letter and a financial statement. While some mortgage lenders may waive the requirement for all of these documents, it is fairly standard practice for mortgage lenders to request all of the items listed above.

When you list your property as a short sale, your listing agent will probably request these items up front in order to begin to prepare the package that goes to the bank. Aside from the items that you supply, this package will also include a listing agreement, a purchase contract, an estimated settlement statement and an authorization form.

If your listing agent does not request the pay stubs, bank statements, tax returns, and hardship letter and you have listed your home as a short sale, you may want to find out why this is the case.

A qualified short sale listing agent will request all of these items at the beginning to the transaction. Experienced short sale listing agents know that a short sale is a long and tedious transaction. However, these agents have the experience required to make the transaction itself as smooth and efficient as possible.

This week I wrote a letter to my friend, the CEO of GMAC mortgage because one of his employees wasn’t responding to my phone calls and emails. As a result, I may have gotten a few people a little bit upset with me. I also told my youngest that he had to get back to the books. School is starting soon, and it would be best if he actually remembered how to read. He was not too happy with me either. So, when a few people are frustrated and/or unnerved by you, it’s great to hear that others may actually appreciate you.

I conducted my short sale webinar this morning, and Bill Archambault, Jr. was on the line with several of my Active Rain friends. I’m so flattered by all of the great things he had to say about the webinar.

I’ll be conducting another one in a few weeks; if you are interested in having me send you an invitation, please let me know. I’ll also post the invite on Active Rain. Thanks, Bill, for all of your support!

Escondido Real Estate Market Report for July 2010

Escondido is an inland community, about 15 miles from the coast adjacent to San Marcos. Like its neighbors, San Marcos, Vista and Oceanside, Escondido has seen fairly significant shifts in the real estate market with a large number of short sales and foreclosures. 

READ MORE: A Tour of Escondido – A Diverse Inland San Diego Community 

As a buyer or seller in the Escondido real estate market, understanding recent trends and current market conditions is essential in order to make informed decisions; media reports focus on general market conditions and therefore will not provide an accurate picture of the local Escondido real estate market. 

The following data are taken from the San Diego MLS (private sales are not included in these statistics, nor are multifamily properties or mobile/manufactured homes). The data are believed to be reliable but are not guaranteed.

In July 2010 there were 153 homes sold in the Escondido real estate market, 5 fewer than last month. Here’s the breakdown of overall activity. 

There were 224 Escondido homes (29% of all active properties) on the market with a Contingent status, i.e., short sale or REO homes that have offers being considered by lenders. These are included in the statistics below.

At the end of July 2010 there were 780 Escondido homes for sale, an uptick in inventory of 2% over June. This represents an inventory of 3.3 months for attached homes (down from 3.7 months last month) and 5.1 months for detached homes (the same as in June), based on the current rate of sales over the last 6 months. 

READ MORE:   How Important is Inventory when Buying or Selling? Very!! 

In July 250 homes (10% more than last month) came on the market, and 171 homes went pending, an increase of 19% over June pendings. 

I am happy to provide you with more information about current real estate activity in the Escondido real estate market and answer any questions that you may have about current market conditions. 

READ MORE:

Escondido Homes for Sale – Escondido Real Estate Market Report for June 2010  

Escondido Homes for Sale – Escondido Real Estate Market Report for May 2010  

Escondido Real Estate – Escondido Real Estate Market Report for April 2010 

Escondido Real Estate – Escondido Real Estate Market Report for March 2010  

Escondido Real Estate – Escondido Real Estate Market Report for February 2010  

Escondido Real Estate – Escondido Real Estate Market Report for January 2010