Pacific Beach, CA Real Estate News

Home Affordable Foreclosure Alternatives (HAFA) $3,000 Cash Relocation Assistance Program For San Diego, CA Homeowners.  Exit Gracefully ​If homeownership is no longer affordable or the weight of homeownership has become too much to bear, MHA has a program that allows you to exit gracefully from the property with $3,000 in relocation assistance. The HAFA short sale program is designed to help underwater sellers either modify their loans or sell their homes as a short sale to avoid foreclosure. Through Home Affordable Foreclosure Alternatives (HAFA), you won't owe any more for the property after selling, and you will be free from the threat of foreclosure. The benefit of a HAFA short sale is that you are no longer responsible for the difference between what you owe on your mortgage and ...
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By Michael Deery
(Citywide Financial Corp)
Here is another great tip to help get buyers off the fence! Show buyers a 20 year mortgage plan that will help them to payoff the mortgage faster and help them meet their retirement goals faster, instead of just a traditional old 30 year loan. I have found that this is a great selling point & a great motivating factor with some buyers, because once they see the numbers they can visualize their goal of retirement earlier, and then price does not matter as much. First of all this program will usually only work while 20 year fixed rates are really good because the payment will be more affordable, 20 year rates are at 4.375% right now which is excellent. Because once rates rise soon, the 20 year fixed payment will be out of reach for many buyers. Now buyers have more urgency because they kn...
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By Michael Deery
(Citywide Financial Corp)
Did you know that if a FHA seller sells their home early in the month, they are charged interest through the rest of the month by the FHA? This is a fact that not a lot of sellers are not aware of because it is only the FHA that calculates interest on a full months basis, whereas conventional loans etc only calculate the interest through the closing date. This is why it is recommended that all sellers who have FHA loans should have their contract scheduled to close at the end of the month, so they can put as much money as possible in their pockets from the sale.    The FHA is overcharging sellers Let's say for example, a seller pays off a $400k FHA-insured mortgage on April 5th and the seller has a 5% interest rate, the seller will be charged an extra $1640 in interest to cover interest...
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Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them? Don't ignore the letters from your lender Contact your lender immediately or Contact The Watson Group Realty to speak with an (SFR) Short Sale & Foreclosure Resource Certified Specialist. For A FREE Consultation Call (281) 797-3841 or visit www.thewatsongrouprealty.com for more information. We Can Help! But remember time is not on your side. If you are unable to make your mortgage payment:            1. Don't ignore the problem.The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.2. Contact your lender as soon as you realize that you have a problem.Lenders do not want your house. T...
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By Rod Watson, Luxury Home Specialist
(Pacific Sotheby's International Realty)
If you owe more than your house is worth and can't afford your payments, you might be able to sell it for less than you owe -- without having to pay the lender the difference.   If you can no longer make your mortgage payments and your home is now worth less than you owe on it, foreclosure may not be your only option. A short sale, in real-estate terms, is a sale of a house in which the sale price is less than what the owner still owes on the mortgage. It is a procedure sometimes agreed to by lenders, who often would rather take a small loss than go through the lengthy and costly foreclosure process, in which the lender allows the sale of a home for less than it is worth and forgives the rest of the note. While there are some significant negative consequences to a short sale, an ever-i...
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By Michael Deery
(Citywide Financial Corp)
How does the Bi-Weekly Mortgage Payment Plan work? I get asked how this program works all the time. This is a great plan to show your clients how they can pay off their home about 6 years earlier and save over 23% of the interest on a loan just by using the same mortgage payment, in fact this payment plan is something everyone should be using on their mortgage. So how does it work? It is pretty simple. Take a look at the chart below. Take a $417k mortgage at 6% over 30 years, the payment is $2500. Rather than paying your bank the regular mortgage payment of $2500 every month, you’d pay $1250 every two weeks. In other words you pay the bank half of your monthly mortgage bill every 14 days. When you pay your mortgage monthly, you make a total of 12 payments per year. There are 52 weeks in...
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If you owe more than your house is worth and can't afford your payments, you might be able to sell it for less than you owe -- without having to pay the lender the difference.   If you can no longer make your mortgage payments and your home is now worth less than you owe on it, foreclosure may not be your only option. A short sale, in real-estate terms, is a sale of a house in which the sale price is less than what the owner still owes on the mortgage. It is a procedure sometimes agreed to by lenders, who often would rather take a small loss than go through the lengthy and costly foreclosure process, in which the lender allows the sale of a home for less than it is worth and forgives the rest of the note. While there are some significant negative consequences to a short sale, an ever-i...
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By Rod Watson, Luxury Home Specialist
(Pacific Sotheby's International Realty)
If you owe more than your house is worth and can't afford your payments, you might be able to sell it for less than you owe -- without having to pay the lender the difference.   If you can no longer make your mortgage payments and your home is now worth less than you owe on it, foreclosure may not be your only option. A short sale, in real-estate terms, is a sale of a house in which the sale price is less than what the owner still owes on the mortgage. It is a procedure sometimes agreed to by lenders, who often would rather take a small loss than go through the lengthy and costly foreclosure process, in which the lender allows the sale of a home for less than it is worth and forgives the rest of the note. While there are some significant negative consequences to a short sale, an ever-i...
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By Michael Deery
(Citywide Financial Corp)
Did you know that Fannie Mae now charges a buyer with a 699 credit score an extra 1.5% fee on a home loan compared to a buyer with a 740 credit score, that is $6,000 extra on a $400k loan amount. It has never been more important than in today’s housing market to have excellent credit scores, especially as the broke government entities Fannie Mae, Freddie Mac and FHA are now charging buyers astronomical fees to raise funds to shore up their depleting finances. There is also a huge pool of potential buyers who have had their credit damaged during the past few years of the housing crisis, who need a little help to improve their scores to get in a position to buy again. Here are 5 credit tips below that you can share with your clients, family and friends so they are given every chance to im...
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By Tiffany Torgan, Featured on HGTV's New Show! How Close Can I Beach
(Harcourts Prestige Properties of La Jolla)
This picture was taken believe it or not a couple of weekends ago at a gas station in Pacific Beach (corner of Garnet and Ingram). I posted it to my Face Book page to let my friends back home in Texas check the gas prices out here in San Diego. We have always had the higest gas prices in the country in the past and this was a shocker to my friends. I am not sure why I am smiling in this picture, it's more like this is crazy!  This gas station is known for some of the higher prices in our area, but this one now is heading for the $5 mark. All of this has happened in just a few short weeks. How is the going to change my business? I am wondering if Agents in our industry have thought much about how this will make a impact on people they work with and how they show properties. I know havin...
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By Rod Watson, Luxury Home Specialist
(Pacific Sotheby's International Realty)
  If you owe more than your house is worth and can't afford your payments, you might be able to sell it for less than you owe -- without having to pay the lender the difference.   If you can no longer make your mortgage payments and your home is now worth less than you owe on it, foreclosure may not be your only option. A short sale, in real-estate terms, is a sale of a house in which the sale price is less than what the owner still owes on the mortgage. It is a procedure sometimes agreed to by lenders, who often would rather take a small loss than go through the lengthy and costly foreclosure process, in which the lender allows the sale of a home for less than it is worth and forgives the rest of the note. While there are some significant negative consequences to a short sale, an ever-...
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By Tiffany Torgan, Featured on HGTV's New Show! How Close Can I Beach
(Harcourts Prestige Properties of La Jolla)
 I am so proud of our Pacific Beach elementary school, Kate Sessions Elementary collecting for the service of our fellow San Diegans on the USS Ronald Reagan! I have a friend who is the preist that married us on Jan.1st who is serving on the ship as a chaplain and is now over in Japan helping with the disaster relief! This is a great way for our San Diego Community to show we care and support our troops! Many of us at Sessions have friends and family deployed on the USS Ronald Reagan, which is currently in Japan helping victims of the recent earthquake/tsunami as part of "Operation Tomadachi." Please help us thank them for their service by bringing letters, drawings, and/or "treats" to school on Monday, March 21st.Lara Varcasia, whose husband is on the USS Reagan, will help us create a ...
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By Michael Deery
(Citywide Financial Corp)
For any buyers still sitting on the fence thinking about buying a home, they should take into consideration the following 4 reasons why they should seriously look into buying soon. Yes there are reports out there about a possible double dip in values and there is a good chance that values may dip some more in certain areas in California. But when you consider for example, that the Obama administration just announced they want a minimum 10% down payments on all future loans, that the FHA has just announced another MI increase scheduled for April 18th, and that rates which are predicted to move towards 6% are still very good, history will show that there has never been a better time to buy a home than now.    1. President Obama wants Lenders to require a minimum down payment of 10% The lo...
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By Sabrina Boyd, NMLS#300925, California Mortgage
(Primary Residential Mortgage - Carlsbad California Mortgage)
This Pacifc Beach home features 2 Bedrooms and 1 Bathroom with 846 Square Feet and has been completely remodeled in recent years. This Pacifc Beach home is blocks to the Beach or Bay. The front of this Pacifc Beach home has a white picket fence and porch. The backyard of this Pacifc Beach home features a private backyard that is great for pets. 1644 Oliver Avenue San Diego, CA 92109 is located in the Crown Point, Pacific Beach area which is in the San Diego Unified School District, the High School is Mission Bay High School and the Elementary School is Crown Point Elementary. To view this home please click the “Find Out More” link or send me a text message to Jenny Schlick at 619-804-1339. To schedule a private showing, or to get more information I am available right now. 1644 Oliver Av...
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By Sabrina Boyd, NMLS#300925, California Mortgage
(Primary Residential Mortgage - Carlsbad California Mortgage)
This Pacific Beach home features 2 Bedrooms and 1 Bathroom with 846 Square Feet and has been completely remodeled in recent years. This Pacific Beach home is blocks to the Beach or Bay. The front of this Pacific Beach home has a white picket fence and porch. The backyard of this Pacific Beach home features a private backyard that is great for pets. 1644 Oliver Avenue San Diego, CA 92109 is located in the Crown Point, Pacific Beach area which is in the San Diego Unified School District, the High School is Mission Bay High School and the Elementary School is Crown Point Elementary. To view this home please click the “Find Out More” link or send me a text message to Jenny Schlick at 619-804-1339. To schedule a private showing, or to get more information I am available right now. 1644 Olive...
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The FHA have just announced they are going to increase buyers mortgage insurance "MI" payments AGAIN on April 18th by .25%. This is now the 2nd increase in just the last 7 months, as they also hiked MI payments last October. This will mean another significant increase in a new buyers overall mortgage payment. For example it will increase payments over $86 a month on a loan amount of $417k, which is the same as spiking someone's interest rate by .375%. This upcoming FHA change presents another great opportunity to create some urgency with any buyers who are still on the fence, so they can see what the cost of waiting to buy is.      Why is the FHA raising MI payments again in this market?  Last year the FHA announced its intention to raise its mortgage insurance premiums in a two-step pr...
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Should you buy now or wait another 12-18 months to buy? That is a decision that many buyers in the market are facing today. As many experts are advising that housing values are already in or are going into a double dip soon, it is a fair argument that buyers want to hold off on buying right now. But as interest rates have increased almost 1% over the past few months, just what will be the cost of waiting to buy as rates continue to rise? As rates are predicted to increase towards 6% in the next 12-18 months (see chart below), I want to show you the overall savings comparing buying today at 4.875% versus 5.875%, so you can factor in what the cost of waiting to buy might be.   Projected rates for the next 12-18 months  Here is a recent market prediction on where rates will probably go ove...
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By Michael Deery
(Citywide Financial Corp)
With rates jumping from 4% to 5% in just over a few months, it might be fair to say we may have hit bottom in the housing market when factoring in what the overall cost is to buy a home? Because did you know that with every 1% rise in rates, the buyer loses 10% in purchasing power. It is now very important to show buyers that rising interest rates will eat away any savings they could get from waiting for prices to dip again. Eventually a buyer needs to make a decision what is most important, their monthly payment or "finding the bottom of the market in terms of price".  Cost vs price. What is the difference?   Buyers have a tendency to look at just the PRICE of the house instead of the overall COST to buy the home. The cost is actually more important. So what is the difference between c...
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By Sabrina Boyd, NMLS#300925, California Mortgage
(Primary Residential Mortgage - Carlsbad California Mortgage)
This Bishop School home for sale in Pacific Beach California with an ocean view features 3 Bedrooms and 2 Bathrooms with 3019 Square Feet and a lot size is appoximately 5000. The front of this Bishop School home for sale in Pacific Beach California with an ocean view has been recently updated with lush landscaping and features a 1 car garage. The view of this Bishop School home for sale in Pacific Beach California with an ocean view features a unobstructed view. 710 Loring Street Pacific Beach, CA 92109 is located on the boundary of Bird Rock which is in the San Diego Unified School District, the High Schools are La Jolla Senior High School, Bishops School or Mission Bay High School and the Elementary Schools are Bird Rock Elementary, Pacific Beach Elementary, and Pioneer Day School . T...
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By Sabrina Boyd, NMLS#300925, California Mortgage
(Primary Residential Mortgage - Carlsbad California Mortgage)
This 92109 home for sale Pacific Beach California with an ocean view features 3 Bedrooms and 2 Bathrooms with 3019 Square Feet and a lot size is appoximately 5000. The front of this 92109 home for sale Pacific Beach California with an ocean view has been recently updated with lush landscaping and features a 1 car garage. The view of this 92109 home for sale Pacific Beach California with an ocean view features a unobstructed view. 710 Loring Street Pacific Beach, CA 92109 is located on the boundary of Bird Rock which is in the San Diego Unified School District, the High Schools are La Jolla Senior High School, Bishops School or Mission Bay High School and the Elementary Schools are Bird Rock Elementary, Pacific Beach Elementary, and Pioneer Day School . To view this home please click the...
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