san-diego-foreclosures « WordPress.com Tag Feed

San Diego Foreclosures: The Process

Rob Presley — Mon, 08 Feb 2010 18:26:34 +0000

Foreclosures in San Diego typically all start with a homeowner who has negative equity not making their mortgage payments for 2 to 3 months. A foreclsoure can occur from a loan in any lien position, a first mortgage or even a second mortage home equity line of credit. Essentially any loan that is tied to your home can foreclose on the home for non-payment. Typically a lender will start a San Diego foreclosure process within 2-3 months after the payments have stopped, but in today’s market place longer timeframes are not uncommon.

The most commonly used foreclosure process for San Diego homes is called the “non-judicial process”. In this foreclosure process a loan servicer or lender records and posts/mails a NOTICE OF DEFAULT, or “NOD” to start the foreclosure process. Recent changes state that the NOD filing can’t happen until 30-45 days after the lender has made the legally required contact with the homeowner to explore options to avoid a foreclosure. If after the 30-45 days no solution can be worked out then the NOD can be filed and posted and the homeowner then has another 90 days to bring the loan current, including all past due amounts, penalties, and fees or the home is scheduled for a Trustees Sale auction.

If the homeowner fails to bring the loan current in the 90 days then the loan servicer or lender records and posts/mails a NOTICE OF TRUSTEE SALE “NOT” informing all parties that the home can be sold in 20 days. Typically 20 days after the NOT is filed the home is scheduled for a Trustees Sale auction on the county court house steps. The Trustees Sale can occur as soon as 20 days after the NOT is filed and posted but due to the current quantity of San Diego foreclosures it is often 3-4 months afterwards.

Occasionally lenders and trustees will delay sale dates while homeowners work on short sales, loan modifications, or other remedies. Additionally, a bankruptcy filing by the homeowner will typically delay the process even longer.

When the Trustees Sale auction occurs the home is legally transferred to new owner. The new owner could be the lender or someone who bought the home at the trustees sale. In most cases the new owner will be the lender as most homes are going into foreclosure due to negative equity as much as non payment. Typically the starting bid price at the trustee sale auction is the total amount owed to the lender. In most every case this number is much higher than the homes value and therefore no one bids on the home and the lender “wins” the home for the amount they were owed. Occasionally lenders or trustees will lower the starting bid price to an amount up to 40% below the homes value and people will bid on the home and a new 3rd party will be the owner.

Typically once the new owner is established the occupancy issue comes next. In many cases San Diego homes are still occupied by either the homeowner or tenants. In either case the new owner has no contract with the occupants and either needs to get a lease agreement (if the new owner wishes to lease it) with the occupants, get them to voluntarily leave, or evict them out of the property. The best for all parties involved is if the occupants of the property get a few thousand dollars to leave peacefully since moving cost money and that is what an eviction and time delay will cost the new owner anyways.

http://www.prestigerealtysandiego.com

San Diego Foreclosure Auctions

Rob Presley — Mon, 08 Feb 2010 18:23:27 +0000

There are different types of San Diego foreclosure homes that can be purchased. The first, and what I like to consider the “real” auction is the Trustee Sale auction of the property on the court house steps. This process represents the conclusion of a lender foreclosing on a home and where the original owner loses the property.

The other San Diego Auction type is a derivative of the trustee sale auction because of how the starting bids amount are often set at the trustee sale auctions. Typically the starting bids at the trustee sale auction is the amount owed to the lender, which is in many cases more than the home is worth. In most cases the lender is the “winning bidder” and becomes the owner of the property for the total amount owed to them.

The properties the lenders get back can end up being sold off through companies that auction off homes owned by lenders, developers, or others holding a lot of homes they don’t want. These post-foreclosure auctions are more of a market sale and can even lead to prices higher than market when factoring in buyers fees charged by most of them.

The best place to find a deal on a San Diego foreclosure is at the “real” auctions, or trustee sale auctions. San Diego foreclosure homes sold at these auctions occasionally have below market value minimum bids set on them that can be as much as 30% below market value. These particular San Diego homes typically sell for 80% of the homes current real market value.

About 100 homes are typically scheduled for auction every day of the week, Monday through Friday at 10:00 or 10:30am at the San Diego, El Cajon, and Oceanside court house steps. Most homes will have starting bids to high or get postponed by the lender, trustee, or because of a bankruptcy filing.

But buying a San Diego foreclosure through a foreclosure auction on the court house steps requires 100% of the purchase price and comes with no guarantees about the properties condition, other liens against the property, and any occupants of the property. In most cases homes bought through a real foreclosure auction are good deals, but do beware of the many pitfalls before buying any of these properties.

The primary things to watch out for are:

1) Other Liens: Other tax or loan liens against the property that might stay with property after you buy it.

2) Property Condition: The property’s interior condition is typically an unknown, expect some degree of damage or repair necessity.

3) Anybody Home?: If the property has tenants, previous owners, or squatters when you buy it who won’t move out voluntarily then you’ll need to evict them.

4) Zoning and Building Codes: Make sure the property is zoned for what it is and has the proper building permits for any additions or improvements; otherwise you may have to pay to redo existing structures or components of the property to be in compliance.

Most San Diego foreclosures will end up with the lender as the “winning bidder” and then be sold by the lenders through real estate agents on the MLS at prices slightly below market value.

View more information on San Diego Foreclosures or view all active MLS San Diego Foreclosures now.

http://www.prestigerealtysandiego.com

San Diego Homes - Types of Offers and Negotiations

Rob Presley — Mon, 08 Feb 2010 18:19:02 +0000

It’s been a wild ride in the housing market for the past 10 years, it was “up, up, and away” as San Diego home prices went through the roof for five glorious years, quickly followed by a collapse in home values in the grips of a deep recession. After all (or most) of the dust has cleared or begun to clear in the housing market we begin 2010 with the tale of two San Diego housing markets, the “Under $500,000″ market and the “Over $500,000″ market.

In today’s market you have 2 distinct segments of the market. These two segments are divided by price with homes priced below the $500,000 range generating multiple offers, often with one or more above the list price, and then homes priced above the $500,000 range that have just begun to show real buyer interest, but are by in large a buyer’s market.

These market variations require completely different offer and negotiation strategies to be successful at the best possible price for you, the home buyer. In San Diego one market segment is “on fire” and the other has just begun to awaken.

The following chart compares the two:

Issue:	Under $500,000 San Diego Homes	Over $500,000 San Diego Homes
Pre-Approval or Proof of Funds Req’d. w/ Offer	ABSOLUTLY	YES
Typical # of Offers	3 – 4	0 – 1
Odds there are 1 or More Offers Over List Price	>50%	<5%
Average # of Days Listed	Few	Many
Who Decides Closing Terms	Seller	Buyer

The reasons for the market divide are simple. Many homes priced under $500,000 make fundamental sense and attract a lot of buyers because they are equal or better than the alternative rental costs. Additionally, you can still obtain high LTV financing and get 100% (V.A.), 96.5% (F.H.A), and even 99.5% financing for most homes under $500,000. These components combined create ideal purchase situations for the majority of the population.

San Diego Homes priced over $500,000 begin to require significantly more down payments. They also were slower to come down in price enough to make decent fundamental sense when compared to the rental alternatives. This market has recently begun to bring out more San Diego and out of state home buyers as headlines about increasing median prices and sales numbers signal a bottom of some degree in home prices. Mostly cash buyers, especially since “Jumbo” loans are harder to qualify for, these buyers are long term buyers that are comfortable buying while prices are low as opposed to attempting to perfectly time the market. The right home is typically a hair more important than the final purchase price.

Negotiating a good offer for an under $500,000 home means creating an offer that is not only better than the competition but also one that the seller (often a bank) can accept outright and without the need for a counter offer. Knowing what most banks want and don’t want on a contract is critical to writing an effective offer in today’s distressed market environment.

Negotiating the purchase of an over $500,000 San Diego home typically means the comparable sales and listings, the sellers situation, and being willing to walk away if you can’t get what you want. Most sellers in this market segment have a lot of competition compared to number of buyers and accept that they currently have little to no negotiating power. Coastal San Diego and other “Prime” San Diego properties may however vary.

Contact us to make your offer successful on your next San Diego home purchase. As a disclaimer, this article was written on 1/24/10 and markets change, sometimes quickly, sometimes slowly.

http://www.prestigerealtysandiego.com

FHA suspends “anti-flipping” rule for home sales for one year

flockdreamhomes — Sat, 16 Jan 2010 16:24:21 +0000

February 1 rule to allow FHA borrowers to make offers on foreclosed properties

According to a January 16 report in the North County Times, the FHA has announced a one-year reprieve from the administrations “anti-flipping” to start in affect on February 1, 2010.

The anti-flipping rule was instituted in 2004 as an attempt to prevent FHA loans from getting caught up in speculative buying by FHA-backed borrowers. Yet at the time, FHA loans comprised a miniscule percent of the loans in the market and only prevented a few hundred FHA loans a year.

Now FHA loans represent approximately 28.1 percent of all loans in San Diego County according to real estate data firm DataQuick.

The abundance of housing demand in the current distressed housing market has been a source of much frustration, particularly for first time buyers looking to use an FHA-backed loan in order to take advantage of the first-time buyer’s $8,500 tax credit. The tax credit, which was already extended once, is widely expected to end for contracts not signed before April 30, 2010.

Until February 1, 2010, only cash and conventional loan borrowers have been able to purchase homes that had been foreclosed by investors. This left FHA borrowers with good credit yet with limited funds no ability to make offers on those homes.

The exact affect of this suspension is uncertain with continued demand for the homes by all cash buyers and conventional loan buyers who usually put down at least 20% on their purchase. FHA borrowers normally only provide 3.5% down and additional FHA “health and safety” rules can make investor asset managers wary about contracting with FHA borrowers.

However, the suspension will be welcome for buyers and the real estate community that represents them.

Time will tell if the suspension translates into more sales of foreclosed and distressed properties to FHA borrowers during February, March, and April when the first time buyer credit ends.

For more info: Brian Flock may be reached at brian@flockdreamhomes.com, (619) 793-5224, or www.FlockDreamHomes.com. NEW! Get a FREE home search phone app for GPS enabled smart phones by texting FLOCK to 87778 or by visiting http://www.SanDiegoSmarterAgent.com

Time To Buy!

thisdancan — Mon, 11 Jan 2010 22:53:53 +0000

Over the weekend, I watched a segment on the Today Show highlighting a new book titled “How to Make a Fortune from the Biggest Bailout in U.S. History” by Ron Insana. Mr. Insana says now is the absolute best time to buy a home. His comments were for both buyers looking to buy their primary residences and investors looking to buy foreclosures.

more about "#34724700", posted with vodpod

Contact me at 858-869-9035 / dan@thisdancan.com if you would like a free list of the best foreclosure deals available today.

Carmel Mountain Ranch Foreclosure Video

thisdancan — Thu, 17 Dec 2009 01:24:55 +0000

Check out this REO listing in the Poway School District Community of Carmel Mountain Ranch. If you have any questions feel free to email me at dan@thisdancan.com or call me direct at 858-705-2431.

How Do I Find and Buy Foreclosed Homes?

thisdancan — Fri, 02 Oct 2009 15:54:08 +0000

For the average home buyer, you find foreclosed homes for sale just like you find any other home for sale.

In my opinion, the best way to find foreclosure property, or any home for sale, is to work with a Realtor who specializes in the area you are looking. I know you expect me to say this because, after all, I am a Realtor. However, my being a Realtor does not change the fact that you will normally experience much greater success locating, viewing, “discovering,” negotiating, and closing on a home using a Realtor than you would trying to do this on your own or with the help of your co-worker, brother-in-law or resident know-it-all. I say normally because, as with every profession, there are always a few rotten apples. You need to work with a Realtor who is both personal and professional, and someone you feel comfortable with. Ask for referrals and interview a few agents – remember you are the boss – the agent works for you!

Poway: Sold for $475,000 in 2004 - Sold for $320,000 in 2009 as REO

There are many “Foreclosure Finder” websites that charge a monthly fee in exchange for foreclosure information. In my experience, these websites are a waste of money for the average home buyer. If you are an investor and are looking for a very in-depth foreclosure finder service the only service I would recommend is ForeclosureRadar.com.

Most buyers are much better off working with a knowledgeable Realtor. You get accurate information, the ability to see the home, and someone who will negotiate the transaction, plus it doesn’t cost you a penny…remember, the buyer’s agent is paid by the seller! Foreclosure properties, otherwise known as Bank Owned or REO (Real Estate Owned…real estate owned by the bank) make up anywhere from 20-50% of the homes sold in San Diego over the past 12 months. I expect this to continue at least through 2010. REOs are competitively priced and often receive multiple offers.

I will be talking much more about foreclosure properties in future posts, so stay tuned!

Five myths about the US Government’s home loan modification “bailout”

flockdreamhomes — Sat, 26 Sep 2009 23:39:36 +0000

Very few home owners in San Diego have access to the program

by Brian Flock

There are a number of myths in the market about US government programs intended to address the traumatic economic situation in housing market, including our local market in San Diego County. At least five common myths in the mind of the consumer public should be dispelled and addressed with action on the part of homeowners with burdensome home loans.

MYTH #1: “The government will save my home.”

FACT: The US government is fighting very hard to salvage the economic engine of the country and certainly housing factors into that as the largest single purchase of most peoples’ lives. Further, a home is the symbol of the American dream.

However, in the end, only the homeowner/borrower has the power to and can decide to save their home. The government simply provides a vehicle of lower interest and an extended payment term but no debt forgiveness.

There is no “free money” in the Government proposals for distressed homeowners.

MYTH #2: “The Making Home Affordable (MHA) modification program rewards my good credit history.”

FACT: Although the program does include extra incentives for participating lenders to help distressed borrowers with a good payment history, the program also provides incentives for borrowers who are well behind in their payments.

It is essential for home owners to understand that the Making Home Affordable program keeps borrowers in their homes only by lowering monthly payments.

The MHA does not lower the principle of the loan, even for those who have never been late on their loan.

Therefore the MHA is more akin to a pain reliever or band-aid than it is a solution to the financial dilemma of owing much more than the market value of a home.

MYTH #3: “Obama’s MHA program will eliminate my excess loan debt.”

FACT: As stated previously, the MHA program is simply intended to give certain qualifying people the opportunity to keep their home. However, the program itself does not forgive any debt or accrued penalties or fees.

What the program does is to lower monthly payments by applying a lower interest rate of 2% and an extended loan term of up to 40 years which does lower the monthly payment. However, the fact is that all principle and accrued interest or penalties must be paid back over time.

The following is an example of before and after an MHA modification:

	Current, distressed home loan	After an MHA modification
Market value of house	$250,000	$250,000 (no change)
Loan balance	$300,000	$300,000 (no change)
Homeowner equity	-$50,000 (-16.7%)	-$50,000 (-16.7%)
Interest rate	5.5%	2.0%
Term	30 years	40 years
Monthly payment	$1,703.37	$908.48

Clearly the modification of this loan would result in a huge reduction in the monthly mortgage payment. Yet the loan balance and owner’s equity position are unimproved making the home unmarketable until housing prices recover.

MYTH #4: “All home loans are eligible for the MHA modification program.”

FACT: Most loans on homes in San Diego are not eligible for the Making Home Affordable modification program.

In order for a borrower to be eligible for the MHA modification program, all of the following must be true:

The home must be the borrower’s primary residence
The loan must be less than $729,750
The loan balance can be no more than 25% higher than the market value of the home.
1. Example: A $300,000 loan on a home that is now worth $200,000 would not qualify because the loan is 50% higher than the house.
2. The borrower has a bona fide financial hardship
3. The loan was received before 2009
4. The current loan payment must be more than 31% of the borrower’s monthly gross income.
5. The loan is a “conforming” Fannie Mae or Freddie Mac loan

Therefore, these qualifications exclude:

San Diego home owners whose loans exceed their home value by more than 25%–possibly the majority the home owners who have purchase between 2002 and 2007
Borrowers who don’t have a bona fide hardship or who qualify for a regular refinance
Jumbo loans and other non-conforming loans
Investment properties

In these cases, homeowners are wise to proactively face their alternatives of refinancing, short sales, foreclosure, or even bankruptcy, thereby getting a fresh start from an incredibly difficult time in the economy.

MYTH #5: “All lenders that received Government bailout money are obligated to offer the program.”

FACT: The MHA modification program is a voluntary program whereby the Government tries to encourage lenders to perform modifications through modest financial incentives. In reality, the independent lenders are not highly motivated by the MHA incentives and many don’t actively participate.

Borrowers who don’t qualify for the MHA modification or whose lender doesn’t participate should consult with a licensed real estate and tax accounting professional to understand their options. They should also avoid predators who promise “clean solutions” yet charge exorbitant, up-front fees for what can be obtained for free or at low cost.

"Foreclosure Flood? The Bottom? --Who cares! It's time -- NOW! Get in the game"

San Diego Is On Sale — Wed, 23 Sep 2009 05:27:58 +0000

I guess I get asked at least once every few days, “Chris, I keep hearing there is going to be a flood of foreclosures and that we have yet to see the bottom. What do you think? Should I Buy now or wait it out?”. Well, I usually start by asking them if they are watching the National Cable News networks again?! If they say ‘yes’, then I say—–STOP IT! If you are watching the national news, then you are getting a lot of ’spin’ from broadcasters who like to keep you coming back and tuning in every night. Again, I recommend you —Stop it and start paying attention to the San Diego real estate market — not DETROIT and VEGAS! —— Then I put a simple question to them—–’Did you know when the ‘top’ of the market was? Back in 2006? Then how will you know when the ‘bottom’ of the market is???”. The answer to this is, in San Diego anyway, is that we are at the bottom of the market in some places and in others we are Not. Then I say that if you find a property you like, and it meets all your criteria,—-why wouldn’t you make an offer? Why not?? Do you think your dream home with a canyon view or water view is going to go down to a price of one dollar?!! Come on!! There are 20 other people who want the same dream home that you want. Make an offer and make it aggressive, especially if you plan to live in it for at least 3 to 5 years.

In San Diego we have multiple offers on almost ‘every’ Single Family Residence that comes on the market under $400k. Anything under $250k, forget about it!!! You are fighting with first time homebuyers, 2nd home buyers, Cash investors and everybody else who fears we are at the bottom and they don’t want to miss out on it. Interest rates are super low, plus we have the $8000 tax incentive, great low down payment FHA loans, 100% VA loans, remodel and renovation loans for FHA, conventional and investor buyers, and banks are finally lending again. I don’t fear that Foreclosures will keep coming—-Wanna know why?—-because in San Diego we have 10 offers on the first day that a property is listed. Our inventory continues to be low under the $400k price point. When you have 10 offers and only one can get accepted, that means you have 9 people who missed out and can’t wait for the next bank owned foreclosure to hit the market.

Let me ask you———Who doesn’t Love San Diego when they come here? This means that people will always want to live here. We have 3 huge universities, USD, UCSD,and SDSU, plus many more. We have a ‘real’ downtown with nightlife and highrises, right on the water. This is a town for young and old and everything in between. People will always want to move here and they will require housing which means San Diego Real Estate will remain in demand.

Are we going to have more foreclosures? YESSS! L Are we going to see more job loss? YESSS! Are there multiple offers and bidding wars on homes right now in San Diego? YESSS! Are we slowly pulling out of this recession? YESSS! Will San Diego continue to grow, requiring more housing? YESSS! Are interest rates historically low? YESSSS! Are you going to miss the bottom of the market if you don’t buy in the next 12 months??? —Hmm–well–in some areas of San Diego, you may have already missed the bottom. In others, I think it will flatten out for at least a year and in others we will still see some dropping of prices. Again— I say “if you see a property that meets all your criteria, you can’t go wrong by making a strong offer”. Very soon, prices will flatten and then go Up, Up and Away–and Seller’s won’t negotiate with you anymore,—so—–get off the couch—–and get ‘In the Game’! Woohoo!

"I'm a CDPE! Hmm.... What the heck is that?"

San Diego Is On Sale — Wed, 23 Sep 2009 05:25:58 +0000

I’m a CDPE! What the heck is a CDPE?!?

I’m a Certified Distressed Property Expert (CDPE). I’m a real estate professional with specific understandings of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, regarding Short Sales, Pre-Foreclosure and Foreclosures.

The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that in almost all cases, the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. Not just someone with a real estate license, but someone who is a REALTOR and is a member of the National Association of Realtors (N.A.R.), the California Association of Realtors (C.A.R.) and their local board of Realtors. They have the tools needed to help homeowners find the best solution for their situation.

While enduring financial difficulties are challenging for any family, the process of finding a real estate professional should Not be. Selecting an agent with the CDPE designation ensures you are dealing with a professional trained to address your specific needs. For more information, check out CDPE.com.

CDPE’s don’t merely assist in selling properties, they serve and help save their clients in need.

Chris Bedgood is a CDPE in San Diego and is a proud member of the metro San Diego community. He is a Realtor and is member of N.A.R., and C.A.R. as well as the San Diego Assocation of Realtors (SDAR). License #01380111. www.ChrisBedgood.com and www.SanDiegoIsOnSale.com

Consumer Loan Modification FRAUD Alert from C.A.R.

San Diego Is On Sale — Wed, 23 Sep 2009 05:16:02 +0000

From California Association of Realtors website www.car.org – California Department of Real Estate News Release (June 22, 2009)

The California Real Estate Commissioner, Jeff Davi, announced today the issuance of a Consumer Alert by the California Department of Real Estate (DRE) warning consumers about loan modification scams and informing consumers of what they can do to protect themselves. The alert has been posted on DRE’s Web site at: http://www.dre.ca.gov/pdf_docs/FraudWarningsCaDRE03_2009.pdf and is also available in Spanish.

Loan modification scams are worrisome and widespread. July 2008, the DRE had fewer than 10 complaints involving loan modification companies; today the department has 750 pending investigations. In addition, since last October the DRE has filed over 200 Desist and Refrain Orders and Accusations involving loan modification scams and the list of offenders continues to grow. A list of the companies and persons the DRE has filed an action against can be viewed at http://www.dre.ca.gov/cons_drs.asp.

Short Sale FAQ's

San Diego Is On Sale — Wed, 23 Sep 2009 05:12:56 +0000

The New buzzwords in town, “SHORT SALE” What is one, and what does a short sale mean to you? Below are some commonly asked questions about Short Sales.

1.What is a short sale?

A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.

2. What if there are two mortgages on my property?

In order for the short sale to go through both lenders must approve of accepting a lower amount for the loan. If the home goes into foreclosure the second lender will normally get nothing, so they are very motivated to work with the lender of the first loan. These loans can be done, but they take knowledge and expertise. Weichert Elite and Chris Bedgood’s team will bring that knowledge and expertise to help move the short sale process forward and get results in a timely manner.

3. Why should I choose a Realtor that specializes in short sales as opposed to a investor who wants to purchase my property and negotiate the short sale?

Watch out for unethical investors who will try to convince an owner facing foreclosure to sign a quit-claim deed for the property, and then lease the property. In such cases, the former owners will still be liable for the mortgage payments, even though they no longer own the house. Also, most so-called ‘investors’ don’t know what they are doing and are unlicensed to do real estate, so the end result could be exactly the opposite you were hoping for, which will affect your time and family.

4. What do I need to do in order to prepare for a short sale?

The sellers’ submission package should include W-2 forms from employers (or a letter explaining the seller is unemployed), bank statements, two years of tax returns, and other financial documents outlining income and debt obligations. The bank will also need comps (comparable properties) or a broker’s price opinion showing your estimate of value.

In addition, the sellers should submit a “hardship letter,” explaining the circumstances that make it impossible for them to pay the full amount of the loan. The seller needs to be able to show true financial hardship.

5. Will any money come out of my pocket for a Short Sale as the seller?

Normally, and in ‘most’ occasions, the lender will pay all fee’s. It is important to have an experienced short sale team act as your negotiator to ensure this happens. The submission package to the lender just needs to be complete, see above.

San Diego Bank Owned REO Home in Spring Valley

sandiegoreonews — Mon, 21 Sep 2009 23:04:31 +0000

San Diego Bank Owned REO in Spring Valley

2124 Helix Spring Valley CA 91977

$254,800

SAN DIEGO BANK OWNED FORECLOSURE

San Diego California USA – This REO property in Spring Valley California is a single story with 3 bedrooms and 2 bathrooms. Tax roll says 1,633 square feet with 2 car garage a big deck. New carpet and tile being installed and a fresh interior paint job. Panoramic view of mountains, hills and evening lights. Beautiful fireplace, walk-in basement, built in shelves and desk in one of the rooms, large kitchen with built in pantry and lots of storage.

Call me to view this San Diego Bank Owned Home.

San Diego REO News Blog

Dawn Lewis San Diego REO Agent

REOMasters Network California Director

REOMasters Making a Difference at the Five Star Expo

sandiegoreonews — Sun, 20 Sep 2009 04:40:02 +0000

The Five Star Default Servicing Conference and Expo officially kicks off September 20th, 2009 and runs through September 23rd. The event is being held at the Fort Worth Convention Center and Omni Hotel in Texas. Steve Forbes is the featured speaker at this huge event for the default servicing industry. The Five Star attendees have many opportunities to network with others in the industry and to sharpen their skills with the Five Star Academics and the Five Star Institute classes.

Many in the default servicing industry are preparing for the next wave or waves of foreclosures to hit the market. In many areas of the country like here in San Diego this will be a welcoming event. That’s right, welcoming. In many price ranges and in many areas of San Diego County California the inventory has had buyers looking at some pretty slim pickings. Many of the first time homebuyers trying to take advantage of the 8,000 first time home buyer tax credit are left in backup offer position to the cash offers. These first time home buyers also come in second place to offers with conventional loans with lots of buyer money in the deal. Some of the reasons for this are that the asset managers and banks like to accept the cash offers and large downs because they have less of a chance of falling out of escrow due to loans falling apart and appraisals not coming in at loan value. A symptom of the market.

Foreclosure moratoriums are being lifted in some areas of the country. California for instance has the California Mortgage Foreclosure Prevention Act that was signed by the Governor on February 20, 2009. The California Foreclosure Prevention Act modifies the foreclosure process to provide additional time for borrowers to work out loan modifications while providing an exemption for mortgage loan servicers that have implemented a comprehensive loan modification program. Civil Code Section 2923.52 requires an additional 90 day period beyond the period already provided before a Notice of Sale can be given in order to allow all parties to pursue a loan modification to prevent foreclosure of loans meeting certain criteria identified in that section. A mortgage loan servicer who has implemented a comprehensive loan modification program may file an application for exemption from the provisions of Civil Code Section 2923.52. Approval of this application provides the mortgage loan servicer an exemption from the additional 90-day period before filing the Notice of Sale when foreclosing on real property as designated by this Section. More on the Act.

This next wave of foreclosures as it’s called by many in the default servicing industry has been described by some in the know as a Tidal Wave or Tsunami. Many are wondering what effect it will have on the fragile real estate markets throughout the United States. I welcome the wave and the faster we get through this stagnant inventory the better off the whole real estate and economic environment will be. This elephant in the room, the massive foreclosures that are not being put on the market has to be dealt with. Let’s push through and push on and get through this and on to the next real estate market. I’ll take and sell as many assets as I can to help with the situation. So any asset managers or banks that need an REO Listing Agent in San Diego County California call me – Dawn Lewis 619-981-3917. I joined REOMasters Network to not only be associated with some of the best REO Agents and Brokers in the industry but to network with them to offer the best of solutions for asset managers and banks .

REOMasters is sponsoring the biggest Charity Event at the 2009 Five Star in Fort Worth. I was very surprised to see that it wasn’t on the Five Star Conference Schedule. The event is called Club Tsunami – The World’s Largest REO Networking Party and Charity Event. All of the profits from the proceeds of the Tsunami Party go to Foreclosure Angel Foundation. Make sure you read about the Foreclosure Angel Foundation and the difference they are making in the lives of families losing their homes. Your ticket purchase will have a direct impact on helping families stay in their homes. This event is sponsored by REO Masters and is a must make event. It will be a NIGHT TO REMEMBER. Make sure you put this event in your BlackBerry and DON’T MISS IT.

When:    Monday, September 21st, 2009
Where:   City Streets Night Club (22,000 sq/ft) 3 blocks from the Five Star Convention)
Who:      This event is open to agents, brokers, lenders, asset managers and other attendees of the Five Star conference.
Time:      8:00 PM to 2:00 AM (All night Long!)

To GET TO THE PARTY take the Club Tsunami busses from the Fort Worth Convention Center, Main Street entrance. Busses will travel back and forth from 8:00 PM to 1:00 AM

Admission: $75.00 Advance Registration ($100.00 at the door)
Must bring ticket to event. No ticket. No entry.
REOMasters™ Network – Get Your Tickets by Calling
(866) 446-2977 x 202

Register here!

San Diego REO News Blog

Dawn Lewis San Diego REO Agent

REOMasters Network California Director

REOMasters Network Dawn Lewis

sandiegoreonews — Tue, 15 Sep 2009 21:36:50 +0000

Dawn Lewis REO Masters Resume

California State Director for REOMasters Network – Dawn Lewis

I have been a licensed Realtor and REO agent in San Diego County California for over 20 years. I have personally sold well over 2,500 homes many of which were REO properties. I am a Top-Producer in San Diego County and have won multiple awards for Top Sales Agent in multiple categories for every company I have worked for. I’ve streamlined my REO business and created systems within my REO Team to be the most efficient possible. I’ve had 20 years to get it perfect. I am currently selling assets professionally for banks and asset managers and would like the opportunity to sell yours.

I have been a licensed agent in San Diego since 1989. If you’re looking for an experienced and professional agent to sell your assets look no further. My real estate and REO business is built from experience from the ground up. I’m not new to the business looking to cash-in. This has been, is, and will continue to be my career in any real estate market. I have handpicked my staff and we have been together for many years. Essential in any effective and professional team. My REO Team includes 8 Team Members that are dedicated to making sure assets are handled professionally and sold for top-dollar in a highly efficient manner. I have a proven track record of doing this for many years.

I think REOMasters Network is the best REO Agent and Broker Network for networking and idea sharing. It has made REO business better and more efficient.

I also have powerful internet marketing tools which I exclusively own to market all of my REO listings. My internet presence is so powerful I usually have many buyers waiting to write offers on all of the assets I am assigned. We close the transactions fast and with little to no complications.

Please take a look at some of our web sites and blogs

San Diego Real Estate – Page 1 San Diego Real Estate Site

San Diego Real Estate Blog – Page 1 San Diego Real Estate Bog

San Diego REO Servicing – San Diego REO Web Site

San Diego Foreclosure Search – Search Portal for REO Buyers

San Diego REO News Blog

Active Rain San Diego Real Estate Blog

Broker:

New Dawn Realty – Owner

Licensed:

California since 1989

Memberships:

REOMAC-Mortgage Default Industries Top Service
5 Star-Golden Member – Attended 5 Star for last 3 years
REOTrans Certified
ResNet Certified
REO Maestro
Default Schools Certified in REO Best Practices and Advanced Evaluations
Pacific Southwest Association of Realtor Ethics Committee member
San Diego and Chula Vista Chamber of Commerce member
Over 200 Hours of REO & BPO Education on file

Services Included:

Complete REO / Asset Management Services
BPO / Market Analysis
Broker Price Opinions with 24 Hours
Re-keying with 24 hours
Utility Services & Maintenance arranged within 24 hours
Bid Estimates within 3 business days
Eviction Coordination
Full Service Real Estate Brokerage
Marketing and Sale of REO Properties
Property Preservation and Cleanup Arrangements
24 Hour Occupancy Checks
Cash for Keys
Loss Mitigation
Assistance to Homeowners in Foreclosure
Field Inspector and Maintenance

Contact Me – I’m Ready Now! My Direct Cell 619-981-3917

San Diego REO News Blog

Dawn Lewis San Diego REO Agent

REOMasters Network California Director

San Diego REO Beach Close

sandiegoreonews — Tue, 15 Sep 2009 16:08:46 +0000

REO in San Diego California walking distance to the Beach. This is a rare find in San Diego. An REO close to the beach for just over $200,000.

1239 Essex Street Imperial Beach CA 91932

$212,900

BANK OWNED. This Real Estate is a perfect investment property in Imperial Beach in South Bay San Diego ready for an offer. You can walk or bike to the beach from this 3 bedroom home that is priced to sell. This San Diego REO has original open beam wood ceilings throughout and all the beach charm you would expect in an Imperial Beach home. This San Diego Foreclosure is close to schools and shopping and being sold as is.

View Larger Map

San Diego REO News Blog

Dawn Lewis San Diego REO Agent

REOMasters Network California Director

All information is believed to be correct but not guaranteed.

San Diego distressed home buying requires special knowledge and patience

flockdreamhomes — Sun, 13 Sep 2009 19:12:45 +0000

San Diego distressed home buying requires special knowledge and patience

by Brian Flock

If it’s not common knowledge already, I’ll announce it now: short sales and foreclosure home purchases in San Diego County require a special tact and patience in order to purchase successfully. Full stop.

This truism applies to both buyers and the agents that represent them in a home purchase.

The National Association of Realtors reports that these distressed properties have been accounting for about a third of national sales recently and this percentage is significantly higher in San Diego County where a dizzying number of homes have more negative equity than the national average.

Commercial tools for tracking troubled properties are available to consumers and agents starting at fees of around $50 per month. Yet there is a distinct difference between having loads of data and successfully purchasing a home in the complex world of real estate.

Distressed short sale and foreclosure properties differ from a typical real estate listing in several ways:

The majority of these distressed properties are the feared “shadow inventory” that has banking and government officials scrambling to find measured solutions—along with wringing their hands in private.
The real estate often arrives into the market by non-traditional methods. Banks have asset managers and loss mitigation experts to manage and dispose of properties. These managers are so overwhelmed that it is currently impossible to predict how a particular distressed home will be released to the market. Managers only talk to a handful of real estate brokers and virtually zero consumers.
There is little (or no) room to negotiate non-cash concessions (such as repairs) from the seller. This can rule out VA loans, non-conforming loans, and buyers without substantial cash. (One notable exception is buyers who utilize an FHA 203K loan.)
The southern California multiple listing service (MLS), SANDICOR, recently added a special listing status for short sales and foreclosures. (Yet recall that the vast majority of distressed properties are NOT yet in the MLS.)

The good news is that the government is taking notice and realizes that the Making Home Affordable (MHA) program (i.e. simply refinancing at lower interest rates) will not work for many situations.

The Federal Housing Administration’s commissioner, David Stevens, recently commented that “… the MHA program will not reach every at-risk homeowner or prevent all foreclosures… the Foreclosure Alternatives program that will provide incentives for, and encourage, servicers and borrowers to pursue short sales and deeds-in-lieu (DIL) of foreclosure.”

Forthcoming proposals from the US Treasury may motivate lenders to streamline the short sales process.

How is a buyer to identify appropriate distressed properties?

One way is to go solo, paying the $50 per month to companies such services as ForeclosureRadar.com and RealtyTrac.com. With some experimentation and configuring, you can get alerts on changes in specific properties. Note that these alerts almost never include photos other than satellite images of the neighborhood so don’t expect to know the current condition of the home or its décor.

Another option is to form a relationship with a trusted agent who understands the inner workings of these tools and have that person set you up for alerts conforming to your needs at their expense. That person can also do the leg work of photographing the property, interpreting the data, and getting additional facts from local title companies.

Either way, you’ll find yourself making an offer to a real estate professional when the property ultimately comes to the open market.

Five Star Fort Worth Texas Club Tsunami REO Party and Charity Event

sandiegoreonews — Tue, 08 Sep 2009 20:13:37 +0000

Five Star Fort Worth Texas Club Tsunami REO Party and Charity Event

The next Five Star Default Servicing Conference and Expo will be held in Fort Worth, Texas at the Fort Worth Convention Center. The 2009 Fort Worth 5 Star runs from September 19th to the 23rd. The Five Star is the largest conference in the default servicing industry and is the most well known networking opportunity for real estate agents, real estate brokers, attorneys, title companies, servicers, lenders, service providers, investors, vendors and asset managers. This networking event allows all parties in the REO field to meet and network in one location and share ideas on how to get through the many REO’s on the market and the wave of REO’s to come. It’s where all the parts of the puzzle briefly come together and put together a plan for what to do next. The most powerful people in the REO filed attend and share ideas to better serve everyone involved.

At this 2009 Five Star Event in Fort Worth there is a Tsunami Party and Charity Event hosted by REOMasters Network. REOMasters Network is raising heads in the REO Industry as the fastest growing REO Networking Group in the business.

About REOMasters Network from their web site:

The REOMasters™ Network is the nation’s newest marketing and business development association for REO Agents and Brokers who want it all. The REOMasters™ Network has partnered with the nation’s top REO coaches and industry leaders to engineer a life and business success REO coaching and marketing association … being built by agents, designed for agents, and owned by agents. Scott McLaine, Founder and CEO of REOMasters™ Network.

The Tsunami REO Party and Charity Event will be the “Biggest and Don’t Miss Event” of the Fort Worth Five Star. The event is on Monday Night September 21st at the City Street Night Club 3 blocks from the Five Star Convention. The Tsunami REO Party opens at 8:00 P.M. and ends at 2:00 A.M. complete with a red carpet walk into the 22,000 square foot mega club. Networking and dancing recommended and encouraged. Busses will take you from the Forth Worth Convention Center, Main Street entrance to Club Tsunami and back. Busses will travel back and forth from 8:00 P.M. to 1:00 A.M. Now you have the place and you have the ride “both ways” now grab a date or a partner or your whole team and get some tickets before they’re SOLD OUT. We want to see you on the Party Bus not the Baby Bus….. Remember it’s for charity too!

Register Here!

Registration includes:

The party is happening at Club Tsunami all night long. Dress to impress and have a great time rocking the house! Enjoy great music from three different DJ’s, try your luck in the casino, check out our social scene, meet great people and network with other agents. This event will sell out. Space is strictly limited! 2 Drink Coupons before 9:30 P.M., Happy Hour Food before 9:30 P.M., Networking Mixer 8:30 to 9:30.

Tsunami Casino Night – Play the Craps Table, challenge the Blackjack Dealer, spin the Roulette wheel. Casino fun
all night long.

Two Night Club Dance Floors – Choose from two different theme rooms in order to dance the night away. Cages will feature the best of pop and top 40’s dance hits while Indigo will play the best of the 70’s, 80’s and 90’s.

Cigar and Scotch Lounge – Enjoy a fine glass of premium scotch and a quality cigar in the Tabu Lounge. Sip your drink, make some new friends, network with old ones. Just sit back, relax and enjoy the evening.

Top Shelf Bar – Order your favorite drinks at the numerous bars throughout Club Tsunami or from any one of our many hostesses. Drink tickets provided at the door with admission.

Raffle Drawing – With every ticket you purchase you will be entered into our drawing to win one of many prizes that will help you to grow your business.

100% of ticket sales profits will benefit the Foreclosure Angel Foundation

What is the Foreclosure Angel Foundation – Excerpt from clubtsunami.net

Foreclosure Angel Foundation
Being Supported by the NFSTI REOMasters™ Network

We’re Fighting a Real Problem …That Needs Our Attention

The Foreclosure Angel Foundation was born when Marilyn Mock saw a need in November of 2008 to help her neighbor who was about to lose her home. With nowhere else to turn but the streets, their home went up on the auction block.

Marilyn bought the home at the auction price and sold it right back to the owners at the now lower cost. Marilyn had a keen sense that “It could be me in that situation.” One major life change could rip her family from their home too.

Ever the optimist, Marilyn thought that others in her community who saw this need would surely step up and help. She took desperate letters from families losing their homes to a function where her friends and acquaintances had expendable income. Marilyn was shocked when they didn’t even want to see the letter, much less offer any help.

At that point, Marilyn once again had another layer of her rose colored glasses ripped away, but this time she became determined. She believed that the American spirit of neighbors helping neighbors would win out.

If you’re going to the Five Star Fort Worth 2009 make sure you make this event. This will be the one everyone remembers and asks, “Were you there!”.

San Diego REO News Blog

sandiegoreonews — Thu, 03 Sep 2009 20:17:56 +0000

San Diego REO News Blog

The San Diego REO News Blog is the most up to date REO news in San Diego County. News concerning real estate, bank owned REO properties, foreclosures and real estate market conditions in San Diego County California. San Diego REO News was created to keep the public informed of the REO real estate market in San Diego as well as REO trends and headlines throughout the country and world. The REO or Real Estate Owned as it’s called by the banks is the number one talked about and blogged about subject in real estate today. REO’s are also known as foreclosures and many more foreclosures are on the horizon and will continue well into the future.

“Make sure you add this blog to your favorites to get all of your San Diego REO News.”

About Dawn Lewis: Dawn Lewis San Diego REO Agent with over 20 years experience as a licensed Realtor in San Diego California. Dawn has personally sold well over 2,500 homes many of them REO’s. Dawn is a California State Director for REOMasters representing San Diego and Chula Vista. REOMasters is the newest marketing and business development Association for REO Agents and Brokers. Dawn is currently selling many REO properties for banks and asset managers in San Diego County including Chula Vista. Dawn’s Blog – San Diego REO News – is a wealth of information for other real estate agents, REO agents and brokers, home buyers, asset managers and real estate and foreclosure news hounds. Dawn loves what she does and would love to help you. For any questions at all please call Dawn Lewis at 619-981-3917.

San Diego REO News Blog

Dawn Lewis San Diego REO Agent

REOMasters Network California Director

All information is believed to be correct but not guaranteed.

Our Expertise in Foreclosures

waarealestate — Wed, 29 Jul 2009 15:47:38 +0000

At Billionaires Row in La Jolla, our expertise of the area, extensive knowledge of the market, and impeccable client services, sets us apart from the rest. Not only have we been in the real estate business of La Jolla for 22 years, but we have handled La Jolla’s foreclosed properties for just as long. Having worked on foreclosures with major institutional lenders in the past such as TransAmerica, Home Savings, World Savings to name a few, we are now one of only seven agents in San Diego that work directly with Washington Mutual (now JP Morgan).

Working so closely with these financial institutions has helped us learn the mechanics of how each bank operates from the inside when it comes to foreclosures in La Jolla. We have a keen sense of what each bank allows as far as credits, extensions, and overall time periods to get a deal closed.

In this kind of market, we see a lot of overbids of foreclosed properties. Billionaires Row La Jolla has been successful by using escalator clauses. For example, we would write an offer for $5000 over the best offer presented not to exceed a certain amount. However, a number of banks are now requiring all buyers to submit their highest and best offers to be submitted for review. We try and beat out all other offers by making ours as clean as possible. For example, we may do a short close of escrow or not ask for the seller (in this case the lender) pay for termite inspections and termite work. This does not preclude the buyer from doing inspections and investigations. At Billionaires Row La Jolla, we use one of the best physical inspectors in the greater La Jolla area and conduct detailed investigations of the property you are buying. We use a camera to snake down the sewer line and check all sewer connections, search for mold or potential mold problems; extensively search for any structural issues, etc. All of the findings from these procedures could potentially change the valuation of the property from what we may have the home in escrow for. Conducting these intense investigations has helped make our strong reputation and allow hundreds of past clients or friends in La Jolla to refer new buyers to us looking for short sales and foreclosures in La Jolla.

We also have a customized website that notifies you, the potential buyer, of all La Jolla foreclosures and defaults on a daily basis. In addition to La Jolla foreclosures, we follow all of the defaults on homes in the La Jolla area. Having that list of defaults permits us to contact the La Jolla homeowner directly prior to the property going into foreclosure. We then negotiate directly with the La Jolla homeowner and help him or her into a short sale before the property is turned over to the lender.

If a property in La Jolla ends up going to foreclosure in a trustee sale- the home can be purchased directly on the court steps with a cashier’s check. Billionaires Row La Jolla can help you determine if the value is good or if it is still too high. If in fact the value is too high, we would advise you to wait and let it go into foreclosure. With our strong relationships with lenders, it allows us to go directly to the bank before it gets handed to another realtor. At that point, it’s very simple. We conduct a strategic Broker’s Price Opinion (BPO) to determine the value to best represent out La Jolla buyers.

It is extremely important when choosing an agent in La Jolla that you choose one who can determine the intrinsic value of a property, one who has vast experience in the La Jolla area, and one that can help you obtain the best value in the purchase of a La Jolla home or condo.

Values are the lowest they have been in the past 10 years with some La Jolla homes being discounted 60% of the value they were in 2005. Right now is a great time to buy foreclosed properties in La Jolla, we are here to help.

Let Listing Book San Diego do the Work for You

listingbooksandiego — Wed, 24 Jun 2009 00:50:39 +0000

Let Listing Book San Diego do the Work for You

You can go to the beach, go to the Del Mar Fair, visit friends and family while Listing Book San Diego does the work for you. That’s right once you setup your FREE ListingBook account Listing Book will do all of the house hunting for you 24/7. It will update you in a morning report with all new listings and price changes. No more driving around neighborhoods and hoping your Realtor isn’t missing any new listings. Sign up for you FREE Listing Book account in San Diego today!

If you are looking for a Listing Book Agent in San Diego look no further. Please visit my web site – Listing Book San Diego and sign up for a FREE Listing Book Account. It’s easy and only takes a few minutes. Listing Book has the best tools for home buyers in the industry. Listing Book has made home buying a breeze with daily updates and morning reports. Once you fill out your FREE Listing Book Account you can immediately start searching for home like a real estate agent in San Diego.

You can search for all real estate, homes, condos, land, duplex’s and add them to your favorites to watch for price changes and market updates. You can even put in your own home and see what has sold in your neighborhood that is comparable to your home. It is the best tool there is and it is FREE to you.

Make sure you visit www.ListingBookSanDiego.com today and take your home search seriously.

Listing Book Agent in San Diego

listingbooksandiego — Wed, 24 Jun 2009 00:38:47 +0000

Listing Book Agent in San Diego

: San Diego Listing Book Search

with daily updates and morning reports. Once you fill out your FREE Listing Book Account you can immediately start searching for home like a real estate agent in San Diego.
You can search for all real estate, homes, condos, land, duplex’s and add them to your favorites to watch for price changes and market updates. You can even put in your own home and see what has sold in your neighborhood that is comparable to your home. It is the best tool there is and it is FREE to you.
Make sure you visit www.ListingBookSanDiego.com today and take your home search seriously.

Listing Book San Diego using Twitter

listingbooksandiego — Wed, 24 Jun 2009 00:24:55 +0000

Listing Book San Diego using Twitter

That’s right Listing Book San Diego is using twitter. Ready to stay updated with real estate in San Diego make sure you sign up with Listing Book San Diego. Also get a FREE Listing Book Account at www.ListingBookSanDiego.com 24/7 and start searching for homes in San Diego. Listing Book has the best tools and automatic updates there are in the industry bar none. We offer you a FREE account so that you can search the San Diego MLS like a Real Estate Agent.

Listing Book San Diego is using Twitter so please make sure you follow us here – Listing Book San Diego on Twitter

Listing Book in San Diego

listingbooksandiego — Fri, 15 May 2009 18:07:31 +0000

Listing Book just went active in San Diego. As a real estate agent in San Diego the tools that listing book offers to home buyers and sellers are the best on the market. If you want to sign up under my Listing Book Account please visit my sign up page and get started right away. Access to my ListingBook Tools are FREE to you so let’s get started right away. We are your San Diego Realtors.

Listing Book San Diego

San Diego REO Servicing Blog

sandiegoreoservicing — Fri, 01 May 2009 18:46:23 +0000

San Diego REO Servicing Blog

San Diego REO Servicing Blog is a Blog with detailed information on San Diego REO Services and Management in San Diego California.

San Diego Reo Servicing lists and sells REO’s for Asset Management Companies, Banks, Lenders and Investors in San Diego County, CA including Chula Vista. We are currently selling assets for the highest and best possible prices in San Diego County for our clients. Our clients include Asset Managers from across the country and all over the world, large banks and mortgage lenders like Countrywide as well as large and small investors needing their assets handled in a truly professional manner. Our team has well over 100 years of combined experience with our top San Diego REO Listing Agent with over 20 Years Experience alone.

Recent Client Feedback:

You are listing all of my assets in San Diego County. – Asset Manager

Your BPO’s were the most accurate out of all the other San Diego BPO and REO Servicing Companies I have used in the past, Thank You and I’ll keep sending them your way. – Investor

You were right, I can always count on highest and best and a fast close with you. – Bank

Please contact us today to become a client. We will earn your business like we have done with so many others over many years of being the best in San Diego CA.

Ready to list you San Diego Assets with us …. Call our San Diego REO Listing Agent Hotline exclusively for Asset Managers and Investors – CALL or TEXT TODAY 619-981-3917

Email – SanDiegoREOServicing@Gmail.com

San Diego REO Servicing

San Diego REO Listing Agents