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County Properties San Diego

Do you think we have reached our lowest interest rate for mortgages?

by Arnie Levine on June 25, 2010

in Latest News,Mortgage Rates

Unbelievable! Home buyers must take advantage of these low rates and affordable home prices! fixed interest rates home loans1 300x129 Do you think we have reached our lowest interest rate for mortgages?

“Mortgage rates slumped to record lows this week, Freddie Mac confirmed Thursday, with lenders on average offering 4.69% on a 30-year fixed-rate loan.

The average rate on the 30-year loan fell from 4.75% last week, dropping below the previous record of 4.71% set in December. As recently as early April, the average was at 5.21%.

The latest move down had been expected after Treasury yields — which usually influence the direction of home-loan rates — fell this week to their lowest levels in more than a year on concerns about the durability of the economic recovery.
Freddie Mac’s survey, which the mortgage giant has been conducting since 1971, asks lenders what rates they are offering — and the upfront fees required to obtain those rates — for well-qualified borrowers who have at least a 20% down payment for a home purchase or that much equity in a property being refinanced. Actual rates negotiated by solid borrowers are often slightly lower.

Upfront fees on 30-year fixed-rate mortgages this week averaged 0.7% of the amount borrowed.

Rates also hit record lows on 15-year fixed-rate mortgages and so-called 5-1 hybrids, which have a fixed rate for five years before turning adjustable for the remaining 25 years.”

The Los Angeles Times

GREAT TIME TO BUY!

Don’t miss your opportunity to purchase a home at this time with LOW interest RATES and LOW home PRICES! Call today to get started, (619) 301-0200 or visit our website www.CountyProperties.net.

Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s).
County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net/ and I’ll be happy to follow up and take great care of them.

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No time to WASTE no WATER to waste

by Arnie Levine on June 25, 2010

in Latest News

Latest News

Mayor’s Water Conservation PSA

New Water Conservation Regulations in Effect

Beginning June 1, 2010, irrigation is limited to 10 minutes per watering station and watering may begin at 6 p.m.

Please go to the Water Emergency Information and Resources web page for all the new regulations.

lake13 150x145 No time to WASTE no WATER to waste

Water Supply Crisis

The San Diego region is experiencing an unprecedented water supply crisis. There are environmental stresses, including the ongoing drought in the Colorado River basin and reduced snow pack and runoff in Northern California.

In addition to these environmental stresses, court-ordered pumping restrictions on the State Water Project have continued to reduce the amount of water that can be delivered to our region. San Diego’s water wholesalers have already announced that they will reduce their water deliveries to the area. Since San Diego imports 85-90 percent of its water, these conditions put considerable stress on the City’s water system.

Due to these circumstances, and the threat of further limitations on our water supplies, the City of San Diego has declared a Level 2 – Drought Alert. All customers now have restrictions on how they can use water. Please go to the Drought Alert page to see how this impacts you.


LINKS FOR DROUGHT TOLERANT GARDENS/PLANTS

LINKS ON WATER CONSERVATION

We all have to do our part to conserve water, lets keep San Diego’s water safe.

County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate.

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What are the signs of a good agent when purchasing a property ????

by Arnie Levine on June 25, 2010

in Latest News,Realtors,San Diego Real Estate,Temecula Real Estate

Some one that listens to you and what you are looking for!KS85398 home buying1 289x300 What are the signs of a good agent when purchasing a property ????

A good agent will find out what your goals are with this home purchase, are you going to live and raise a family here for a long time? Are you going to buy and then sell in a couple of years? These basic questions will help the agent and yourself purchase wisely.

Keeping your best interest and educating you with every step of the home buying process. You should feel comfortable and trust your agent, trust your instincts.

A good agent will provide you with information on the properties, comparables, and should set you up on a search. These are the basics, most agents go above and beyond this. Ask the agent if they have a good network of people they can refer, if you need a loan, inspection etc.

Even thought there are several people and companies involved in a Real Estate Transaction, YOUR AGENT, should be constantly managing the parties to ensure a smooth transaction and closing.

If your just starting to look for an agent , ask your friends and family if they can refer an agent to you. Referrals are always a good way to go. You can also look up agents on the Department of Real Estate (DRE) website  http://www.dre.ca.gov/ .

Find out if the agent or their company is a member of the Better Business Bureau (BBB) http://www.bbb.org/us/list-all-bbb-locations/ .

Ask them a few basic questions:

  • How long have you been an agent?
  • Do you have a specialty?
  • Why did you become an agent?

If your purchasing a home for the first time it should be a pleasant and fun experience. The relationship you have with your agent should allow you to ask any questions/concerns comfortably and with confidence. Remember this is your home purchase, make sure your happy with your agent!

County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate.

Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact me today for free counseling at (619) 301-0200 or go to www.countyproperties.net/.

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net/ and I’ll be happy to follow up and take great care of them.

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Which should I do first, get pre-approved for a loan or find a Realtor?

by Arnie Levine on June 11, 2010

in Latest News

financing11 300x298 Which should I do first, get pre approved for a loan or find a Realtor?Both should be done in conjunction together. However, you may want to speak with a few Realtor’s first, they should be able to refer you to a few different lenders they have worked with in the past.

Since the financing is the heart of the purchase, you want to have a good lender and Realtor on your side. When Realtor and lender have past experience working together, it is a big benefit to you, the buyer. If the Realtor knows how the lender performs and the lenders experience, it can make your buying experience smooth and easy.

After you have decided on your Realtor and lender, you will need to start the loan process immediately. The lender will require paperwork and documentation in order to see what price you qualify for and talk to you about payments. You can then come up with a purchase price you are comfortable with, that you will share with your Realtor.

Your Realtor will be speaking with your lender along the way and obtain a pre-approval letter to submit with any offers you put in on homes. In today’s market it is imperative you have the pre-approval letter to submit with offers. Most of the time you will be competing with other offers, if you don’t have a pre-approval letter, most times your offer will not be submitted for the seller to review. Think of it is this way, if you were selling something you would want proof that the purchaser has the money or capability to obtain a loan before you wasted your time considering their offer.

Be sure your Realtor sets you up on a search, so you can view properties online in the comfort of your own home. This search should match your criteria in a home and not exceed the purchase price your looking to stay at or under. When you find a few properties your ready to view contact your Realtor.

Happy House Hunting!

County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau!
Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact me today for free counseling at (619) 301-0200.

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.

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After an inspection, can I ask for defects to be repaired and/or a lower price?

by Arnie Levine on June 5, 2010

in Latest News

300px Gingerbread House Essex CT After an inspection, can I ask for defects to be repaired and/or a lower price?
Image via Wikipedia

Absolutely!  As a buyer your inspection is there to protect you and find out any issues or problems with the home.

After your inspection, you the buyer can:moz screenshot 5 After an inspection, can I ask for defects to be repaired and/or a lower price?moz screenshot 6 After an inspection, can I ask for defects to be repaired and/or a lower price?

  1. Ask for repairs to be made from seller        moz screenshot After an inspection, can I ask for defects to be repaired and/or a lower price?moz screenshot 1 After an inspection, can I ask for defects to be repaired and/or a lower price?
  2. Ask for a credit in lieu of repairs
  3. Ask for a price reduction
  4. Cancel the deal if it is too much
  5. Accept property as is

Remember the seller does not have to agree to any of the above and can cancel themselves at this point. Also if there are too many defects or repairs needed it may affect your financing. Your Realtor will help guide you thru this process and together come up with a strategy.

As a Realtor we always encourage buyers to have inspections, they almost always show something you would not have been looking for. Your Realtor can supply you with a list of inspectors to choose from.

There are several different inspections you can obtain, here are a few.

  1. Physical inspection, this is your regular all around inspection of the home
  2. Mold
  3. Termite or pest
  4. Lead paint
  5. Electricalelectrician1 283x300 After an inspection, can I ask for defects to be repaired and/or a lower price?
  6. Septic

Most California inspectors are member of CREIA (California Real Estate Inspection Association). To be a member certified member inspectors must take educational courses , pass an exam, amongst some other things. Here is a link to the CREIA web site: http://www.creia.org/

Related articles you might want to check out

County Properties, 23 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.countyproperties.net/. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so please visit our website at www.ShortSaleRealtors4U.com or contact me today for free counseling at (619) 301-0200.

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.

After an inspection, can I ask for defects to be repaired and/or a lower price?

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San Diego-Riverside real estate market flipped from buyer's market to seller's

by Arnie Levine on August 22, 2009

in Current Affairs,Real Estate news,Riverside foreclosure news,Riverside Real Estate,San Diego Foreclosure news,San Diego Investment Properties,San Diego Real Estate

San Diego-Riverside real estate market flipped from buyer's market to a sellers market.  A buyers market is when the inventory is high and demand from buyer's is low. A sellers market is the opposite, inventory is low and buyer demand is high. This is an unusual event in the middle of a national foreclosure market. Both San Diego, CA and Riverside, CA counties have had a high inventory of homes on the market for both counties, until now. 

For the past 3 years the high inventory of real estate sat in a buyers market, while prices has consistently been dropping until now. Just this past week our office at County Properties servicing  County Properties San Diego & County Properties Riverside, has been receiving an average of 10-20 offers on bank owned REO properties as they hit the market. Our agents have been experiencing the increase in demand throughout both CA counties.

To give an example the last few years the average amount of active listings for sale in San Diego MLS was 20,000 attached and detached homes on the market and average 65 days on the market. Now the San Diego county has 9200 attached and detached homes on the market and average 43 days on the market. The exception is bank owned properties (REO'S) they range 2 days to 31 days on the market.

The Riverside county market is similar to the San Diego county market that inventory also dropped 50% and are is now a buyers market. The properties that still taking longer to close escrow are short sales, where the home is worth less than the loan's on the property and the seller with cooperation from the bank agree to short the loan and the property can sell at market value.

This is a good time if you are thinking of selling while we are in this temporary flipped market, the shortage of inventory is due to the temporary moratorium on foreclosure sales that the banks are following. When the moratorium trigger wave hits in 3-4 months the market may go to a balanced market. Now it  takes 6 months from the notice of default date. It usually is 3 months plus 3 weeks before it goes to trust deed sale and if it does not sell at the court house steps for a cashier check (CASH) at what is owed to the bank then it goes to the bank and is called "bank owned" or "Real Estate Owned" (REO). It takes a good a realtor (R) to work through these challenging times make sure you pick one that can get the job done.

County Properties 23 years of brokerage experience and trust! We offer free counseling in real estate re; home values and information on options of selling vs Foreclosure.  If you have equity in your home, we will sell your home and get top dollar in this challenging market. Click Seller: Free Home Evaluation. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also. Click Seller: Stop Foreclosure Now  Please feel free to contact me today for free counseling at our website,   County Properties San Diegoor County Properties Riverside.

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New Homeowner Home Price Decline Protection incentives

by Arnie Levine on August 15, 2009

in Riverside foreclosure news,San Diego Foreclosure news

As part of an ongoing effort to expand relief to struggling homeowners, the U.S. Dept. of  the Treasury has released the Supplemental Directive for its Home Price Decline Protection (HPDP) program, a component of the Home Affordable Modification Program (HAMP).  HPDP provides additional incentive payments for modifications on properties located in areas where home prices have recently declined. 

 

The purpose of the program is to encourage additional lender participation and HAMP modifications in areas with recent price declines by helping to offset any incremental collateral loss on modifications that do not succeed.  HPDP will help ensure that borrowers in areas with recent home price declines have the opportunity to stay in their homes, thereby minimizing foreclosures, which further depress home values.

 

“This is an important next step in our multi-faceted efforts to bring relief to struggling homeowners and stabilize the housing market,” said Assistant Secretary for Financial Institutions Michael Barr. “Home price decline protection can help homeowners who may not have been reached otherwise.”

 

All HAMP loan modifications begun after Sept. 1, 2009, are eligible for HPDP payments.

HAMP offers incentives to investors/lenders, servicers, and homeowners for successful mortgage modifications.  The “pay-for-success” structure of HAMP provides incentives to create sustainable mortgage modifications in a manner most cost effective for taxpayers. 

County Properties 23 years of brokerage experience and trust. We offer free counceling in real estate re; home values and information on options of selling vs Foreclosure.  If you have equity in your home, we will sell your home and get top dollar in this challenging market. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also. Please feel free to contact me today for free counseling at our website, click.  County Properties San Diego or County Properties Riverside

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