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From the monthly archives: April, 2012

We are pleased to present below all posts archived in 'April, 2012'. If you still can't find what you are looking for, try using the search box.

Buyer Representation on Downtown San Diego Condo

I recently closed an escrow at The Mills on Cortez Hill in downtown San Diego.  I represented the buyer on the sale.  My client and I viewed many downtown properties that fit his criteria and then were able open escrow via a backup offer on the bank owned property.  My client offered the following testimonial:

"Jason was excellent in all areas and got me through some stressful moments. He was always available and I knew he had my best interests in mind."

Foreclosure Notices Drop Dramatically in First Q

The number of San Diego County homes entering the formal foreclosure process during the first quarter of the year declined by 12 percent, following a statewide trend where foreclosures declined to their lowest level in almost five years, according to San Diego-based DataQuick. Notices of Default (NODs) totaled 4,185 in the county in the first quarter of 2012 compared to 4,758 in the same period of last year. Trustees Deeds recorded (TDs), or the actual loss of a home to the formal foreclosure process, totaled 1,862 for the first quarter of this year, compared to 2,902 in the same period of last year. Statewide, a total of 56,258 (NODs) were recorded at county recorders offices during the first quarter of this year. That was down 8.5 percent from 61,517 for the prior three months, and down 17.6 percent from 68,239 in first-quarter 2011, according to DataQuick. Last quarter’s tally of 56,258 NODs was the lowest since 53,943 NODs were recorded in second-quarter 2007. NOD filings peaked in fir ...

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Waiting Periods after Foreclosure, Short Sale or Bankruptcy

One of our lender partners provided us a very useful guide details their waiting periods for new loans for clients that have either gone through a Short Sale, Foreclosure or Bankruptcy.  Keep in mind programs and policies change over time and by lender so touch base with us if your situation needs review. Conventional Loans Chapter 7 Bankruptcy - 4 year waiting period from the discharge/dismissal date Chapter 13 Bankruptcy – 2 year waiting period from the discharge date or 4 years from dismissal date Multiple Bankruptcies within a 7 year period.  The waiting period is 5 years from the most recent discharge/dismissal date. Deed-in-Lieu/Pre-Foreclosure Sale (Short Sale) - Minimum 2 year waiting period. FHA/VA Loans Chapter 7 Bankruptcy - 2 year waiting period from the discharge/dismissal date Chapter 13 Bankruptcy – 1 year of the payout must have elapsed and borrower’s performance must have been paid as agr ...

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Request for Repairs

Many times a home is purchased after a few showings where the buyer gets comfortable that the property will meet their requirements without necessarily extensively reviewing the physical condition of the property. After offer acceptance normally a home inspection takes place where the buyer hires a professional inspector to analyze the property and prepares a written inspection report.  A quality inspector will carefully examine the property and write a detailed report of its condition. It is important to note that the vast majority of homes are not perfect,  even newly built homes.  There are going to be small items that have to be dealt with, the Request for Repairs process is one of the important aspects of having a quality buyers agent represent the buyer through the home purchase. Lookup Realty has complied a list of San Diego based home inspectors that you can interview. From time to time the inspection report turns up something  significant both in terms of c ...

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The Home Purchase Process

Below is a very nice visual representation of the home purchase process.  Contact us to get started on your home purchase.

Why work with a Buyer’s Agent?

Why work with a Buyer’s Agent? One of the biggest mistakes home buyers can make is to purchase a listed property without the use of an experienced buyer’s agent. Now, any agent can be a buyer’s agent but, unless they have extensive experience of the many facets of many real estate transactions, they will not be able to guide you through the many pitfalls which can cause anything from financial loss to the purchase of a defective property. Some home buyers incorrectly believe that, if they don’t use a buyers’ agent, they can get the seller to give them a discount in-lieu of paying the buyer’s agent. This is almost always wrong. A seller enters into a listing agreement with the listing broker for an agreed upon amount. Once the property is listed in MLS, that fee is shared with the agent, if any, that sells the property. If the listing agent sells the property…s/he keeps 100% of the commission. That means, not only do you not get a discount equal to the shared fee, b ...

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