San Diego Condos

Buying a short sale property and it didn’t appraise! Help for San Diego Condo and Home Buyers.

Tara — Mon, 08 Mar 2010 20:01:01 +0000

This is another FAQ I get from buyer clients… Believe it or not, many desireable San Diego condo and home listings are not only getting multiple offers but are being bid up with the help of the listing agent. Yes… bid up on the price. If buyers want to be the best and most attractive offer on a home then they often overbid with the chance that it will not appraise once in escrow. And the point is just that… to be the buyer that gets into escrow. And this can bring up a question: If the property you’ve made an offer and opened escrow on is a short sale listing and the bank has approved your offer price, then what happens if the property appraisal comes back low? The answer is the same as if you were buying this home or condo from a normal seller; you will need to go back to the decision maker – the current lending bank(s) - and request a new short sale approval at the appraised price. This will absolutely delay closing as well as your loan approval (as can 10 other possible hiccups in this market). The bank(s) may reduce the amount of sales proceeds going towards back HOA dues, taxes and other liens. But usually a low appraisal can be worked out.

Tara Steinke

Residential Sales and Appraisals | Managing Associate, Solant Real Estate Advisors

619-384-6014

Buyers… Walkscore the San Diego Condo or home you are purchasing!

Tara — Fri, 05 Mar 2010 21:20:12 +0000

If you are looking to purchase a San Diego Condo or Home and you are wanting to own real estate in a more walkable area (i.e. stores, schools, etc within reasonable walking distance) to save cash on gas and be more green… well then, this Walkscore tool is one of the coolest and most useful widgets I’ve seen! Enter your address and up pops a list of walkable public places. WOW! A score will be assigned to the property location that is on a scale from 1 to 100; 100 being the best, or most walkable, score you can get. So San Diego condo and home buyers, check out your property before you buy… I live 3 blocks from my local Ralph’s. And let me tell you, its so nice to stroll out my door and pick up a few things without having to get in my car! And within only a couple of blocks is my favorite coffee shop, dry cleaners, nail salon, cafe, atm…. all without a car! My home received a walkscore of 98! See how your new home would rate!

Condo and Detached Home Foreclosure Inventory in San Diego County

Tara — Thu, 04 Mar 2010 19:26:28 +0000

Many folks continually ask me “Can I still buy a foreclosure home.” We’ve some positive news locally here in the San Diego Condo and Home market. This has some buyers thinking that the foreclosure opportunity is drying up. Not so. I believe that since we are still seeing increased unemployment and remain to be in a depressed housing market, we will continue to see a trickle of foreclosed homes coming on the market for some time. And I say trickle because the banks have been metering the release of foreclosure properties to the market for some time to increase the demand.

The one element that may reduce the foreclosure inventory in the future is that many banks are putting in place more efficient means to deal with short sales. And short sale approvals are more and more common with some agents having a 90% success rate on their short sale listings. Obviously, the more foreclosure becomes avoidable the less inventory we’ll see. But as of now there are enough homes in the pipeline to provide a trickle of foreclosed inventory for a good while.

Tara Steinke

Residential Sales and Appraisals | Managing Association, Solant Real Estate Advisors

619-384-6014

Making Multiple Offers to Purchase a Home… San Diego Home Buyer Practices

Tara — Wed, 03 Mar 2010 00:19:20 +0000

I get this question from my buyer clients a lot. If you haven’t purchased a home in awhile then you are probably not as clued in as far as the new market environment out there in the San Diego Condo and Homes market. Our current market here in San Diego County is dominated by short sales. I would estimate (off the top of my head based on my everyday experience) that at least 50-60% of the current condo and home listings are short sales. People that are selling either are moving out of the area, can’t afford their mortgage OR they are completely upside down and want to cut their losses. In any case, most sellers out there owe more than their home is worth. This huge underlying factor is causing buyers to make numerous offers while waiting out the short sale market. And any buyers agent would encourage them to do so.

Now for many home buyers, making multiple offers feels a little bit shady or dishonest. But here’s the honest truth…. when you make an offer on a property (and let’s say you’re in LOVE with it), you a) have no real guarentee that the short sale will be approved, and if it is at terms that you are okay with; b) have no solid commitment that the seller or listing agent won’t submit other, possibly higher, subsequent offers to the bank essentially squeezing you out and b) don’t know if the seller will change their mind or find some other course of action like a loan modification. It is my experience that a buyer will get the green light to open escrow on as low as 10% and as high as 30% of the homes they make offers on. The only way I would suggest waiting for that one home is if the above 3 variables are discussed with the listing agent at length and point in your favor. Otherwise, I would continue looking and make offers on other properties you would be happy to open escrow on. But, as I’ve said before, do not make an offer on anything you wouldn’t open escrow on and never look back.

Tara Steinke

Residential Sales and Appraisals | Managing Associate at Solant Real Estate Advisors

619-384-6014

Short Sales and Debt Forgiveness… San Diego Buyers and Sellers: Knowing the implications.

Tara — Thu, 04 Feb 2010 23:40:40 +0000

Sellers should definitely do their homework regarding the law and tax implications associated with the debt that is forgiving on a short sale (and foreclosures). I also believe that my San Diego condo buyers should also know the guidelines when bidding on short sales because it will help them understand the process and put them in the shoes of the seller. Because I believe agents should be able to explain the basics knowledgeably to their buyer and seller clients, I’ve done a good amount of homework on the topic. But any seller should consult a tax professional directly to obtain specific advice on your situation. Having said that, the absolute best resource to bring yourself up to speed (for sellers in the earlier stages of considering a sale) I always suggest going directly to the source… the IRS!

Go to the IRS website…. irs.com. In the upper right hand search field type “Debt Relief Act.” The first search result in the list should be a link to the IRS webpage that fully explains the Mortgage Debt Relief Act of 2007. This is the peice of legislature that put in place the new law regarding allowing debt relief to homeowners on their principle residence without that foregiveness being taxable. There are great Q & As too. Check it out and then talk to your tax person…. be an informed consumer no matter what side of the transaction you land on. Always good to have more information that not. Always a good thing.

Oh… and be sure to make note that this law is only in effect on debt forgiven until 2012! Only 2 years left folks.

Tara Steinke

Residential Sales & Appraisals

619-384-6014

Pacific Terrace

Tara — Wed, 03 Feb 2010 23:36:25 +0000

Pacific Terrace 57 unit, 6-story high mid rise located in the north side of the Downtown San Diego Marina District and very close to the perimeter of the Gaslamp Quarter. Pacific Terrace offers an affordable option (much like 235 on Market and Crown Bay) to condo owners that want to be located in the prestigious Marina District but not pay the $800+ home owners fees of nearby condo developments. The community ammenities are somewhat minimal, the HOA’s are significantly lower starting at just $200 for 1-bedroom units.

Park Place

Tara — Wed, 03 Feb 2010 22:12:45 +0000

This beautiful Bosa Development property features of the highest quality where residents enjoy what is seemingly a year round resort-like environment. It is definitely one of the premiere high rise developments of the Downtown San Diego Marina District. A gorgeous waterfront location adjacent to Seaport Village; only minutes from the Gaslamp and Petco Park Baseball Stadium. Amenities include 24 hour concierge and security, elegant lobby entrance, community room with full size kitchen and large screen TV and billiards table. The outdoor pool and BBQ areas are surrounded by lush vegetation, fountains, and flowers.

Park Row

Tara — Wed, 03 Feb 2010 21:56:55 +0000

Park Row is a very different low rise in the of Marina Neighborhood of Downtown San Diego. Just a mere two stories high, containing 220 units that are adjacent to the sprawling Pantoja Park. The construction of Park Row finished in 1983, so it is one of the first completed condo developments. However, many of the units have been updated or remodeled. The common area amenities include the following: Clubhouse/Rec Room, Pool, Spa/Hot Tub.

The Pinnacle Museum Tower

Tara — Wed, 03 Feb 2010 21:50:11 +0000

The Pinnacle Tower soars 35 stories into the air and boasts 182 residences. It’s location is very unique in that it is adjecent (and, frankly, attached) to the well renowned San Diego Children’s Museum. It truly has one of the most premiere locations in all of downtown San Diego, even amongst other Marina District developments. Amongst the luxury amenities are the following: BBQ, Clubhouse/Rec Room, Exercise Room, Pool, Recreation Area, Sauna, Spa/Hot Tub. The floor plans are very expansive and offer superb light filled views.

Renaissance

Tara — Wed, 03 Feb 2010 21:33:01 +0000

The Renaissance is easily recognized amongst the San Diego skyline for the deceptive slope façade of it’s grey twin towers. Providing luxury living and one of the most convenient of locations (right across from Ralph’s, one of 2 downtown grocery stores), the building features include the following quality appointments: Grand swimming pool, spa, exercise room, full-time attendants, and onsite management. Buyers please be aware that the CCDC charges a one percent transfer fee to all buyers at Renaissance (this fee is not common amongst other developments).