May 2013 Statistics for North County San Diego County Homes

• The median price for all North County home sales - attached and  detached - increased to $485,000 in May 2013 compared to $470,000 in April 2013.
• Detached homes in North County rose 3.83 percent in May 2013 to $555,500 compared to $535,000 in April 2013.
• Year-over median SFD price in North San Diego County jumped 23.72 percent, compared to $449,000 reported in May 2012.
• Spring 2013 has reported the highest median prices in North County since mid-2008.
• The countywide median SFD price increased five percent to $420,000 in May 2013 compared to $400,000 in April 2013.
• Year-over non-North County median price jumped 21.74 percent compared to $345,000 in May 2012, a 14-month trend of year-over median price increases.
• The number of North San Diego SFD listings (active and contingent) rose 5.35 percent in May 2013 compared to April 2013.
• The number of sold North San Diego County SFD units increased 11.49 percent in May 2013 compared to April 2013. Year-over sold SFD units increased 12.54 percent compared to May 2012.
• Median days-on-market for single-family detached homes sold in North County decreased to 18 days in May 2013 compared to 19 days in April 2013.
• The HomeDex affordability percentage for all homes in North San Diego County decreased to 34 percent in May 2013, compared to 36 percent in April 2013.

Barbara Whisenant DRE# 01357594
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Navigating Short Sales: What to Do When the Sale Price Leaves You Short

If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.

1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as:

· Refinancing your loan at a lower interest rate

· Providing a different payment plan to help you get caught up

· Providing a forbearance period if your situation is temporary

When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if

· Your property is worth less than the total mortgage you owe on it.

· You have a financial hardship, such as a job loss or major medical bills.

· You have contacted your lender and it is willing to entertain a short sale.

2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional* and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest.

A qualified real estate professional can:

· Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).

· Help you set an appropriate listing price for your home, market the home, and get it sold.

· Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).

· Ease the process of working with your lender or lenders.

· Negotiate the contract with the buyers.

· Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.

3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include

· A hardship letter detailing your financial situation and why you need the short sale

· A copy of the purchase contract and listing agreement

· Proof of your income and assets

· Copies of your federal income tax returns for the past two years

4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take several weeks to months. Some experts say:

· If you have only one mortgage, the review can take about two months.

· With a first and second mortgage with the same lender, the review can take about three months.

· With two or more mortgages with different lenders, it can take four months or longer.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.

Sincerely,

Barbara Whisenant

Click Here for the Latest in San Diego County Real Estate Statistics     

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Richard Realty Groups, Inc.    Barbara Whisenant    DRE# 01357594

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New Government Subsidized Home Alternative Program. Is it For You?

 

Well we’ve received yet anther government program to help people with distressed homes that comes with detailed instruction about how the lenders are suppose to attend to these types of homeowners.

If this program sounds like it would benefit you or someone you know, please have them give me a call. We can work through the terrible stressful time together.

Working the the North San Diego area has given me the rare opportunity to see for myself the destruction that many of our communities has endured. Oceanside has been of the the hardest hit communities in North County.  The more expensive communities thought they would escape the tragedy, but that was not to me. We are seeing foreclosures in all the communities from Del Mar and La Jolla to Rancho Santa Fe, Encinitas & Carlsbad.

If you need help to just talk it through, a sounding board to get it off your chest, or someone skilled in handling these types of transaction, please give me a call 760.583.2107 or e-mail me barbarawhis@cox.net.

What is HAFA?
HAFA is a government-subsidized Home Affordable Foreclosure Alternatives program for distressed homeowners to sell their homes to avoid foreclosure, even if the sales price is not enough to pay off their existing mortgage loans. Under HAFA, a participating lender will pre-approve the terms of a short sale and give the borrower at least 4 months to market and sell the property using a licensed real estate professional.

Eligibility
The eligibility requirements for a HAFA short sale include the following:
• Property must be borrower’s principal residence;
• Loan must be a first trust deed originated before 2009;
• Loan must be delinquent or default must be reasonably foreseeable;
• Current unpaid principal balance must be $729,750 or less for single-family home (or higher amounts for 2-to-4 units); and
• Borrower must be eligible for, but unable to complete, a loan modification under the Home Affordable Modification Program (HAMP).

 

Home Affordable Foreclosure Alternative Programs, Guidelines

Financial Incentives

• The government incentives under HAFA are as follows
• $3,000 to borrower for relocation expenses;
• $1,500 to servicer for each successful short sale; and

• $1 to investor for every $2 paid to extinguish junior liens, up to $2,000 maximum, not to exceed 6% of unpaid balance.

Effective Dates
April 5, 2010 to Dec. 31, 2012.

HAFA Procedures
The general standardized procedures for HAFA short sales are as follows:
Step 1: Lender evaluates borrower for a loan modification under HAMP.
Step 2: Lender evaluates borrower unable to complete HAMP modification for short sale.
Step 3: Lender issues Short Sale Agreement (HAFA SSA).
Step 4: Borrower lists the property for sale using a licensed real estate agent.
Step 5: Borrower and agent market and sell the property.
Step 6: Borrower submits to lender a Request for Approval of Short Sale (RASS).
Step 7: Lender approves RASS within 10 business days.
Step 8: Sale closes escrow.

Lender's Evaluation
Each participating lender will have its own written policy for approving or rejecting a HAFA short sale, based on factors such as the severity of the loss, market conditions, the borrower’s motivation and cooperation, property valuation, and title review.

Short Sale Agreement (HAFA SSA)
The Short Sale Agreement (HAFA SSA) will include, among other things, the following:
• Either a list price or net proceeds acceptable to the lender;
• An agreement to fully release borrower from all liability for repayment of the loan;
• An agreement not to complete a foreclosure sale if borrower complies with SSA;
• Amount of acceptable closing costs and up to 6% real estate commission.
• Notice that the sale must be an arm’s length transaction; and
• Notice that the buyer must agree not to resell the property within 90 days of closing.

Tax, Credit, and Other Consequences
A HAFA short sale may have serious tax, credit, financial, legal, and other consequences.  A homeowner is strongly encouraged to seek the advice of a qualified professional regarding these consequences.

Participating Lenders
A list of lenders participating in the HAMP program is available at http://makinghomeaffordable.gov/contact_servicer.html. Fannie Mae and Freddie Mac have their own HAFA guidelines for their loans.

More Information
http://makinghomeaffordable.gov/hafa.html.  
See also, Supplemental Directive 09-09 dated March 26, 2010 available at
https://www.hmpadmin.com/portal/docs/hafa/sd0909r.pdf.

This chart is just one of the many legal publications and services offered by C.A.R. to its members.  For a complete listing of C.A.R.'s legal products and services, please visit www.car.org.

Barbara Whisenant

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P.S. It's my intention to build lifelong relationships one client at a time. If you know of a friend, co-worker or family member who has a real estate need, please contact me. Your personal referrals are the greatest compliment I can receive!

Barbara Whisenant Realty Group, A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008 Cell: (760) 583-2107    eFax: (760) 496-1649   DRE# 01357594

LENDERS TO HALT FORECLOSURE EVICTIONS OVER THE HOLIDAYS

Fannie Mae and Freddie Mac will suspend foreclosure evictions from December 19, 2009 through January 3, 2010.  To help struggling families over the holidays, both owner-occupants and tenants living in properties foreclosed upon by Fannie Mae will not be evicted.  Freddie Mac's suspension of evictions will be limited to properties up to four units.

In a similar move, Citigroup Inc. will suspend foreclosure sales and evictions for 30 days through January 17, 2010 for loans it owns.  Citigroup's foreclosure moratorium, however, does not extend to loans it services on behalf of other investors.  Given these developments, other lenders may follow suit, so check with the lender if appropriate.

Barbara Whisenant

Your Friend in the Business

Follow me on Twitter: www.twitter.com/barbarawhis

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Read my Blog: http://www.barbarawhis.com

Visit my Real Estate website: http://www.Homes4SaleSanDiego.com

Visit my Nu-Skin website: http://barbaraw.nsedreams.com

P.S. It's my intention to build lifelong relationships one client at a time. If you know of a friend, co-worker or family member who has a real estate need, please contact me. Your personal referrals are the greatest compliment I can receive!

A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008 Cell: (760) 583-2107    eFax: (760) 496-1649   DRE# 01357594

Find Out if Your Home Loan Qualifies..

Are you interested in refinancing your current home loan or modify your existing loan under the Ohama plan?

There are two websites you must visit to see if you have a Fannie Mae or a Freddie Mac loan.

If your mortgage loan is owned by Fannie Mae or Freddie Mac, you may be eligible for a Home Affordable Refinance to take advantage of lower interest rates. Only loans owned or guaranteed by Fannie Mae or Freddie Mac are eligible. Your mortgage company can tell you who owns your loan, or you can contact Fannie Mae and Freddie Mac directly by clicking on the links below and completing the forms for each company.

http://www.makinghomeaffordable.gov/loan_lookup.html

If your home is eligible follow the link below and answer the questions.

http://www.makinghomeaffordable.gov/refinance_eligibility.html

If your home is not eligible and you have exhausted all your options I might be able to help you with a short sale. Please visit my website to learn more about Foreclosure & Short Sales.

Homes4SaleSanDeigo.com

Always check with a CPA and/or real estate attorney about the impact a foreclosure or a short sale will have on you and your family.

Feel free to contact me with any questions or concerns.

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A Division of Richard Realty Groups, Inc 6986 El Camino Real, Ste. H, Carlsbad, CA. 92009 Cell: (760) 583-2107 eFax: (760) 496-1649

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