Tag Archives: Realtors in San Diego

La Mesa condo for sale

Fabulous Buy: steps to Lake Murray: hiking, biking, fishing; condo complex has large array of amenities: tennis, hand ball, volley ball, pool/hot tub, more. Perfect retirement or college student OASIS. View of pool from unit. Handicap friendly access. Moderate Cosmetic fixer; short sale. Further information available here.

Contact me for more details! (619) 890-3648 or by email.

 

Recently Sold Listings

just sold

 I’ve recently sold a number of listings in the San Diego county; representing either buyer, seller, or both parties in a transaction.

Please give me a call to get your house bought or sold–(619) 890-3648!

Why the big banks are doing more short sales

Why the big banks are doing more short sales

“San Diego County’s level of housing distress took a pivotal turn this year. Short sales, once rare deals in the real estate world, now make up a bigger share of the residential market compared to foreclosed homes that have been resold.

Short sales allow homeowners who can’t afford their mortgages to sell their homes for less than what they still owe, as long as the lender says OK. One in five homes resold in the county were short sales, based on August numbers from local real estate tracker DataQuick. Compare that to single-digit percentages seen while the housing bubble began to percolate in 2007.

Short SaleShort sales are expected to become even more common and easier to close as Freddie Mac, which owns or guarantees a sizable chunk of mortgages in California, will make it easier for borrowers to complete them starting next month. Borrowers will see that the process is considerably shorter and that it will leave less of a financial black mark on their credit histories.

Already boosting the number of short sales is a $25 billion mortgage deal between the nation’s biggest banks and 49 states that settled foreclosure abuse allegations and was signed earlier this year. The agreement essentially forces banks to do more short sales and provide relief to borrowers on expedited terms. Some banks are even offering cash as incentives to get more people to short sell.

“Banks are really motivated to do short sales,” said Matt Battiata, who owns Del Mar-based Battiata Real Estate. “…Banks have decided and learned over the last several years that short sales are a much better way to mitigate loss.”

The end result appears to be good for the housing market.

The increase in short sales means a more dynamic real estate market, fewer losses for banks and increased chances that short sellers could buy homes again after a shorter hiatus…”

Read the rest of this article by SignonSanDiego.com here: “Why the big banks are doing more short sales”.

Do you need help in selling your home as a short sale? Give me a call–I have experience in closing over 150 short sales in San Diego county.  – John A. Silva (619) 890-3648 | www.JohnASilva.com

How to Interview a Short Sale Agent

Before I give my opinion on the best questions to ask an agent when selling a short sale, it is prudent to ask one question: were all the sellers whose properties were lost or failed trying to short sale their house? The answer would be that 90%-plus of why the short sale did not go through and the foreclosure did, was because the listing agent had insufficient experience or hired a short sale negotiator with the same problem. 

hiring a short sale agentAny agent who hires a short sale negotiator after taking the listing and does not interview for the job at the same time the listing is taken should not be hired. The agent can say they hire negotiators because they do excess volume, or use them for all their sales so they are fine while they don’t have the time to come to the appointment or the agent says they don’t have the time to do the work because they are busy getting new business, but the bottom line for a seller is to know exactly what the game plan will be for their particular situation, while meeting the pertinent parties face-to-face.

Wouldn’t you want to meet the doctor doing heart or brain surgery on you, the attorney handling an extremely important case for you, or the carpenter/contractor remodeling or building your home? I can’t tell you how many times I have seen the so-called gurus fail in a short sale because they do not get involved.  Or worse, they really don’t know how to handle certain situations that come up.  Since every transaction is unique in its own right, especially in a short sale, that is the simple reason why there is an unlimited price you can put on experience and handling business successfully.

Why do you think that I don’t care for agents who hire short sale negotiators even though they close a high percentage of their transactions? The answer is that, as a seller, you are hiring the person you sign up with on the listing agreement to handle all facets of your sale, correct? Actually, when a negotiator is hired in a short sale, the seller is not charged their fee which can run 1% of the purchase price, nor will the short sale lender pay it, so it should be charged to the agent taking the listing because they can’t or don’t want to do the work. But instead, it is charged to the buyer’s agent which is totally wrong. The market is getting extremely ugly with these circumstances after a buyer’s agent gets knocked out of getting properties time after time.

Now the question that comes to mind is: what do I do with this circumstance?  Do I believe the agent when he says everything will be fine or interview the negotiator–what is their experience and do they have a real estate license (since this is required)?

The only questions to ask are:

1. Do you negotiate the short sale yourself? Must be a yes.

2. How many short sales have you closed in the last 10 years? Should be an average of 20 closed per year, per agent or negotiator. Did you know most negotiators are agents who did not do enough business to survive in the real estate agent industry in the recent past?

3. What is your ratio of closed short sales? Minimum standard should be 10 a year for the past 10 years, minimum.

4. What knowledge do you have in settling liens?  These include liens such as: IRS, HOA, child support, credit cards, etc.

5. If the laws are changed in the near future back to the way they were before the law was in place, how many transactions did you close as short sales then? Should be a minimum of 20 per year for the previous 5 years. These are just some of the questions to be asked, so to be completely confident, you would want to call me to help you with your particular situation.

6. Do you know how much your home is worth?

7. What do you do if the property might be upside down?

Do you know how your agent or negotiator would answer these questions? If not, call me for honest, expert short sale advice.

– John A. Silva  |  (619) 890-3648

GOOD NEWS or Is This a Dream?

GOOD NEWS or Is This a Dream

Home prices are showing signs of going up in San Diego and the rest of the nation according to S&P/Case-Shiller Home Price Index (read the index here).

Yes, don’t blink–it is happening. According to the monthly index, San Diego has seen increases for the 3rd straight month, and my prediction is that this trend will continue shattering any inclination of declining values. The trend should continue, given that the inventory remains at 2-3 month levels to sell a home, verses the 6+ month levels of a year plus ago.

Interest rates are still OUTSTANDING — hovering at the 4% and under area, with no indications of raising rates by the Fed for the next 1-1 1/2 years coming up. What are you waiting for? If you are biding your time after a short sale or foreclosure you experienced in recent years, don’t fret–you will be fine! Call me NOW to get advice and your credit in line, on what steps to take in order to come out of the gate sprinting when you are ready.

For sellers looking to scale-down or upgrade to a larger home, NOW is also the time to GO! I have just closed a property that I personally spearheaded to reap above market value sales price that shattered the area it was located in for an ecstatic seller and neighbors! As an experienced agent for over 20 years now, I know you all know that there is no price you can put on experience when you are talking about one of the biggest assets you and most people have in their portfolio towards their retirement. CALL me now!

For sellers who are still upside-down and want to still try to keep you home, go here NOW: www.NationalMortgagesSettlement.com. There’s no more time to waste, CALL ME–I can help guide you as I have helped sevreal homeowners with this predicament. On the other side of the coin, the LAWS PROTECTING YOU ARE EXPIRING and you may be wasting an opportunity to start over again with interest rates remaining low and the market values slowly edging up in the next several years.

While here are other real estate people that you can call: friends, family or TV advertising people who talk a good game, there is no better source for information or service from an agent with proven results that I have established and continue to produce. You are guaranteed to have me personally there the whole way, while the guys on local television cannot guarantee that, therefore promising positive results!

I am honored and grateful to serve you in any capacity you may need. God bless!

– John A Silva | (619) 890-3648 | Email me