Archive for February, 2008
Short Sales – A Step By Step Process
February 25th, 2008 Categories: Foreclosures & Short Sales
A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for. If you’re facing a short sale or foreclosure situation, read the following and call or e-mail us for more assistance.
Step 1:
Verify the value of your property. If you are selling the property through a real estate broker, your broker will provide you with an estimate of market value. If you are selling the property yourself, do your own market analysis of the area and your property.
Step 2:
Add up all the costs of selling the property. If you are using the services of a real estate broker, the broker will provide an estimate of closing costs. If you are selling the property on your own (for sale by owner), call a local title company or real estate attorney and ask, as a seller, what the closing costs will be.
Step 3:
Determine the amount owed against the property. This will be the total of all loans against the property.
Step 4:
Do the calculations. Subtract the total amount owing against the property from the estimated proceeds of the sale. On a short sale, this will be a negative number.
Step 5:
Contact the lender or lenders. Talk to someone in the customer service department and tell them the situation. They may direct you to a specific department. Talk to a supervisor or manager if possible; this person will have more authority.
Step 6:
Ask the lender what its procedures are for a short sale. Some lenders are willing to work with you by reducing the amount owed or making other arrangements. Others will look to the agents involved (if any) or anyone else who’s making money off the transaction to see if they are willing to make concessions to make the transaction happen. Still other lenders will tell you that your debt is your responsibility, one way or the other.
Step 7:
Sell the property.
Debt Relief
Here is a link t othe IRS website that has a pretty good explanation fo the tax consequences of a foreclosure. This would apply to a short sale too. http://www.irs.gov/newsroom/article/0,,id=174034,00.html
We would like to emphasize that in California there is usually no “cancellation of debt income” from a foreclosure with respect to a mortgage held by a bank or financial institution because these loans are “non-recourse”.
The same might not be true if debt is from a private lender. Cancellation of debt income is the excess of the loan amount over what the lender sold the house for. This is ordinary income, not capital gain and is not reduced by the $250K or $500K exclusion for gain on sale of residence. Not good stuff here….
If the amount of the loan forgiven exceeds the cost of the house, the difference is treated as gain from the sale of a residence. If the 2 our of 5 year rule is met, you can use the $250K or $500K exclusion.
For additional information or if you are facing a possible short sale or foreclosure, please don’t hesitate to call or e-mail us. We’ll send you information free of charge and without obligation.
short sales - a step by step process provided courtesy of ehow.com
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Welcome Hot On Real Estate Readers
February 23rd, 2008 Categories: Real Estate News
Hello Hot On Real Estate Readers…We are Now “Hot On San Diego” Real Estate! As many of you already know, we have been working in real estate and financial Services for more than twenty-five years and have called San Diego our home since 1982. As you can imagine, with such a long and extensive background in real estate people are always asking us questions about the San Diego market as it exists today.To better help our fellow San Diegan’s learn about the area, our team created a dynamic website dedicated to answering all of your questions! It’s www.HotOnSanDiego.com
On this new blog site, you can:
- Find out the value of your home
- Search for properties or open houses
- Get insider information on San Diego’s hottest communities
- Get updates on financial and economic issues
- Stay posted on the latest real estate news
- Ask me and my team for more information on just about anything!
I would like to personally invite you to post your comments about this new site and tell us what you think. The site features cutting edge technology that will allow you to comment on existing articles or ask me to write more about your favorite topics.
If you had previously registered with us as one of our VIP Buyer’s or Seller’s, your account is valid at this new site and your saved searches and favorite homes are still here. Plus, we have many new services available to you, such as our new Local Real Estate Statistics report, which is available for your zip code free of charge. Just fill out the form below for your free copy. 
Our market here in San Diego is heating up in 2008, so be sure to come back often and stay abreast of current issues and news!
So Welcome Aboard and Happy Hunting. We look forward to a better 2008 and more stability in our market. You can call us Toll Free anytime at 877-571-2289 or email suejohnson@windermere.com
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Hassle Free Information Available For Any Property In San Diego County
February 22nd, 2008 Categories: Real Estate News
That’s right-go through everything you can find on the web, write down the MLS number or address of every property that interests you. Then simply e-mail, FAX, or phone this information to Hot On San Diego; and we will give you the facts about each specific condo, home, piece of land, including price, terms, location and other pertinent information-all without asking any tricky questions designed to CLOSE YOU. 
Here at Hot On San Diego we believe that the only way for you to make an intelligent buying or selling decision is to have quality information about the properties in the marketplace.
And you should not have to call 20 different salespeople to get it. Through the Multiple Listing Service, Hot On San Diego has access to virtually every home, condo, and piece of land available in San Diego, Riverside, Orange and Los Angeles Counties. No matter which company it is listed with or where it is located, Hot On San Diego can get the information you want and need.
Hot On San Diego wants an opportunity to earn your business not by writing a tantalizingly clever ad about property, but by providing the information that can help you make educated decisions about buying or selling real estate.
If you are ready for straightforward answers and information, call for a list of our 10 best buys-in a variety of price ranges.
Call Hot On San Diego today for the hassle-free information you need at 877-571-2289or simply fill out the form below this post.
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The Truth About HomeBuying
February 21st, 2008 Categories: Real Estate News
Shopping for the right home….
THE TRUTH IS…Regardless of how much time you spend looking for the perfect home, you will never find it. Even if you build one, you will find out that it is not the perfect one after it is finished.
THE TRUTH IS…Technology is so advanced in today’s world that there is no home that could not be located through computer searches…after an honest meeting with your Realtor, giving him/her all the facts truthfully. Make a list of features you would want to have, if at all possible, within the price range.
THE TRUTH IS…An experienced real estate agent could save you a lot of headaches and possible problems when dealing with for sale by owner. If the owner knows too much or too little- you could be in trouble. The laws have changed a lot in recent years, and both buyer and seller have broader rights and disclosure obligations, which you may not know as a layman.
THE TRUTH IS… The right agent can find the right home for you!
Price Shopping and Shopping for the Right Price.
THE TRUTH IS…Shopping for a home based on price alone is wrong. The right price may not be the right home or even the right area. A home priced slightly higher than another may end up in a lower final monthly payment. Amazing!
THE TRUTH IS…Determining the right price for a home is as easy as 1-2-3. It’s almost scientific though it’s not. Just as it takes a C.M.A.(Comparative/Competitive Market Analysis) to establish the right price for a seller, a prudent buyer could ask the agent the same process to establish the reasonable price to offer.
THE TRUTH IS…It hurts you more as a buyer when you make ridiculously low offers. Making an offer is a serious business. Hence, only serious offers should be made. Giving the seller your best reasonable offer normally secures the deal at a price lower than if you made a “Lowball” offer in the first place. Friendly negotiation results in a WIN-WIN situation!
The TRUTHS About Financing Your Home
THE TRUTH IS…Financing your home is probably the most important consideration in your purchase of your next home. In fact, it spells the difference between buying and staying where you are.
THE TRUTH IS…You’re probably not capable of analyzing the viability of certain loan programs. Even some agents can’t. Read our book on “THE TRUTH ABOUT FINANCING.”
Interest Rate vs. Costs
THE TRUTH IS…Both interest rate and the cost of securing a loan are negotiable.
THE TRUTH IS…Higher loan fees may enable you to get better loan rates in the long run…but not necessarily.
THE TRUTH IS…The seller can pay for part of your closing costs. Sellers who are willing to make it a part of negotiation sell their homes quicker and for better terms!
The TRUTHS of Selecting an Agent
THE TRUTH IS…Selecting an agent is just as imperative as an ingredient as any of the one’s we’ve discussed so far.
THE TRUTH IS…A professional Real Estate Agent who puts his/her clients interest in mind can simplify the hunting process, negotiate the best terms, arrange for the best financing, and provide for a smooth transaction.
THE TRUTH IS…Honesty, loyalty, and sincerity to your agent begets honest, loyal and sincere treatment. It seems self-serving that this comment comes from the author who is a real estate agent.
THE TRUTH IS…And simply the truth is…you need a good and reliable real estate agent. After all, you are only making possibly you lifetime’s largest investment-an investment in your future.
The TRUTH About Sue Johnson & Associates and YOU!
THE TRUTH IS…Their office is set up to achieve the highest efficiency in servicing you.
THE TRUTH IS…They guarantee 100% SATISFACTION when you buy your new home with their exclusive “LOVE IT OR LEAVE IT GUARANTEE”. If you move into your new home, and find that you aren’t absolutely thrilled with, you don’t really love it; Sue will re-sell it free of charge for up to one year after the close of escrow.
THE TRUTH IS…They negotiate dozens of home sales and purchases every year. Chances are pretty darn good they know how to negotiate the best deal just for you. If you don’t know negotiations, know your negotiators.
THE TRUTH IS…Their TEAM concept consists of Customer Care Professionals, Competitive Lenders, Precise and detailed Escrow Officers, knowledgeable Title Officers, & Transaction Coordinators- all carefully selected and screened by Sue Johnson to ensure the smoothest and hassle-free transaction for you.
THE TRUTH IS…Sue Johnson is ranked at the very top in customer satisfaction and sales volume. But nobody ranks higher in their minds than you. Your personal satisfaction is their primary goal. You deserve the best!
WHETHER YOU ARE BUYING YOUR FIRST OR TENTH HOME, IT STILL PAYS TO KNOW AND NOT IGNORE THE FACTS.
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