Buying a Downtown San Diego Condo is Like Getting Married.

How can purchasing a Downtown San Diego condo be like getting married?  Easy...there never seems to be a right time for either. People think they will wait until they have the time to get married, or have the perfect income, or a huge downpayment to purchase. Turns out there is never the perfect time.  There is only the best time with all factors considered.

The Downtown San Diego condo market has turned a corner. At first glance it seems like there are a lot of foreclosures and short sales in the downtown San Diego market.  That is absolutely correct.  But further analysis indicates this is a good thing.

If you look at foreclosures in other parts of the country, you are struck by how high San Diego foreclosures and short sales seem to be compared to other states.  The reason for that is due to our method of foreclosing.  California has a process in place that does not require court approvals.  Once the Notice of Default is filed, the system takes over.  That is unlike foreclosing in some other markets. Courts are involved and if you read the news, you know a lot of the robo foreclosures have been halted by courts.  California foreclosures have just been chugging along, slowly but surely.

Halting a foreclosure doesn't mean it goes away.  It just means it becomes part of the shadow inventory.  California has some of the lowest "shadow inventory" in the country.  Areas like New York, Chicago, Long Island are going to have a lot longer road to reach the light than we are.  

We have a report showing how the "shadow inventory" is working and if you would like a Free copy of this report, just shoot us an email or text Victoria and ask for Shadow Inventory report.   Of course make sure you leave us a valid email or street address.

It is a fantastic time to purchase in Downtown San Diego.  Once we finish the bulk of foreclosures by the end of 2011, you will see there is really no new inventory being built in Downtown San Diego.  Be part of the exciting Downtown San Diego lifestyle.  Get up off the couch and give us a call or email.  We are here to help you achieve your dream of ownership.

Downtown San Diego Condos: Short Sale Updates. Run from RCS

What is happening in today's short sale world?  What have we learned working with our San Diego real estate owners?

There is some good news with short sales and some bad news.  Let's talk about the good news first. Many lenders have seen it is better for their bottomline to work with a seller and buyer than go through the foreclosure process.  These lenders are actually starting to be cooperative.  The Bank of America has adopted a computer based short sale process called Equator.  You can upload required documentation and see the short-sale process unfold.  If you are missing something, the system notifies you.  If you need something, the system notifies you.  The B of A is making it easier for the consumer to work through the mess they have found themselves in.  

Other lenders are not acting in good faith.  RCS (Residential Credit Solutions)  is one of those lenders as far as we are concerned.  We have been working with RCS for a year on a short sale and they have no intention of working with our seller.  Our seller is in the military.  She has been transferred.  She tried to keep up with payments.  It finally became too much.  We had a short sale buyer.  In our opinion, RCS acted in bad faith and our seller  lost the buyer.  We have been trying to obtain a loan modification for our seller.  She really wanted to keep the property.  RCS put up so many roadblocks, it became evident they would not work with a modification.

Our client is being deployed out of the country.  We tried the Sailor and Serviceman's Relief Act.  Our client should have been covered.  RCS spent the time and money to have attorneys find a loophole and our client is losing her condo to foreclosure tomorrow.  We are depressed about this.  She did everything she could to keep her condo.  We did everything we could to help her obtain a modification or workout.  The short-sale negotiator we used in this case did everything he could to help her.  RCS did nothing but hang up the phone and refuse to work in good faith.

We are sad and we are depressed because we know our client is not the only one experiencing this at the hands of RCS.  It makes you wonder why?  Are they receiving money on the backend from the U.S. Government?  What is really going on?  We don't know.  We will probably never know.  All we know is that in our opinion and experience,  RCS acted in bad faith and they probably aren't the only lender around doing that.  Our hats are off to lenders like the Bank of America, Wacovia and Wells Fargo.  They are at least trying to help the consumer.

If you would like some additional information regarding selling your home or condo, visit our Oops It Didn't Sell website. We have a FREE booklet you can download.  If you have any short-sale experiences to share, let us know.

Downtown San Diego Condos: FREE Short Sale Consultation

Courtesy of LYNfabrikken at FlickrShort sales have become the buzz words in the real estate world right now.  A simple explanation is that a lender will take less than what is owed because it is cheaper than waiting and taking the property as a foreclosure.  Although the lender gives you the idea they are "bending over backwards to help you", they are calculating how to mitigate their loss, not yours.  Downtown San Diego has a lot of buildings that come online over the last 7 to 8 years.  Prices have decreased.  Some owners may need to move on with their lives.

• There are a lot of scam artists in this new world.  We are always on alert for a "new" great deal.  Some people who say they can "help you" negotiate with the bank also want some up front fees.  NO NO NO!  There is no need to pay anyone money upfront.  A short sale can be negotiated without up front fees.
• We have found a company that will negotiate short sales and they do not take up front fees.  If the bank does not complete the short sale, there is no fee payment.  Makes it pretty simple for all involved.
• We are currently working with three of our sellers on these short sales.  One sale will close in Septmenber and the negotiator will be paid then.  In fact, as hard as this is to believe, the bank has agreed to pay the negotiator's fee.  These negotiators have done a great job for our client.  Although a short sale does impact your credit for awhile, it is a lot better than having a foreclosure on your record.  A short sale generally shows as Paid In Full for Less Than Is Owed  That is better than bankrupting yourself with payments you can't make right now.  Once you figure out how long it might take for your property to regain its value, a short sale may be the most prudent course of action.
• Although short sales can take forever to get approved, the timeframe is speeding up and when you work with someone who knows the players in the gaqme of short sales, it helps mitigate the frustration these sales create.

Victoria and I would like to offer an opportunity to anyone who is even thinking about a short sale.  Contact the negotiator we use.  Ask for a FREE consultation.  Daniela will tell you whether she thinks the short sale can be completed or not and get you out in one piece.  This consultation may put your mind at rest and at the least you will know your options and be able to make an informed decision.

Call Daniela Hanna @ 503-997-6662 (Premier Negotiations LLC) and tell her we suggested you call for the FREE consultation.  Pick her brain.  Give her name and number to anyone you know who might be in a tough spot right now.  Remember, there are NO UP FRONT FEES.  Just information.

By Sharyn & Victoria Crown, Coronado and Downtown San Diego real estate brokers

This is part of a series of articles entitled, New Condos, Downtown San Diego Style

New Condos Downtown San Diego - Discovery

Discovery's Newest Listing

Here is my take on one of today's new listings at Discovery.  Although Discovery has passed its time as a new Downtown San Diego condo, it is located in a good neighborhood and offers affortable pricing.  It is a short sale (which is a story in itself) and just one of thirteen properties available for sale in Discovery as of this afternoon.

If you would like to further search Discovery just click here for the direct building link.

By Sharyn & Victoria Crown, Downtown San Diego real estate agents

This is part of a series of articles entitled, New Condos, Downtown San Diego Style