DOWNTOWN SAN DIEGO: ARIA Cortez Hill Condo Ready for Quick Sale! - Big Block Realty

DOWNTOWN SAN DIEGO: ARIA Cortez Hill Condo Ready for Quick Sale! - Big Block Realty

 

 ARIA - "The perfect balance in urban living"

1441 9th Ave. San Diego, CA 92101

View What's Available Now in the ARIA building - http://freesdhomesearch.com/index.php/downtown-san-diego-condos-for-sale/

Perched atop the historic Coretz Hill neighborhood, the highest point in downtown San Diego, ARIA offers a perfect balance in urban residential living. A five minute walk and you're in Little Italy, Gaslamp, Marina or the East Village neighborhood home to the San Diego Padres and Petco Park. Life at Aria gives you access to all the Restaurants, Nigh Clubs, Gaslamp Bars, Shopping and all of the wonderful things San Diego has to offer. The beautiful thing about the Cortez Hill neighborhood is that your home will always be in a quiet, clean, almost surburban like area. San Diego Copley Symphony Hall, the charming Tweet Park, and the University Club are right around the corner. Balboa park and the San Diego Zoo is within a short walk of ARIA's front door too! At ARIA, you'll find a fully equipped Fitness Center, Lap Pool and Hot Tub, and an Entertainment Room with catering Kitchen and Wet-Bar, Pool Table and a 60 inch Home Theater. All the common area amenities you'd expect with a luxurious downtown lifestyle!

Call for pricing, or for more photos, and to see units currently available at Aria. Start Here ARIA - http://freesdhomesearch.com/index.php/downtown-san-diego-condos-for-sale/

To schedule a showing, please contact: (760) 237-8006

How to Buy a House Step 1 "Get Prequalified for Your Loan" - Real Estate Mortgage Prequal

When Buying a Property many people ask, what is the first step, Should I Get Pre-Qualified for a Loan first?




The answer is Definitely Yes! Before you start looking to purchase a new home or condo, you should review your finances, discuss your home loan options, figure out how much you can afford, and get pre-qualified. Getting Pre-qualified is a simple process thatwill put you in a much better position because you will have the confidence to move forward with a purchase and it will give you significantly more negotiating power when purchasing.

What does it take to get pre-qualified for your loan? Not as much as you might think... With a short phone conversation, we can briefly review information about your employment, debts, income, and assets. We can also look at your credit profile, discuss your down payment options, and cover the different loan programs that can work for you.

Once you get pre-qualified, your loan officer will give you what's called a Pre-Qualification Letter. This letter states that, as your loan officer, they have reviewed your finances and can get you qualified for a loan up to a certain amount. The whole process is simple and to the point,the paperwork is kept to a minimum, and generally your loan officer can provide most clients with a "Pre Qual letter" within about 15 minutes.

Once pre-qualified then you can go out and find the home or condo that catches your eye. Once you and you decide on "the one", being pre-qualified for your mortgage will do a couple of things. First, it lets you know in advance how much you can offer. Second, your real estate agent(me) wil submit your mortgage prequalification letter with your offer so that the seller knows that a lender has reviewed your situation and that you can afford the home.

It puts you in the best possible position and gives you the most negotiating power when buying a house, so make sure you get qualified in advance.

Contact me if you have any questions or need any help,

Oliver Graf

Real Estate Expert
http://www.ThinkOG.com

How To Make Sure You Don't Over Pay When Buying A House

Local San Diego Realtor's and National Real Estate Speaker's Oliver Graf and Sam Khorramian reveal the secrets on making sure you don't pay too much when you buy a house or condo.

When buying a home, town house, condo, high rise unit, or an investment property, making sure you don't over pay is key.

Watch this quick video on "How To Make Sure You Don't Over Pay When Buying A House"



Some quick tips on how to make sure making sure you don't over pay when buying a house or condo.

- Be sure to throughly evaluate all the comps. Look at what is active, pending, and sold. Stay within half a mile of the subject property and only look at sold properties 3-6 months back at most.

- Drive the neighborhood and surrounding areas at different times of day so you get a feel for the "location". As they say real estate is all about "location, location, location".

-Find Out How Much the Seller Paid

-Determine the Seller's Mortgage Balance

-Look at how long (how many days) the home has been on the market.

If you have any questions feel free to contact me, Talk to you soon!

Have real estate questions? http://www.thinkog.com/

To your Success,

Oliver Graf

Senate Bill 458 gives added protection to short-sale hopefuls

On Friday July 15th 2011, Gov. Jerry Brown signed Senate Bill 458 (Corbett) into law. The new law, which contained an urgency clause and became effective upon signing, protects homeowners pursuing short sales by barring first and secondary lien holders from going after sellers for money owed after the short sales close.

Making sense of the story

-- A short sale – a transaction in which the homeowner sells the property for less than is owed on the mortgage – must be approved by the lien holder or lien holders, if there is more than one.

-- Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short-sale payment as full payment for the outstanding balance of the loan, but the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.

-- The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) sponsored the bill and urged lawmakers to pass this much-needed legislation.

-- “The signing of this bill is a victory for California homeowners who have been forced to short sell their home, only to find that the lender will pursue them after the short sale closes and demand an additional payment to subsidize the difference,” said C.A.R. President Beth L. Peerce. “SB 458 brings closure and certainty to the short-sale process and ensures that once a lender has agreed to accept a short-sale payment on a property, all lienholders – those in first position and in junior positions – will consider the outstanding balance as paid in full, and the homeowner will not be held responsible for any additional payments on the property.”

From July 21, 2011. C.A.R's Market Matters
Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®



Contact me if you have any questions or need any help,

Oliver Graf

Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360

How to work with Homeowners (for Agents Real Estate and Investors)

Currently over 25% of mortgages are over-leveraged,
meaning these properties are worth LESS than the amount
of the mortgage.

There is an estimated 7 MILLION foreclosures coming
down the pipe over the next few years, and right now
luxury homes are going into foreclosure twice as fast as
the medium-priced homes.

THIS IS A PERFECT STORM FOR YOUR
REAL ESTATE BUSINESS!!

Once you locate a potential short sale deal and you set
the appointment with the homeowner, there are three
major factors to understand...

1) Homeowners can be skeptical. Many of these homeowners
are in a short sale situation because of a loan officer that put
them into a bad loan, they were tricked into terms they did
not understand, or they got in over their heads.

2) They are most likely in some sort of hardship. It could be
anything from Job loss, to death of a spouse, medical issues.

3) They have a lot going on in their heads, particularly fear
of making a bad decision.

Learn to be there for them and come from a place of service.

Be real with them and educate them on what their options
are. When you put their interests first and show a strong
knowledge you will get the deal every time!


To your success,

Oliver Graf
Real Estate Expert

Why Invest in Real Estate Now?

Now more than ever Residential real estate ownership is gaining ever-increasing interest from retail investors for many of the following reasons:

--The current market can provide incredible deals and even in a "bad market" Real estate provides more predictable returns than stocks and bonds.

--Real estate provides an inflation hedge because rental rates and investment cash flows usually rise by at least as much as the inflation rate.

--Real estate provides an excellent place for capital in times when investors are unsure of prospects in the stock and bond markets or when investors expect long-term returns in stocks and bonds to be inadequate.

-- Cash Flow, Cash Flow, Cash Flow

--The equity created in a real estate investment provides an excellent base for financing other investment opportunities. Instead of borrowing from a 401(k) or family member to get the capital, investors can borrow against their equity to finance other projects. The relative ease in borrowing against a real estate investment combined with the deductibility of the mortgage interest makes this option a less-expensive method for financing other opportunities for investors who are comfortable taking on the additional financial risk.


Feel free to contact me if you have any questions.



To your success,

Oliver Graf

Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360

Options for Property Owners struggling with their mortgage

Owners of distressed or “up-side-down” properties are face with many choices on both a financial and emotional level. For the struggling homeowner it is important to understand that when they are in a “distressed” position any of the following could have negative credit / tax consequences.

1) Loan Modification: This is where the homeowner and the lender come to an agreement. A modification can involve reducing the interest rate, deferring payments on the loan, an extension of time to pay back the mortgage, reduction in balance, or a combination of all of these possibilities.
Note: According to the Treasury Department, only 9% of home owners eligible for mortgage modifications have actually had their payments reduced, Only 1 in 50 have had any debt reduced, 78% see their debt increase as a result of late charges / attorney fees / missed payments, 63% of modified loans end up back in default within 1year. So while this option can sound really great, most banks and lenders are not actually helping the majority of people who apply for a loan modification.

2) Foreclosure: Foreclosure is a legal process through which the mortgage holder gains title to the property form a homeowner show has stopped paying their mortgage. After certain time periods, the lenders can foreclosure with or without the consent of the property owner.

3) A deed in lieu: Also known as cash for keys. A deed in lieu can happen when the homeowner offers to “give back” the property to the lender before the foreclosure date. The lender gets the property back without having to go through the entire foreclosure process and agrees to accept title to the property from the homeowner. In exchange they forgive the loan, and can give the homeowner a small amount of money to walk away. The deed in lieu must be agreed to by the lender and the homeowner.

4) Bankruptcy: A legal action generally filed by a homeowner to have debt (s) discharged. An “automatic stay” happens once someone files bankruptcy, “staying” all actions against the person. While petitioning for bankruptcy can cause delays in the foreclosure process. It does not necessarily prevent a foreclosure from eventually occurring.

5) Short Sale: Many people consider this the best option because the lender agrees to let a homeowner sell the property at today’s market values as opposed to what is owed on the mortgage.



What options have you tried / seen work best?



To your success,

Oliver Graf

Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360

Exactly what is a Short Sale?

A short sale describes a Real Estate transaction in which a sellers
lender or lenders (depending on how many mortgages there are) agree
to allow the homeowner to sell the property for an amount less
than what is owed on the loan(s).

The consent of the seller’s lender(s) is needed because without
it there wouldn't be enough money from the sale to pay off the
lenders in full in addition to the other costs of the sale (like
commissions and other closing costs.)

As a result, the lender’s lien(s) would remain on title, and
the homoeonwer selling the property would be unable to
transfer title to the buyer free of monitary liens.

Simply put, a short sale is where the lender agrees to allow
the homeowner to sell the property for less than what is owed
on the mortgage (s).

Peroperties that are worth less than the amount owed to the
secured lender(s) are often referred to as being “under water”
or distressed properties.

Big Industry News affecting Short Sales in California...

Big Industry News affecting Short Sales in California...

Senate Bill 931 was recently passed giving much relief
to sellers who are in a short sale position.

The bill expands existing anti-deficiency laws for first lien
holders regarding loans secured by properties of 1-4
units to short sales and took effect on January 1, 2011.

This is BIG for Sellers, Investors, and Agents!

In part, the new law provides that: "No judgment shall be
rendered for any deficiency under a note secured by a first
deed of trust or first mortgage for a dwelling of not more than
four units, in any case in which the trustor or mortgagor sells
the dwelling for less than the remaining amount of the indebtedness
due at the time of sale with the written consent of the holder
of the first deed of trust or first mortgage."

Simply put, California sellers who are granted a short sale
by a lender holding a first mortgage will now be exempt from
a deficiency judgment.

This is great news for any of your deals your currently working on
and great news for the business over the next year!

One of the most discouraging aspects for a homeowner facing
a short sale is the threat of deficiency they will experience for
selling their property short.

Fortunately, with Senate Bill 931 homeowners will no longer
be responsible for a deficiency on first mortgages in California.

Full text available here:
http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_0901-0950/sb_931_bill_20100930_chaptered.html

What impact do you think this will have on the market and sellers in general?

To your success,

Oliver Graf

Real Estate Expert

Follow me on Twitter: Twitter.com/OliverGraf360



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New FICO 8 Mortgage Score Now Available on all Top Three U.S. Credit Reporting Agencies

FICO, the nations leading credit score provider announced some big news....

A brand new FICO® 8 Mortgage Score

This new credit scoring model is designed specifically for mortgage lenders and focuses on providing a more precise risk assessment for the real estate market.

FICO® claims that the new FICO 8 Mortgage Score will reduce borrower, lender, and investor risk, and help support market stability

The FICO® 8 Mortgage Score will analyze the full credit history for the borrower and aids mortgage professionals in better predicting a borrowers risk so they can mitigate the incidence and high cost of foreclosure.

Take a look at this Exerpt from the FICO.com website...

"MINNEAPOLIS—October 26, 2010—FICO (NYSE:FICO), the leading provider of analytics and decision management technology, today announced that its latest credit scoring product, the FICO® 8 Mortgage Score, is now available from all three major U.S. credit reporting agencies. Mortgage lenders now have access to more precise risk assessment tailored for the real estate market, which can help support market stability and reduce borrower, lender and investor risk.

The FICO® 8 Mortgage Score was built specifically to help mortgage lenders better predict mortgage performance and improve credit decisions for both current and prospective homeowners. The score analyzes the full credit history on file to deliver significantly sharper assessment of mortgage repayment risk, and aids servicers in earlier identification of borrowers at risk so they can mitigate the incidence and high cost of foreclosure. Validation results have demonstrated an additional predictive value of up to 15 percent for mortgage servicing over the broad-based, all-industry FICO® Score used most widely today.

“The FICO 8 Mortgage Score’s broad availability means that all U.S. lenders and servicers can now easily access scores that are fine-tuned for mortgage performance,” said Jordan Graham, executive vice president of Scores and president of Consumer Services at FICO. “Moreover, by combining this superior predictive performance with the FICO Economic Impact Service, lenders are able to adjust policies and strategies quickly based upon forward-looking economic modeling. This is what we mean by the FICO analytic advantage: the ability to use the most advanced predictive analytics to compete and win in this highly challenging environment.”

“To do the best job of evaluating risk and increasing profits, lenders need updated credit scoring analytics that incorporate mortgage credit performance since the subprime mortgage meltdown,” said Craig Focardi, senior research director at TowerGroup. “The availability of mortgage credit scores across all three credit reporting agencies will enable lenders to upgrade their loan underwriting and account management practices.”

The FICO® 8 Mortgage Score retains the same 300-850® scoring range, minimum scoring criteria, authorized user and inquiry treatment as the general-risk FICO® 8 Score. To achieve its significant increase in predictive strength, FICO Mortgage Score assesses several additional data variables from consumer credit files to specifically predict mortgage repayment risk. Accordingly, FICO Mortgage Score includes additional score reason codes compliant with the Fair Credit Reporting Act that help lenders understand and explain the scores to applicants."

Full Post here: http://www.fico.com/en/Company/News/Pages/10-26-2010.aspx

How do you think this new scoring system will affect the Lending Industry?

To your success,

Oliver Graf

Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360



*** Make sure you sign up for our FREE mailing list today! ***

The price of a “no-cost” loan

Some home buyers who may be concerned about paying high closing costs might be tempted by a “zero-cost” or “no-cost” loan option, which requires no cash outlay, but typically adds a half percentage point to the rate.

However, some financial consultants say these loans tend to be most beneficial to buyers planning to have the loan for less than five years.

KEEP THIS IN MIND

• One of the primary differences between a no-cost loan and similar loans is that no-cost loans do not tack on closing costs to the balance, but instead increase the rate.

• With no-cost loans, third-party fees including the appraisal, credit report, title insurance, recording, and the use of a mortgage broker are paid by the lender. The fees, including the amount the broker is being paid, are disclosed on the closing statement.

• Home buyers who bypass a broker and work directly with a lender may encounter less transparency, as loan officers are not required to disclose the amount the bank is making on the loan.

• Borrowers weighing their loan options are advised to use a mortgage amortization calculator to compare the costs for a conventional loan compared with a no-cost loan. The Federal Reserve provides an amortization calculator on its Web site at www.federalreserve.gov.

Read the full story:
http://www.nytimes.com/2010/10/24/realestate/24mort.html?ref=realestate


What are your thoughts on "No-cost" Loans?



To your success,

Oliver Graf

Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360



*** Make sure you sign up for our FREE mailing list today! ***



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Real Estate Purchase
Real Estate Sales

Real Estate Buying

San Diego Based Real Estate Blog

The FHA’s 203(k) Rehab Program provides loans that cover Rehab & Renovation costs

Here is a great loan program if you are looking to do Rehabs or buy a property that needs work...

A little-known loan program for fixer-uppers

Home buyers thinking of purchasing a distressed property in need of repair, but who are concerned that the cost of the repairs could drain their savings account may qualify for the Federal Housing Administration’s (FHA) 203(k) rehabilitation program.

MAKING SENSE OF THE STORY FOR CONSUMERS

* The FHA’s 203(k) rehabilitation program provides loans for covering renovation costs as well as the purchase price of the primary residence. Investors are not eligible for this program. Additionally, similar to traditional FHA loan programs, the rehab program allows for a down payment of as little as 3.5 percent.

* A common misperception about the program is that the house needs to be unlivable. Realistically, the property just needs to be outdated, according to a lender familiar with the program. The property “just has to appraise below market value and then at market value with the repairs.”

* Improvements deemed “luxury” are ineligible; however, the program has a wide range of definitions for “repairs” and “modernization.” Covered repairs include items such as a new roof or heating system, as well as decorative changes, like replacing vinyl with ceramic tile on the kitchen floor or painting the interior.

* In addition to putting down at least 3.5 percent of the current value of the property, buyers also must use a HUD-approved lender, appraiser, and a contractor approved by the lender for the repairs. One list of approved businesses can be found at 203kcontractors.com.

* Borrowers considering the FHA rehab loan program should be aware that loan rates typically run around a percentage point higher than conventional loans, and come in 15- to 30-year terms, either fixed or adjustable. Additional paperwork for inspection, appraisal, title updating, and the like can increase closing costs by $1,000 or more higher than the average.

* For additional information about the FHA 203(k) rehabilitation program, please visit http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

From Oct. 21st, 2010. Market Matters Weekly Advisory
Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

How do you think buyers can benefit from this program?

How to Price a Property correctly - Sell Real Estate FAST

How to Price a Property correctly so you can sell it quick and get the most amount of money - Sell Real Estate FAST

When you put a property up for sale, the price you set is the most critical factor in terms of the return you’ll receive on your investment. That’s why you should always get a professional evaluation before deciding the price (You can contact me anytime if you would like a FREE help pricing property). Look at the facts and do an honest assessment of the property, based on several factors, including but not limited to:


• Market conditions
• Condition of your home
• Repairs or improvements
• Selling timeframe


In real estate terms, “market value” is the price at which a particular house, in its current condition, should sell within 30 to 90 days.

If the price of your property is too high, this could cause several things:

• Limits buyers visiting the property. Potential buyers may not view the home because it appears to be out of their buying range or “over priced”.

• Limits the number showings. Other salespeople may be more reluctant to view your home and show it to their prospective buyers.

• Used as leverage against you. Other Realtors® may use the price of the subject property to drive the sale of other homes that are more competitively priced.

• Longer time on the market. When a home is on the market too long, it may be perceived as “stale” or defective. Buyers wonder, “what’s wrong with the property,” or “why hasn’t this sold yet?”

• Lower price. An home that is priced too high, still on the market beyond the average selling time, could lead to a lower selling price in the end. To sell it, you will have to reduce the price – sometimes more than once. In the end, you run the risk of getting less than if it had been properly priced in the first place.

• Wasted time and energy. A bank appraisal is most often required to finance a home, so if it is overpriced it will not appraise and they buyers lender will force a reduced price.

Real Estate Professionals have known it for years – well-kept homes that are priced right from the start get you the fastest sale for the best price! And that’s why you need a highly trained professional to assist you in the selling of your home.

Often, in a seller’s market, homes that are priced slightly below market value initially will sell for more, simply because of the extra interest they incite. This can be a risk, however, and when it comes to such a decision you can contact me for help any time.



If you have any other questions please contact me anytime


Oliver Graf
Real Estate Expert


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Real Estate Sales
Real Estate Buying
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San Diego Based Real Estate Blog

Tips on loans and financing for Mobile and Manufactured Homes

What are mobile home loans?

Mobile homes are actually manufactured homes which are normally found in campsites or mobile home parks. They are transported by tractor-trailers over public roads to sites. Sometimes they are used as temporary accommodation on campsites. These houses can be placed in one location permanently as well as can be moved to other areas. If you want to buy this kind of homes, then you can take the help of mobile home loans from FHA (Federal Housing Administration) approved lenders. FHA approved lenders generally give loans from their own funds to eligible borrowers to finance the purchase of mobile home. FHA insures the lender against loss if the borrower can't make the payments.

Objective of the loan
The mobile home loan is used to purchase a manufactured home, a lot on which a manufactured home is to be placed.

How to qualify for mobile home loans?
The eligibility criteria for the mobile home loans are as follows:
• Borrower should have sufficient income to make the minimum required down payment.
• Borrower must be able to prove that they can make the payments on the loan and cover their other expenses.
• Borrower primarily intends to occupy the manufactured home as his principal residence.
• Borrower must have a suitable site to place the manufactured home. It can be a rental site in Manufactured Home Park or can be a home site. The site should have adequate water supply and garbage disposal facilities.
• The borrower should have an average credit score.

Loan term
The maximum term for a manufactured home or a single-section manufactured home is twenty years. However, for a multi-section manufactured home and lot, the term is for 25 years. For a manufactured home and lot, the term is for 15 years.

How can you find the dealer who gives mobile home loans?
You can get the contact details of the lenders in your area who give mobile home loans from the local retailers. Contact us if you need help of have any questions.

However, it should be noted that one of the basic criteria for getting mobile home loans is that manufactured homes must be according to the Model manufactured home installation standards.


Investing
Mobile home parks can be a great investment for the short and long term. If your interested in comercial real estate, especially mobile home parks, I recommend you take a look at this system, they give you everything you need to succeed. Click Here to find out how to make money with mobile homes!








Guest Post by:
Sabrina Gomez
http://www.mortgagefit.com/mobile-homeloan.html


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Real Estate Purchase
Real Estate Mobile homes
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San Diego Based Real Estate Blog

5 Reasons to Avoid Foreclosure at all costs! - How bad is a Foreclosure?

5 Reasons to Avoid Foreclosure at all costs!

1) Unlike most negative credit items, having a foreclosure on your credit report is virtually impossible to “repair”

2) A homeowner will always have to disclose that they went through foreclosure on all future mortgage loan applications affecting future financing rates and program availability.

3) Major decrease on your credit report affecting a persons ability to get to get a car, personal loans, or credit cards.

4) When filling out rental applications you must disclose that you have went through foreclosure, greatly reducing the number of apartments available for rent.

5) Many Employers run credit checks when applying for a job, foreclosure is one of the main items putting potential new hires in jeopardy of not getting a job.

To your success,

Preston Matix
Real Estate Investor




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Real Estate Purchase
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San Diego Based Real Estate Blog

Sentate Bill 94 - Does it hurt the chances for getting Loan Modificaion Help?

Sentate Bill 94 - Does it hurt the chances for getting Loan Modificaion Help?

The California Assembly recently passed Senate Bill 94, a bill that aims to protect homeowners from loan modification scammers. However, does it end up having the unintended consequence of eliminating a homeowner’s ability to retain an attorney to help them save their home from foreclosure.

The bill, which included an “urgency clause” and was set to start immediately. SB 94 prevents companies, individuals, and even attorneys… from getting up front fees or any other form of compensation until after the Loan Modification has been completed.

Supporters of the bill say that the state is currently over run with scam artists who take advantage of homeowners desperate to save their homes from foreclosure by charging exorbitant up front fees and then failing to deliver anything of value in return. In their opinion, by making it illegal to charge up front fees, they will be protecting consumers from being scammed.

While there’s no doubt that there have been unscrupulous companies that have taken advantage of homeowners in distress, the number of these “con artists” is unclear. It was time for something to be done, but does SB94 fix or worsen the problem?

Supporters, state that homeowners will still be able to hire attorneys, but that the attorneys will now have to wait until after services have been rendered before being paid for their services. They say that attorneys, just like real estate agents and mortgage brokers, will now only be able to receive compensation after services have been rendered.

People who oppose the bill on the other hand say, “Getting a lender or servicer to agree to a loan modification takes months, sometimes six or nine months. If I worked on behalf of homeowners for six or nine months and then didn’t get paid by a number of them, it wouldn’t be very long before I’d have to close my doors. No lawyer is going to do that kind of work without any security and anyone who thinks they will, simply isn’t familiar with what’s involved. Real estate agents get paid through escrow, where is our security”

Take a look in the future…
California’s ALT-A and Option ARM mortgages are just beginning to re-set, one third of these types of mortgages are still set to adjust in the next 24 months! This will cause homeowners payments to rise, and with almost half of the mortgages in California already underwater, these homeowners will be unable to refinance and foreclosures will increase as a result.


For more information take a look at SB94: http://info.sen.ca.gov/pub/09-10/bill/sen/sb_0051-0100/sb_94_cfa_20090327_152419_sen_comm.html

Does SB 94 end up reducing the number of legitimate firms available for homeowners to turn to? Will SB 94 actually stop con artists from taking advantage of homeowners in distress? Or will it end up only stopping reputable lawyers from helping homeowners?



To your success,

Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360



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Real Estate Pre-Foreclosure
Real Estate Short Sale
Real Estate Loan Modification
San Diego Based Real Estate Blog

Short Sale Success! Wachovia short sale with 3 loans!!

The short sale of real estate is not a questionable practice in today's softening real estate market, it may be a necessity. The short sale transaction is a legal and much more beneficial alternative to foreclosure or even bankruptcy. Lenders are motivated to accept short sale offers to for a number of good reasons. The short sale of your home can result in a win-win-win situation for all parties involved

Our latest short sale success was on a property that had 3 mortgages and over 5k in back HOA payments!




1st Lender: Wachovia
2nd Lender: Wachovia
3rd Lender: Dyckoneal


Our team was able to negotiate with all lenders to agree to the short sale terms and pay off ALL the HOA arrears!

Please contact me for NO COST help with short sales!


To your success,

Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360



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Real Estate Submit Short Sale
Real Estate Short Sale
Real Estate Avoid Foreclosure
San Diego Based Real Estate Blog

Foreclosure Properties are selling at a Record Pace - Get them before they are gone!

Good Foreclosure Properties are selling FAST!

Buyers in most areas are finding that bank owned / real-estate owned (REO) properties(homes that the lenders have repossessed and put back on the market)often are selling the day they are listed for sale, sometimes faster. According to the founder of Foreclosure.com, offers on REO properties are coming in immediately after the listing comes on the market, and some homes have been put into contract in less than 90 minutes.

What this means to buyers today…

• On average, inventory on California properties priced less than $300,000—the most-competitive price point for todays foreclosure buyers—have dwindled from a 10-month supply a year ago, to less than a 4 month supply in July, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

• Since the inventory levels of homes priced in the lower end of the market are so low, buyers are finding that lenders/sellers are not willing to negotiate on the price. In many instances, lenders/sellers expect the first offer to be the best and highest possible for the buyer, and most are being sold over list price. Since competition is so high, when writing offers be prepared to make the best offer you possibly can upfront in order to be considered.

• Instead of holding onto REOs for the best prices—and paying the property taxes and maintenance and carrying costs—many banks are selling these properties as quickly as possible, according to Foreclosure.com. “In this market, if banks can liquidate them fast, it makes more sense to get them off the books,” said the company’s founder.

• In spite of efforts by lenders and the government to prevent foreclosures, many economists and housing experts are predicting another wave of foreclosures by year’s end, and many of those properties will be offered for a quick sale. According to the U.S. Comptroller of the Currency, 53 percent of loans that were modified in the first half of 2008 fell back into arrears and will most likely end up in foreclosure down the road


If you are serious about buying property while taking advantage of the available tax credits make sure that you and your agent are prepared to work quickly!


What have you noticed from the REO buying experience?


For any help or questions on buying REO’s Please contact me:

Oliver Graf
Real Estate Expert


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Real Estate Purchase
Real Estate Sales
Real Estate Buying
San Diego Based Real Estate Blog

How to Submit a Real Estate Short sale: What you need to know

How to Submit a Real Estate Short sale: What you need to know...

Submitting the Short Sale

So you have met with(or are) the homeowner and have the property on the market getting the proper exposure. Now it’s time to prepare the documents and submit for a short sale. This is the most time consuming part of the Short Sale process especially if you do not stay organized and take notes on all your conversations with the lenders.

What the real estate agent will need:

Authorization to Release Information: This form allows your real estate agent, escrow company, and title company to talk to a lender on behalf of the borrower. The lender will not talk to anyone unless they have this on file.

CMA: With the current Active, Pending, and Sold properties going 90 days back(close of escrow)
Listing Contract: The Listing Contract, Short Sale Addendum, and MLS printout.
Offer to Purchase: Retail offer to purchase on the subject property


What needs to be provided to the lender(Including everything listed above):

Financial Worksheet: Shows your assets, liabilities, and expenses. Great tool for presenting the borrowers current “hardship” to the lender.
Proof of income: You will need the last 2 pay stubs and last 2 years W2's. If you are self-employed, you will need last 2 years tax returns and a Profit and Loss statement for the past 3-6 months.
Bank Statements for the past 2 months: Showing balances and spending history.
Hardship Letter: This is where the borrower has the opportunity to “state their case” to the lender. Why did the situation occur? Why do you need to sell? What is going on with your hardship now?
Last 2 years of tax returns: All pages are needed and if you filed an extension, submit the extension paperwork.


Once you have all of the paperwork together, send it all at once and as soon as possible. Make sure it's complete and legible. Also, make sure you are constantly following up because the lenders a overwhelmed with requests and sometime lose track of progress. There is a long line of borrowers ahead of you so if the file is missing anything, you will get notice but the file will go to the bottom of the pile again.

What have you noticed in your short sale experience?

If you need any help with short sales, contact me today!


To your success,

Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360



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Real Estate Submit Short Sale
Real Estate Short Sale
Real Estate Avoid Foreclosure
San Diego Based Real Estate Blog

How to get more Short Sale Business Tip #1 of 8 (For Investors, Realtors, and Brokers)

How to get more Short Sale Business Tip #2 of 8 (For Investors, Realtors, and Brokers)

Tip #1 of 8 on how to get more Short Sale Business

I am committed to growing your business by providing
marketing tips and structuring the short sale so you keep your full
commission and do minimal work.

This tip is all about:

CALLING EXPIRED SHORT SALE LISTINGS.

A MLS search can provide another piece of useful information that most
agents don’t utilize.

An expired short sale listing can sometimes be up for the taking. Approach
the seller by explaining that their property most likely didn’t sell because it was not priced correctly. This can be quite common with the constant fluctuation in the market.

Setup a search in the MLS to deliver updates
to you every day with the following criteria:
1. Expired listings
2. Short sale
3. Price range and location you want to work

By offering them a no-cost solution to their problem by using YOUR listing
experience and Short Sale Pros negotiation expertise, they have the best chance at
selling their home, saving their credit, and insuring their ability to purchase again.


What other methods are you using to take advantage of the short sale market? Look out of tip 2 coming out soon!


Keep in mind, you can contact me anytime to help get your short sales closed, with our model you keep all your commission and do none of the work!

To your success,

Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360



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Real Estate Foreclosure
Real Estate Short Sale
Real Estate Avoid Foreclosure
San Diego Based Real Estate Blog