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Chula Vista, CA Real Estate News

Eastlake, Chula Vista CA: Take a break from Short Sales and Foreclosures on your doorstep. Where in the Country can you do all of the following activities within a 5 mile radius of your front door? My hometown of Eastlake CA located east of Chula Vista and 15 miles South East of San Diego CA Today my 9 year old son Jacob told me he was bored as his best friend had moved out of the area. What do you want to do I asked? I don't know was the reply. So we jumped in the car and drove down to Otay Lake about a mile away. We had been to the lake before but I new there were 2 man kayaks for rent and hopefully would relieve Jacobs's boredom. As we paddled around the lake we saw dozens of parachutist's falling out of the sky. After we had finished our kayak adventure we decide to go over to the s...
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Chula Vista CA - I know a guy that wiped out 300k in mortgage debt. I'll call him Tom. The name and some of the details have been changed to protect his privacy. Tom owed a lot of money on his house. He owed 600k on a first mortgage and then another 300k on a second mortgage. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. Tom's income dropped dramatically. He almost lost his home. He finally got a new job and was able to pay the first mortgage payment. Because they were closer to foreclosing, he found a way to pay them. But, he didn't have enough money to pay the second mortgage. So Tom didn't pay the second mortgage. He was doing everything he could to save his home. The second mortgage called Tom a lot. "If you don't pay us, ...
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By Mike Watson
(Keller Williams Realty)
Chula Vista Short Sale: How do I start a short sale in Chual Vista? Many people have told harrowing stories about short sales all across the USA but in actual fact we are beginning to see progress with some banks. Wachovia has a great program up and running in California for Wachovia and World Savings borrowers. Bank of America will be rolling out a similar program later this year. If your loan modification has come to a stand still or you have been told you have a slim chance of qualifying then a NO COST short sale may be the answer. Let me try to explain in basic terms how the process works. 1. Your first step will be to call myself here in Chula Vista 619 743 8884 or a realtor that you have been referred to or you know that has done a Stella job in the past. 2. The Realtor will then ...
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Chula Vista is home of numerous short sales and foreclosures.  The Chula Vista market was one of San  Diego County's highest concentration of subprime loans.  We have learned that a picture is worth a thousand words.  Take a look at the last year's condominium inventory in Chula Vista's 9191 zip code.  Chula Vista's Eastlake condos are somewhat deceptive.  The 91915 zip code is home to large 3 and 4 bedroom condos that feel like a single-family home.  They are spacious and make great use  of three-story living.   You can see that July sales in 91915 Chula Vista ranged around 26% of listings.  In other words, if you are a seller, you had about a 1 out of 4 chance to close your sale in July 2010.  You can see why pricing  so critical in the Chula Vista marketplace.   Sharyn and Victoria C...
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By Mike Watson
(Keller Williams Realty)
Chula Vista Short Sales - First off, there are many misconceptions about foreclosure, deed-in-lieu, and short sales. I hope to debunk them here. Common Foreclosure Myth #1: No matter what I do, I'm going to owe money to someone. On most short sales, the seller is able to walk away owing the bank nothing. Of course, it's all up to each individual bank, but eight times out of ten, you can walk away owing nothing. A bank loses way less money on a short sale than a normal foreclosure. In return for you helping them out, they will help you out. Here is why there is this big difference between a short sale and a foreclosure. On a short sale, the utilities are turned on and someone is living in the house. A vacant house is way harder to sell. The buyer knows the home is bank owned and will adj...
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By Mike Watson
(Keller Williams Realty)
Chula Vista CA - If you're facing foreclosure, then you are probably under stress. You don't know what is going to happen. How long will it take before the bank kicks us out on the street? Will I owe my lender a ton of money? Will I ever get my life back? That's why we put this site together. You need to know what your options are. So, let's go thru them here. Option #1: Do nothing and the lender forecloses on the house. Please be aware that in most states the foreclosure process can take a long time. I've seen it take some lenders up to a year to foreclose on a house. Some banks have better lawyers and can get a foreclosure done in 3-4 months. But, that is often rare. Option #2: Deed-In-Lieu of Foreclosure. A "Deed-in-Lieu" is where you surrender your home to the lender. This enables t...
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By Mike Watson
(Keller Williams Realty)
Chula Vista Short Sale: I am following up on an answer to the following question we received about short sale deficiencies. "We have a first mortgage with EMC. Just got an approval letter on a short sale. NO language in letter that says "satisfied in full" or words to that effect. It only says "conditions for EMC's acceptance of this discounted payoff are X." Will they sell the note to a collection company and then hound us for years to come? In part one and two we detailed the types of loans where, in my opinion, you would not owe a deficiency on a short sale. There are a few types of loans that commonly ask for a promissory note. Here are the types of loans that often ask for a promissory note. They are loans that are owned by the lender you originally got the loan from. A good exampl...
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By Mike Watson
(Keller Williams Realty)
Chula Vista Short Sale. I am following up on an answer to the following question we received about Chula Vista Short Sale Deficiencies. "We have a first mortgage with EMC. Just got an approval letter on a short sale. NO language in letter that says "satisfied in full" or words to that effect. It only says "conditions for EMC's acceptance of this discounted payoff are X." Will they sell the note to a collection company and then hound us for years to come? In part one, we said that in our opinion, you shouldn't worry about a future deficiency if you have a Fannie Mae, Freddie Mac, FHA, or CA loan. There is one more type of loan where more than likely you won't have a deficiency. That is a "sliced and diced" loan. Here is an example of this type of loan. A homeowner gets a loan from Countr...
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By Mike Watson
(Keller Williams Realty)
Chula Vista Short Sale - Here is a question we received recently about short sale deficiencies. We have a first mortgage with EMC. Just got an approval letter on a short sale. NO language in letter that says "satisfied in full" or words to that effect. It only says "conditions for EMC's acceptance of this discounted payoff are X." blah blah. One other sentence under page 2 says: "This transaction may have implications on your federal tax liability. You should consult the IRS or your tax acct for additional information" No other language regarding reporting to the IRS. This first mortgage was an investor, non owner occupied loan. Are we sunk? Will they sell the note to a collection company and then hound us for years to come? We have assets. If we let it go to foreclosure, due to it bein...
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By Mike Marroquin
(Taylor Morrison Home Funding)
  Some Chula Vista Schools are getting a few additions funded by bonds and propositions O and R. Both Chula Vista High School and Southwester College will be gaining new buildings. Chula Vista High School is adding a large, 3-story multiuse building for a library, theater and additional classrooms. Southwestern College is planning to build a new central building to house all of the college’s heating and cooling systems as well as a new gym and additional classrooms. It is proposed to save the school some energy costs as well.  Project cost for the college, a cool $33 million. Will this help the local Chula Vista Real Estate Market? I’m sure surrounding home owners with children won’t object.   visit: http://www.equityinmotion.net for local san diego and chula vista real estate and finan...
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By Brian Skaar, Purchase Loan Specialist - VA, FHA, Conventional
(VanDyk Mortgage - VA, FHA, Conventional, VA Jumbo, Jumbo, Purchase Loans, & Refinance, Direct Lender)
FHA Rehab Loans - FHA 203K streamline rehab and FHA 203K Rehab- Renovation loans. VanDyk Mortgage offers FHA 203K Streamlined Rehab loans and FHA 203K Rehab/Renovation Loans direct to consumers.   In this artile, we will focus on the FHA 203K Streamline.  We have a full 203K renovation article coming soon.   These loans offer the ability to finance upfront up to $35K in upgrades to rehabilitate a home.   These are offered up to $729,750, or the FHA Mortgage limit for your area, if less. There is no doubt that the current real estate market offers a lot of great bargains on bank owned, Foreclosed, REO, Repo'd, Short Sale, etc homes. However, many of these homes are in poor condition. Missing appliances, ruined carpet & flooring, holes in the wall, etc.  Most lenders don't offer loan prog...
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  Chula Vista CA - Another agent asked me about a short sale. His seller owed 270k. The house was selling as a short sale for 170k. The lender had two opinions of the house value. They said the house was worth 220k. However, the agent thinks those are incorrect because the house has been on the open market for several months. In addition, similar homes has been selling for around 180k. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. The biggest reason lenders turn down a short sale is because they think the house is worth more. They have people give them an opinion of value for a nominal fee. Because these people may profit if the lender forecloses on the house, they often turn in high values. If you are selling your house as a...
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By Jim Frimmer, Realtor & CDPE, Mission Valley specialist
(HomeSmart Realty West)
This is one of a series titledOut & About with Jim Frimmer, your Realtor in Mission Valley.Read others in this series by click on Out & About. Although there are a lot of things to do in Mission Valley, eventually you'll want to leave your Mission Valley condo to explore some of the other areas of San Diego County. A great place to start is downtown Chula Vista: Tomorrow, Sunday, August 8, is the annual Chula Vista Lemon Festival. You can enjoy a day of live entertainment (three stages), dance performances, art displays, a rock climbing wall, a car show, and, of course, lots of anything and everything lemon. You can even take the children since there are activities for them, including inflatable jumping toys and carnival rides. Just hop on Interstate 5 or Interstate 805 and head on dow...
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By Mike Watson
(Keller Williams Realty)
Chula Vista CA - The Stop Foreclosure Institute was started because we are concerned by the foreclosure crisis affecting America. Rather than just sit idly by and do nothing, we decided to take action. That's how we got started. We want to help families keep their sanity thru difficult times. Foreclosure is a scary thing and devastates many families each year. However, you are not alone. You may want to get a reduced payment thru a loan modification or do a short sale. We are here to help. Our goal is to educate you on your options. I'm sure you've heard the saying, "Knowledge is Power." When you have the right knowledge you will be able to stand up to the banks and lenders. So, check out your options here. I'm your guide in this crazy world. I'm here to educate you on your options, hel...
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By Mike Watson
(Keller Williams Realty)
Chula Vista CA - Shocking Fact: Most banks don't own the loans they are handling. In fact, one of the "Big Four US Banks" only owns around 20% of the loans they hold. They are handling the other 80% as a servicer. The actual owner might be Fannie Mae, Freddie Mac, a Wall Street Trust, or a pension fund. A servicer acts as a trustee for the actual investor. They collect the payments and handle the "Lender" Functions. They then forward the money to the owner of the loan each month. The lenders get paid the same amount of money whether they do a good job or not. Are they motivated to do a good job with your loan modification application? Many people experience long waits trying to get their loan mods accepted. This might be why. Let's say you managed an apartment community. You only return...
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By Mike Watson
(Keller Williams Realty)
  If you're facing foreclosure here in Chula Vista, then you are probably under stress. You don't know what is going to happen. How long will it take before the bank kicks us out on the street? Will I owe my lender a ton of money? Will I ever get my life back? That's why we put this site together. You need to know what your options are. So, let's go thru them here. Option #1: Do nothing and the lender forecloses on the house. Please be aware that in most states the foreclosure process can take a long time. I've seen it take some lenders up to a year to foreclose on a house. Some banks have better lawyers and can get a foreclosure done in 3-4 months. But, that is often rare. Option #2: Deed-In-Lieu of Foreclosure. A "Deed-in-Lieu" is where you surrender your home to the lender. This enab...
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San Diego Real Estate sales have been hit hard, especially Chula Vista. Sales have been climbing just a bit recently perhaps partly due to the Home Buyer Tax credit. A bit of good news is that it has been extended. Home Buyer Tax Credit Extension Passed Congress Congress passed a bill this week extending the deadline to close escrow and qualify for the federal home buyers tax credit. President Obama is expected to sign the bill extending the deadline to Sept. 30, 2010, instead of its original June 30 deadline. MAKING SENSE OF THE STORY • The bill extends the deadline to close escrow for home buyers who entered into a home purchase contract by the April 30 deadline. First-time buyers may be eligible to receive up to $8,000 and qualified existing homeowners may receive up to $6,500 if the...
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By Lorraine or Loretta Kratz, Certified Negotiation Consultants
(Crescent Moon Realty, Inc. & Land N Sea Auctions.)
Five law enforcement agencies kicked off a campaign to give away 400 Club steering-wheel locks to owners of vehicles most targeted by thieves. This free offer is to help prevent the most target vehicles in this community.  The theme is if you lock it you'll keep it. This is the list of the Top 10 most stolen vehicles: 2000   Honda Civic                          Trucks:  1998   Ford F-150 1998   Honda Civic                                        2001 Jeep Wrangler 1985   Honda Civic 1999   Honda Civic                                        2005  Jeep Wrangler 1994   Honda Accord                                     1997   Ford F-150 1997   Honda Civic                                        2006   Ford F-150 1996   Honda Accord 1997   Honda Accord 1991   Honda Accord 1992   Honda Accord --...
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By Lorraine Santirosa, #1 San Diego Military Relocation Expert!
(HomeSmart Realty West)
Just sold in Chula Vista, CA 91915 a lovely single family home located on 1325 Old Janal Ranch Rd. This fantastic 4 bedroom 3 bath was just sold in 8 days!!! I was able to get the sellers the full asking price of $445,000. In today's real estate market having an experienced agent to properly price the home is very important. The pricing of a property affects how many buyers want to see the home and as a result submit realistic offers. Far too many homes are sitting on the market and not getting a just sold in Chula Vista sign on the listing. If you're a homeowner looking to sell your home and want to take advantage of the many buyers actively searching for homes you need to hire the right real estate agent. Having an agent who is featured on such sites like Zillow.com, trulia, realtor.c...
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By Erelopro Out of Business, Relocation Professionals are out of business
(erelopro)
It's amazing how bombarded we have become over the last few months with prospective home buyers wanting to contact us in regards to purchasing homes in the Chula Vista area. We all know that the Home Buyers Credit is due to expire very soon, and due to this a lot of people are scrambling to get in contact with an aggressive buyers agent. A good amount of these people need assistance now, to be able to buy their homes as soon as possible. These people truly need an agent whom has the time and experience to respond to these inquiries. We have learned that persistence has proven to pay dividends with these inquiring families and individuals. If you are serious about having the ability to increase the amount of prospective home buyers you contact each month, we would love the chance to talk...
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