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Buying Home Tips What is a Short Sale? Homeowners who missed payments trigger the foreclosure clock and starts the pre-foreclosure process.  Banks or lenders send out a Notice of Default (also called an N.O.D.) to the financially distressed homeowner every month for three months.  Late fees pile up.  This is followed by three more months of Notices of Trustee’s sale (also called N.O.T.)  […]
Buying Home Tips San Diego Association of Realtors Not every real estate licensee is a member of the San Diego Association of Realtors® (SDAR).  The organization changed its name in 2013 to The Greater San Diego Association of Realtors.  Those who are members of the association are required to follow the Code of Ethics for Realtors in their business conduct.  They are subject to disciplinary […]
Buying Home Tips What is the difference between a realtor and a broker? A realtor is a real estate licensee who is at least 18 years old, has a high-school diploma, completed at least three college-level real estate courses and passed the State of California real estate salesperson licensing exam.  To be a Broker, one has to have worked full-time (or equivalent) as a licensed salesperson a minimum of two years […]
Buying Home Tips How Can Buyers Identify a Good REALTOR®?   They know their license number and their business card should show their California real estate license number–required by law. They are members of a real estate trade association.  Membership does not guarantee that they will be the best realtors to work with, but hopefully they follow the minimum standard of practice in the industry. A […]
Buying Home Tips What is the difference between a realtor and a REALTOR®? To be a REALTOR®, a real estate licensee has to be a member of one of several professional trade associations in San Diego that has established a Realtor’s Code of Ethics.  The Greater San Diego Association of Realtors® (SDAR) is one of a handful of trade associations in San Diego and it has the largest membership […]
Buying Home Tips REOs or Bank-owned When no one bids at the Trustee’s sale on the courthouse-step auction, or the bid is too low, the property reverts back to the bank or lender.  These properties are now generally called REOs, which means “Real Estate Owned” by the banks.  Banks then subcontract with certain real estate companies to let them market these homes […]
Buying Home Tips Trustee’s Sale at Courthouse Steps After at least 3+ months of missed payments, the homeowner will receive a Notice of Default (N.O.D.) and keep receiving it for the next three months.  The financially distressed homeowner’s reinstatement period expires.  Missing payments give the bank the right to start the foreclosure process.  They do so by recording a Notice of Trustee’s (N.O.T.) Sale.  The date […]
Buying Home Tips Foreclosure Foreclosure is the ultimate outcome for homeowners who have exhausted all pre-foreclosure options, including a short sale.  There are two types of foreclosures: judicial versus non-judicial.  How the home mortgage loan was first financed and whether it was subsequently refinanced often determine the type of foreclosures.  When someone buys a home to live in (not for investment) and finance […]
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Buying Home Tips Home Loans and Multiple Mortgages Banks and sellers nowadays require buyers to submit purchase offers with a pre-approval letter.  Hence, buyers can save considerable time if they go through a pre-qualification process and obtain a pre-approval letter from a direct lender or a mortgage loan broker/officer before starting to look for homes.   I work only with qualified loan officers who are up to speed […]
Buying Home Tips What is a 1031 Exchange? Done properly, 1031 exchange is a legally powerful strategy to build wealth with investment properties.  It has enabled many investors to improve their net worth over a 10-year to 20-year time frame. The basic concept underlying a 1031 exchange is to defer the taxes that otherwise would be due upon the sale of an investment […]
Buying Home Tips Can real property be sold to someone who is not a U.S. citizen? Yes.  we have sold homes to so many international buyers in the past several years.  However, foreign buyers should be aware of certain reporting requirements:   1. Agricultural Foreign Investment Disclosure Act requires reporting to the Farm Service Agency of the Secretary of Agriculture within 90 days of a transfer to a foreign person if the […]
Buying Home Tips 10 Most Common Reasons Why Buyers are Unable to Buy   Lack of Urgency. Buyer does not have a deadline by which they must buy a home. Lack of Funds. Buyer has insufficient fund to cover down payment, closing costs and at least 2 months’ reserve. Lack of Time to View Homes. Buyer delays in viewing homes, leading to other buyers making offers on the property […]
Buying Home Tips Should you buy now? Move up or continue to rent? For many people, buying a home is probably one of the biggest investments they make.  If you are using a huge sum of your lifetime savings to buy a home, don’t you want a well-educated real estate professional to find you a house in the shortest time possible and at the best price? In some neighborhoods […]

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