Home Buying in Carlsbad>Question Details

Fencesitter, Home Buyer in Carlsbad, CA

Can someone give me some info on 1790 Blackbird Cir Carlsbad, CA 92011.?

Asked by Fencesitter, Carlsbad, CA Wed Oct 14, 2009

Redfin says that it foreclosed in August, but there is a forsale sign in the front. I'm currently sitting on the fence because of lack of inventory.

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Hi,

1790 Blackbird is not for sale. It is bank owned and most likely being prepared for sale.

1738 Blackbird Circle is for sale. It is a short sale, has been listed for 28 days, is 2,877 SF and 4BR & 3BA. It was built in 1992 and based on the photos, seems to be in good condition. However, it also appears to have not been upgraded.

Best regards,

Mark and Kari Shea
San Diego Real Estate Experts
Foreclosure & Investment & Short Sale Specialists,
Development Opportunities & Traditional Real Estate
0 votes Thank Flag Link Wed Oct 14, 2009
Seth

I always enjoy reading your comments (Especially the ones on this topic that you've made). You provide a view, places to check things out and a very honest look at your market from a Professionals perspective..

I will be reading your article, congratulations on being selected/handpicked (Can't say I'm surprised) and most important of all Best to your Family.....Went surfing last week or more accurately, paddled board out, chased board back to beach.. repeat....buy beer try again board chases me back to beach....

Mark & Kari...You are a Credit to this Forum, definitely two of the most helpful Agents to consumers IMO and Trulia should be very glad you contribute..Thanks

That Guy, Dunes
1 vote Thank Flag Link Wed Oct 14, 2009
Hi Fencesitter, re: lack of inventory... I think your right and I'm actually amazed more people aren't shouting about this issue. Here's an excerpt from an article I recently had published in Seeking Alpha, who handpicks articles from the world's top market blogs, money managers, financial experts and investment newsletters - publishing approximately 175 articles daily. SA was named the Most Informative Website by Kiplinger's Magazine and has received Forbes' 'Best of the Web' Award.

"...Furthermore, right now there is nothing free about this market. This year 80% of San Diego homes sold for less than $500k. Currently 57% of all active homes in San Diego are priced higher than $500k. Last year we had a record number of foreclosures. Since then, we have only had an increase in loan defaults. Loans are actually defaulting now at an increasingly faster pace. And yet inventory is down, not up. And sales volume does not come close to absorbing the "shadow inventory".

The banks have not been putting their non-performing assets on the market, and they are piling up. And yet, there is precious little supply on the lower end, where it potentially makes intrinsic sense for certain well qualified buyers to step in on a case-by-case basis. And there is no demand on the higher end for either the houses that are about to get their value cut by a fundamental correction of another 30%... nor the financing that underpins their transactions."

You can find a link to the full article on my blog...
Web Reference: http://www.SethEstate.com
1 vote Thank Flag Link Wed Oct 14, 2009
Hi again,

Our apologies, 1738 Blackbird Circle is listed for $629,000. There have been two price adjustments:

Listed in 9/16/09 at $689,000
9/23/09 - Dropped to $659,000
9/30/09 - Dropped to $629,000

This is a common practice with Short Sale listings as it shows the bank the seller and the agent are working to get the most amount for the property. The will decrease the price until the start to receive offers.

Best regards,

Mark and Kari Shea
San Diego Real Estate Experts
Foreclosure & Investment & Short Sale Specialists,
Development Opportunities & Traditional Real Estate
1 vote Thank Flag Link Wed Oct 14, 2009
this property has structural damage
0 votes Thank Flag Link Tue Nov 3, 2009
ps Dunes, speaking of waves, they were epic this morning... hope you are still paddling around right now instead of reading this.
0 votes Thank Flag Link Thu Oct 15, 2009
Re: the pre-approval... if you are thinking about entering this competitive marketplace and making an offer on the right property if it becomes available, I would recommend to get the pre-approval out of the way now. It should usually take a good loan officer only a couple of hours to make the call, but often there are grey areas that could take a day or two to get color filled in. You'll absolutely need to submit a pre-approval letter along with any offers you submit in order to be considered, so it would be a bummer to miss out on account of a technicality.

You'll eventually need an approval anyway, and when the time comes in a month or a year, as long as nothing substantive changes, you'll only need to refresh the file with some current documentation, but the outline will already be drawn. Also, it’s good to rule out any potential surprises you may not be aware of and/or give yourself time to make some minor adjustments if applicable to optimize your pricing.
Web Reference: http://www.SethChalnick.com
0 votes Thank Flag Link Thu Oct 15, 2009
Dear Fence,

Just as a point of clarification, we are not allowed to post a For Sale sign unless we have a signed listing agreement. The San Diego Board of Realtors (SDAR) states that an agent must enter a listing in the MLS within 24 hours of having a signed listing agreement. If the seller wants to hold it off the market for any reason, the agent has to fill out a form and fax it into SDAR. If the seller holds it off the market before it is posted in the MLS, the agent should not have the sign in the yard.

Bottom line, who ever has the sign in the yard is most likely out of compliance with the local regulations.

Best regards,

Mark and Kari Shea
San Diego Real Estate Experts
Foreclosure & Investment & Short Sale Specialists,
Development Opportunities & Traditional Real Estate
0 votes Thank Flag Link Thu Oct 15, 2009
Thanks everyone for your responses. I'm aware of the shortsale at 1738 Blackbird Circle, but that one backs up to high voltage power lines.

There is a for-sale sign in front of 1790 Blackbird, so like Mark and Kari said, it must be a foreclosure getting ready to be listed. There's probably going to be 20 offers before it even hits MLS.

I hope the inventory comes back up; there's not enough out there to even warrant us getting a pre-approval. We do have all the paperwork ready in case something pops up. We also don't qualify for the $8k tax credit, unless we donate like $30k to charity this year; highly unlikely.
0 votes Thank Flag Link Wed Oct 14, 2009
Aww http://wwww...LOVE FEST! Solid information is the backbone of making good decisions. The rest takes raw courage and heart.

For the Fencesitter, there will be inventory...sooner than later. We receive bank owned listings from two sources and one id very tied into the Washington lending and housing scene. They are all saying the dam will burst, or at least start to leak, between November and February. In our opinion, there are 3 major factors to what is happening:

1. Consolidation in the lending industry. There are now just 4 or 5 companies that have purchased most of the borrowing power in the US. For example, Chase bought WAMU & merged with JP Morgan. From what we can gather, they are trying to figure out how to release the foreclosured properties to the market without causing a major pricing downturn and disrupting the economic momentum.

2. Municipalities - When the lenders lifted the moratoriums between April 1st and June 1st 2009, the local governments told the lenders they needed to to take their paperwork back to square one. In other words, they wanted to make sure everything was current with their foreclosure filings.

3. State & Federal Governments - So the moratoriums come of and the State of California puts a 90 day freeze on foreclosures that completed on September 1st. The Federal Government is pushing lenders to modify loans, not foreclose. In our opinion, the lenders are using NOD's (Notices of Default) as leverage with home owners to create urgency for them to sell or modify. The problem is that most that are late have not been able to qualify for a loan modification, which is a lengthy process.

Eventually the Federal Bank Regulators will make the determination to hit the green light and get things moving. All in all, the foreclosure process is more complex than people think and there are many factors that are taken into account with regards to the time line. Like, occupancy, property condition and lender regulations.

Lastly, the best part about this forum is we all learn from one another, which helps us better serve our clients.

We hope this helps.

Best regards,

Mark and Kari Shea
San Diego Real Estate Experts
Foreclosure & Investment & Short Sale Specialists,
Development Opportunities & Traditional Real Estate
0 votes Thank Flag Link Wed Oct 14, 2009
Thanks Dunes, and I also agree with your comments about Mark and Kari... who consistently provide accurate and informative replies to a wide array of questions. As an industry insider, I find myself learning from much of what they post on Trulia too.
Web Reference: http://www.SethChalnick.com
0 votes Thank Flag Link Wed Oct 14, 2009
Fencesitter,

According to the San Diego MLS, the home at 1790 Blackbird Circle is NOT currently active for sale. The short sale listing Sabina is referring to below is 1738 Blackbird Circle listed at $629,000.00. The monthly fees are $150.00 and it has been on the market since 9/14/09. Please let me know if I can be of further assistance.

Kind Regards,

Marcie Sands, REALTOR
Simply The Best Real Estate Co., Inc.
760-644-1562
0 votes Thank Flag Link Wed Oct 14, 2009
The home is in fact for sale and it is listed as a short sale. It is a 4 Bed/4 Bath home offering approximately 2877 square feet.

Feel free to contact me via e-mail at SabinaO@ColdwellBanker.com if you have any additional questions or via my direct number at 760-688-8145.
0 votes Thank Flag Link Wed Oct 14, 2009
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