The Salvation Army would be a great place to start. Also the YMCA and YWCA. They should ask for transitional housing situations. Hopefully the husband can find a job in the near future. They need to find a way to transition from being without a home to having enough support to pay first and last months' rent to get an apartment.
Since it appears Bank of America now has control over the Mangolia Estates assets, they will probably sell it to another developer who may or not finish the project. Expect whatever future progress there is to take a while.... more
This is a tough oneâ€¦ and unfortunately there are many people in this bucket right now.
It would seem that your ideal solution would be for the lender to modify your agreement. Unfortunately, most lenders will not negotiate with you unless and until you are 60-90 days late on payments, but this is a real problem, because it takes away the incentive to keep making payments on a depreciating asset (once credit is shot).
In this forum, I'd imagine that most agents would be reluctant to recommend "walking away" because we are not lawyers and everyone is afraid of liability. Frankly, I don't think many agents have a good idea of just what effect this could have on your future ability to make purchases and how it could impact the growth of your overall net worth. And I'm not sure I even know.
I would recommend, however, staying clear of "loan modification" companies, who promise to renegotiate your scenario on your behalf. Most charge a lot of money, whether successful or not, and it seems to me (as a real estate broker and registered mortgage advisor who has been approached many times to participate in loan modification business models) that anything they would be able to negotiate, so could you.
I wish I could be more help, but as you continue to research and digest your options, if you feel talking things out with a seasoned agent would be helpful, please call anytime.
I would get all your ducks ready. It's been bidding wars lately. No one knows for certain, but I think the govt is throwing so much money and policy at mortage issues the worst is behind us if you already own. Translation, I would buy now unless you really want to live downtown. That market has a few more hurdles for now.
We help buyers like yourself, so give us a call.
Nick Rhea, MBA, Broker
Bombora Investments, Inc.
Are you looking investment property with positive cash flow? One of our recent deals for an investor client was a 4 bed 2 bath condo for $113k in North County. It rents for $1500/month and yields about $450/month in positive cash flow.
Contact us if you are looking for something like this.
Nick Rhea, MBA, Broker
Bombora Investments, Inc.
You should be "worried about your investment" if you are going to view the house as an investment. Making the wrong decision will cost you thousands. Ask the people that bought in 2005. Are you in a hurry to buy? It seems that housing prices are only going down. Good Luck... more
I would eliminate the San Elijo Hills one because of the Mello Roos. Combined with HOA is a hefty monthly outlay that is not very popular and won't be on resale either. Ditto for the road noise that will only get worse. Some of the areas near Lake San Marcos won't appreciate as well as others. Older condo in La Costa - I'd need more details. For my money in that price range I'd look at a couple of condo complexes in Oceanside - some of which have views and no Mello Roos. There's great buys on downtown San Diego condos too. However, all that said, it's hard to give too much advice on something we haven't seen. Are you looking for cash flow, appreciation, or ??
Diane Conaway, RE/MAX United, (760) 749-2888... more
Great choice of location.......Carlsbad is a beautiful town!!!!! Sounds like you will have no problem finding a loan. However, the first thing I recommend that you do is work with a lender to evaluate the loan programs that are out there and which one best fits your needs. I then recommend you find out exactly what the new $1.1M includes....new construction often has a lot of hidden costs...landscaping, for example, can be very costly. Happy HomeBuying!!... more
Your question is a difficult one to answer. Values in coastal San Diego have declined since 2005. It sounds like you may be asking, "Will 92008 decline further?" That's a bit of a crystal ball question, but here's the best that I can answer. The least likelihood of further decline is near the water. As you move away from the ocean, towards Vista and San Marcos, the likelihood of additional loss of value increases. The likelihood that we will see some further decline this year is fairly high simply because we are now past the primary season, and the number of buyers tends to fall off after mid August. There is one big factor that we predict will affect coastal California (the marine and coastal zones) in a positive way, and that's global warming. That's because the inland southwest is going to get increasingly hot while the coastal zone will remain relatively unaffected. But that is a long-term trend and likely not to play much of a role in the short term, which will primarily be determined by availability of mortgages, foreclosure rates, and the economy.... more
Your best bet is to talk to a loan officer who is experienced in offering many different loan programs. Try Dennis Reese at Rancho Financial: Dennis@DennisReese.com or 858-314-2972, or Stacy Hunjadi at First Horizon Home Loans: Shunjadi@fhhlc.com or 760.479.2836.
It's great you are doing this research in advance of your move as it will play a key factor in deciding your price range.
You might look at Sea Bluff (Encinitas), Santalina (South Carlsbad), or Windsong Palms and Aqua Hedionda near Carlsbad Village. The latter ones have homes less than $450,000. The Santalina and Sea Bluff ones are much more expensive. You might check out our gated community maps; however, you will have to create an account to access them.... more
Amy, the price on a bank-owned property is the same as any other listing price.... it is negotiable! However, we are starting to see a homes in good condition and the right price having multiple offers. That may bear on what you'd want to offer on the home. If you wish further information, just give me a call at 619 742-0046 (cell) or email at DeeMarie@SellingProperties.com... more
Of course if you are a novice buyer, you should consider getting a buyer's agent to help you with accurate valuations of a property as well as all the other details that go into buying a home. A buyer's agent doesn't cost you anything, so there's really no reason not to have one!
Without knowing a bit more about the home and actually seeing it, giving the fair price based on your data will be somewhat inaccurate. For example,
1. Is there a view?
2. Is it a corner lot or backing up to a busy street?
3. If the home is now 30 years old, how many updates have been done, or what is in need of repair
4. Is the lot level or sloped?
5. Is it a short sale, REO, or non-distressed seller? This may determine whether it is an as-is sale and whether you may be expected to pay some of the typical seller closing costs.
However, I think I know the home you are referring to. While there were no other recent similar sales right in that neighborhood, there were some sales further south of comparabel homes. In general, those homes closer to Encinitas will have a premium because of the better school district. Please click the following link for a rough market analysis.
At La Costa Ridge, the KB Homes have not been selling well, but the Davidson has. I think it is more about meeting the needs of the consumer, and Davidson may have done a better job. Since La Costa Ridge is not old enough to have many resales yet, the builders there are mostly competing against other new home communities. With many incentives being offered that don't show up in the sales price, it is hard to say what the net change in pricing is. My guess is net prices may be going down a little, but not much...maybe 5% over a year.
La Costa Greens still has some homes being built, as well as some resales. And some of those resales are short sales, or maybe even a few foreclosures. So pricing there may drop more than La Costa Ridge, but I wouldn't expect more than 10% over the next year. Plus the homes with big lots, view lots, or golf course proximity will probably hold their value better than others.
La Costa Oaks and Bressi Ranch seem to be in more trouble than the other two due to people buying a few years ago at the height of the market and with aggressive loan types. Plus most of the homes are very large with small lots, a mix which seems to be losing favor these days.... more