This new tract should put a chill in the under-$1,000,000 resale market around the 92130. Buyers will want to jump in, but because the offerings will get dripped out a few at a time, it’ll cause everyone to wait-and-see:
You should get a realtor to help you when buying new – the builder isn’t obligated to represent your best interests, plus it’s free. Let me help you!
Think it’s easy selling real estate? Here are several examples of the hurdles:
From HW:
The U.S. Supreme Court denied review of a case brought against Mortgage Electronic Registration Systems by a California man, the Court announced Tuesday.
Gomes v. Countrywide is the first major MERS case filed with the Supreme Court, according to Jose Gomes’ attorney, Ehud Gersten. The case centered on the issue of whether MERS had a right to foreclose on the homeowner without proving it had the noteholder’s authority to foreclose.
Gersten, a San Diego lawyer, filed the appeal with the nation’s highest court on Aug. 15 after California’s Supreme Court declined review of the Fourth Appellate District Court’s decision in favor of MERS.
That decision upheld the right of MERS to the home’s deed of trust, giving the company the right to foreclose.
The denied appeal by the U.S. Supreme Court wasn’t a surprise considering the low percentage of cases heard, Gersten said.
“It’s a very frustrating result and a disappointing result that the Supreme Court didn’t pick it up,” Gersten said. “It would’ve been a nice opportunity for the Supreme Court to put the issue of MERS to rest.”
An Arizona federal judge dismissed 72 lawsuits against MERS earlier this month. U.S. District Judge James Teilborg wrote in his decision that there was no legal support that MERS’s system “is so inherently defective so as to render every MERS deed of trust completely unenforceable and unassignable.”
Bank of America will likely now finish the foreclosure process on Gomes’ home, Gersten said. The process started in March 2009.
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The plantiff lives in San Marcos – here is his foreclosure record: Jose Gomes
It looks like the loan in question was his original purchase loan from KB Home Mortgage, when he paid $466,500 and used a $135,200 down payment. He refinanced out most of his initial investment, then it looks like he stopped paying on both loans towards the end of 2008.
It sounds like three years of free rent isn’t enough, he wants a free house too!
My new listing in Carlsbad, where it’s hard to find a cleaned-up house with decent square footage. It will be open Saturday 1-4pm, and Sunday 12-2pm:
This is probably boring but the first part gives you a glimpse behind the scenes:
I missed this on Sunday, from the U-T: (check comment section)
The nation’s largest banks are luring a select number of San Diego County homeowners to complete short sales with the promise of cash, in some cases as much as $35,000 for each deal.
These incentive offers, which require lenders to accept less than what the borrower owes on their mortgage, have surfaced in recent months locally and around the U.S. As straightforward as they seem, they’ve baffled real estate agents and the courted borrowers, many of whom are jobless, behind on mortgage payments, or facing some other financial hardship.
They wonder: Why are the likes of Chase, Bank of America and Wells Fargo aiding homeowners with lump-sum cash offers? And why are certain homeowners chosen and not others?
Lenders won’t say. But they will divulge this: Don’t bother seeking out the incentives. If you qualify, they will come find you.
“It’s not something people can apply for,” Chase spokesman Gary Kishner told the Union-Tribune in a recent phone interview. “We look at case-by-case situations. Even the amount (offered) is case-by-case.”
Chase, the sole bank that provided a specific timeline, said it unrolled its short-sale incentive program late last year. Efforts were ramped up this year and are “now in full swing,” said Kishner, who declined to say how many homeowners received letters.
Bank of America confirmed it’s also offering incentives for completed short sales for “certain borrower profiles,” and Wells Fargo is doing the same, but the cases are “very situational.”
In Coronado, there have been 118 detached homes that have closed escrow in 2011, avg $675/sf:
Under $1.0 million: 30
Between $1.0 and $1.999 million: 57
Between $2.0 and $2.999 million: 16
$3 million and up: 15
Here is a link to the top-seller that closed for $6 million cash in April.
While we’re getting ready for another painted lady, here is the warm-up act:
My version is coming next:
Calculated Risk has a very long reach.
A staffer at CNBC saw the Sunset Sermon video posted there, and called this morning. They are going to interview me today live on CNBC’s Street Signs at 11:10am, Pacific Time.
Here are my talking points that I discussed with her, all specific to my market:
See you at 11:10am!
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
CA DRE #01527365, CA DRE #00873197
