Great news for FHA an VA Buyers!

Tired of looking for your dream house with no success? Don't give up! Turn to Kim Drusch Realtor of Century 21 Award. Your San Diego REO, Foreclosure, Short Sale & Investment Specialist!

Prom Dresses Needed for Foster Teens - Can You Help?

I am so excited by the wonderful souls who have so far dropped off 22 prom dresses for San Diego foster teens. We still need 50 more gently used, dry cleaned, prom dresses and fancy party dresses. All sizes & styles (short or long) are needed. There is a special need for plus size dresses as well. If you have accessories, jewelry, or wraps that would be wonderful! I am collecting them at my office by April 15. I am located at 700 La Terraza Blvd. #100 in Escondido. Call me at 760-580-9195 with any questions.

Could you please move this video around? What a great feeling to be a "Fairy God-Dresser" for a very deserving lovely young teen! Thank you with all my heart.

Interest Rates Likely to Rise Shortly

WEEKEND INVESTOR
MARCH 13, 2010.Nabbing a Bargain-Basement Mortgage Before Rates Rise .ArticleComments (13)more in Personal Finance ».EmailPrintSave This ↓ More.
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close Yahoo! BuzzMySpacedel.icio.usRedditLinkedInFarkViadeoOrkut Text .By JAMES R. HAGERTY
Is it time to rush out and buy a house before mortgage rates go up?

As the Federal Reserve winds down its intervention in the mortgage market, rates on home loans are generally expected to rise at least modestly during the rest of this year from today's unusually low levels. Some analysts believe mortgage rates will jump to around 6% by year end from 5% in recent weeks, while others see only a slight increase.

.Meanwhile, federal tax credits available for some home buyers are due to expire at the end of April, adding to the sense of urgency many shoppers feel.

"I'd hate to miss out on really low [mortgage] rates" or the tax credit, says Jennifer Hale, a veterinarian who is looking for a new home near Minneapolis with her fiance, Lawrence Nystrom.

If rates do go up sharply, that will have a big effect on home buyers. Richard Redmond, a mortgage adviser at All California Mortgage in Larkspur, Calif., offers the example of a couple with combined pretax income of $100,000 a year and debt obligations (excluding mortgage) of $500 a month. At a 5% mortgage rate, he figures, the couple could qualify for a loan big enough to buy a $590,000 house, assuming a 20% down payment. At 6%, that would fall to $540,000.

Since late 2008, 30-year fixed-rate mortgages have been available for people with strong credit records at around 5%, near the lowest levels since the 1950s, thanks to the Federal Reserve's heavy purchases of mortgage securities. At the end of March, the Fed is due to stop buying the securities. Most mortgage analysts think the immediate effect of the Fed's withdrawal will be modest.

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.Laurie Goodman, a senior managing director at mortgage-bond trader Amherst Securities Group LP in New York, estimates that the Fed move will add a maximum of about 0.25 percentage point to mortgage rates. "There is a lot of private money on the sidelines," waiting to buy mortgage securities once the Fed stops gobbling most of them up, Ms. Goodman says. She points to banks, money managers and foreign investors.

What happens to interest rates over the rest of this year depends on many factors that are hard to predict, including the strength of the economy, Fed policies and foreign investors' willingness to buy U.S. debt.

Projections vary widely. At the lower end of the scale, analysts at Credit Suisse and FTN Financial Capital Markets forecast that mortgage rates will be in a range of roughly 5% to 5.25% at the end of 2010. Moody's Economy.com projects about 5.7%, and Barclays Capital 6%. Barclays cites a general rise in interest rates propelled by heavy government borrowing and a strengthening economy as the main factors.

John W. Anderson, a broker at Twin Oaks Realty of Crystal, Minn., who is helping Ms. Hale and Mr. Nystrom search for a house, says the tax credit and fear of higher interest rates are motivating buyers "to move a little faster." But he cautions against moving too fast because of the risk of overpaying or ending up with a home you don't really like. "Getting the right home is the No. 1 thing," he says.

New Short Sale Guidelines in Summary

The following article was created by David Romero, CEO, Century 21 Award, on March 10, 2010.

"The new Short Sale Process will be crucially important in 2010. We believe that having timely information on this issue is vital to our community. Scroll down to find the latest updates and information on the new Short Sale process.

The Treasury department has released new rules to help simplify the ’short sale’ process. For months, we have been preparing our followers for this great announcement. It should mean we will have less foreclosures in 2010. The sellers will be able to leave the property with dignity and on a timetable. Our neighborhoods will have less vacant houses. The negative impact on real estate values will not be as severe.

As of now, these seem to be the key points:

Mortgage servicers have 10 days to accept or deny a short sale request. After a sale is completed, the borrower could be completely released from debt.
Borrowers are eligible to receive a $1,500 moving allowance, if they sell their home through a short sale.
Mortgage servicers will receive $1,000 for each completed short sale.
Investors who hold first mortgages can get as much as $1,000 for allowing second lienholders to release their liens.
Second lienholders can get only as much as $3,000 in proceeds from short sale to release their liens.
The property must be the homeowner’s principal residence.
The homeowner is delinquent on the mortgage or default looks likely.
The loan was made before Jan. 1 this year and is less than $729,750
The borrowers’ total monthly mortgage payment exceeds 31 percent of their before-tax income."

If you would like to consider a short sale, or simply have a straight conversation about the options available to you, please call me today. I'm here to help.

Follow me on Twitter for the fastest foreclosure updates

The quickest way to view my newest Foreclosures is to follow me on Twitter. You can click the link on the right side of my blog. That's usually where I post the videos first and the teasers of any properties getting ready to be listed.

Speaking of "teasers"...this is your last chance to check out my latest foreclosure in Valley Center. I posted the video on this 5 bed 5 bath beauty and today I received the listing agreement. It will be on the MLS within 48 hours so this is your last chance to beat the crowds. Call for a personal viewing today!

Are You in the "Inner Circle" of a Top Foreclosure Specialist?

oreIf you're constantly running "a day late & a dollar short" with bank owned properties, you need to change your strategy. Instead of long nights on inaccurate websites that are just "fishing" for your business, you really need to bite the bullet and realize you DON'T know all there is to know about buying a foreclosed property and you need a guide. A map. A specialist. An REO agent who has an "Inner Circle" that may be a little tougher to get into, but ultimately, you get a great house at an unbelievably great price for a fraction of the effort.

Why would an agent with REAL information about great deals give it away to the dozens of investors who call each week. Well, they don't. They have a special group of investors and home buyers who are loyal to them...and the agent is loyal right back. Most hot deal hunters are afraid of missing out on any foreclosure or insider info, so they don't commit to an agent. These are typically the same people who will end up at a cocktail party in 5 years saying, "Wow, the deals I could have had in 2010." Wouldn't you rather be the one at the party talking about the deals you did get?

I hope I don't offend anyone too much with the following statements, but the truth really needs to come out. You don't go to your doctor, pick his/her brain about how to do a surgery, and then try to do it yourself to save money. Change the scenario and insert lawyer, CPA, etc. Top professionals in any industry deserve respect and loyalty. Contrary to popular belief, there are, in fact, top professionals in the real estate industry even in light of the black eye the industry has received in the last few years. Your job? Find one. Get referrals. Check them out online. Ask for references.

But don't call me, ask for my hottest deals, and then tell me you don't want to commit. I am loyal to my clients. I have an "Inner Circle". Those are the buyers that get inside my foreclosed properties BEFORE they are listed. Those same buyers know market trends before they become the "buzz" and then old news. I network with other foreclosure agents as well looking for specific properties for my buyers. I save my buyers time, huge money, and they always end up with a property in a fraction of the time they spent searching endlessly on the internet. I bring the deals to them. That's what you should expect from your agent. But commit to your agent. Find a full time professional with up to the minute market expertise and an exhaustive knowledge of social media.

My 'Inner Circle" clients are prepared to discuss their financial needs, get preapproved from a respected lender who performs, are motivated, understand the market or want to learn, don't "low ball" deals and they are a joy to work with. If this fits your buying personality, and you are excited about this real estate market, call me. Let's see if we're a match.

After all, don't you really want to BUY a foreclosed home and not just look for them??????

One more thing, if you get my voicemail, send me a text. Do whatever it takes to get my attention. You've wasted enough time running in circles. Let's get your home today!

Incredibly Valuable AND Free!!!

Have you ever been pleasantly surprised at the value you received at a sponsored event? Today I truly was. I went to a technology seminar in San Diego sponsored by Prospect Mortgage and featuring Tom Ferry and his internet specialist, Josh Galvan. For a three hour event, I expected at least 25% of the time to be spent on self promotion (buy my product...use my service). Not so!! I was really humbled and pleased to enjoy three solid hours of technology instruction pertinent to my business with barely a mention of how I could repay the generosity of the sponsor. (Thank you Prospect Mortgage). In a financial environment that breeds "every man for himself", I truly appreciate the knowledge that will help me grow my business and serve my clients much more efficiently. And the event was free!!

Some key points I picked up on:
~Social media is not just for kids! Fact: 100% of real estate transactions the first half of this year looked for agents or homes online!
~Don't just "scream" at the population what a fabulous agent you are...engage and interact with your internet viewers. Find out what they are interested in. Ask questions. Humanize yourself by letting them "peek" at your personality. Bring value to what you post online.
~Be relevant. Your clients are looking on the internet. Are you there? Be sensitive to the age group you are targeting and make the message specific to them. The Gen X and Gen Y group are sophisticated in their searching and want their information accurate and fast...give it to them. They will appreciate the knowledge without being hounded.
~Finally, don't "Market" to your followers. Be genuine. Be authentic. Engage. Once your web visitors feel they can trust you for correct information and truth in advertising, they will gladly select you as their valued Realtor.

So thank you Tom Ferry for the incredible 3 hour class in all of the technical workings of social media. And thank you Prospect Mortgage for supporting my business model and assisting me in becoming a better real estate professional for my clients. I am grateful.

REOs & Foreclosures on Sale in San Diego County!

In my past 2 postings I've gone over in fine detail the short sale process. The REO (or foreclosure) process of purchasing a home is the Readers' Digest version and typically with a much better outcome. The foreclosure begins with a Notice of Default. After missing a couple of payments (sometimes as many as 6 months worth) the lender will file and record this official notice. From that point the lender can take back the home in 3 months and 3 weeks. The weeks stems from the publishing of their intent in a newspaper for 3 consequetive weeks after the 3 month period. At any time after that, the bank can reposses the home. They will typically offer it for sale at a "Trustee's Sale" on the courthouse steps. They will place a "reserve" on it (or lowest amount they will accept for the property). Should that reserve not be met, the bank then decides to include the property in their "Real Estate Owned" (REO) inventory. They will market the property as any seller would by having it appraised, selecting a Realtor, listing it for sale and negotiating the terms. And that's where this whole process becomes interesting.

Prior to relinquishing the home, the previous owner may choose any number of avenues to vacate the premises. They may leave in anger and trash it on the way out or as they carefully maintain the home until their last day and regretfully leave with probably a bitter taste in their mouth from the bank's lack of response or misinformation. I've seen holes in the floor where toilets once stood, carpet so soiled I believe they disassembled their motorcycle on it, topless cabinets with their granite slabs long since removed and floor tiles broken methodically one by one. Whatever the condition, the home needs to be sold. And that, my friend, can be an exhilerating experience for any bargain hunter. But beware...this environment is not for the faint hearted...and NOT for the do-it-yourselfer. I'm speaking of the armchair investors who want the hot deal but don't want to be tied down to one Realtor. I'm speaking of those that want to "keep their options open". I've said this before... a qualified Realtor is worth their weight in gold in this volatile market. It's fine to surf the internet and look, but let your Realtor take you on tours, give you direction and help you wade through the mountains of paperwork. No two banks have the same procedure. Your Realtor will ascertain whether the lender has other offers, what type of financing or closing costs will be offered, whether the lender will consider repairs or a termite inspection. In short, your Realtor is your attorney, your psychologist and your guide.

When you offer on an REO property you will likely have competition. In my most recent open house for one of my REO properties, there was a deluge of buyers (many side by side with their Realtor) who flew the property to determine in a matter of minutes whether this should be their conquest. They were poised with lender letter in hand determining to be the first offer in if this was "IT". By day three of this new REO listing I had 27 showings and 6 offers. Only 2 of the offers were complete. That is, the real estate agents did not read the instructions on the packets provided and their offers are not submitted to the bank. The banks are very specific about the terms and process they follow. As they create a purchase addendum that will be their used throughout the country, the agent needs to be familiar with this document. It will supercede the standard California Purchase Agreement. So choose your agent wisely. I recommend someone who is a FULL-TIME Realtor and one who studies and knows this market...not a lender who happens to be a Realtor. I may offend a few people with my opinion but honestly I don't want a dentist who happens to sell cars also. I want a professional. In this market, you need to stay on top of things and one career is enough. So off my soapbox and on to the REOs again.

Banks who own property today are anxious to dump their housing inventory and your response time will typically be less than seven days. So with your agent selected, find a great lender and get that lender letter in hand. My recommendation? Jim Auten, American Capital Home Loans at (760) 975-0255, jim@achlinc.com or www.americancapitalhomeloansinc.com. Be prepared for multiple offers. I am typically seeing offers $20,000 to $30,000 over the asking price. The stronger you make your offer, the better your chances. The strength of your offer comes from the amount down, your credit score, whether you need closing costs paid, and closing timeframes. Banks can and do pay closing costs (typically up to 3%). If you need the assistance well, then you need it. But if you can keep your offer clean, your chance increases dramatically. A bank looks at the net amount to them plus the ability to close. They will rarely look at a contingent offer so sell your home first, rent something temporarily and strengthen your buying position.

Once your offer is selected, you will begin your inspection period. Rely heavily on your home inspector as the lender will not be able to give you the history of the property. Their disclosures are minimal at best. Your agent will help you go over your Natural Hazard Disclosures, escrow instructions, Homeowners Association CC&Rs, etc. All of these reports should be given to you in the early stages of your escrow to help you decide if this is the home for you. Typically your contingency period is a "passive removal" which means you must put any issues in writing by a certain time period (typically 7 days). If you don't notify the seller in writing, the addendum usually states that you have checked out the property and have AGREED to the current condition. So watch your time frames and read your addendums!

Hopefully, your escrow will be a smooth transaction as the REOs for each bank are handled by the same escrow companies. Your Realtor will assist you along the way and most interaction will be via email to keep you updated. My experience as an REO agent has been a great one. I pride myself in responding to agents as quickly as possible. The process can be frustrating if the banks give too many assets to any one agent. That agent can't possibly handle the load and their response time and service is deplorable. I am always happy to receive new REO assets and look forward to closing a transaction with you in the very near future!

Visit my website at www.ViewKimsHomes.com and click on featured properties for my current list of REOS, short sales and equity listings along with details and photos. Email or call today. I would love to help you through this exhilarating process and hand you the keys to YOUR dream home AT AN INCREDIBLE PRICE next month!!