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 Looking to Buy a 'Fixer-Upper'? The 203k Program Can Help Make It Happen

In North San Diego Coastal real estate today's real estate market presents a lot of opportunity for interested home buyers-with the growing supply of foreclosure properties and short sales, there are certainly some great deals to be had.

Some San Diego home buyers find the problem in buying a "distressed" property, however, is that these homes are often damaged due to lack of maintenance or prolonged vacancy. So while the price tag might be right, the investment necessary to make the home livable might just push buyers well beyond their budgets. 

As a member of the Top 5 in Real Estate Network® and the vast experience that comes from serving hundreds of home buyers and sellers needs over the past 21 years, I have access to the latest information on mortgage and financing options. One particular option that is providing hope for many of today's home buyers is HUD's FHA 203k program, a loan that enables buyers to not only secure a mortgage, but receive the funds necessary to improve the home as well.

Here are five facts about the 203k program to help you determine if it might be the right fit for you:

1. The FHA Section 203k program was originally introduced by HUD in 1978 as a program to rehabilitate and repair single-family homes. The 203k is a single mortgage loan that provides funds to purchase a home and make repairs and improvements. A simpler version, the Streamline 203k, was introduced in 2005. This version offers less documentation and lower loan fees for renovations that don't exceed $35,000.

2. In today's market, conventional financing, which often requires 20% - 25% down on a home and a perfect credit score, is often hard to come by. However, with less-than-perfect credit and as little as 3.5% down, you can get an FHA loan, such as the 203k.

3. The 203k approval process is a little more complicated than a conventional loan. For example, you're required to secure renovation costs from an established, licensed contractor and deliver a package of the proper paperwork to the lender to secure FHA approval. Make sure you work with an agent-like a member of Top 5-who is well-versed in the 203k program, or who can connect you with a lender that is.

4. The 203k loan is not just for foreclosure or distressed properties. More than 80% of the homes in America were built before 1990-that's over 100 million homes that are 20 years old or older-and almost every one is in need of some amount of repair and updating. The 203k loan, therefore, offers advantages for almost any home purchase.

5. The 203k loan is not just for home purchases but can be used to finance a home improvement, as well!

For complete details on the HUD 203k program, you can visit www.fhainfo.com/fha203k.htm. Please feel free to e-mail me,  if you have further questions, or call Loren Sanders at 760-602-1000  

Check out these available North San Diego Coastal homes that are distress sales  

Another program you may want to consider if you are a home buyer looking for a low down payment option alternative to a FHA home loan, check out HomePath properties. These homes are part of FANNIE MAE's Homepath program, there is also a HomePath Renovation program as well.

The special financing available on Fannie Mae HomePath properties offer benefits that include:

 Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes

Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:

• Closing costs;
• The purchase of new Whirlpool® appliances by Fannie Mae; or
• A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%.

To be eligible for this incentive:

• Offers must be accepted on or after January 28, 2010
• Property sales must close before May 1, 2010
• Buyers must be owner-occupants, investors are excluded

*Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their lenders for guidance.

 Get home information on the road, see homes on your mobile phone with this application

Short Sales in North San Diego Coastal Cities of Del Mar, Solana Beach, Cardiff by the Sea, Encinitas and Carlsbad are likely to rise significantly this year. If you are in the market to purchase a short sale or if you have questions about short short sales in general click here for short sale questions & answers

Headlines today on a national front said January home sales were down 7.2% but as most people are aware real estate is a local game, even hyper-local in many ways. Today's headlines were further broken down by region; the west was down approximately 5%. Earlier in the week from the California Association of Realtors sales were noted to be down 3% in January 2010.

I am not sure if you have ever thought about the language used in these stories. Words like bleak, surging, plunged are often used and mostly for effect.  Reality within a market can be a bit trickier to pin down. 
During my 21 plus years as a real estate professional several things have become crystal clear to me:

1.  Headlines are created to simply to sell, to generate views, readers or eyeballs as we say now days.

2.  Most successful people do not make decisions based on what " is" today, they are looking at 1, 3, 5 or 10 years down the road. The month to month numbers in many ways are noise, whether they are up or down. You have to look at trends, as well as looking at the most significant statistics. Savvy buyers look at potential, seeing beyond todays headlines toward the long term trends, and how today's price fits within the trend. Is it an attractive price or not, period.

3. Many times the Headline numbers are not the most important numbers to consider when buying or selling a home.

4. The single most important number to look at when you are trying to judge what direction home prices are likely to go is month's supply of inventory. This basic tenet holds true for most things of value. Supply and demand is the key factor. Below are graphs of months supply of inventory over the past year for San Diego homes and a graph showing the trends in the number of homes for sale for the past 12 months in San Diego real estate.

Note the graphs are for all price ranges in San Diego County.

As I mentioned earlier, to really know what is happening it is best to get hyper-local. Pricing and trends within price range, as well as zip code, city or even neighborhood. We can help you discover in a detailed report giving you the most significant information within the location or locations you are considering a purchase or sale.  For a free, no obligation report email me at Loren@CoastalHomeFinder.com to get your 21 page Real Estate Market Intelligence Report for your city or zip code. In the end the financial portion of the decision is just one factor and while it is a very important part of the puzzle, lifestyle is a big one as well. Get a professional to work with you to discover the reasons behind a purchase or a sale, then choose the best decision for your family.

Looking for a home in Carlsbad or Encinitas Check out these properties

Is a short sale the right thing for you?

Chances are if you are searching for a home in today's market you will come across listings that are short sales. Short sales are one of your options when purchasing a home in North San Diego Coastal markets and it is a good idea to understand what exactly you may be getting into before you spend your valuable time looking at these properties. Right now there are a large number of short sales in the North San Diego coastal cities of Oceanside, Carlsbad, Encinitas, Cardiff by the Sea, Solana Beach and Del Mar. Approximately 10% of the active listings on the multiple listing service in these coastal cities are short sales.  (Click here to see available coastal distress sales)

Click here for video 6 Ways to Make Sure a Short Sale is Really a Good Deal

Those sellers considering a short sale should talk to a seasoned real estate agent that has successfully closed short sales. As you talk through the many considerations that go into making a decision to sell your property by doing a short sale you will want to speak with an attorney and your tax professional.

To get some of your general questions answered see our Short Sales Questions and Answers Link bellow

Short Sale Q & A

Approved Carlsbad Short Sale in Aviara! 5 bedroom 4 bath, spacious yard w/ views

Call Loren Sanders now to view (760) 602-1000

approved short sale to close in March at $940,000***

see details of this home here

*** we have an approved price from lenders, each new offer must be submitted for final approval.

We are continually testing and implementing new and more effective tools for home buyers and  sellers to use in searching for properties for sale in the North San Diego County Coastal areas we serve of Carlsbad, Encinitas, Del Mar, Solana Beach, Cardiff by the Sea, San Marcos, Vista, Oceanside and Rancho Santa Fe. There are two great tools that are available now to make your home search in San Diego easier and more enjoyable.

Home buyers can now search for homes on CoastalHomeFinder.com with our new boundary search format. You can use pre-determined boundaries like zip codes, cities, neighborhood, school districts or draw your own boundaries you would like to use. Check it out here

Go Mobile with your search...

If you are on the road and want to see what is for sale while you are driving a neighborhood or you see a for sale sign and you want to see photos and information about the home instantly try our mobile application that works great on iPhones and other mobile devices that have GPS capabilities. This powerful application, obtains your location and instantly returns information about all the homes for sale around you. When available it uses GPS already in your cell phone, or you can search by address, city, community or zip code. The user-friendly application can really help you in your property search. Download Loren Sanders' Homes For Sale Application to have all the real estate information you need in the palm of your hand.Check it out here

2010 could end up being the year of the short sale for real estate sales in San Diego. Check out our Short Sale Questions & Answers click here.

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Back on the market, the lowest priced 4 bedroom detached home in the Carlsbad California zip code of 92011. If you are looking for a great opportunity, this cozy one story home is priced to sell at $538,000! Check it out today. Call Loren Sanders at (760) 602-1000 now for an appointment. For more property information click here.  See Carlsbad Homes Under $750,000 Here

Have you ever been driving a neighborhood looking for a home to buy and you see a sign and the flyer box is empty? or the agent has a really nice flyer but no price? Well here is the answer to your prayers, search homes by the location or street you are on. Map the closest homes for sale, do an address search, search by MLS number and more. All you need to do to search for homes today on you iPhone or other mobile device is to enter your mobile number below and get started today. By the way we will not harass you about buying a home. So enter your mobile number below and see pictures, prices and more right now!