My New Blog

The news in real estate is not good. It seems like we always say that. But, unfortunately, this is what we are all dealing with. Over the last couple of months, we have seen a sharp decline once again in prices throughout San Diego County. Despite the fact that the lowest interest rates in memory are now the norm, the demand is way off. We continue to sell mostly short sales. There is also the occasional traditional sale and the opportunity to represent buyers.

Our success rate for our short sale listings and approvals is still about 95%. So far this year, we are at 25 approvals and one that went to foreclosure. Last year our record was 45 approved and closed, three foreclosed. In 2009, we were at 59 closed and 3 foreclosed.

We are finding that banks are becoming more and more agreeable and flexible in our short sale negotiations. Specific banks that are improving their agent customer service and outreach are: Chase, Bank of America, Wells Fargo, GMAC, Indymac, and Guild. Of course, many of these loans have been bought and sold several times, and many of the originating lenders are now out of business, such as Countrywide, Washington Mutual, and EMC.

The big news in short sales is that the state of California now has a law that prohibits banks from collecting on the second trust deeds after the short sale closes. This has always been the case in California for first trust deeds. The new law about 2nds applies for non-occupied and owner-occupied properties, which is good news for investors who can no longer afford to maintain and hold their property and need to sell.

If you happen to know anybody who needs our real estate help, please tell them about us, or contact us with their contact information so that we may arrange a consultation. We also sell all kinds of properties from one bedroom condos up to multiple units. We have 100% success rate with multi-unit properties.

Please email us with any questions or concerns: steve@steveroque.net or check out our short sale website: www.steveroque.net

Thank you for your continuing support.

Steve Roque, Broker Associate, and Jan Meyer, Sales Associate

RE/MAX United (858) 549-2700

We continue to work hard doing the same things we have been doing for three or four years.  Market values continue to be soft and decline.  Short sales and bank owned properties are a large part of the real estate inventory in San Diego as well as Southwest Riverside County.

On alll new purchases, we have witnessed a collapse of the appraisal system as the new law has restricted communications between appraisers, Realtors, and lenders.  In most cases, long term appraisers have been forced to give up half their fees to corporations that are owned by the banks.  This has caused a wide variety of appraisal issues on new purchases. 

In the short sale world, the larger banks have made great strides with better communications with Realtors as well as improving their overall process system for quicker approvals.  We have helped and continue to help numerous families save their credit and avoid foreclosure, taking a big burden off their shoulders, as they re-adjust their lives to the new realities of our economy.

We are often asked, "how long can this go on?"  We have been completely consistent in our response.  That is:  Until unemployment improves, there will be no real estate recovery.  If people are not working, or they are working and not making as much money, or if they are in fear of losing their jobs; those people are out of the real estate buying market.

Despite the fact that we have the best interest rates ever, the overall demand is way down, hence the continuation of a declining market that we are witnessing.

One silver lining is that homes that were unobtainable at one time are now good opportunities for people who have secure jobs and/or equity as Move-Ups.  Investors are also poring into the market, rehabbing fixers, and selling them at competitive prices and still making money.

If you know somebody who owes more on their mortgage than their home is worth, and they are having trouble making their house payments, please refer them to us so that WE CAN HELP.

February 7th, 2011

We closed two short sales in Poway, working with Chase on one and Wells Fargo 1st and 2^nd on the other.

We also closed two short sales in Chula Vista, one with Bank of America, and one with Citi 1^st and 2^nd Wells Fargo.

Last Friday we received approval from E-Trade on a short sale in La Mesa. We expect to close this one by the end of this month.

 Here is a testimonial from one of our satisfied clients on the one year anniversary of their short sale:

"I wanted to pass along a note to thank you both for your help on our short sale a year ago (I just noticed the last email you sent was exactly a year ago), I meant to do this sooner. In the year since the short sale we have gotten back on our feet again and can keep our head above water as happy renters who just re-signed a lease for another year. Our life is a world of difference better than it was a little over a year ago when it was filled with worry and uncertainty. As you both told me many times everything worked its way out for the good in the end. I just wanted to pass along our experience over the last year:

Now with the ability to look back on it all after a year, a short sale was the best decision for us. The loan modifications that many of my neighbors chose in lieu of a short sale seemed to have produced mixed results/ temporary fix at best and they are in the same situation a year later with the same bleak outlook on the housing market.

Again thank you so much for your help in getting us through this trying time for us and I will refer anyone considering a short sale to both of you. "   …Jason

Best regards,

Steve Roque, Jan Meyer, and Michelle Ridley

We have short sale approvals this month from Chase, Bank of America, Wells Fargo and Citi-Bank. We also closed three short sales on properties in La Jolla, Downtown and South Park.  Prices are still flat. We continue to help families who need to sell in this difficult market.We had fun selling a condo for a young couple in Downtown.

Steve, Jan and Michelle

Short sales are continuing to be more efficient, as the banks, particularly Bank of America, are working with realtors more effectively to get short sales approved. 

In the last 2 weeks we have received four approvals, from Chase, Wells Fargo, Citi-Mortgage and United Guaranty on homes around San Diego County in Escondido, Serra Mesa, and College areas.

As the banks we work with in the short sale market become better equiped to process our files in a timely manner, we are better able to help struggling home owners short sale their home and avoid foreclosure.

Thursday, October 21st, 2010

It has been a great day for approvals today. We have received 3 approvals before lunchtime.

We received a 1st and 2nd approval from Bank of America on a property we have been working on in North Park. Later in the morning we received the approval letter from Greentree Lending for the 3rd lien.

We also received an approval for a 1st loan from Wells Fargo this morning for a condo in zip 92123, and we are expecting the 2nd approval, also Wells Fargo, in the next few days.

We had confirmation of another short sale completed today on Corte Almeria in Oceanside.

We started processing this short sale with Litton Loan Servicing and Green Tree in August and the whole process has taken us less than 3 months. This is such a great improvement than processing short sales a year ago.