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