Stunning Designer San Diego Townhome in Perfect Condition

With all the foreclosures and short sales on the market, it is wonderful to find a home that is in perfect move-in condition. This is the ideal home a young couple, first-time home buyer or local artists.

Located in Tecolote Canyon surrounded by trees and wildlife. This site is actually an environmentally protected area, it’s very peaceful, quiet and it truly feels like you are out of town, but in reality you are only a few minutes drive from downtown, the beach and all major shopping areas.

The unit itself has been professionally designed, and completely renovated with an open floor living concept. The Kitchen is equipped with only high-end stainless steel appliances, granite counters, glass tile backsplash, and a rock feature wall that is lit from above. All the floors are re-enforced below a natural travertine and exotic hardwood finish. The main floor also includes a two piece bath with a one piece toilet, stainless steel vessel sink and glass tile feature wall behind the framed mirror. The large balcony is off the Dining Room serves as additional outdoor living area.

The second floor Master bedroom has new carpeting, a walk in closet and an Ensuite bath. The spa like Ensuite features natural light via a french door leading to a small balcony over looking the natural hillside of the canyon. The all new fixtures include a floating vanity with frosted glass vessel sink and a one piece toilet. The shower is custom built featuring travertine and pebble finishes, a rain shower head, and a frameless glass door.

The second bedroom also has new carpeting, a large closet with modern sliding glass doors and a custom built desk/shelving unit. Enjoy the southern exposure from the third balcony that opens from this bedroom.

The main bath on the second floor is a zen-like retreat with travertine floors, a one piece toilet and a custom open vanity with a frosted glass vessel sink. The tub is surrounded by travertine and pebble accents and a rain shower head, with a bent hotel style shower rod. All faucets in the house feature an elegant, modern single handle design.

The full size double garage is below the main floor. Click here for a VIRTUAL TOUR.

For more information or to schedule  a showing,
call our 24-Hour Home Hotline at 877-610-1717
…or

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Fannie Mae Pays You To Buy A Foreclosure

Fannie Mae is working hard to entice you to buy a foreclosure…and it’s a nice enticement for everyone.

The government-sponsored enterprise will also give qualified home buyers 3.5% of the final sales price that can be used toward the closing cost, including home warranty. Eligible offers must be submitted on or after Sept. 23 and they must close by Dec. 31, 2010. Fannie said the sale must close within 60 days of the accepted offer.

Terry Edwards, executive vice president of credit portfolio management at Fannie, said more than 87,000 families have purchased a HomePath property in the first half of 2010. HomePath is the in-house manager of the Fannie Mae foreclosures. It hires vendors and agents to rehabilitate the home and ready it for the market again.

“We continue to look for ways to stabilize neighborhoods and offer incentives to qualified buyers who will occupy these properties over the long-term and help support their communities,” Edwards said.

Fannie Mae, Freddie Mac and many lenders have instituted a First Look program to give owner-occupants a head start ahead of investors to buy these previously foreclosed homes. In California, home buyers have a 14-day jump over investors. It is 30 days in Nevada. In one year of the First Look program, Fannie has sold more than 29,000 REOs to owner-occupants.

Real estate agents and brokers will also receive a $1,500 closing bonus for selling one the these foreclosed homes to an owner occupant.

To find a foreclosure home that qualifies for the Fannie Mae incentive,

contact a HomeFetchers agent today at http://HomeFetchers.com

…or call the 24-Hour Home Hotline: 877-610-1717

source: housingwire.com

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Come And Get It…Government Awards $1 Billion In New Housing Aid

U.S. Housing and Urban Development Secretary Shaun Donovan awarded an additional $1 billion in funding to all states along with a number of counties and local communities struggling to reverse the effects of the foreclosure crisis. The grants announced today represent a third round of funding through HUD’s Neighborhood Stabilization Program (NSP) and will provide targeted emergency assistance to state and local governments to acquire, redevelop or demolish foreclosed properties.

“These grants will support local efforts to reverse the effects these foreclosed properties have on their surrounding neighborhoods,” said Donovan. “We want to make certain that we target these funds to those places with especially high foreclosure activity so we can help turn the tide in our battle against abandonment and blight. As a direct result of the leadership provided by Senator Chris Dodd and Congressman Barney Frank, who played key roles in winning approval for these funds, we will be able to make investments that will reduce blight, bolster neighboring home values, create jobs and produce affordable housing.”

The funding announced today is provided under the Dodd-Frank Wall Street Reform and Consumer Protection Act. To date, there have been two other rounds of NSP funding: the Housing and Economic Recovery Act of 2008 (HERA) provided $3.92 billion and the American Recovery and Reinvestment Act of 2009 (Recovery Act) appropriated an additional $2 billion. Like those earlier rounds of NSP grants, these targeted funds will be used to purchase foreclosed homes at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values. Today, 95 cents of every dollar from the first round of NSP funding is obligated—and is in use by communities, buying up and renovating homes, and creating jobs.

State and local governments can use their neighborhood stabilization grants to acquire land and property; to demolish or rehabilitate abandoned properties; and/or to offer downpayment and closing cost assistance to low- to moderate-income home buyers (household incomes do not exceed 120% of area median income). In addition, these grantees can create “land banks” to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of urban property. HUD will issue an NSP3 guidance notice in the next few weeks to assist grantees in designing their programs and applying for funds.

NSP 3 will take full advantage of the historic First Look partnership Secretary Donovan announced with the National Community Stabilization Trust last week. First Look gives NSP grantees an exclusive 12-14 day window to evaluate and bid on properties before others can do so. By giving every NSP grantee the first crack at buying foreclosed and abandoned properties in these targeted neighborhoods, First Look will maximize the impact of NSP dollars in the hardest-hit neighborhoods—making it more likely the properties that communities want to buy are strategically chosen and cutting in half the traditional 75-to-85 day process it takes to re-sell foreclosed properties .

NSP also seeks to prevent future foreclosures by requiring housing counseling for families receiving home buyer assistance. HUD seeks to protect future home buyers by requiring states and local grantees to ensure that new home buyers under NSP receive homeownership counseling and obtain a mortgage loan from a lender who agrees to comply with sound lending practices.

In determining the allocations announced today, HUD, as it did with NSP1, followed key indicators for the distribution formula outlined by Congress. HUD is using the latest data to implement the Congressional formula. The formula weighs several factors to match funding to need in the 20% most distressed neighborhoods as determined based on the number and percentage of home foreclosures, the number and percentage of homes financed by a subprime mortgage related loan, and the number and percentage of homes in delinquency. To estimate the level of need down to the neighborhood level, HUD uses a model that takes into account causes of foreclosures and delinquencies, which include housing price declines from peak levels, and increases in unemployment, and rate of high cost and highly leveraged loans. HUD also considers vacancy problems in neighborhoods with severe foreclosure related problems.

In addition to a third round of NSP funding, the Dodd-Frank Wall Street Reform and Consumer Protection Act creates a $1 billion Emergency Homeowners Loan Program to be administered by HUD. This loan program will provide up to 24 months in mortgage assistance to homeowners who are at risk of foreclosure and have experienced a substantial reduction in income due to involuntary unemployment, underemployment, or a medical condition. HUD will announce additional details, including the targeted areas and other program specifics when the program is officially launched in the coming weeks.

[Source: hud.gov]

Stay tuned to http://HomeFetchers.com for more housing updates…

or call the 24-Hr Home Hotline at: 877-610-1717

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Start Home Shopping: New Home Buyer Tax Credit On The Way

It was bound to happen. A bit more help for the real estate market…before it falls totally on its face. You can expect another home buyers tax credit to come out in another 30-60 days, according to a Wall Street Journal Article discussing the Administrations new plans – including a new Home Buyers Tax Credit version 3.0, if you will.

“The Obama administration plans to set up an emergency loan program for the unemployed and a government mortgage refinancing effort in the next few weeks to help homeowners after home sales dropped in July, Housing and Urban Development Secretary Shaun Donovan said. [Call us if you have questions about the HAUP program for the unemployed homeowners in San Diego: 877-610-1717]

“The July numbers were worse than we expected, worse than the general market expected, and we are concerned,” Donovan said on CNN’s “State of the Union” program yesterday. “That’s why we are taking additional steps to move forward.”

The administration will begin a Federal Housing Authority refinancing effort to help borrowers who are struggling to pay their mortgages, and will start an emergency homeowners’ loan program for unemployed borrowers so they can stay in their homes, Donovan said.

“We’re going to continue to make sure folks have access to home ownership,” he said.

Sales of U.S. new homes unexpectedly dropped in July to the lowest level on record, signaling that even with cheaper prices and reduced borrowing costs the housing market is retreating. Purchases fell 12 percent from June to an annual pace of 276,000, the weakest since the data began in 1963.

Sales of existing houses plunged by a record 27 percent in July as the effects of a government tax credit waned, showing a lack of jobs threatens to undermine the U.S. economic recovery.”

Yes, this news does spark the debate again…should we continue to prop up the housing market or let it finally settle in to its natural bottom. Both sides of the argument have merit. The real question is: would you take advantage of the tax credit this time?

Details of this third version of the home buyer tax credit are yet to be announced.  Some other developments which Obama mentioned in a recent conference, and echoed by Real Estate Insider News include:

1) Radical re-fi. Expect there to be some sort of radical refinance program for upside down borrowers. These will not be a loan mod.

2) More programs like the Bank of America Cooperative Short Sale Program- HPO (also called the High Performance Out Reach Short Sale). Goal: reduce foreclosures..for real.

3) More ‘flexible’ loan standards. (I wonder if we didn’t learn our lesson last time on these flexible loan standards and the mess it created.)

It’s all about to get very interesting in the housing market.

Check back on our VestorLink blog for all the latest updates as they happen
Or…
Call our 24-hour Recorded Home Hotline for the latest news: 877-610-1717.

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