Introduction
Welcome to Real Estate Trends #4 Newsletter. It's been a crazy week so this will be another quick one. I will be covering Bank of America's Principle Reduction, Useful Links and a couple new listings.
Bank of America Mortgage Principle Reduction
Last week Bank of America announced that they will be offering a Principle Reduction to about 200,000 homeowners. Here are a couple of articles about the Principle Reduction. -
UT San Diego article -
Yahoo article
In the last 3-4 years, many distress homeowners tried to get a principle reduction but were denied. But now since Bank of America stepped up to the plate, maybe more of the big banks will offer it as well. Now is it a good thing for the housing market? In my opinion, NO. I believe it is just a band aid for the recovery of the housing market. Also it is not fair for the homeowners who are also struggling but still are making their mortgage payment.
I can go on and on about this subject but you'll probably fall asleep so I will continue it some other time.
Useful Links
Here is a list of some helpful websites.
www.walkscore.com - If you are interested in a home and not familiar with the amenities around the home, type the address on walkscore.com. Walkscore will rate the walkability of the home as well as providing the distance of the closest gas station, etc...
http://www.dqnews.com/ - Real Estate Sales Statistics
San Diego School Ratings sites
http://school-ratings.com/cities/San_Diego.html
http://www.greatschools.org/california/san-diego/
Find Out if the Home is in FHA or VA Approved Complex
FHA Approval Site: https://entp.hud.gov/idapp/html/condlook.cfm
VA Approval Site: https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch
Find Out if Fannie Mar or Freddie Mac Owns your Mortgage
http://www.fanniemae.com/loanlookup/
https://ww3.freddiemac.com/corporate/
If your home is not owned by Fannie or Freddie, chances are it is owned by investors.
New Listings
I just took 2 new listings yesterday and here are some quick details about them.
Located in Mira Mesa - 4 Bedrooms, 2.5 Baths, 2011 Sqft in a cul de sac. Hardwood Floors and a remodeled kitchen. I hired a Professional Photographer to take some pictures yesterday and I should be getting them soon (The Professional Photographer I use is actually doing Ladainian Tomlinson's house this week). Home will be listed on the MLS tomorrow. Asking Price: $500,000 - $525,000
Located Rancho Bernardo/4S Ranch - 6 Bedrooms, 4.5 Baths, 4,152 Sqft. We will be doing pictures next week and will be listed on the MLS next Thursday. Asking Price will be around $750,000.
Well that's it! Thanks for reading and as you know, I love referrals so if you know anyone interested in buying or selling, please refer me.
