11680 Kismet Rd

Looking for 4 bedrooms in Sabre Springs? Here it is, and on the quiet side of the street! This is move-in ready, with gleaming engineered wood flooring, mirrored closet doors, 2 fireplaces, indoor laundry. Furnace and A/C have been replaced.

The spacious yard offers loads of privacy and two nice patios for your summer evening enjoyment.

Sabre Springs

Sabre Springs is in the highly acclaimed Poway Unified School District and offers easy access to the freeway – without being close enough to hear it!

Sabre Springs Park

So if you like the idea of the 4 bedrooms, you probably live with young people who like to play in the park. Or maybe you like that, too! Several parks are nearby for your entertainment and fitness activities. From play equipment to a ball field, to walking or jogging track, there is something for everyone here. Check out some photos and maybe go play in the park, then come see this terrific home.

Oh, I almost forgot!

Want to know the best part? This home is owned by nice humans who don’t need permission from their bank to sell! You don’t find that every day, so make plans to see it soon.

The Price

This is a Value Range Listing. Seller will entertain offers between $485,000 and $535,000. (You thought it would be more, didn’t you?)

Sabre Springs 4-Bedroom Home for Sale is a post from: San Diego Real Estate

Getting Free Doesn’t Have to Mean Running Away

For some distressed homeowners, even the thought of taking action to remedy their unmanageable mortgage situation is more than they can contemplate. Far too many homeowners end up losing their homes to foreclosure without ever seeking help from any source.

Common Foreclosure Alternatives include:

• Short Sale
• Reinstatement
• Rent the Property
• Mortgage Modification
• Bankruptcy

Government Programs for Homeowners

HAFA – Home Affordable Foreclosure Alternative. Homeowners who qualify for a HAFA short sale receive $3,000 in relocation assistance, according to the current plan guidelines.

HAMP – Home Affordable Modification Program. HAMP reduces a homeowner’s monthly mortgage payment to 31% of gross income, following a series of steps on the part of the mortgage servicer. These may include a rate reduction, term extension of up to 40 years, deferred principal payments and possibly a reduction of principle.

HARP – Home Affordable Refinance Program. If the mortgage is backed by Fannie Mae or Freddie Mac, HARP originally allowed homeowners to refinance if the first mortgage did not exceed 125% of the current market value of the home.

HARP 2.0 – The key point here is that eligible borrowers can finance regardless of how underwater the mortgage is.

Mortgage Debt Relief Act – Starting in 2007, the government attempted to address the issue of the large tax burden created by the foregiveness of debt. The IRS considers a forgiven debt to be income, and taxable. The Mortgage Debt Relief Act excuses this tax burden, but the act expires at the end of 2012.

Avoid Mortgage Scams

Leave it to the bad guys to target people who are already under stress and desperately looking for relief. Know the signs of a scam:

• You are told you will receive a federal incentive to walk away from your mortgage
• You are asked to pay upfront for counseling
• You are pressured to sign papers immediately
• You are asked to sign your house over to a company or person not working with your mortgage company
• You are asked to make a mortgage payment to someone other than your mortgage company
• You are guaranteed a successful short sale or mortgage modification
• They claim to be a representative of the federal government
• They claim to be able to arrange shorter waiting periods to get another mortgage

If you believe you have been a victim of a scam, contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1-877-382-4357) or visit their Complaint Assistant: https://www.FTCcomplaintassistant.gov

Find out more in this month’s special report. We produce a new report every month. Visit our special website at ForeclosureOptionsToday.com to view the current report and search through the archives.

One of the Most Important Things to Know

The sooner help is sought, the more options are available, and the greater chance of success.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially strapped homeowners with alternatives to foreclosure, help them steer clear of scams, and assist them in finding the solution that best meets their needs.

These are tough times, but more help is available than ever before. If you or someone you care about needs help to realign the balance of your financial life and tip the scales back in your favor, contact me today and let’s get started.

Escape Your Unmanageable Mortgage is a post from: San Diego Real Estate

Have you heard that Obama-Care includes a 3.8% tax on real estate sales? Rumors abound and misinformation dominates any mention of the topic. Here are some facts.

Beginning January 1, 2013, the 3.8% tax on some investment income will take effect. The most common misconception is that it is a 3.8% tax on real estate sales. Untrue. It is not a transfer tax and will not be imposed on all real estate transactions.

3.8% Tax: Who is Affected and How Much Will You Owe?

Applies to:

• Individuals with more than $200,000 adjusted gross income (AGI)
• Couples with more than $250,000 AGI, filing a joint return

Types of Income Subject to the Tax:

• Interest
• Dividends
• Net Rental Income
• Capital Gains (less capital losses)

Formula:

The new tax applies to the LESSER of:

• Investment income amount
• Excess of AGI over the $200,000 or $250,000 threshold

Example: Sale of Principal Residence

John and Mary sold their principal residence and realized a gain of $525,000. They have $325,000 AGI (before adding the taxable gain).

The current tax law allows exclusion of capital gain on the sale of a primary residence in the amount of up to $250,000 for individuals and up to $500,000 for married couples. The new 3.5% tax would only be imposed on the gain over this threshold amount, and even then it would depend on the other components of the AGI.

The 3.8% tax applies to whichever is less: the total investment income or the amount that the AGI exceeds the high-income threshold ($200,000 or $250,000). In John and Mary’s example, the following facts apply:

AGI before Taxable Gain: $325,000

Gain on Sale of Residence: $525,000
Taxable Gain added to AGI: $25,000 ($525,000 sale price minus the $500,000 capital gains exclusion)
New AGI: $350,000 ($325,000 + $25,000)

Excess of AGI over $250,000: $100,000 ($350,000 AGI – $250,000 threshold)

$25,000 taxable gain is less than the $100,000 excess of AGI over $250,000, so the tax applies to $25,000.
Tax Due: $950 ($25,000 x 3.8%)

NAR Brochure Illustrates 8 Scenarios

If it is still clear as mud, this should help. The National Association of Realtors has produced a 10-page brochure that explains in plain language how the tax might apply under these eight scenarios:

1. The sale of a principal residence
2. Sale of a non-real estate asset
3. Gain, interest, and dividend from securities
4. Real estate investment income
5. Rental income as sole source of earnings
6. Sale of second home with no rental use
7. Sale of inherited investment property
8. Purchase and sale of investment property

Download the PDF for easy-to-understand examples of these scenarios, and please consult with your tax adviser to be sure you understand how the tax applies to your personal situation.

Obama-Care 3.8% Tax on Real Estate Sales? is a post from: San Diego Real Estate

Second-Largest Consumer Settlement in History

The historic Robo-Signing Settlement reached between the U.S. government and five major lenders recently will provide help for many homeowners in distress with their mortgages.

April’s special report provides answers to these questions:

• What is robo-signing?
• Which banks are involved?
• How much money is the settlement worth?
• Who is eligible to benefit from the settlement money?

What is Robo-Signing?

During the height of the foreclosure crisis, some banks fraudulently processed and approved foreclosures because they had more than they were equipped to handle properly.  They automated the signing process, forging signatures of bank officials in order to complete the foreclosure.

Which Banks Were Involved?

Five national banks were involved in the settlement:

• Bank of America
• JP Morgan Chase
• Wells Fargo
• Ally Financial/GMAC
• Citigroup

Additionally, nine smaller banks may be included in the agreement as it is fully implemented.

How Much Money is the Settlement Worth?

The total settlement was $25 billion. It was split up in the following ways:

• $5 billion consisting of $2,000 payments to borrowers foreclosed on between 1/1/08 and 12/31/11
• $10 billion to borrowers currently delinquent on their mortgages, to be used for loan modifications or other foreclosure alternatives.
• $3 billion for borrowers who are currently underwater (owe more than the home is worth), to help refinance the loans.
• $7 billion to assist homeowners through short sales, forbearance, relocation assistance or other foreclosure alternatives.

The money will be distributed by state attorneys general offices and varies on a state-by-state basis.

Quick Facts

California will receive the most money from the settlement–over $12 billion.

Oklahoma was the only state that did not sign on to the agreement, reaching its own settlement of $18.5 million.

Who is Eligible?

To be eligible for the $2,000 payment, your home must have been foreclosed between 1/1/08 and 12/31/11.  All other eligibility requirements depend on factors which vary from state-to-state.

Once an administrator is selected to handle logistics and monitor compliance, during the following  6-9 months the settlement administrator and attorneys general will identify homeowners eligible for cash payments and notify them by mail. It is estimated that the settlement will be completed within three years.

One of the Most Important Things to Know

The sooner help is sought, the more options are available, and the greater chance of success.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially strapped homeowners with alternatives to foreclosure, help them steer clear of scams, and assist them in finding the solution that best meets their needs.

These are tough times, but more help is available than ever before. If you or someone you care about is ready to navigate away from the dark cloud of an unmanageable mortgage, contact me today and let’s get started.

Robo-Signing Settlement is a post from: San Diego Real Estate

View Location in The Summit

If you look at only one 2-bedroom condo for sale in Rancho Bernardo’s Summit, you owe it to yourself to see this one. Oh, wait–it’s the only 2-bedrooms condo for sale in The Summit!

Ever popular and highly in demand, this is often said to be the best floor plan. Ideally suited for roommates, the living room separates the bedrooms, so there is ample privacy for everyone.

Generously proportioned rooms will leave you thinking this is larger than the square footage indicates.

What Makes this Special?

The first thing is the exceptional setting, overlooking a sweeping view to the west. The 2nd floor location has no unit above, which means quieter living and vaulted ceilings. A full-sized washer and dryer are located inside the unit, and they are included in the sale, along with the refrigerator. Amenities include central air conditioning, a storage closet on the balcony, and a mirrored wall in the dining area. One covered and one uncovered parking space convey, and both are conveniently near the unit.

Lifestyle in The Summit

The Summit offers exceptional recreational opportunities, with 2 swimming pool & spas, 2 tennis courts, a well-equipped exercise facility, 2 clubhouses and BBQ areas. The final bonus is you’ll live within a half mile of 4S Commons–and with no Mello Roos!

What are you waiting for? Check this out and make it yours.

The seller will entertain offers between $175,000 and $215,000.

17161 Alva Road – The Summit in RB – SOLD is a post from: San Diego Real Estate

How’s the Real Estate Market in Poway?

These three simple charts show the Poway, CA real estate market trends over the past 11 years: 2001 through 2011. What do they say to you?

Poway Real Estate – Average Days on Market

Market time has risen each year since since 2004, but we see a sharp drop in 2011. Homes are selling faster.

Poway Real Estate – Average Sale Price

This shouldn’t be used as strict evidence of home prices rising or falling, as the average is affected by the number of upscale homes vs low-end price points, but given the 11-year time span, a clear pattern is emerging.

Poway Real Estate – Closed Sales

The lowest number of closed sales occurred in 2008, with steadily rising numbers since. The trend appears to be heading in the right direction, especially when we remember that Days on Market is down.

What Do You See?

What trends do you spot in these charts? They reflect what we are personally experiencing in the marketplace…buyers are out there making offers, and good properties are enjoying shorter market times. Can stronger prices be far behind?

Poway Real Estate Trends is a post from: San Diego Real Estate

It Can Happen Quickly… to Anyone

An unexpected illness in the family, an expensive car repair, almost any emergency can quickly cause you to feel that your finances are out of balance with the life you’ve worked so hard to build.

The housing crisis has affected people of virtually every income level, every region and every education level. Consider these facts:

• Number of consecutive years home prices have fallen: 5
  Number of homes lost to foreclosure since 2007: 7.9 million

In 2011, 1.9 million homes were foreclosed upon, which is actually the lowest number of foreclosures since 2007.

What are Your Options?

Foreclosure is the final step in a delinquency proceeding, and far too many homeowners don’t reach out for help to stop the process. Foreclosure carries many long-term consequences, apart from losing one’s home. The good news is foreclosure seldom needs to happen, given all the alternatives available today. Here are just a few:

• Reinstatement: If your financial setback was temporary, you can make a one-time payment which includes all missed payments, legal fees and late fees, and you can be eligible to be reinstated.
• Forbearance or Repayment Plan: If your hardship was temporary, but you cannot afford reinstatement, you may be able to negotiate a forbearance or repayment plan, which will allow you to pay the missed payments over time, or the payments can be placed at the end of the loan term.
• Sell the Property: If you have equity sufficient to pay off the mortgage, this is always an option.
• Mortgage Modification: You may be eligible to modify your existing loan, resulting in lower payments. Programs vary from bank to bank.
• Refinance: You may be eligible to obtain a new loan at a lower interest rate in order to reduce your monthly payments. Your creditworthiness, value of your home, and whether or not you are current on your payments will determine whether this is an option for you.
• Bankruptcy: In some cases, bankruptcy is an option. It may stop foreclosure and allow you to reorganize your debt. This is a temporary delay, and also makes the property much more difficult to sell.
• Short Sale: You sell your property for less than required to pay off the existing loans, and the bank agrees to accept the net proceeds and release the lien. In some cases, you will also be released from the liability of the loan.

All options should be thoroughly investigated for legal and tax consequences with your attorney and CPA.

One of the Most Important Things to Know

The sooner help is sought, the more options are available, and the greater chance of success.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially strapped homeowners with alternatives to foreclosure, help them steer clear of scams, and assist them in finding the solution that best meets their needs.

These are tough times, but more help is available than ever before. If you or someone you care about needs help to realign the balance of your financial life and tip the scales back in your favor, contact me today and let’s get started.

Is Your Mortgage Out of Balance with Your Budget? is a post from: San Diego Real Estate

Now is the Time to Point Your Future Toward Blue Skies

You didn’t buy your home planning on the value to drop. But about 25% of homeowners in the U.S. find themselves in just that situation. The Housing Crisis is a national epidemic affecting good people who have played by the rules, paid their taxes and reached for their American Dream.

The sad fact is that foreclosure is not an isolated event. For months prior to the loss of a home, financially pressured homeowners live under a cloud of uncertainty. Then for years afterward, the damaged credit affects their ability to buy another home or obtain loans at favorable terms. Foreclosure can even complicate employment prospects.

There are Alternatives to Foreclosure

Foreclosure is seldom the only viable option for distressed homeowners–especially with numerous Federal and State programs available, and streamlined short sale systems to help homeowners avoid foreclosure.

• Short Sale: Most banks would rather agree to a sale price less than the amount owed than to become the owner of a distressed property in a foreclosure proceeding.
• Deed-in-Lieu of Foreclosure is an option that enables homeowners to transfer ownership of the property back to the bank.

Short-Term Financial Setback Solutions

• Forbearance suspends payments for a specified time period. Missed payments are eventually either repaid in full or added on as an extension to the loan term.
• A Repayment Plan is similar to a forbearance, with past-due loan amounts spread out over a specified time frame, resulting in an increased mortgage payment until the mortgage has been brought up to date.

Long-Term Financial Setback Solutions

• HAMP – Home Affordable Modification Program – For the homeowner who has fallen behind on payments due to a long-term financial setback, such as a job loss or permanent drop in income, HAMP is a permanent loan modification program, administered by the U.S. Treasury.
• HARP – Home Affordable Refinance Program – For homeowners current on mortgage payments but unable to refinance because the market value of the home is lower than the mortgage amount, the recently revised HARP 2.0 offers a way to refinance underwater home values.

One of the Most Important Things to Know

The sooner help is sought, the more options are available, and the greater chance of success.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially strapped homeowners with alternatives to foreclosure, help them steer clear of scams, and assist them in finding the solution that best meets their needs.

These are tough times, but more help is available than ever before. If you or someone you care about is ready to navigate away from the dark cloud of an unmanageable mortgage, contact me today and let’s get started.

Are You Living Under the Cloud of an Unmanageable Mortgage? is a post from: San Diego Real Estate

Rancho Bernardo’s Seven Oaks

One of two senior communities in Rancho Bernardo for residents ages 55 and up, Seven Oaks enjoys a desirable location in the heart of Rancho Bernardo. The homes are meticulously cared for, and the residents enjoy the peace and quiet of adult living, with the added bonus of the well-equipped Seven Oaks Community Center nearby.

16361 Sarape Drive

This single-level property has been beautifully updated, with upgrades including an updated kitchen, air conditioning, insulated rollup garage door on the oversized single-car garage, and a versatile extra room leading to the delightful back yard with fruit trees. You’ll enjoy privacy in abundance and gentle evening breezes from the covered back patio.

The Seven Oaks Club – Recreation and Activities Center

The Seven Oaks Club offers a variety of activities too numerous to mention, but count on swimming, shuffleboard, billiards and ping pong, woodworking, sewing, ceramics, jewelry making, volleyball, and best of all, companionship and camaraderie with friends who share your interests.

The seller will entertain offers between $265,000 and $295,000.

Contact us to schedule your viewing, and you can start enjoying the best of what Seven Oaks has to offer.

Why Savvy Seniors Love Seven Oaks is a post from: San Diego Real Estate

Real Estate Buyers and Sellers: Their Unique Perspective

We all read the same newspapers and listen to the same analysis, right? While no one has a crystal ball, buyers and sellers have very different opinions about whether their real estate glass is half full or half empty.

The Question Posed

When asked, “Do you think home prices in your neighborhood will go up, down or stay flat in one year, five years and 10 years?”, their answers are significantly different.

The Home Sellers’ Point of View

More than 40% of home sellers predicted a down market lies ahead, with the next highest percentage believing the market will stay flat. The least common answer from sellers was up, and essentially none expressed uncertainty. Home sellers are skeptical of home values improving, and not afraid to say so.

The Buyers’ Counterpoint

As for buyers, the vast majority expressed uncertainty for the future of real estate prices. The ones who took a position opted in nearly equal numbers for a move upward and a flat market, with virtually no one predicting a downward trend.

What Does it Mean?

The obvious conclusion is that home buyers are much more hopeful than sellers dare to be at the moment. With interest rates at historic lows and affordability at record high rates, home buyers are testing the waters and bumping up against the competition of multiple offers in many markets and many price points.

There is no question that competitive pricing is essential for homes to sell, but they are selling. Power in negotiating comes in part from confidence in your position. Is it possible that home buyers hold more power than they realize?

Affordability- Even in California

Affordability in California reached its peak near the dawn of 2009, and remains high, with more than 50% of California households able to buy at today’s prices. Affordability nationwide hovers at less than 70%. There are attractive opportunities for home buyers to re-enter the marketplace and enjoy the benefits of home ownership today.

*Source: California Association of Realtors

Real Estate Outlook: Buyers vs Sellers is a post from: San Diego Real Estate