Down Payment Assistance- Escondido Programs

Posted on October 26, 2011 by Janet

Down Payment Assistance Offered By the City of Escondido

First time home buyers have many programs available that will help them with the down payment, often the biggest stumbling block when buying a home.  The City of Escondido offers  5% down payment assistance for first time home buyers.  The requirements are simple  -

 
1.  Down payment assistance is for home buyers who have not owned a property in the last 3 years.

2. You DO NOT need a down payment. Escondido will give you 5% down and we will get you an FHA 1st 30 year fixed mortgage for 95%.

3. Escondido allows borrowers to make up to 120% of the median income for San Diego County to qualify.

 No need to worry about closing costs, because buyers can receive up to 3% closing costs assistance.  

There are NO payments that need to be made on the 5% down from Escondido or the 3% from the state. You do not have to pay the down payment assistance back until you sell the property. If you never sell, you never have to pay the down payment assistance back! For Veterans we can also structure this with a VA loan 1st mortgage.

To see all the homes for sale and find the best deals in Escondido contact me –  Janet McCarthy ( 858-243-5719).  I will set-up a buying plan for you and in no itme you can say good-by to your landlord. Currently, there are 55 homes for sale in Escondido – bank owned foreclosures and approved short sales waiting for buyers to make an offer. 

If you are interested in learning more about all of the hidden grants and down payment assistance programs available to home buyers in San Diego County – please contact a specialist at www.sandiegodownpayment.com, or www.SoCalFHAHomeloans.com or www.SoCalVAhomeloans.com.

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How to Avoid Foreclosure

Posted on October 18, 2011 by Janet

How to avoid Foreclosure

Many homeowners looking for ways to avoid foreclosure spend countless hours on telephone calls or writing letters and emails. Usually they are left waiting for a reply or given another number and a new name to search.  If you are trying to avoid foreclosure don’t miss this special opportunity to meet with your lender face-to-face and get answers and help.

Hope Now is a partnership between lenders and non- profit housing counselors.  Their mission is to reach out to and to attempt to assist homeowners who may be having difficulty paying their mortgages.

Homeowners who attend the event will have the opportunity to meet with their lender or a housing counselor to discuss possible alternatives to foreclosure.                                           

The event is Thursday Oct. 20th, 2011 at the QLN conference center – 1938 Avenida del Oro, Oceanside, Ca. 92056 Exhibit Hall from 11:00am to 7:30 pm

  • Please bring all necessary mortgage  and financial documents
  • Monthly mortgage statements
  • Two most recent pay stubs
  • Documentation on all income you receive from other sources ( alimony, child support, social security, etc.)
  • Most recent bank statements & utility bills with your name and address.

If you want to know how to avoid foreclosure, If you want to know what you options are and if you want to get answers, than plan ongoing to the event.  If you need to short sale your house I can help by listing it for sale and working with the bank to get short sale approval.  I can also get your home sold fast – in as little as two weeks!  Contact me now and learn how to avoid foreclosure.

Janet McCarthy

Connect Realty

jmccarthyhomes@gmail.com

858-243-5719

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San Marcos College Condos -Investment Opportunity

Posted on October 12, 2011 by Janet

San Marcos College Condos – Investment Opportunity

If your San Marcos college student is getting ready to live off campus, buying a rental property or condo may be an option worth considering.  San Marcos is the home of two colleges – Palomar College and California  State Univeristy at San Marcos – CSUSM.  Of        course, with high rental costs and the opportunity to create a tax shelter for your hard earned money, this is a strategy many parents have found to be beneficial.

An investment property is an excellent opportunity to put your money to work for you, and may even help offset some of the income invested into your child’s education.  However, there are various factors you should consider before making any final decisions.

1. Long term goals – Although appreciation rates may be favorable, it is important to discern how long you intend to keep the property.  Within a few years your son or daughter will be finished with their education, and you will still be left with a property to care for.

Some individuals would rather keep the home as an investment and continue to rent the property out to new students.  San Marcos has two colleges; Palomar college and CSUSM.  Palomar is a two year college and CSUSM is a 4 year college that is growing at a rapid pace.  Only CSUSM has dormitories and they are very limited.  Students must live in a house, condo or apartment in San Marcos and the rents are high.  Average rent is $1800/mo for a three bedroom condo. San Marcos has a steady demand for rental housing and the rates will continue to rise as student enrollment increases. CSUSM just post a 10% increase from 2010.

2. Maintenance & management – Next, purchasing a rental property is a big investment, so you want to ensure that your property is kept in good condition.  Although your son or daughter may be extremely reliable, you may need to consider other friends or roommates that will have to share in on the rent.

3.  Cash flow & taxes – After carefully reviewing the first 2 points, you may still feel that a rental property for your student is well worth the investment.  If this is the case, then there are a few things you must know about finances.

First of all, be sure that you are buying smart.  Work with a qualified agent who knows the area and can help direct you to the best deals.  They will be able to help you figure out projected rental income and appreciation rates as well.

Buying a San Marcos college condo  for your college student can be a wise real estate investment for you and your family.  Interest rates have dropped, prices have dropped and sellers are highly motivated.  Save thousands of dollars by buying a condo for your college student.  Contact me today at jmccarthyhomes@gmail.com and I will set-up a custom investment plan.  Currently, I have a two bedroom condo asking price is $130,000 and it rents for $1700/mo.  Closing costs are paid by the seller.  Immediate cash flow.  Learn my secret technique to a low down payment.

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How to Sale your Home

Posted on October 3, 2011 by Janet

How to Sale Your Home  

Did you know that according to Realtor.com only about .8% of Realtors are actually using video marketing for their business? Plus, when considering that almost 90% of people are now using the internet for real estate based searches, wouldn’t it only make sense that your listing agent should include this as a part of their real estate marketing strategy? However, embracing change is not always easy to do, and many real estate professionals are still relying on traditional marketing methods to sale your home even though the future of real estate is online. Therefore, by listing with us you can rest assured that we will make video marketing a priority to ensure you gain top exposure and receive the fastest and best offers possible on your home.

Step 1: Creating Video Content

The first step in  preparing video content for your listing will be to create a virtual tour of your entire home. We will be sure to highlight all the perks and benefits of your home and the surrounding neighborhood as well. Additionally, we can include information about your school district(s), local businesses, as well as other recreational activities. Feel free to share any other ideas you may like to include as a part of the marketing strategy, and we will be happy to accommodate where we can.

Step 2: Optimizing Your Content

As experts of video syndication and online marketing tactics, we have access to various tools and strategies that will ensure you are receiving maximum exposure for your home to get it sold fast. Some of these techniques include:

  • Uploading to Youtube and other video marketing directories
  • Including videos within written article content and submitting to various platforms
  • Creating a property specific landing page and/or mobile website with your virtual home tour
  • Feeding listing data to social media pages, the MLS and other property marketing sites

We have found that videos tend to really engage prospects more and help them to get a better feel for the home and neighborhood before even scheduling a showing. Plus, you are more likely to attract qualified buyers following this plan as well.

Step 3: Call to Action

Finally, we also ensure that there is always a unique call to action within every one of our videos, in order to capture important contact information for future follow-up. This is an area that many agents can neglect, which can drastically impact your chances for success. Therefore, we make it a point to always direct each prospect to some form of lead capture, so that we are able to build a relationship and ensure that we never miss a possible opportunity. In other words, people are much more likely to share their information than take the time to call. Can you now see the power behind using video marketing to sale your home? Since creating video is so simple and can greatly enhance your chances for selling, we encourage you to contact us when ready to sale your home in order to learn more about our comprehensive online marketing strategies.

 

How to Sale your Home  

It’s harder than ever to sale your home in today’s market of short sales and foreclosures and buyer skepticism.  If you are thinking about selling your home you need/must have an aggressive, comprehensive marketing plan that will focus on the online buyer, attract a lot of attention and make your home stand out from the crowd.  Contact me today for a free consultation and learn how you can get your home sold fast and for top dollar.

Janet McCarthy

Connect Realty

858-243-5719

jmccarthyhomes@gmail.com

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Habitat for Humanity – ReStore

Posted on September 13, 2011 by Janet

Building supplies

Habitat for Humanity builds homes, restores homes and helps strengthen communities.  This big goal is achievable through donations of both time and materials.  The end result is a new home for a family that might not otherwise be able to own a home.  It’s a vision that transforms both the volunteers and the home recepents by showing how powerful the spirit of giving can be.  A major part of the effort is building supplies which are often donated or acquired at a reduced priced.

Building supplies , kitchen remodel

The Habitat for Humanity ReStore sells new and used donated building stores at a greatly reduced price and uses the income to fund building projects.  The San Diego ReStore is located at 10222 San Diego Mission Road and it’s having their semiannual sale Sept 25, offering 30 percent to 70 percent off already low prices.

If you are thinking about remodeling your kitchen, bathroom, tiling, or doing any improvments around the house then head on over to Habitat for Humanity ReStore on Sept 25th and find a bargain that will help you save money and help others build homes.  It’s a very good thing. 

ReStore’s semiannual sale is Sept. 24th

10222 San Diego Mission Road,

Saturday 9am to 7pm

Saving money on home repairs needed before marketing your home will help you sell your house faster and for more money.  If you’re thinking about selling then contact me ASAP.  We need to put together an aggressive marketing program to get it sold fast before the end of the year.  Few houses sell in Nov and Dec. so act now and get it sold fast.

Janet McCarthy

Connect Realty

858-243-5719

jmccarthyhomes@gmail.com

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How to Sell Your Home – FAST!

Posted on September 9, 2011 by Janet

How to sell your home

Selling your home fast doesn’t have to be an impossible endeavor.  In fact, even in today’s market you can still command a very reasonable price on your home within 90 days or less.  If you want to sell your home How to sell your home ast follow some proven steps that we’ll outline below, your turn around time could be much faster than expected.

After Labor day the buyer market changes considerably and if you need to sell your home – you need to sell it fast. So let’s dive in on some basic strategies that you can implement today to gain the most favorable results:

 How to sell your Home

Staging

Staging, or “restyling,” is a way of professionally preparing a house for sale, and it’s changing the way homesare marketed today.  According to The Times, “Staging can increase prices from two to 10 percent in a moderate market and up to 50 percent in hot markets or for luxury homes.” If your home doesn’t look like a model home than you should consult a Stager.  The results are dramatic and will get your home sold faster.How to sell your home
I love this before and after picture from Torontorealtyblog.com, It really proves what a difference staging can make.

 Additionally, people want to be able to picture themselves living in your space and visualizing where their own possessions will go.  So you need to clear out space and remove clutter, especially from public areas and closet spaces.  In fact, it is said that at least a 1/3 of your own items should be placed somewhere else other then the home you are trying to sell.  According to HomeGain’s annual survey decluttering can yield a whopping $1990.00 return on a small $290 investment.

Finally, maximize the use of lighting and make sure the house is spotless.  Most importantly, this goes for the kitchen and bathroom spaces which tend to endure a lot of wear and tear.  Patch any areas that need touch ups with some spackle, paint and caulk.  

 How to sell your home

Cut the price

 If you’re in a situation where you are moving for example, and want to be rid of your property ASAP, then consider starting your listing price at about 10% below its estimated value.  It’s better to start a little lower up front if you want to attract the attention of buyers and get quick offers.

This can also work much more effectively then dropping the price incrementally overtime.  In fact, the latter can even be harmful, because it may create the perception that nobody wants your property.  So make your listing competitive and be ready to entertain some early offers.

How to sell your home fast

 Do Your Research

People like things in writing.  Therefore, spend a little extra money to get an appraisal and inspection ahead of time, which you can offer at each showing.  This will build confidence with your buyers, since you will be providing the hard facts up front and you will show there is nothing to hide.

If you want to go the extra mile, you can even include receipts and/or documentation of repairs done on the home, as well as any new appliances that may have been purchased.  Your agent may also want to include information and statistics on the neighborhood as well.

How to sell your home fast -

 Hire A Real Estate Agent With Proven Results

How to sell your home fast Did you know that about the top 10% of agents produce 90% of the results?  Therefore, why hire a Realtor that can’t follow through on their commitment to sell, especially when time matters most?  You need a team to work on your side that knows your market and can command the best price for your home in a short period.

Also, it is vital that your agent has expertise in marketing your home both with traditional methods and using online strategies for maximum exposure.  Because information travels so quickly on the internet, it is crucial that you have property tours, videos, listing information, etc. submitted to all the top traffic producing sites.  This will attract a high amount of responses and will help the word to travel quickly. 

Thus, allow us to prove our ability to help you sell within the next 90 days or less by calling us today.  During our private consultation, we will show you quantifiable results along with a comprehensive marketing process that has helped other homeowners just like you get the results they desired.  We look forward to earning your business!  

 

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How to Save on Rent

Posted on July 6, 2011 by Janet

How to save on Rent.

Finding a rental house has become a challenging experience this year.  Homowners who were forced to sell because of a foreclosure or short sale are moving in to the rental market.  The increased demand has driven prices up dramatically.  Comparing rental amounts from last year to this year I would say that on average rates have increased $200/mo.  That adds up to an extra $2400 a year. 

Ironically, the best way to save on rent is to buy a home.  Interest rates are probably the lowest they will ever be – 4.5% and the buzz is that rates will begin to climb.  The prices on homes reached their lowest point last year and have either maintained or risen slightly depending on what area of San Diego you live in.

The average monthly rent is $1800.  The average move-in cost is $3600+ pet deposit which could be another $500.  Most rents are for 12 months or one year terms which means you will pay the landlord $21,600 and receive no benefits. 

If you can afford $1800/mo, you can afford to buy. 

Here are the numbers -

If you purchase a home for $275,000 – and there are plenty of wonderful, really nice houses, with yards in nice neighborhoods for this amount. 

Purchase price – $275,000

  • Down payment $9,625.00  ( you paid $3800 to move in so you need $5825.00)
  • closing costs     $1,326.88     ( although very often the seller will either pay all the closing costs or a portion)
  • Monthly mortgage AKA rent = $1,344.62 ( You save $455,40 a month x 12 = $5464.80)
  • Tax benefits
  • Appreciation

How to save on rent is simple – buy a house!  Want to know how to get down payment assistance or help with your closing costs?

The city of San Diego has programs to help first time homebuyers with both the down payment and the closing costs.

Save money on your rent and buy a house.  Grow your own nest egg and get rid of your landlord.  Call or email me and I can get you started on the path to being a homeowner. 

Janet McCarthy

Keller Williams Realty

858-243-5719

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Down Payment Assistance Programs – San Diego

Posted on June 23, 2011 by Janet

One of the biggest obstacles in buying a house is saving enough money for a down payment.  FHA loans require 3.5% of thepurchase price for the down payment. 

On a $400,000 purchase that is $12,000, but you also need money for the closing costs and pre-paid expenses which include taxes, insurance, pre-paid interest and private mortgage insurance if you have less than 20% for the down payment.  Total those items up and you need approximately an additional $12,600 for closing costs.

Here’s how those numbers break down

Purchase price   -        $400,000

3.5% down payment –  $12,000

Est. Closing costs    -     $12,600

Amount needed      -      $24,600. 

Often buyers can ask for the sellers to pay their closing costs ( sometimes they say yes).  Although FHA only requires 3.5% for the down payment the more money a buyer can pay toward the purchase price the lower their monthly payment.

There are many down payment assistance programs in both the city and county of San Diego.  A key home assistance program is the Shared Appreciation loan program which allows buyers to obtain up to 17% of the purchase price toward down payment assistance.

In the example above a buyer with only 3.5% down payment would have a monthly payment of approx. $2700.00.  If they used the Shared Appreciation loan program and received 17% or $68,000 for their down payment their monthly payment would only be approx. $2400.00 – a savings of $300 a month or $3600/year.

Down payment assistance with the Shared appreciation loan program details

Must be 1st time home buyer ( no home ownership in the last 3 years)

Maximum income limits are Family of

1 $44,000

2 $50,250

3  $56,550

4 $62,800

5 $67,850

6 $72,850

Shared Appreciation loans have a 30 year term

No monthly payments of principal or interest are required.

If the owner remains in the property for a full 30 years and has complied with  the terms and conditions of the loan,  the shared appreciation provision will be forgiven. 

After 30 years only the npaid principal balance will need to be repaid.

This down payment assistance program can really help buyers reduce their monthly payments and potential be able to buy a more expensive home.  Eligible properties are all single family homes, townhomes and condominiums located within the City of San Diego.  The maximum purchase price is $451,250.

See all the homes for Sale in San Diego

Free list of San Diego Foreclosures

San Diego Realtors

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Buying Foreclosures

Posted on March 15, 2011 by Janet

Buying Foreclosures

If you want to buy a bank owned foreclosure, you’re not alone.  Many, many people want these houses because banks typically price them 20% below market, however because a lot of people know this if you want to buy you will have Secrets for Buying Bank Owned Foreclosures competition.  Buying a bank owned foreclosure isn’t easy but with these tips ( and the right Realtor) you can do it.

Here are some Tips for Buying Foreclosures

1.  Pick a Realtor who knows how to buy a foreclosure - ( I know how to buy a foreclosure).  Buying a bank owned foreclosure is often difficult because of the tremendous competition and the demands that the bank makes on the buyer.  An experienced Realtor knows how to avoid these pitfalls and position your offer to be the best.  Bank owned houses, foreclosures and REO’s ( real estate owned) are all the same thing/house – the terms are often interchanged and intermingled.  I have personally seen bank owned houses receive 10 offers within 24 hours, actually it’s almost common – don’t let your offer be in the stack.  Pick the right Realtor.

2.  Be pre-qualified and ready to submit an offer as soon as the house goes on the market.  The right Realtor will also have access to foreclosure information so you will know the first day the house is available.  If you are making an all cash offer ( good for How to buy a Foreclosureyou), have all your funds together in the same account that is totally liquid.  Most lenders require escrow to close in 14 days when they accept an all cash offer. If your funds are tied up in different accounts if could delay the close and the seller might cancel and keep your deposit. A deposit is typically 1% of the purchase price ie; $4,000 on a $400,000 house.

If you’re not all cash and need financing you need to put a large amount down and write an aggressive offer.  Try to close ASAP.  Your lender will advise you on how fast you can close.  Banks want their money and the sooner the better.   If you are using a hard money lender be sure to be pre-approved with at least three sources in case one is running low on funds.

3.  Before you write your offer inspect the home, hopefully with an experienced inspector.  This is critical.  Many bank owned foreclosures haven’t been maintained for a long time and need repairs.  You should be fully aware of the cost to make the How to buy a Foreclosurerepairs.  If you need to put $50,000 in to the house and the asking price is $350,000 that’s the same as buying a $400,000.  Are their $400,000 or less homes on the market that are in better condition??

Buying a Foreclosure can be a big opportunity to make money or to buy your own home, but the competition and the bank requirements are obstacles you need to be prepared to overcome.

Get a Free list of Foreclosures

See all the San Diego Homes For Sale

The foreclosure moratorium is lifted and the banks are getting ready to release their back long to the market.  Contact me today and set-up your buying plan and be ready to get a bank owned foreclosure.

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Top House Buying Tips

Posted on March 14, 2011 by Janet

Top House Buying Tips
So you want to buy a house. It’s a complicated process but if you use my Tips it will be a lot less difficult for you.

My number one house buying tip is to find a Realtor to work with. Realtors know houses, they study the market and see houses

Janet McCarthy - Keller Williams Realty

everyday. They know all the inside deals that you won’t find on the internet. They know neighborhoods and communities and schools information that you won’t find on the internet. They know a good house from a bad ( or not so good house). I study my market and know the differences between asking and sold price, so I know how Low you can go when you write an offer. I know when it’s the best time to buy or sell and I know when it’s the worse time to buy or sell.

Why spend countless hours surfing the internet, looking at houses that are probably already sold and dreaming about buying a house when all you have to do is talk to a Realtor who will gladly help you set-up a buying plan. Find a Realtor to work with – It’s a Good thing.

My second house buying tip is to get pre-qualified. I call this the messy side of buying a house. No one likes to gather up their W2′s, tax docs and incomeGet Pre-Qualified information but it’s important to get it done first.

Interest rates change so often, sometimes in the same day that you need to be ready to Lock the rate when it drops. If you don’t have your paper work done you can’t get the best deal. Getting a low interest rate will help you buy a bigger house and save you money – lots of money, actually thousands of dollars over the life of the loan.

Every offer must have a prequalification letter from the lender. When you write an offer you must submit your pre-qual letter and if your not ready you might have to wait a few days for the app to be completed. While you’re waiting another buyer could come along and buy the house. Don’t let this happen to you – get pre-qualified. ( P.S. your Realtor can help you find a great lender)

Go See HousesMy third house buying tip is to go see houses. Pictures don’t tell the full story. You need to see houses and the neighborhood. Once you start seeing houses you will discover what you really want and don’t want and what you need. It wouldn’t make sense to only look at pictures of cars and never go for a test drive, so go See a house.

Top 3 Tips on House Buying

Find a Realtor, Get pre-qualified and Go see Houses.

Guess what?  I can help you find a great house in San Diego. Contact me today to set-up your buying plan and never miss an inside deal, a price change or hot property.  Even if you’re not planning to buy until next year it’s never to early to start working with a Realtor.

 

See all the Homes for Sale in San Diego

Free list of San Diego Foreclosures

San Diego Foreclosures on Facebook

Best San Diego Realtor

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  • I'm Janet. I started this blog to help buyers and sellers learn about real estate. I want to share the Inside story, Hottest tips and real estate news you can use. If you want to know how to get the best real estate deals please get my Free buying and selling tips and join my community.

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