The McGhee Group, Inc.

Information may not be reliable

Written by: Guest Author
Why a Revocable Living Trust is Important: A typical Estate Plan includes the use of a Living Trust. Here are a number of reasons why you may create a revocable living trust: Avoid Probate Provide for your children or grandchildren without Court intervention Protect your family in the event you become disabled Provide direction for [...]

5 Tips for Buying a Foreclosure
1. Choose a foreclosure sale expert. Lenders rarely sell their own foreclosures directly to consumers. They list them with real estate brokers. You can work with a real estateagent who sells foreclosed homes for lenders, or have a buyers agent find foreclosure properties for you. To locate a foreclosure sales specialist, call local brokers and [...]

6 Signs Your Home May Be Over Priced
Here are some signs your home may be over-priced. 1. Youre drawing few lookers You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers [...]

The Recession Was Good; Here’s One Reason Why
In the early part of the decade it wasnt uncommon for homeowners to do a cash out refinance, essentially using their home as an ATM machine. Now making a deposit into the Bank of Your Home with a cash in refinance is all the rage. Thousands of homeowners are actually bringing cash to the table [...]

6 Tips for Negotiating the Best Price on Your Home Purchase
Here are six tips for negotiating the best price on a home. 1. Get prequalified for a mortgage Getting prequalified for a mortgage proves to sellers that youre serious about buying and capable of affording their home. That will push you to the head of the pack when sellers choose among offers; theyll go with [...]

Prices Up in Some San Diego Neighborhoods
While prices in the city of San Diego have been relatively flat over the last year. Some San Diego neighborhoods are seeing dramatic price increases. According to Zillow.com, prices in North Park are up 13.5% year to date, while Pacfic Beach has seen prices rise more than 20% over the last twelve months. Average prices [...]

5 Buyer Mistakes and How to Avoid Them
Interest rates are at historic lows. Home prices are at 1991 levels. There may never have been a better time to buy a house, still many homebuyers are making huge mistakes. Here are the top five mistakes, according to an article by the Wall Street Journal: Thinking they can save money by not hiring a [...]

1. Choose a foreclosure sale expert. Lenders rarely sell their own foreclosures directly to consumers. They list them with real estate brokers. You can work with a real estateagent who sells foreclosed homes for lenders, or have a buyers agent find foreclosure properties for you. To locate a foreclosure sales specialist, call local brokers and ask if they are the listing agent for any banks.
Either way, ask the real estate professional which lenders homes theyve sold, how many buyers they’ve represented in a foreclosed property purchase, how many of those sales they closed last year, and who they legally represent.
If the agent represents the lender, dont reveal anything to her that you dont want the lender to know, like whether youre willing to spend more than you offer for a house.
2. Be ready for complications. In some states, the former owner of a foreclosed home can challenge the foreclosure in court, even after youve closed the sale. Ask your agent to recommend a real estate attorney who has negotiated with lenders selling foreclosed homes and has defended legal challenges to foreclosures.
Have your attorney explain your states foreclosure process and your risks in purchasing a foreclosed home. Set aside as much as $5,000 to cover potential legal fees.
3. Work with your agent to set a price. Ask your real estate agent to show you closed sales of comparable homes, which you can use to set your price. Start with an amount well under market value because the lender may be in a hurry to get rid of the home.
4. Get your financing in order. Many mortgage market players, such as Fannie Mae, require buyers to submit financing preapproval letters with a purchase offer. Theyll also reject all contingencies. Since most foreclosed homes are vacant, closings can be quick. Make sure you have the cash youll need to close your purchase.
5. Expect an as-is sale. Most homeowners stopped maintaining their home long before they could no longer make mortgage payments. Be sure to have enough money left after the sale to make at least minor, and sometimes substantive, repairs.
Although lenders may do minor cosmetic repairs to make foreclosed homes more marketable, they wont give you credits for repair costs (or make additional repairs) because theyve already factored the propertys condition into their asking price.
Lenders will also require that you purchase the home as is, which means in its current condition. Protect yourself by ordering a home inspection to uncover the true condition of the property, getting a pest inspection,and purchasing a home warranty.
Be sure you also do all the environmental testing thats common to your region to find hazards such as radon, mold, lead-based paint, or underground storage tanks.

G.M. Filisko is an attorney and award-winning writer who purchased a foreclosed condominium and found herself in the middle of a months-long dispute between the former homeowner and the bank over whether the foreclosure was conducted properly. Six months after paying the full purchase price, she was finally able to enter the property. A frequent contributor to many national publications including Bankrate.com, REALTOR Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

1. Youre drawing few lookers
You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think its overpriced and are waiting for the price to fall before viewing it.
2. Youre drawing lots of lookers but have no offers
If youve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.
3. Your homes been on the market longer than similar homes
Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and youre pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if theres something wrong with it, which can delay a sale even further. At least consider lowering your asking price.
4. You have a deadline
If youve got to sell soon because of a job transfer or youve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: Its not how much money you need that determines the sale price of your home, its how much money a buyer is willing to spend.
5. You cant make upgrades
Maybe youre plum out of cash and dont have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isnt aswell-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, its time to accept that buyers expect to pay less for a home that doesnt show as well as others.
6. The competition has changed
If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.
G.M. Filisko is an attorney and award-winning writer who made strategic price reductions that led to the sale of a Wisconsin property. A frequent contributor to many national publications including Bankrate.com, REALTOR Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

These are the newest listing for waterfront beach home listings in San Diego County. You can also create your own search.

The are the newest listings for downtown San Diego condos. You can also create your own search.

These are the newest listings for homes priced over one million dollars. You can also create your own search.