• Protection Against Accidents – There are two absolutely essential elements of home security systems that protect against accidents, rather than crime: smoke detectors, and carbon monoxide detectors. Both of these security features can save the lives of you and your family, so it is very important that they both be present and in working order. With working smoke detectors, you will have a very quick alert in the event of a potential fire, and a carbon monoxide detector can alert you to a potentially fatal gas leak that may be otherwise virtually undetectable, via your own senses. Thus, both of these features must be present in a safe home.

• Protection Against Crime – Protection against crime is what more people tend to consider when they hear the phrase “home security.” Indeed, there are several aspects of home security systems designed to protect you against thieves, vandals, and other potential criminals, and it is essential that any home be equipped with at least some of these aspects. For example, it is absolutely necessary to have a working house alarm that can alert both you and the authorities in the event of a break-in, and it is also a good idea to have back-up features such as motion detectors, security cameras, etc.

The features listed above provide a brief description of what an up-to-date, reliable security system ought to look like, and it is important not to forget this standard when assessing the value of a property. Indeed, there are many different aspects of a home to consider, but few are as significant as home security, which affects not only the home’s value, but also its safety, and that of its residents.
- Kyle Anderson is a professional freelance writer, blogger, and participant in social media outlets. He has contributed to advertisements and online marketing campaigns for sites such as Home Security System.

I am pleased to announce we have opened our first out of state office in Las Vegas.  With a flurry of foreclosures hitting the city, we needed to have a presence there.  Right off the strip, our Las Vegas office is already buzzing with activity.

VIVA HOME REACH LAS VEGAS!

If you’re looking to buy or sell a home in Las Vegas or Henderson, contact our Nevada office:

Home Reach Las Vegas
2920 N Green Valley Parkway #300
Henderson, NV 89074
Brian Goodman – Realtor
briangoodman@homereach.com
(702) 469-8223

Please note:  HomeReach.com will begin showing Nevada listings online in March.  Until then, contact Brian Goodman for personal service.

People think that buying foreclosures is all about purchasing them from the bank once the bank has already taken the property back. This is incorrect!

Those that know how to buy a foreclosure the right way know that it is all about picking them up at the trustee sale, before the bank has a chance to take it back. this is where you can legitimately purchase property well below market value and make a considerable amount of money as opposed to buying bank owned homes once they come back on the open market. Those properties are usually bid back up to fair market value because they are just as easily purchased as any other home. In fact, buy property at trustee sale is probably the best way to make money in real estate today.

What makes trustee sales so lucrative is that so few people understand them. This creates opportunity. However, it is a lot easier said than done. If you are seriously considering purchasing property at a trustee sale you will want to read on and study the following points. Once you do, you will know how to buy a foreclosure the right way.
What is a trustee sale?

A trustee sale is an auction of property that has fallen behind on payments and is about to be foreclosed on. The auction usually takes place on the courthouse steps and is normally a strikingly casual event, considering that millions of dollars in real estate are changing hands.

At the trustee sale, property that is about to be taken back by the bank is put up for auction, the bank automatically puts in their opening bid. If anybody puts in a big over the bank’s opening bid, that person becomes the new owner of the home. If nobody bids, the property is taken back by the bank and becomes what is widely known as a bank owned home or an REO.

It is not uncommon to purchase property for as much as 40% below fair market value at the trustee sale. Why then does not everybody learn how to buy a foreclosure at trustee sales? Aside from the fact that shockingly few people are aware of these sales despite their very public nature, you have to purchase the home cash and on the spot usually sight unseen.

Those two elements obviously create some major barriers to entry. For one, not everyone can come up with a cashier’s check for a few hundred thousand dollars on demand. Furthermore, not everyone has the stomach to purchase a home cash that they have never stepped foot in before.

However, for those that do want to know how to buy a foreclosure in the best and most lucrative manner, read on.

See, the thing is that there is actually no risk in the numbers when you purchase a home at trustee sale. You know what the fair market value is and you also know what you are paying. The risk is totally and completely in the unknown, which you try and mitigate through very thorough investigative due diligence.

San Diego MLS

Trustee Sale Due Diligence

There is nothing more important in knowing how to buy a foreclosure at a trustee sale auction than investigating the property inside and out. In fact, you will want to create a strong relationship with a title company that will support you on a number of issues. This is what will determine if you make a load of cash or you lose your pants. Here are the items that you need to become aware of:

Loan Position: The very first thing you will need to do is call your title company and verify that the loan that is being foreclosed on is in first position. Otherwise, you will be making a huge mistake. If you were to purchase a loan in second position you will find that the money you just spent most likely went down the tubes. Verify that the loan is in first position or walk away.

Status of occupancy: When buying foreclosures at the trustee sale it is crucial that you verify if the property is vacant, owner occupied, or tenant occupied. That is also the order of preference you should have. The reason this is so important is that if the property is owner occupied it is very easy to evict the person living in the home. However, with tenant occupied property there are a series of very large headaches that come into play. In California, for example, you must honor an existing lease for up to a year. This means that you have a lot of cash tied up for a very long time. If you can find a vacant property to purchase that is the most ideal situation.

So how do you verify who lives there? You literally become a detective. You do simple things like ask the neighbors who lives there and more involved things such as getting the name of the owner from the public tax records, knocking on the door, and then calling the person who answers the door by the name you found in the tax record to see if they react. Just make sure you figure it out.

Verify fair market value: This is a fairly simple step but still a very important one. You need to figure out the true market value of the property that you are considering for purchase. In my opinion you should aim to be conservative and allow yourself to be surprised on the upside rather than down. This will be a key number in your decision on whether or not to purchase the property.

Condition of property to whatever extent it is possible to determine: In order to be able to decide if you will purchase a property at the trustee sale you need to have a good idea for the general condition of the property. Does it look like it is in good shape? Has it been taken care of or does it seem neglected? These are important questions that will directly affect the desirability of the investment. Look for clues such as landscaping and visually compare the home to its neighbors. What I like to do is observe everything possible about the home including looking over the fence and peaking in windows before I knock. This is because once somebody comes to the door they may ask you to leave and then you will not have a chance to continue looking. Knock as a last step. Once you do knock make sure to look inside at the walls, floors, and walls as much as possible and to take a big whiff to try and pick up on any smells. You may only have a few moments before they close the door on you so work quickly. These will be important clues. Depending on the condition of the property you will want to build in more or less reserves for fixing it up into your financial analysis.

Liens and encumbrances of any kind that may exist against the property: A key component to your investigation will be to figure out anything that is affecting title on the property. Contact your trusted title officer and have them research any liens or encumbrances against the property that you are considering. They will not be able to give it to you with any guarantee as they do in a normal title policy but this is the next best thing. Most liens actually go away in the foreclosure process but you will still want to investigate this information. Avoid anything with federal judgments. Also, mechanics liens on new construction should be avoided to due to their tricky nature depending on when they were recorded. Until you are more familiar with how to buy a foreclosure through this method just avoid them. Please consult a title company or attorney in your area for more detail on this issue. This is a state by state matter and cannot be fully covered in this guide.

Bankruptcies recorded against property: The main reason to be aware of bankruptcies is because they will often cause you to waste a lot of time on a property that will continue to be postponed at auction month after month until the bankruptcy is settled. If you have a large database of properties you may want to track them, but otherwise you may be wasting time and energy.

San Diego MLS

Owner occupancy rate and litigation if purchasing a condo: Condos come with more risk than single family homes because you also have to worry about how the neighbors affect your ability to sell. If the owner occupancy rate is low or if there is litigation in the building where you are buying the condo you may have a hard time closing a deal with any buyer that is getting a loan. Banks are very careful about not lending on property with litigation or low occupancy rate so please look into this as a key issue if you are considering a condo. Try and keep the ower occupancy rate above %65 and make sure there is no pending litigation in the development’s HOA.

Set a limit: Once you have analyzed all of the above elements and you have decided to move forward to purchase the property, be sure to set a limit. If your analysis tells you that you should not purchase it for anymore than $300,000 than stick to it. If the auction gets bid up to $300,001 just walk away. It isn’t worth it. This is how people get hurt. They get caught up in the game of bidding and they over pay for property. Be cold and calculated about it. Discipline will pay off.

The Reward
That is how to buy a foreclosure. It is no joke. It takes time and expertise. That is why not everyone does it even though it seems so simple before you have the facts. It is also why there is so much reward to be had by those that execute the plan correctly. Take your time. Study. Learn. Go through a few test runs. The time and effort will be worth it. Short cuts will get you killed. Good luck!

Written by Daniel Beer of Prudential CA Realty – San Diego Houses For Sale

Upon entering the lobby, you are immersed in contemporary elegance, ambiance, and class.  Residents of Palacio Del Mar enjoy a 30 luxury seat movie theater, an incredible gym in front of the ocean, 2 AMAZING pools (indoor heated, and outdoor infinity pool), hot tubs, tennis courts, BBQs, direct beach access and much more!

And that’s just on the ground level.  Moving up, their 2-3 bedroom luxury condos and villas are up to 3,500 sq ft in size, and upgraded to the MAX, with functional and smart floor plans, large balconies and coastal ocean views for miles.  The complex is guarded and gated 24/7.

Priced from the 300′s and up, Palacio Del Mar is perfect for San Diegans who want to escape any weekend they want and live the ultimate luxury beachfront life.  A client of mine wants to split a condo with some of his friends and rotate weekends they can use it, or go together.

Reserve your private reservation today and go tour this truly unparalleled paradise. We’ll set everything up for you, with a ride to and from the border.

Email us at baja@homereach.com and explore Palacio Del Mar!

Visit Palacio Del Mar online at www.PalacioDelMar.com.

David Tal – President

Home Reach Real Estate

mobile: (619) 955-7706

www.HomeReach.com

As Broker of Home Reach Real Estate, it is my job to keep my clients and agents well educated on the local real estate climate. Having a clear and realistic picture of the market gives our clients a competitive advantage when it comes to making their home buying and selling decisions.

To get a clear understanding of where we’re going, it is important to identify where we’ve been. 2009 was a tough year for most. Thousands of San Diegans lost their homes, we can’t ignore that. Home values continued to drop in many areas throughout San Diego County and it was still difficult to get approved for a loan. But with home values depreciated, many buyers and investors jumped back into the real estate market. The US government also stepped in with the FHA loan, a government backed mortgage, making it much easier to get a loan, and with only 3.5% down. Also, many banks started refinancing their clients to stem the flow of foreclosures. In addition to all of those incentives, the government stepped in with an $8,000 Tax Credit for first time homebuyers, a smashing success that helped tens of thousands of people buy homes.

Total sales volume in 2009 increased 22% compared to the year before.

The tides have turned. Many areas of San Diego have now seen home values increasing. Chula Vista, for example, has seen almost 8% in home value appreciation over the last 12 months. It seems every desirable property has multiple offers on the table. On top of that, the rental market has been strong. This has brought many investors into the housing market because they can get good investment returns on properties they pick up.

Another Wave of Foreclosures may be on the horizon.

Homebuyers have had a hard time grabbing a bank owned home or condo in recent months. One reason is buyers surged in the first two quarters of 2010 because of the $8,000 tax credit offered to first time homebuyers and the slew of government backed incentives. Though buyer demand is high, however, it’s equally true that inventory has slowed down. A lot of inventory has been bought in the last 12 months, but that still doesn’t account for it all. The truth is, the banks have been holding on to a lot of their REO foreclosure assets, in hopes of stabilizing the housing market and protecting the values of their current and future inventory of homes they will throw on the market. The idea is if they flood the market with foreclosures it will only hurt home values further. Although many people agree with their strategy, everyone is wondering how long they can continue to trickle homes on the market before they need to start paying back government and taxpayer loans and need to start liquidating these homes faster. They can’t hold on to them forever. Timing is everything too. If it isn’t seamless, it could potentially create another little dip for home values that could trigger another scare in the housing market, further fueling the problem.
An estimated 3,000,000 loans are in default, and many of them are not receiving loan modifications. When they can’t get a loan modification, homeowners are left with two options. They can attempt to “short sale” their home, but if that doesn’t work out, they will usually end up losing their home to foreclosure.

In summary, it’s very hard to predict how the housing market will perform later this year and into 2011, but many signs are looking up. San Diegans are buying homes and with far more stable loans. The government has stepped in with incentives and programs to boost lending. Further, the economy seems to be slowly turning the corner. At the end of the day, it’s job creation and economic stability that will guide the housing market upward once again.

To search all San Diego homes for sale, visit us at www.HomeReach.com.

David Tal
Home Reach Real Estate
Broker/REALTOR®/President
mobile: (619) 955-7706
efax: (619) 872-2471
www.HomeReach.com

San Diego Foreclosures:

]]> http://www.homereach.com/blog/?feed=rss2&p=1432 0 http://www.homereach.com/blog/?p=1401 http://www.homereach.com/blog/?p=1401#comments Fri, 17 Sep 2010 04:24:39 +0000 admin http://homereach.com/blog/?p=1401 Continue reading →]]> La Jolla California is one of the most sought after and prestigious locations on the West Coast.  It’s known for it’s pristine beaches, dramatic coastline, enchanting cliffs, and multi-million dollar mansions and estates.  Real Estate’s #1 rule is “Location. Location. Location!”  La Jolla is the peak of locations.

In today’s battered real estate market, even La Jolla hasn’t been able to avoid the hit.  With bank owned properties spread across the County, La Jolla has seen it’s share of foreclosures, and now they are for sale at prices we haven’t seen in years.  Homebuyers and investors alike have taken note, picking up the best deals, and leaving housing inventory in La Jolla at an all time low.  We track all foreclosures in San Diego County daily and they are updated daily on our website.

Click on a link below:

La Jolla Foreclosures For Sale

See All San Diego Foreclosures by Area

Here’s an excerpt from the latest SDBJ story featuring Home Reach founder, David Tal.

While average mortgage rates are still hovering below 5 percent,at levels unseen for five decades, local real estate brokers say it is not the critical factor in the homebuying process.

Click here to read full article in San Diego Business Journal.

Click here to see:

San Diego’s Largest Home Foreclosures

David Tal
Home Reach Real Estate
Broker/REALTOR/President
mobile: (619) 955-7706
efax: (619) 872-2471
www.HomeReach.com

(We forgot to post this in April) – The 1st Annual HomeReach.com “One Round. One Cause.” Golf Tournament, Presented by PING, will take place on April 28, 2010 at Maderas Golf Club. Take five minutes to get to know more information on the upcoming tournament and why PING came on board for this fantastic event. Visit HomeReach.com and click on the banner to sign up today! Solutions for Change is solving family homelessness permanently through a revolutionary model known as the Solutions University. Families spend 500 days on campus and 500 days off campus.

This week I invite you to take a look at Downtown San Diego Condo Deals Under $200,000!

There are many good deals out, and buying a small property when you’re single or a young couple can easily make more sense than renting, and it’s a great way to build equity quickly.

Enjoy!

David Tal

Home Reach Real Estate

(619) 955-7706