In this current economic slump, I have been hearing people speak optimistically of all the opportunities that present themselves in such times. “What opportunities?” I find myself asking and getting annoyed at their statements, which seems to make everything seem ok, when in fact there are many who are having a very difficult time. It’s like getting defecated on by a bird and having someone reassure you that it’s good luck.

Well, for some there are opportunities in the form of affordability. Company shares, business-operation expenses, and buying real estate are all areas that people and businesses are able to capitalize on. But for most people and businesses, this is a time not so much of opportunities, but for adjustments.

In the Southern California real estate world, a booming, ever-expanding, bottomless pit of wealth just a few years ago, companies and individuals have had to face the harsh reality of the aftermath of the biggest real-estate bubble bursting in the history of our economy. For many, their way of doing business was shattered as there were no longer willing buyers knocking on their doors, and sellers were being forced to sell their home for less than it was worth. But there are those that have experienced this type of market before, and it are these individuals and companies that have adjusted their way of doing business in order to weather this economic downturn.

Carlos Aguilar, president of Axia Real Estate Group, Inc. in San Diego, is one such individual who has successfully adjusted to this new marketplace by selling REO’s. Real Estate Owned (REO) are properties owned by a lender, usually a bank, who retained the property after an unsuccessful foreclosure auction. And with all the foreclosure taking place in Southern California, REOs have proven the most consistent way to get a paycheck as a real estate agent. Banks are in possession of huge amounts of properties that need to be sold, and they will outsource the duty of selling these homes to real estate agents such as Carlos. “When I saw that the market was changing and it would be providing REO business, we changed hats and got into it last year,” Carlos stated. And it has proved successful as currently Axia’s REO division, www.TeamAguilar.com is bringing in 80% of his business.

But simply “changing hats” isn’t an easy option for many.  The banks are unloading a lot of responsibility to those selling their REOs and they need to be certain their assets are in the hands of people with experience.  Carlos obtained his experience selling REO’s in the early 90’s amidst the Savings and Loan Crisis and economic recession “Most companies involved [in selling REOs] that are having success know people in the industry. The REO industry seems to be fairly tight and the relationships I had in the past working for other operations are the big reason why I am getting business today.” And it’s not just experience that is required to sell REOs. It’s an entirely different beast than the average real estate transaction.

In addition to the usual marketing and negotiating required in a real estate deal, selling REOs involve other, less glamorous tasks. Frequently homes are left in horrible conditions and intense cleaning is required commonly costing upwards of $2000 to $3000. Ordering and maintaining utilities, managing evictions and re-keying properties, filling out the tedious and redundant Broker Price Opinions (more information on BPO’s search “Newsstand” at www.car.org), and keeping the banks or asset managers informed and happy. “Every bank requires different things, and every bank requires a sea of paperwork” Carlos adds regarding the downsides of REO work. “It’s by no means the most glamorous side of real estate, but in times such as these, we would be hurting for business without it.”

And so, depending on how one looks at things, transitioning from being a regular real estate agent to selling REOs might be a type of opportunity that Carlos and others in his field are taking advantage of, but this is an opportunity that is brought on by necessity and not a hope to strike it rich. As most of us are forced to position ourselves to weather the storm ahead, it is important to simply make the adjustments in our life and business necessary to get through these times. And who knows, maybe an opportunity is waiting to present itself to you.

Andrew Brentan is a contributor to Team Aguilar’s blog.

Manuel Muniz
Team Aguilar Contributor
Realtor & Mortgage Consultant
Cel: 619-370-7473
Fax: 619-489-2669
Email: mmuniz [at] axiasd.com
Web Page: www.axiasd.com

Terribles momentos de angustia viven millones de Mexicanos ante el clima de inseguridad que lesiona a una sociedad que ha perdido entre otras cosas, hasta su capacidad de asombro. Nadie esta exento de formar parte de las estadísticas, sin embargo pareciera que la clase política le apuesta a su condición privilegiada para sentirse por encima de la tormenta. Como ciudadanos debemos respetar la ley y rechazar la corrupción. Ejercer nuestra libertad en beneficio de la sociedad. Agraviados todos, debemos como sociedad demostrar nuestra postura de rechazo y exigir a las autoridades responsables devuelvan a la sociedad, un México seguro donde vivir.

***
Las oportunidades de adquirir una propiedad en San Diegoseguirán dándose en los  meses por venir.
Si deseas comprar una casa, necesitas a un profesional que viva y sienta el mercado, que estudie, analice y conozca la realidad de cada zona de San Diego. Pongo a tu servicio mi ética, rofesionalismo, capacidad y compromiso de defender tu interés.

Los medios de comunicación publican cifras que muestran un panorama general, mas no necesariamente es certera. El comportamiento del mercado va en función a la zona específica de la que se trate; las estadísticas del mercado en lo general no se traducen literalmente en lo particular; una zona que por definición de su perfil y demanda natural la posiciona como de alta deseabilidad, no se compara con una de gran oferta y poca demanda. Inclusive es necesario dentro de un código postal profundizar el análisis para evaluar por complejos o desarrollos.

Recuerda que a ti como comprador no te cuesta tener una representación legal, ya que en Estados Unidos el vendedor es quien paga la comisión de tu agente. Consúltame antes de tomar una acción. De mi parte no necesariamente escucharás lo que deseas escuchar, pero si puedes estar seguro que será un juicio profesional que te permita tomar una mejor decisión.

No te aventures a comprar sin un guía profesional.

619-370-7473
mmuniz [at] axiasd.com

What is it that happens when you suddenly find yourself in a dire situation as a home owner? Your home, once thought to be the greatest investment of your life, an ever-appreciating building block to financial independence, is now valued significantly lower than what you bought it for. You owe more to the bank than what your home is now worth, and if that’s not all enough of a kick in the stomach, your once fixed loan is now adjusting. You can no longer afford the payments on your home and every day that this problem lingers, your anxiety grows and your stomach turns. It is an awful situation that many people are finding themselves in today, and there is only one way to tackle the problem: Head on.

Of course, there are always those who try to finagle their way around a problem, and though in the short term this may seem like a good solution, it will be much more damaging in the long run. One way people have tried to come out of this type of situation unscathed, is by a tactic called Buy and Bail, which is illegal and considered Mortgage Fraud. In this type of scenario, a homeowner, understanding that their home is upside down (they owe more than it’s worth) and they can’t afford the payments, will attempt to buy a new home, claiming their first home as a rental, and once they’re moved into the new place, cease payments on the old home and let it fall into foreclosure.

Some homeowners feel that their current situation is no fault of their own, but rather the real estate agent that led them to believe that home values would never fall, or the loan officer that didn’t explain the consequences of adjustable rate loans, and as a result, they don’t find anything wrong in Buying and Bailing. But not only will letting your house fall into foreclosure ruin your credit, it needs to be reiterated that buying and bailing is illegal. For two reasons: First, in most cases because there is never any intention of actually renting the house out, and in order to prove to the banks that they intend to rent it out, they falsify a rental agreement signed by a friend or relative. Second, and more importantly, it is considered mortgage fraud when a borrower withholds information, such as a deliberate intent to stop making payments on their original home. Banks are now very aware of this type of fraud and it is no longer even a feasible option, but it is important to remember that you would not be helping yourself or your situation by even considering such a tactic. There is another option, called a Short Sale.

A short sale is an agreement with the bank allowing you to sell your home for less than what you owe. At face value, this idea doesn’t help the anxiety churning in your stomach, because you’re forced to sell your home, and even worse, pay taxes on the difference of what you owe to the bank and what you sold it for. But the greatest value in doing a short sale comes in the form of saving your credit and ultimately giving you some peace of mind. Letting a home go into foreclosure is much less of a hassle than a short sale, but the end result is that your credit will be severely damaged, and your ability to qualify for a loan will be put on hold for several years. But a short sale will save your credit from the damage of a foreclosure, and as soon as you are able to, you can qualify for another loan, and find yourself back into a home, credit intact, and the upside down mortgage a distant memory.

Andrew Brentan is a Team Aguilar contributor and responsible for this post.

Manuel Muniz
Team Aguilar Contributor
Realtor & Mortgage Consultant
Cel: 619-370-7473
Fax: 619-489-2669
Email: mmuniz [at] axiasd.com
Web Page: www.axiasd.com

Evento relevante del 2008: La decisión tomada por el Gobierno Estadounidense de tomar control de dos principales Bancos Hipotecarios del país. Federal Housing Finance Agency - Agencia creada recientemente por el Congreso - será la autoridad responsable bajo la batuta de James Lockhart.

Se establecen tres objetivos: Asegurar la estabilidad del mercado, continuar la disponibilidad de préstamos hipotecarios, mantener un costo mínimo a contribuyentes (Tasas Bajas).

Para dimensionar el tamaño de Freddie Mac y Fannie Mae, basta decir que representan el 50% de las hipotecas de Estados Unidos. Su función fundamental es comprar hipotecas que se ajustan a los criterios establecidos por Freddie y Fannie, otorgados por otros bancos y voltearse al mercado secundario para vender los llamados Mortgage-Backed Securities a inversionistas privados.

Accionistas de Freddie y Fannie han visto desplomarse el valor de sus inversiones en mas de un 90%.

El Secretario del Tesoro Henry Paulson, indicó que en 2009 el nuevo Presidente y el Congreso determinarán el tamaño  y estructura de largo plazo de estas dos entidades financieras - Freddie y Fannie -

Lo anterior se traduce en oportunidades para quien busca tomar ventaja de las condiciones del mercado inmobiliario. Al ciudadano americano le será más difícil conseguir un préstamo bajo nuevos criterios de calificación, por tanto un extranjero con enganche suficiente y un préstamo adecuado, tiene fuerza para negociar.    

Recuerda que a ti como comprador no te cuesta tener una representación legal, ya que en Estados Unidos el vendedor es quien paga la comisión de tu agente.

Consúltame antes de tomar una acción. De mi parte no necesariamente escucharás lo que deseas escuchar, pero si puedes estar seguro que será un juicio profesional que te permita tomar una mejor decisión.

No te  aventures a comprar sin un guía profesional.

Manuel Muniz
619-370-7473
mmuniz [at] axiasd.com

On August 31, 2007, ACC Capital Holdings announced that it was closing Ameriquest (Argent Mortgage was the wholesale division) by no longer taking loans and selling its loan servicing unit to Citigroup.

Does this mean on September 1st 2009 all of the 2/28 (2 year fixed) loans will have been weeded out of various loan servicing portfolios?

If it does, we will have to wait until September 1st 2010 for the 3/27 (3 year fixed) loans!

The middle of 2007 was when we saw just about every mortgage wholesaler shut down their operations. Some went out of business and some shut down their mortgage wholesale division. If you consider that the majority of the current foreclosures being sold right now are the end result of some of these loans then it would be simple to say that once we pass this period of fixed loans we should see some improvements to the real estate market.

What is the difference with this market compared to markets of the past? When this market turns the availability of financing will never likely reach the levels we have recently experienced. Let’s say that we start to see considerable improvements in the early part of 2010 that would mean that we still have another 1.5 years of a rather gloomy real estate market from today.

My feeling is that the market will slowly start to improve once we work through this cycle of mortgage loans. Even when this happens it will take time and there is no telling what other negative economic factors will come into play such as inflation, the war and the overall condition of the economy. There are so many factors that will play into this real estate recovery.

I hope that you aren’t expecting a quick recovery to this real estate market. The reality is that it’s going to continue for another couple years.

What should you know? How do you pick a short sale real estate agent to sell your home? Should you even consider purchasing a real estate short sale?

Everything about a short sale can seem difficult and it is!

How does a short sale affect my credit vs. a foreclosure?

Nothing about a short sale is easy! It can be the most frustrating real estate experience you will ever encounter. It might make you want to get out of the real estate business or avoid buying or selling another home.

For buyers thinking about purchasing real estate in this market, a short sale is a great way to do it. On the other side, for homeowners, a short sale may help you avoid foreclosure with minimal damage to their credit.

For Sellers - What factors will make a short sale possible???

The first one is “COMMUNICATION”. This will only be possible if you find an agent that will answer your phone calls, return your calls and keep you in the loop with daily updates.

The second one is “AGENTS PERSEVERANCE”. Your agent should be in contact with the bank on a daily basis to ensure your short sale package is moving forward with the right negotiator.

The third one “BE INVOLVED” Don’t let your agent forget about you, don’t drive him crazy! :) Insist that you are updated and informed regarding the process of the short sale. You don’t want to loose your home to foreclosure because of a break down in communication with your lender. .

For Buyers – What factors will allow you to purchase a Short Sale???

First, find an agent that has a proven track record of selling short sales. If he knows how to sell them it will be easier for you to purchase a short sale. Also, consider all of the other factors explained for sellers above.

In conclusion: You hear so much negativity about short sales. The reality is that loss mitigation departments are increasing their staff and making efforts to accommodate short sales. Short sales will be a large part of this real estate market for the next few years. They are an excellent option depending on your situation. Make sure you are dealing with an agent that will make every effort to look out for your best interest. Real Estate Short Sales are not for everyone and may not be the best option for you!

I know this isn’t directly related to real estate but I found it interesting and it will have some impact on retail commercial real estate in San Diego and many other parts of the country. Here is a list of Starbucks in San Diego County that are going to close. Is this a sign of a recession? Don’t you get tired of all the media talking about the possibility of a recession? Lets face it, were in a very bad economic time and the closing of 600 Starbucks is a good example of people thinking twice about spending $5 a day on coffee. I guess it’s back to the instant coffee for a while!

Even as much as I love going to Starbucks (occasionally) I found that the number of Starbucks you would find in some areas was a little bit of an over kill. I live in Downtown San Diego and 4 of the Starbucks closing on this list are in the downtown San Diego area. I can think of 11 locations in about a 16 block radius in the downtown San Diego area.

Below you will find the list of Starbucks closing in San Diego. Starbucks will manage to survive and do just fine as we get past this bad economic time but it is interesting to see how so many people are cutting out expenses like this.

6556 3RD & H ST 3037 H ST CHULA VISTA CA
11223 OTAY RANCH TOWN CENTER 2015 BIRCH RD CHULA VISTA CA
551 MIRA MESA 9450 MIRA MESA BLVD SAN DIEGO CA
5637 MISSION GORGE RD 6171 MISSION GORGE SAN DIEGO CA
6514 1ST & MARKET 101 MARKET ST SAN DIEGO CA
6592 COLLEGE & LINDO PESSO 5131 COLLEGE AVE SAN DIEGO CA
6726 EUCLID AVE & FEDERAL BLVD 1722 EUCLID AVE SAN DIEGO CA
6818 UNIVERSITY & ARAGON 6511 UNIVERSITY AVE SAN DIEGO CA
9471 30TH ST & EL CAJON 2990 EL CAJON BLVD SAN DIEGO CA
9583 NATIONAL & 36TH 3582 NATIONAL AVE SAN DIEGO CA
10631 PARK & UNIVERSITY 3830 PARK BLVD SAN DIEGO CA
11837 11TH & C 1122 BROADWAY AVE SAN DIEGO CA 

For a complete list of Starbucks closing and to find out if your favorite Starbucks will be closing in your area please view the complete list here.

Short sales have been a large source of business and many real estate agents seem to be focusing on short sales. We get a lot of short sale leads all over the place in many areas that we don’t even provide short sale services. We focus on San Diego County and would like to build a list of short sale real estate agents throughout the entire country!

If you would like to join the list please email me at info at teamaguilar.com or go to our forum post for the “List of Short Sale Real Estate Agents” and post your information for us to add.

If you focus on short sales in San Diego please feel free to join the list. This is meant to give people as many options as possible when they are looking for a short sale real estate agent.

Please provide

Name
Phone
Website & City so we can add you to the list.

Thank you,

Maybe this is the one for you, Team Aguilar is proud to be offering a new listing on the market that is a beautiful home in the heart of La Mesa. This home in La Mesa features 3 bedrooms, 1 bath and beautiful hard wood floors. It’s recently been cleaned up with new paint, appliances and features great hard wood floors throughout the home. If you look at other similar homes in the area this particular home really feels like a home. It’s move in ready and has been maintained and taken care of. If you are in the area and would like to take a look please feel free to contact us so we can make arrangements to show you this beautiful home.

According to www.cyberhomes.com this property located at 3414 Trophy La Mesa CA 91941 is valued at $378,043. You can read a full report of the value of this property by going to the website and typing in the property address. One thing that Cyber Homes mentions is that the real estate market has declined over the last many months and you have to take into consideration that now may or may not be the best time to purchase. Let me give you my 2 cents on why this may be a good time to purchase.

What we are presently experiencing in the San Diego Real Estate Market is what many other counties in the country are experiencing. Huge declines in home prices! What will be the factor to stabilizing these home values? The value of real estate can only come down so much before several things start to happen. 1 being that people who are presently renting a home decide that they can make a sacrifice and actually afford to purchase instead of continuing to pay rent. 2 Investors feel that it’s within their investment guidelines and they start to purchase and suck up extra real estate inventory.

What we have seen in San Diego are huge drops in home prices which I feel have just about reached the bottom. We are starting to see home values level off and many investors and 1st time home buyers are jumping into the real estate market. This may or may not be the right home for you but it’s definitely a home worth looking at. It priced @ $299,000 and may be something that you can purchase, own for a few years and use the gained equity to buy a larger home. If you are an investor, this may be a perfect long term rental for you to consider.

MLS #: 080038969 Axia Real Estate Group, Inc. Team Aguilar Carlos Aguilar 619-743-4118

We are contacted on a regular basis with questions about how real estate agents can begin to obtain REO business. We have worked for years selling Bank Owned (REO) Real Estate and thought that we might as well put a list of all the REO departments we have. REO business is what many agents are relying on in this slower downturn in the real estate market. Please feel free to view the list of REO departments and post any questions you have in our real estate REO section of the Team Aguilar forum.

click here to view the list.