The Lund Team received this property to sell approximately two weeks ago and is not in the process of listing the property for sale. The home is not yet listed in the MLS.

Large single family home on the border of Carlsbad and Sal Elijo Hills in the newer development Old Creek Ranch. Nicely upgraded residence: granite counters, dark wood cabinetry, wood and tile flooring, tile bathroom counters, custom stair railing and recessed lighting. Rear yard is large with a built in fire pit.

5 Bedroom, 3 Bath, and Approx. 3,152 Sq. Ft.

For more information contact The Lund Team

Call: (760) 438-0800 or Email: REO@LundTeam.com

1314 Ward Place Escondido, CA 92026

5 Bedroom, 4 Bath, and approx. 3,309 square feet

For pricing and more information contact The Lund Team:

REO@lundteam.com or call (760) 438-0800

The West Hills Bluffs community offers several amenities to its residents including three separate pool/spa facilities, a tennis court, and ample guest parking. Within walking distance of two world class resorts: La Costa Resort and Spa and The Four Seasons at Aviara, Carlsbad city library, shopping, dining, and more… IN CARLSBAD UNIFIED SCHOOL DISTRICT!!

6907 Quail Place #D Carlsbad, CA, 92009

For more information or to schedule a showing contact REO@LundTeam.com or call (760) 438-0800

However, if you have been looking then you know finding and securing a property can be extremely frustrating. Not only is inventory low in North County, but many sellers are turning down higher FHA offers and accepting inferior all cash or conventional financing offers.

Also, FHA financing requires the property to be in good condition. This rules out foreclosures that have been stripped or properties with any missing appliances. Investors are also purchasing low priced homes in poor condition and then fixing them up and putting them back on the market. This is commonly known as “flipping” a property.

These properties are also not options for FHA buyers because FHA financing requires that the property not have transferred ownership within the last 90 days. This is known as the FHA anti-90 day flip rule. All these factors combined make for a frustrating first time home buyer market.

Buyers stick with it because there is light at the end of the tunnel if you have an experienced agent who is on top of the new inventory.

Above is a picture of my very happy clients. They spent 6 months looking for their perfect first home. They had made two previous offers on other properties, but lost out to competing all cash offers. In their search they learned a lot about the different areas they were interested in and decided that for a little bit more money a month they could get a lot more house. It was a learning process and in the end they secured a wonderful detached home in Shadowridge, Vista. They couldn’t be more excited with the end result and the night after escrow closed they got engaged in their new home!

So, if you are a first time home buyer experiencing some heart ache, don’t give up! As long as you have good representation and a little patience you too will find your home sweet home in time to take advantage of the tax credit and today’s great financing opportunities.

Buyer: So I’m seeing a new home (detached and attached) which would qualify condition wise, complex approved for FHA sales and so on. Why is the listing agent saying no FHA offers for at least 90 days?

Check out the Housing and Urban Development site for all the details.

But basically it’s likely a “flipper” or investor purchased home on the “court steps” at a deep, “cash-only” discount… then cleaned up and re-listed the property. FHA will not provide a loan on this home until it has been owned for at least 90 days. Conventional, VA and other loans don’t have this requirement. But it sure makes it very difficult for the large FHA buyer pool to purchase these homes.

** FHA buyer suggestions: When limited to the FHA loan and wanting to purchase a home… Search market time in the MLS in the 30-60+ days and/or cross reference with the recorded sale date in tax records. Keep in mind an escrow can take 30-60 days. So if you work a deal before you’ll want to work with the lender/agent while under-contract so they hold off on appraisal or paperwork submittal to FHA till after the 90 day time. Large initial 3% (based on sale price) deposits will help the seller feel comfortable about a longer escrow and may give you the opportunity to beat out another offer **

These “flipper” or “court steps sales” are dominating the resale market currently. Look for additional updates shortly on additional steps, concerns, and valuations of these homes.

For additional information contact reo@lundteam.com or call 760.438.0800. Thanks.