A summary of the details:

The primary goal to help families remain in their homes. The programs, under the umbrella title of Keep Your Home California, are federally funded as part of the U.S. Treasury Dept.’s Hardest Hit fund, and are aimed at helping low and moderate income homeowners struggling to pay their mortgages amid the worst real estate crisis in decades.  California received a total of nearly $2 billion through the Hardest Hit fund. After consulting with community leaders throughout the state, four programs were created to assist California families.
Specifically, the Keep Your Home California programs provide:
1)  Mortgage assistance of up to $3,000 per month for unemployed homeowners who are in
imminent danger of defaulting on their home loans.

2) Funds to help homeowners who have fallen behind on their mortgage payments due to a
temporary change in a household circumstance. The program will provide up to $15,000
per household to reinstate mortgages to prevent foreclosures.

3) Money to reduce the principal owed on a mortgage (WOW!) for a home where the low or moderate income homeowner is facing a serious financial hardship and owes
significantly more than the home is worth. The program requires lenders to match any
assistance provided by the Keep Your Home California program.
To apply for the assistance, homeowners should contact the Keep Your Home California call center toll-free at (888) 954-KEEP(5337) or their mortgage servicer – the company to which the borrower sends monthly mortgage payments. Each of the mortgage assistance programs requires the participation of the mortgage servicer.
As of Feb. 9, the following servicers are participating in all four Keep Your Home California programs:
GMAC
Guild Mortgage
California Housing Finance Agency
California Department of Veterans Affairs
Other servicers, including Bank of America, JPMorgan Chase, CitiMortgage and Wells Fargo are currently participating in some, but not all programs at this time. The list of participating servicers is expected to expand in the coming weeks.

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

Awesome investment opportunity for an investor or anyone looking to purchase a steady income property:

1. 11.8% monthly return for cash buyers
2. Approximately $500 – $700 per month cash flow for credit buyer with 30% down

About the community: Private gated community, separate residence club house,  junior sized Olympic pool, spa, and four tennis courts. From golf villas to turnkey custom homes, luxury and elegance carry the day at The Crosby. Inspired by the legendary Rancho Santa Fe architecture of Lillian Rice, residential designs at The Crosby embrace the casual elegance so long associated with the region.

17028 Blue Shadows Lane

2 Bedroom + 1 Optional Room, 3.5 Bath, and approx. 3,034 Sq. Ft.

Home site on golf course, Mediterranean / Santa Barbara style architecture, large rear yard, landscaped front and rear, spa, and interior courtyard.

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16908 Simple Melody Lane

4 Bedroom, 4 Bath, and approx. 3,121 Sq. Ft.

Detached villa, former model home, travertine and wood flooring , gourmet kitchen with upgraded appliances, executive style master suite, panoramic views, and much more.

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Contact the Lund Team for more information and pricing

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

List at $169,900 – great rental or owner unit. Call us ASAP at 760.438.0800 or email reo@lundteam.com as this will not last long. Thanks.

The Villas at New Salem - REO

And the results: 
2005: Average sale price = $959,453 – 86 homes sold (detached) – at $355 per sq. ft.
2009: Average sale price = $810,952 – 69 homes sold (detached) – at $285 per sq. ft.

An Aviara home purchased in 2005 decreased roughly 15% in value off peak figures.   There are a number of areas and neighborhoods locally that have lost between 40% and 50% off their peek selling price.  

Sell and Rent Option:  House owned fee and clear to $900,000 value. 

Selling cost of $54,000:  5% selling cost with 1% title and escrow

$4,000 a month rental fees x 12 months = $48,000 a year x 4 years = $192,000

Total cost:  $54,000 + $192,000 = $240,000  

vs

No Loan = $10,000 year in property taxes x 4 years: $40,000 (write-off of taxes from income maybe $8,000 to $10,000 in value). = $32,000.     

Total cost:  $32,000 + $148,000 in lost principle:  $180,000

This does not account for other expenses of homeownership or what you could of invested your gain in.  But hindsight is 20/20.

The rental option also has some non-monetary downfalls.  First, there are very few higher-end rentals in the Aviara area.  They are costly at upwards of $4,200 to $4,500 a month.  What you pay in rent is non-deductable.  And there is value to living where you want to live with the stability of your owning your own home.  

But having the sales figures show the modest 15% decline is great to see on paper, what we see and feel everyday in the area. 

We’ll take you to The Argyle restraunt in Aviara and tell you why Aviara is one of the best places to live in San Diego.   Maybe the world.

Feature home for Sale: 1364 Corvidae Street , Carlsbad 92011 -   http://www.firsthometour.com/10689.

Aviara - Home of Four Seasons

Garrett just checks out a new Lund Team foreclosure property:  A four-unit property in Pacific Beach.

Built in the 40’s – early 50’s these homes are often situated on larger lots; many near 10,000 sq. ft.   A big differnce from the 4000 sq. ft. “box” homes of today’ builders.  These homes are primarily single level (also rare), 2 to 3 bedroom.  

Average selling prices are down 45% off the peek with the average detached, fixer home selling in the $300-$400k range.  South O’ is an area to keep on the appreciation radar.
Something to consider: a number of South O’ homes are built with raised foundations (superior to slab construction in many ways), hardwood floors and plaster walls (better insulation than drywall).  Simple enhancements such as dual pained windows, updated fixtures and hardware are easy fixes to add value.

But the real winning ticket:  Income 

Locate a South “O” home and add a helper unit, granny flat, assessor unit (all one in the same).  Check with the city and simply following lot line setbacks, having 2 car parking for main house and 1 for granny flat, right amount of house to land coverage and your ready to go.

Many of these South “O” home can add 400 square feet above a standard 2 car garage and see income of over $1000 per month. That’s huge. This additional income could help pay your mortgage and if you sell down the road, you can expect additional resale dollars. Even properties with R-1 zoning can participate with these accessory units due to California law. Please check with all city and state regulations and get you contractor lined up.

Bonus:  Contractors are often times taking jobs at 40% the going rate of ‘05-’06.  Its an excellent time to utilize their talents. You’re money is not doing much at 1% in the bank.

Contact Garrett@lundteam.com or call 760.438.0800 for additional information.

*Picture attached is inside of actual South “O” studio / granny flat renting for over $1000 per month*

Inside Studio

This may affect the condition of the house at close of escrow. With a traditional sale (not a short sale or foreclosure) you can expect a house to be in the same condition it was in when you wrote your offer. With a short sale, however, you have to be prepared that the home will be in much worse condition. Per the purchase contract everything that is attached to the property conveys in the sale including window coverings, ceiling fans, fixtures, built in speakers, etc. These items are not guaranteed to be left by the seller when purchasing a short sale. 

Also, the seller may turn off all utilities to the property prior to closing. As a result the landscape may be dead and you may be required to turn on utilities in your name to complete the required appraisal for your loan.

In the end most short sales can be bought at a great price, but be prepared to do some work before it becomes the original house you fell in love with months before.