If you have an adjustable rate mortgage that is soon to reset, Please Read This! If this is you, you are faced with the same dilemma as many North San Diego County homeowners.
These loans were originated with aggressively low interest rates and many of the borrowers, maybe even yourself, figured could refinance prior to the adjustment date. We are seeing loans reset from these low initial rates to rates as high as 9.5%. Because many of these loans were stated income, and lending guidelines have become excessively stringent, many homeowners no longer qualify for their existing mortgages. Even for strong borrowers who do still qualify, homes are not appraising at the needed values, leaving the vast majority of borrowers in an adjustable rate loan to be locked into a dramatically higher interest rate. Even more alarming is that approximately 80% of all Californians in an option ARM or "pick a pay" loan are opting for the negative amortizing payment. When an option ARM negatively amortizes to 110-125% of the original balance (depending on the terms of the loan), a trigger to reset will occur even if the fixed period has not elapsed, leaving many with a payment they cannot afford.
Despite the current surge in defaulting loans, this may be the right time to consider selling! Many experts anticipate a further reduction in pricing from today's levels by another 10-40%.
The reason this might be the right time to sell your home is that current consumer confidence is elevated in combination with the recent improvement in home sales for North San Diego County and the recent rally of the stock market. However, the outlook over the next couple of years is not so optimistic, with the increased number of defaulting loans in the Alt A, Jumbo, Equity lines and even Prime mortgages, with defaults reaching 10% and increasing rapidly. This will bring added foreclosure inventory to further challenge our home values through 2014. Don't be fooled by the most recent hype in the media, things will get worse before they get better - look for another major Bank failing in the very near future.
If you have any questions or would like more information about this article, please call me at (760) 525-7787.
Sincerely,
Jeff Cole
Top Real Estate team in S. Carlsbad is looking for a licensed REO assistant. Must be detail orientated, familiar with Sandicor, Word, Excel and Outlook. BPO experience, REO Trans, Res Net and LPS desktop proficiency a plus.
Please submit your resume to Jeff@JeffColeGroup.com
Media Release
Carrie Johnson, Smarter Agent Jeff Cole CRS, e-PRO
carrie@smarteragent.com Windermere Exclusive Properties
856-614-5423 760-525-7787 Jeff@JeffColeGroup.com
Search all of the homes for sale in San Diego County from your personal cell phone!
March 12, 2009 Carlsbad-Jeff Cole CRS, e-Pro, top real estate agent in San Diego County with Windermere Exclusive Properties, announced today that any consumer with one of many authorized smart phones can visit www.JeffColeGroup.com to download an application that will allow them to search for all of the local property listings from their mobile phone, directly from the MLS regardless of whether it is listed by Jeff Cole or another broker/agent.
The mobile application, Homes for Sale, is powered by Smarter Agent, the hot Philadelphia-based mobile technology company that invented and patented the mobile GPS-based real estate search. Smarter Agent has won numerous industry awards and been featured on NPR, The Today Show, in USA Today and countless other media outlets.
With Homes for Sale, consumers can be in any neighborhood and view detailed home information on almost any property for sale in that market at the touch of a button - including sales price, square footage, tax information, beds/baths, interior and exterior features - even pictures!
In addition to one-click searching, consumers can also search by city/state, community, zip code or by entering a specific address. These searches work on phones without GPS, as well as allow consumers to search for real estate in a particular area other than their current location.
"I love this tool!! I will go as far as saying I haven't seen anything this effective and fun to use since the MLS implemented the internet. It empowers our clients like nothing else." noted Jeff Cole.
The application is currently available from Jeff Cole's website, www.JeffColeGroup.com. There, consumers will find a Go Mobile tool which provides instructions on how to send the application to their personal cell phones. Users simply select their cell phone carrier, the make/model of their cell phone and their cell phone number. Instantly, the application is sent via text message and downloaded to their cell phone in the same way as a ringtone or game.
Hundreds of cell phone models are currently available on AT&T and Sprint. Smarter Agent is also available on Blackberry devices as well as the iPhone. Windows Mobile versions, as well as other devices and major carriers, will be added over the coming months making the application available to all consumers regardless of their cell phone carrier or device.
Homes for Sale's cost ranges from free to $4.99 per month, dependent on your carrier, for unlimited usage billed directly to the user's cell phone statement. Downloads are free on all Blackberry devices and the iPhone.
About The Jeff Cole Group
In today's complex real estate market, you need a leader. Jeff Cole, #1 agent in sales volume for Windermere Exclusive Properties in San Diego County with more than $40 million in sales over the past two years, he knows how to navigate through these uncertain times.
Jeff and his experienced team are committed to client satisfaction. The group's resume is impressive:
Whether you are selling or buying a home from La Jolla, Del Mar, Carlsbad or any of the other coastal San Diego communities, you need to team with the expertise of The Jeff Cole Group. They are committed to the highest levels of excellence in the field and believe in attention to detail at each step of the process. Their technological competence and unparalleled network of contacts ensure your property will get maximum exposure and sell quickly. They are located at The Forum Shopping Center on the border of Carlsbad and Encinitas at 1905 Calle Barcelona, Ste. 230, Carlsbad, CA 92009.
About Smarter Agent
Smarter Agent® combines mobile location technology, such as GPS, with information about real estate. Smarter Agent is the inventor of the mobile location-triggered real estate search and has been granted four patents. By delivering location-relevant content to mobile devices and the Internet, consumers and professionals can learn, interact and transact with the world around them as never before possible.
Jeff Cole at The Cole Group wanted to share this article on the tax break for homebuyers, here are some of the points in the article I found inseresting
To view the full article click on the link below...
http://news.yahoo.com/s/ap/20090204/ap_on_go_co/congress_stimulus
To visit our websites go to www.CoastalHomeDeals.com or www.CoastalHomeInfo.com
Tom Norman has joined The Cole Group as one of our full time buyer´s agents. Tom sold real estate in Metro Atlanta for 11 years, after receiving his real estate license in 1996, he joined his family owned & operated real estate business. Tom is a 2nd generation realtor;his father was a broker in Atlanta where Tom achieved the Million Dollar Club every year. What appeals to him about real estate is helping buyers find that perfect home at a great value. His valuable skills are, his work ethic, finding investment properties for buyers and his knowledge of construction. He is friendly, patient, a strong negotiator and always looks out for the best interest of his clients. Tom is married with 5 children and has lived in San Diego for 3 ½ years in the Carlsbad area. He loves the weather, lifestyle and being close to the beach and the mountains. His hobbies/interests include selling real estate, home remodeling, riding his Harley and boating. Tom is involved in the community and attends The Rock, a non-denominational Church in Point Loma.
For more information view our websites at www.CoastaHomeInfo.com or www.CoastalHomeDeals.com
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Jeff Cole, Broker, CRS, SRS, e-PRO, Premier Property Director, San Diego County Realtor servicing Carmel Valley, Carlsbad, Del Mar, Encinitas, La Jolla, Rancho Santa Fe, Solana Beach, San Marcos.
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