Awesome Pool Home for the Cuevas Family

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We closed escrow last week on a 1/2 acre pool property for the Cuevas family in Murrieta's Old Town Historic district.

Congratulations to the Cuevas family. It was an honor working for you!
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Delinquency Facts

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The Fam enjoying a day off at the Hotel Del Coronado.
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Nationwide average number of days between delinquency and foreclosure:
448 (one year and three months, so currently foreclosing homes are those that went delinquent July 2009).

Beyond the reality that there are many people in their homes not making mortgage payments, the facts above tell us that we have a long, difficult road ahead of us dealing with all of the delinquencies that have yet to make it through the system.
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New Bank-Owned Property in Murrieta

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Gorgeous newly remodeled home in the prestigious "Veranda" community just off Winchester and Hunter road.

4 bedrooms, 3 baths, 3,066 square feet. Balcony off master bedroom and loft. It's a 50% off sale in our little corner of SoCal and there's never been a better time to buy property with interest rates nearing the high 3% range.

Property just remodeled by bank and will be priced in the mid-$200's.

Do you know anyone looking for a home in this area and price range? Call me now, 951-760-3833.
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The Chicken and the Egg of Real Estate

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My eldest, Dillon (#20), making a tackle last Saturday. Temecula Titans win 32-6!

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The chicken and the egg. Which comes first? When a potential buyer calls and wants me to show them a home, one of my first questions I ask is are you pre-approved for a loan? The reason for this question is simple. If I don't know what you are qualified for, I will have no idea what homes I can show you.

Buyers, I know this may not be what you want to hear, but you MUST get pre-approved for a loan before asking to be shown homes. Your pre-approval letter contains very important information.

The maximum purchase amount - It makes no sense whatsoever to show you homes that are above the maximum purchase amount you qualify for, unless the home is overpriced. That I can determine by looking at comparable properties that have recently sold nearby.

Whether you have chosen a direct lender or a mortgage broker - If you are using a mortgage broker, I cannot show you HUD-owned homes. HUD requires a pre-approval letter on a direct lender's letterhead.

The type of loan (Conventional, FHA, VA) - If you are qualified for anything other than a conventional loan, buying a condo or a "flipped" home can be very difficult and time consuming.

Loan and/or Funding Conditions - We need to talk about your ability to provide documentation the lender requires on a timely basis.

I understand that you might not want to get pre-approved until you find the right house. Or maybe you won't want to buy a house at all if you find out that $xxx,xxx can only get you a home in need of TLC in a less than desirable neighborhood.

We won't know that until you get pre-approved. In Real Estate, the pre-approval letter must come first. Let's call it the chicken. After that, we can go out together and look for that perfect egg.
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