Dear Reader:
ket trends in real lication that looks at the current mar Welcome to TRENDS, a real estate pub the development of McMillin, we have been involved in estate in San Diego’s South County. At ately involved in the County for over 40 years. By being intim communities throughout the South w for sure—real kno a cycle of trends. The one thing we housing market, we have experienced ent was built lopm deve nt. Our first McMillin housing estate, long term, is still a solid investme School. We dle Mid top Hill 11 homes in Chula Vista near ’s and was in 1965. It was a neighborhood of 1960 late the In e. rang 000 homes sold in the $10, were we even included the landscaping! Those 70’s mid the By s. 000’ $20, the e homes sold in d early 70’s, we built Bonita Glen and thos rhoo hbo neig es started selling in the $50,000’s; that ,000 building Bonita Highlands. Those hom $100 the in Bonita Highlands homes were selling continued into the early 1980’s. By then real estate boom, which very happy. During the most recent range, which made the homeowners e in South County, rang ,000 sales prices were in the $400 topped the market in 2005, our average tration of how illus an as you $1,000,000. I share this with with some developments selling over a solid investment. real estate, long term, continues to be in today’s market: Traditional sellers, Bangk-that We are assisting all types of sellersSho rvin rt Sale sellers (see page 7). We are obse and t to help owned foreclosure sellers (see page 4) wan we NDS Short Sales and Foreclosures. In TRE sions for a large percentage of the sales involve deci d soun good e process in order for you to mak you understand the selling and buying you and your family. the 35.2 percent in California compared with the Home sales in California increasedpric ent, e of an existing home declined 30.4 perc ian same period a year ago, while the med t James Liptak, is rted. The reason, stated C.A.R. Presiden California Association of Realtors repo es, historically pric e that the combination of favorable hom that “Buyers are beginning to realize many years.” for n agai e buyer tax credits, may not align low mortgage rates, and first-time hom in today’s real estate ined the process of selling and buying On the following pages we have outl for over 40 years here is to remind you that we have been market. The other important factor transaction; we are te esta real We are not interested in one and we will be here for years to come. based on your ess proc ng selli sor in the home buying and interested in being your trusted advi family’s needs for a life time.
lt on principles. Just remember, at McMillin we are bui own! e our
We value your family just as we valu
Scott McMillin President, McMillin Realty
2 TRENDS www.mcmillinrealty.com
Contents What is Foreclosure and How Does It Happen?
4
HomeSteps Properties
5
What is a Short Sale?
7
Short SaleS
8
Traditional & Equity Sellers
10
Traditional SaleS
11
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www.mcmillinrealty.com TRENDS 3
What is Foreclosure and How Does It Happen? Whether you’re an investor, homeowner, or in the market to buy, the foreclosure process is important to learn about in today’s real estate world. Foreclosure is the process of a mortgage or lien holder exercising their legal right to reclaim the property if the mortgage loan is in default. The process is a complicated one and is sometimes long and drawn out. Foreclosure laws can vary by area and it’s important to understand the foreclosure law if you are in danger of being foreclosed upon or are an investor looking to cash in.
Foreclosures
As A Seller: If you are a seller facing the possibility of foreclosure don’t wait—talk to a real estate professional who is experienced with homeowners who are being challenged with making their mortgage payments. There may be other options.
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1-800-599-8715 ext. 1231 Eastlake Vistas, Chula Vista 2 BD/2 BA 964 est. sq. ft. end unit
$175,000
As A Buyer: If you are a buyer, you may be experiencing the challenge of having to make multiple offers on multiple properties due to the fact that the “perception” is a property needs to be a foreclosure to be a “great deal.” In actuality the buying process at this time in the market usually means you have to be ready to go (write an offer, be pre-qualified) so that when your real estate agent calls, you can move quickly. It is important to note that going in at the asking price or higher is currently common and necessary if you are going to be the “accepted offer.” The foreclosure inventory is currently very low and moves very quickly when it comes to the market. It is not necessarily the “best buy” due to the property condition and terms. Search all the foreclosure listings in the market by going to:
www.mcmillinrealty.com
1-800-599-8715 ext. 1232 Chula Vista, 3 BD/1 BA 1040 est. sq. ft. remodeled kitchen & bathrooms
$214,000
1-800-599-8715 ext. 1233 Bonita, 4 BD/3 BA 2857 est. sq. ft. huge premium lot
1-800-599-8715 ext. 1234 San Marcos, San Diego 2 units large back yord
$649,900–$699,900
$649,900–$699,900
HomeSteps Properties McMillin is assisting HomeSteps—a Freddie Mac Unit—as they restore neighborhoods one house at a time. HomeSteps is committed to accomplishing their goal of providing decent, accessible housing to all Americans. Every year, HomeSteps opens title to, lists, repairs, sells and closes 1,000’s of homes across the U.S. These homes include singlefamily, condominiums, townhomes and multi-units.
HomeSteps and their select affiliates match buyers to houses, selling more than $1 Billion in real estate annually. They also invest more than $25 Million per year in property repairs. The HomeSteps properties advertised on this page have been repaired and come to the market clean and ready for you to move into. McMillin and HomeSteps work together as a team to be good neighbors in our local communities. Call us for an appointment to see what HomeSteps has waiting for you!
1-800-599-8715 ext. 12xx Encanto, San Diego 3 BD/3 BA, 1352 est. sq. ft. 2 master suites, downstairs bedroom, fireplace in living room
1-800-599-8715 ext. 12xx La Jolla, San Diego 1 BD/1 BA, 704 est. sq. ft. corner unit with open street view, walking distance to parks, trails, shopping
$182,000
$194,900
1-800-599-8715 ext. 12xx Hilltop, Chula Vista 4 BD/4 BA, 1860 est. sq. ft. view of the city lights, distant ocean out to Point Loma
1-800-599-8715 ext. 12xx Oceanside 4 BD/3 BA, 2087 est. sq. ft. new flooring throughout, fresh neutral paint and new appliances
$371,000
$395,545
1-800-599-8715 ext. 12xx National City 2 BD/2 BA, 1272 est. sq. ft. wonderful kitchen with granite counters and island
1-800-599-8715 ext. 12xx Escondido 2 BD/1 BA, 899 est. sq. ft. top floor unit, new interior paint throughout, new flooring & new stove
$166,897
$84,800
www.mcmillinrealty.com TRENDS 5
What is a Short Sale? A short sale is a sale in which the seller’s existing mortgage lender agrees to a loan payoff of less than the balance owed. The core of a short sale transaction is that the sum of the outstanding loans is greater than the property’s sale price. The seller will need the mortgage lenders to agree to a loan payoff of less than what is owed.
As A Buyer: What does the buying process entail when
As A Seller: Why consider a short sale?
If you are a buyer negotiating on a short sale, know that it will take time and requires patience. If your offer is accepted “pending lender approval” it does not mean you have an accepted offer. It is very important to have a real estate agent experienced in the short sale process help navigate through this type of transaction.
A short sale can be a viable alternative to a foreclosure for both tax and credit consequences, which depends on the homeowner’s concerns and circumstances. For this reason it is good to consult with a licensed real estate professional who has experience in working with lenders in the short sale process.
making offers on short sales? A short sale may take months to get approval from the lenders involved. If there are multiple lenders on the property it can take longer. An actual offer needs to be submitted for the homeowner to consider. If acceptable to the homeowner, the offer is submitted to the lender to make the determination if a “short sale” will be approved and at what price.
Short Sales
1-800-599-8715 ext. 1200 Winding Walk, Chula Vista, 3 BD/3 BA, 1581 est. sq. ft., hardwood flooring, upgraded
1-800-599-8715 ext. 1201 Del Sur, San Diego, 3 BD/2 BA, 3037 est. sq. ft., highly upgraded
$229,900–$239,900
$749,900 www.mcmillinrealty.com TRENDS 7
Short Sales
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1-800-599-8715 ext. 1202 Winding Walk, Chula Vista 6 BD/4 BA, 3817 est. sq. ft. over $20,000 in upgrades
1-800-599-8715 ext. 1203 Winding Walk, Chula Vista 4 BD/3 BA, 2438 est. sq. ft. highly upgraded
$749,900
$390,000
1-800-599-8715 ext. 1204 Eastlake Woods, Chula Vista 4 BD/3 BA, 3509 est. sq. ft. views, views, views
1-800-599-8715 ext. 1205 Mandalay, Chula Vista 4 BD/3 BA, 3850 est. sq. ft. black walnut stairwell and loft
$499,900
$580,000
1-800-599-8715 ext. 1206 Alcala, Chula Vista 4 BD/3 BA, 3206 est. sq. ft. large, well-manicured backyard
1-800-599-8715 ext. 1207 Otay Ranch, Chula Vista 5 BD/3 BA, 2123 est. sq. ft. open and spacious floorplan
$474,000
$385,000
1-800-599-8715 ext. 1208 Sunbow, Chula Vista 4 BD/3 BA, 2179 est. sq. ft. full bedroom/bathroom downstairs
1-800-599-8715 ext. 1209 Rancho Del Rey, Chula Vista 4 BD/4 BA, 4341 est. sq. ft. cul-de-sac, view
$375,000
$899,900– $999,900
Short Sales 1-800-599-8715 ext. 1210 Las Palmas, San Diego 2 BD/1 BA, 753 est. sq. ft. close to shopping, freeways, more
1-800-599-8715 ext. 1211 Otay Ranch, Chula Vista 2 BD/2 BA, 1400 est. sq. ft. open kitchen
$80,000
$199,900–$229,900
1-800-599-8715 ext. 1212 Otay Ranch, San Diego 2 BD/2 BA, 1643 est. sq. ft. upgraded appliances
1-800-599-8715 ext. 1213 Rolling Hills Ranch, Chula Vista 2 BD/2 BA, 1458 est. sq. ft. no Mello-Roos
$202,000
$199,900
1-800-599-8715 ext. 1214 Eastlake, Chula Vista 2 BD/2 BA, 1558 est. sq. ft. 1 bedroom and full bathroom on main floor
1-800-599-8715 ext. 1215 Rolling Hills Ranch, Chula Vista 3 BD/3 BA, 1560 est. sq. ft. gourmet kitchen
$149,900– $189,900
$235,000
1-800-599-8715 ext. 1216 Stonegate, Chula Vista 5 BD/3 BA, 2761 est. sq. ft. large corner lot
1-800-599-8715 ext. 1217 Otay Ranch, Chula Vista 2 BD/2 BA, 1008 est. sq. ft. upgraded cherry wood cabinets
$599,900
$182,000
www.mcmillinrealty.com TRENDS 9
Traditional & Equity Sellers What is it?
Most often Traditional Sellers still occupy the home. The Seller is the home owner and they can afford to sell the property at the price listed in the MLS without approval by a 3rd party. Moving by CHOICE.
Condition of Property
Usually home is maintained appropriately and may only need minor repairs/cosmetic updates. Utilities are current-water & heat have been kept on.
Featured Properties
Disclosures & Warranties
Seller is required by law to disclose defects in the property. Sellers will be able to educate Buyers on work done to the home & any prior problems/issues; frequency & how issue was resolved. Small claims court or arbitration are legal options Buyers may use to pursue Seller if they feel an issue was not properly disclosed.
Inspections
Often Seller will repair major items found on the inspection prior to listing or will negotiate with the Buyer on responsibility of those repairs. Traditional Sellers are typically the most practical and flexible when it comes to inspection issues.
Response Timeline
Listing agents can typically get an offer to a Seller & have their response back to the Buyer within hours or a day at most.
Financing Options
Due to condition, most homes will meet FHA, VA & Conventional appraisal and underwriting guidelines.
Prior to Closing
Buyers go to a final walk thru to insure the condition of the property and agreed upon repairs have been completed to satisfaction.
After Closing
Some Sellers & Buyers exchange contact information in case there is a question about how something works in the home. If the Buyer feels there is a problem with the property, they contact their agent who will contact the Sellers agent to try to resolve issue.
Noteworthy is that when purchasing a home that is offered by a traditional seller who has equity in their property the offer process is generally faster, less complicated, and the escrow time lines are more manageable to produce a satisfying closing.
1-800-599-8715 ext. 1218 Chula Vista, 5 BD/2 BA, 2894 est. sq. ft. optional bedroom could be a den
1-800-599-8715 ext. 1219 Eastlake Hills, Chula Vista, 4 BD/3 BA 2579 est. sq. ft., 1 bedroom/complete bath downstairs
1-800-599-8715 ext. 1220 Otay Ranch, Chula Vista, 4 BD/4 BA 3426 est. sq. ft., panoramic views
$737,000
$430,000–$450,000
$875,000
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TRADITIONAL Sales 1-800-599-8715 ext. 1221 Eastlake Greens, Chula Vista 5 BD/4 BA, 3362 est. sq. ft. gorgeous custom home
1-800-599-8715 ext. 1222 Ranco Del Rey Estates, Chula Vista 6 BD/7 BA, 7474 est. sq. ft. fabulous pool/spa/waterfall
$799,900–$899,900
$2,699,900–$2,999,900
1-800-599-8715 ext. 1223 Ranco Del Rey, Chula Vista 5 BD/3 BA, 3519 est. sq. ft. cul-de-sac
1-800-599-8715 ext. 1224 Miranda, Chula Vista 5 BD/4 BA, 3516 est. sq. ft. beautiful courtyard entry
999,900–$1,100,000
$930,000–$960,000
1-800-599-8715 ext. 1225 Kenwood Village, Chula Vista 2 BD/1 BA, 1040 est. sq. ft. upgraded stainless steel appliances
1-800-599-8715 ext. 1226 Bonita 5 BD/3 BA, 3193 est. sq. ft. dramatic curved staircase
$349,900
$789,900–$799,900
1-800-599-8715 ext. 1227 Lomas Verdes/Terracota, Chula Vista 4 BD/2 BA, 2010 est. sq. ft. beautiful tile and carpet flooring
1-800-599-8715 ext. 1228 Rancho Del Rey, Chula Vista 5 BD/5 BA, 5500 est. sq. ft. marble and wood floors
$399,000– $400,000
$1,799,000–$1,850,000
1-800-599-8715 ext. 1229 Bonita 5 BD/3 BA, 2902 est. sq. ft. gourmet entertaining kitchen
1-800-599-8715 ext. 1230 Bonita Highlands, Bonita 4 BD/2 BA, 2043 est. sq. ft. premium location
$825,000– $875,000
$394,900– $407,900
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