Waiting Period after Short Sale or Foreclosure

February 4, 2013 By

One of the most frequently asked questions these days has to do with how long someone has to wait before they can buy a new San Diego North County home after experiencing a foreclosure, short-sale or bankruptcy. It can be vary depending on the type of financing one is trying to obtain.

VA financing is the most lenient. Typically, one has to wait two-years in all cases. Extenuating circumstances could reduce the amount of time before one could buy.

FHA is typically three-years in the case of a foreclosure or short-sale, two-years with a chapter 7 bankruptcy and one-year for a chapter 13 bankruptcy. Personally, I think FHA financing is the best option for most people.

Conventional financing is the most restrictive. Seven-years is usually the waiting period for a foreclosure but in some cases it can be only three-years. Short-sales are from seven down to two-years, depending upon the amount of the  down-payment. A chapter 7 bankruptcy is two to four-years with a chapter 13 being the same.

Information in the above article was provided by Cindy Choice of American Capital Home Loans.  Call to get Cindy’s phone number or email address.

Need more info about buying a San Diego North County home, contact Gary Harmon today.

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San Diego North County Fireplace Safety Tip

March 8, 2012 By

Every time I do a home inspection, the inspector always finds the same thing.  People have installed gas logs in a wood burning fireplace, but have not installed a damper clamp.  A fireplace damper safety clamp is a necessary devise for all San Diego North County homes if you have gas logs.   It is easy and cheap to install. 

Why do you need a fireplace damper safety clamp in your fireplace?  The clamp keeps the flue open so that gas log exaust can excape up the flue and not into the home.  It is a very simple item, a simple “c” clamp will work.   

Another thing always comes up in this years inspections: You need a CO detector in your home.  This carbon monoxide detector can be a simple plug in model or a wall mount.  I would suggest you also have one in your garage.  These can be purchase cheaply at Lowe’s or Home Depot.  Very easy to install in you San Diego North County home. 

If you would like to talk about these safety items, feel free to contact Gary Harmon, your San Diego North County Realtor.

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Internet Marketing Gains Top Spot in North County Home Sales

November 1, 2011 By

87% of All San Diego Home Buyers Start on the Internet

The National Association of Realtors say that over 87% of all buyers start on the Internet.  Therefore, if you are a San Diego North County seller, you should select your real estate agent based on how well your agent can market your San Diego North County home on the Internet.   My website blog: www.GaryHarmon.com and my website: www.HomeInfoSanDiego.com excels in marketing clients homes on the Internet with over 100 key phrases on the first pages of Google Searches. 

How Does Your San Diego Agent Rank

Be an informed seller.  See how any agent you are considering performs on the Internet before you list your most important investment.  Log into www.Websitegrader.com.  Put any agent’s website url address in the blank and click “Generate Report.”   This gives you an objective score of how any agent ranks on their ability to market your property on the internet.  My rank is listed below for you to compare.  Also,  YouTube is the # 3 largest search engine.  Go to www.youtube.com and put “garywharmon” in the search blank.  Click “Search.”  Try that with other agents.  If you shop and compare, the results will be clear.

Gary Harmon Ranks in the Top 5%

See how Gary can customize an Internet marketing plan to get your San Diego North County home sold.   Contact Gary Harmon, today.

 

How San Diego Home Buyers Use the Internet

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Filed Under: Sellers Tagged With: , , , , ,

Housing Affordability Index – Why Buy Now?

May 3, 2011 By

The Housing Affordability Index reached a record high of 192.3 for February, 2011. Two contributing factors to the Index are the price adjustments homes have experienced in recent years combined with the unusually low mortgage rates make this an outstanding opportunity for North County home buyers who can qualify.

Before the housing bubble burst in 2006, the index average for the year was 108. The higher prices and higher interest rates restricted many San Diego buyers from purchasing.  The opportunities are not being seized by some San Diego North County buyers because there is confusion in the marketplace. North County home buyers are uncertain whether they would qualify and whether now is a good time to be purchasing a home.

All markets are different and every situation is unique. The only certain way to determine would be to investigate your individual situation. You owe it to yourself and your family to visit with Gary Harmon, a Prudential real estate professional, who can show you the real cost of San Diego North County housing and introduce you to our affiliate, HomeServices Lending powered by Wells Fargo.

For more San Diego North County home information, contact Gary Harmon, your North County Realtor.

See  Now is the Time to Buy a Carlsbad North County Home.  Also see,  The Time to Buy a San Diego North County Home is Now.

The National Association of Realtors releases the affordability index at the end of each month with a two month lag time for compiling the information. When the index is at 100, a median income family can afford a median price home. As the index increases, housing affordability increases.

Filed Under: Buyers Tagged With: , , , , ,

Home Warranty – Who Does it Benefit?

April 2, 2011 By

Home Buyers Protection

By covering major home systems and appliances, a Home Protection Plan can help make buying or selling a San Diego North County home a more rewarding experience.   See reasons below photo.

Home Warranty - San Diego North County Home

San Diego Home buyers benefit:

  • Coverage for unexpected repair or replacement costs of many of your North County home’s major systems and appliances.
  • Convenience with access to our network of local certified contractors through our service representatives available 24 hours a day, 365 days per year.
  • Budget protection by only paying a nominal service fee per trade call in most situations.

San Diego Home sellers benefit:

  • Competitive edge for a faster sale.
  • Potential additional negotiating power to sell your San Diego home at a higher price.
  • Reduce after-sale liability.

When representing you as your North County Realtor I work with First American Home Warranty, one of my Winning Team Members.  When you buy a San Diego North County home, I suggest you also purchase a home warranty on your new home.  First American Home Warranty has been on the my winning team for many years.  First American has provided over 1,000,000 homeowners with high quality service since 1984.  It has an “A” rating by A.M. Best which stands for excellent.  I carry a home warranty on my own personal residence provided by First American Home Warranty.  For more information on home warranties, contact Gary Harmon, your North County Realtor.

  To find your San Diego North County home, contact Gary Harmon.

Filed Under: Buyers, Carlsbad Homes, Encinitas Homes, North County, Ocean Hills, San Diego Tagged With: , , , , ,

The Time to Buy a San Diego North County Home is Now

April 1, 2011 By

The San Diego housing downturn will reverse itself one day, will you have missed out?   While economists and consumers may be uncertain when the bottom will come, there are growing signs that it’s already here or extremely close. The best time to buy a home is now — and here’s why.


It’s hard to tell if the San Diego North County housing market has reached bottom until prices and sales volume start to rise again. So the best time to buy is when market conditions are indicating the approach of a bottom.  To take advantage of near-record low mortgage interest rates and home prices as low as they were a decade ago, home buyers may have to take some risks, such as riding out another short-term dip in property values.
But the rewards may be well worth it. A number of factors point to a small window of opportunity to buy “at the bottom” before the market turns more favorable.  Here are the six greatest reasons to buy a home right now:

  1. The economy is growing
  2. More jobs are available
  3. Houses are a hedge against inflation
  4. Mortgage interest rates are near record lows
  5. Pent-up demand is ready to release
  6. Buy-versus-rent ratios favor home ownership

Advice for buyers: A San Diego North County housing recovery doesn’t proceed in a straight line. The question is, how deep are the dips? San Diego buyers could wait for even better conditions, but the current alignment of falling mortgage interest rates, lower home prices, and wider selection is unlikely to happen again. Prices may go lower, but mortgage interest rates may go higher. If this isn’t the bottom, it’s very close. Act now.

Need help ?  Contact Gary Harmon, and find your San Diego North County  home now.  See Current Listings of ALL San Diego homes.

Filed Under: Buyers Tagged With: , , , ,

How Long Does a Foreclosure Affect Your Credit?

February 27, 2011 By

I am constantly asked  how long does a foreclosure affect your credit.   What can I do to get my credit back and buy a San Diego North County home?  The article below deals with foreclosures and a “notice of foreclosure.”

Having a foreclosure is not the death knell to your credit score, but it does make a big hit.  How long you have to wait to buy that San Diego North County home depends on the reason for the foreclosure and other circumstances. The general rule is that a foreclosure stays on your credit report for seven years.   A foreclosure is considered a major derogatory item.  Your credit score will start to suffer as soon as a “notice of foreclosure” is filed on your property.  The damage a foreclosure makes can vary, but it can be as much as 200 points.

Rebuilding After a Foreclosure

After your foreclosure, your priority has to be rebuilding your credit.  You have some time because Freddie Mac and Fannie Mae have strict rules on how long it will take before you are eligible for another North County home loan.  For example, at Fannie Mae, if you have a foreclosure with extenuating circumstances, such as a job loss, medical issues, or a divorce, you must wait about three years.   Same is true at Freddie Mac.  If you do not have extenuating circumstances, Freddie Mac, says the wait is five years.  If your home foreclosure was caused solely from your own financial mismanagement, you must wait seven years before you can buy that North County home.

Tips on Improving the Odds

If  you have been through a foreclosure there are things you can do to make lenders want to take a chance on you again:

  • Save money for your downpayment. 
  • Clean up your credit score by paying off or paying down your debts.
  • Establish a record on “on time payments”
  • Get your credit score as high as possible
  • Show stability in you job
  • Monitor your credit report.  Make sure paid off lines of credit and loans show closed.
  • Talk to a good lender

At Prudential California Realty, I work with some of the best lenders in the business.  My partner at HomeServices Lending, Curtis Fox, would be glad to take a free look at your credit and see what we could do to get  you into your next San Diego North County home sooner.  Contact Gary Harmon, your North County real estate expert.

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Buying a San Diego North County Homes – Secret One

January 15, 2011 By

Get “Pre-Approved” – Not “Pre-Qualified!”

Do you want to get the best San Diego North County home you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Price is only one element in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a San Diego North County home seller.   See tips below photo.

I always recommended that my buyers get “pre-qualified” by a lender. The lender I recommend is Curtis W. Fox of HomeServices Lending.  Curtis works in my Carlsbad office and is extreemly easy to work with.  Gettin pre-qualified means that you spend a few minutes on the phone with Curtis who asks you a few questions. Based on the answers, Curtis pronounces you “pre-ualified” and issues a certificate that you can show to a seller.

Getting pre-qualified is only the first step.  To increase your negoiting position, I suggest you get pre-approved.  This is the way to make the strongest offer today.  This happens AFTER your HomeServices Lender verifies all the information you have provided.  You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few days to a few weeks depending on your situation. It’s VERY POWERFUL and a weapon I recommend all my Prudential California Realty clients have in their negotiating arsenal. HomeServices Lending is hear to meet all your lending needs.

To get referred to Curtis, contact Gary Harmon, your top North County Realtor.

See why Gary Harmon teams up with Curtis Fox.

Filed Under: Buyers Tagged With: , , , ,

California Title Company – The Binder

November 10, 2010 By

Sell With a Binder to Insure a Sale

The buyer of a San Diego North County home who anticipates reselling it within 2-3 years can save a significant amount in title charges by purchasing a binder from California Title Company.  A binder is a temporary contract in which California Title Company agrees to issue a specified policy within a certain period of time.  The binder must be requested before the San Diego North County home being purchased closes escrow.  The fee for the binder is 10 % of the basic rate.  This would be in addition to the applicable fee for an Owner’s policy which is usually paid by the seller.  The use of a binder in your transaction can result in a significant savings when the North County property is resold.

CalTitle Binder Example

  • $350,000 Initial Sales Price
  • San Diego buyer plans to sell within two yeare for $450,000

In this example the basic rate is $1,079.00.  The CalTitle binder fee is an additional $108.00 (10%).  The buyer sells the North County property two years later for  $450,000.  The basic rate for a full California Title Company policy at that price would be $1,248.00.  The San Diego buyer now pays the difference between the two basic rates, i.e. $1,248-$1,079=$169.

Three (3) Year Binder

Prior to the expiration of the two year period, a binder may be extended for a third year for an additional 10%  of the basic fee.  This would still offer considerable savings.

California Title Company is part of Gary Harmon’s Winning Team.  For title information, contact Gary Harmon, your North County Realtor, and he will have an experienced team member give you a call.  

To get more information about San Diego North County real estate, including Carlsbad homes, Oceanside homes for sale, Encinitas homes, Vista, San Marcos, and Escondido real estate, contact Gary Harmon.

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Improve and Protect Your Credit Score

September 6, 2010 By

HomeServices Lending

Whether you are an over 55 senior looking at Ocean Hills Country Club homes are a first time home buyer just hoping to get a start, you should do everything they can to improve your FICO credit scores.  Why, because credit scores can mean the difference between a 4.25% and a 5.25% home mortgage rate. That can mean the difference as to wheater you qualify for a loan to purchase your San Diego North County home.  Credit scores can also mean the difference in getting a conforming mortgage and an FHA mortgage.  They can mean the difference in an underwriting approval and an underwriting denial.  Get your credit in order before trying to buy your San Diego North County home.   You should treat your FICO credit just as you would an investment portfolio, always strive to improve and protect what you have. The following tips, if followed, will help you with your journey to becoming a San Diego homeowner.

What Can You Do to Improve Your FICO Credit Score?

  • Try to get current and stay current.
  • Apply for and open new credit card accounts only as needed.
  • Keep your credit balances low on all credit card accounts.
  • Pay off debt rather than moving it around.  Owing the same amount, but have fewer accounts can help.
  • You should pay your bills on time.  Late payments and collections can have a serious negative impact on your credit score.
  • If you have been managing credit for a short time, don’t open a lot of new accounts too rapidly.

Once you get a good FICO credit score, you will want to do every thing you can to keep that good score.

What Can Affect Your Credit Score?

  • Delinquent payments
  • High outstanding debt, especially “revolving credit card debt”
  • The amount of new accounts you have opened  right before applying for credit
  • Credit inquiries can lower your score

What Type of Credit Inquiries Hurt Your Score

  • A credit check for an auto loan
  • A credit inquiry for a credit card application
  • A credit check for a store credit card
  • A credit check for a mortgage loan

While some credit inquiries can hurt you score by up to 100 points, a mortgage credit inquiry is estimated to only lower your credit score by just 5 points.  So when buying a purchase as large as a San Diego North County home you should shop around for the best rate and terms.  This shopping needs to be limited to about 14 days so as to minimize the rate on your FICO Credit Score.

I would invite you to check out HomeServices Lending, a member of my winning team members.  HomeServices is an affiliate of Wells Fargo Bank.  For San Diego North County real estate information,including information on North County  homes for Over 55, contact Gary Harmon, your North County Realtor.

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