Author: Pete Sanchez III

BUILDERS TARGET SINGLE, FEMALE BABY BOOMERS

A study conducted by homebuilder Del Webb of single, baby boomer women found that 74 percent of respondents are as happy, or happier, than they were at age 35 and nearly half (45 percent) believe their best years are yet to come. Of the 76 million baby boomers, recent U.S. Census data shows that as many as 28 million (or 37 percent) are single females.

The study finds that the single, female Boomer demographic is incredibly confident. According to the 2015 Del Webb Baby Boomer Survey, not only do 80 percent of respondents rank having self-confidence as “very important,” but 76 percent are more empowered now than they were at age 35. In fact, more than one-in-five (22 percent) say they also feel more attractive than they were at 35.

Such confidence may be attributed to the fact that 54 percent of single, female boomers are as active or more active today than they were at 35. The 2015 Del Webb Baby Boomer Survey shows that four-in-five (81 percent) of single, female boomers rank being physically healthy as “very important,” and 68 percent of respondents rank a healthy lifestyle as their first priority, after time with family and friends.

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Join SDCIA and guest speakers Danyel Brooks, Gary Laturno, Genna Palecek, and George Schmall
for a unique perspective on owning and managing rental property. 

Next Tuesday, February 10th 2015  7 PM
Guest Speakers will discuss the things you may not know about being a landlord or tenant!

Some topics to be covered include: 

• Why being a Landlord is Important 
• What to do when a tenant destroys your house
• How you can actually handle late fees
• Who has an upper hand in the San Diego court system
• What renting a home built before 1978 means to you
• Who is responsible for what repairs (before, during, and after a tenant)
• What you can really use the security deposits for… and for how long
• Should you use eviction or cash for keys to remove a tenant
• Why it might make sense to get your rentals in the same general location
• Fun tricks of the trade
• Valuable web sites and more….

We will cover the Tricks of the Trade and costly mistakes Landlords make all the time.
If you have ever rented a home, have rental properties or are interested in learning more about property management, this is the meeting for you!

The Federal Housing Administration announced it will reduce the annual mortgage insurance for FHA loans from 1.35% to 0.85% beginning with all loans with FHA case numbers assigned on or after January 26, 2015!

What does this mean? FHA buyers will find mortgage insurance premiums competitive with conventional financing and once again makes FHA loans more desirable than 97% conventional options in many cases. Below is an example of monthly savings in the FHA Monthly Mortgage Insurance Premium (MMIP) for a $200,000, $300,000, $400,000 and $500,000 purchase price and an FHA loan with a 3.5% down payment:

Purchase      Current         FHA MMIP        MONTHLY
 Price            FHA MMI      After 1/26/15      SAVINGS
 $200,000     $215.31          $135.56                $79.75
 $300,000     $322.96          $203.35               $119.61
 $400,000     $430.62          $271.13               $159.49
 $500,000     $538.27          $338.91               $199.36

Why go FHA? FHA has less restrictive credit standards than conventional financing and many attractive attributes such as:

•Minimum down payment of 3.5%
•All down payment and closing costs may be gifts
•Non-occupant co-borrowers
•Lower FICO score requirements
•Shorter Short Sale, Foreclosure and Bankruptcy wait times before reentering a mortgage
•Competitive interest rates and now…
•LOWER ANNUAL MORTGAGE INSURANCE!

If you are a FHA buyer that wants to purchase a multi-family property but the numbers don’t make sense due to the annual mortgage insurance premium? Give me a call today and we will rework the numbers with tomorrow’s updated premiums.  Or if you are an FHA buyer who purchased a home in the last two years,  I can help you get refinance and reduce your annual mortgage insurance.

I am a Realtor with Pacific Sotheby’s and my team will and I will work around the schedule of my clients including evening and weekends.   If you or anyone you know has financing needs or questions, please give me a call.   It would be my pleasure!
                                                                                          Gisela N Sanchez  (619)254-6066
Gisela.Najera@SothebysRealty.com  

Is there any chance you will be purchasing a new home in the next two years? You should know that mortgage lenders are requiring that you provide your last two years of Federal Tax Returns during the loan process.
A decade ago these were rarely asked for but today lenders require your entire personal and business (if you own more than 50% of the business) Federal Tax returns. Lenders will also want more than just the first two pages, or Form 1040. Lenders must review all schedules, forms and exhibits on a tax return and they will also request a signed Form 4506-T which will permit the lender to obtain transcripts in addition to the returns themselves.
The question is why do lenders need tax returns? Lenders look for irregularities and the figures are used to determine the borrower’s actual income figure, per guidelines. If you’re self-employed your income is determined by a pattern of gross income versus reported expenses while adding back in deductions that are tax expenses only such as depletion and depreciation. If you’re a employee that receives a W-2 and does not own your business your taxes may still affect your income.
“Unreimbursed Employment Business Expenses”, reported on your Federal Tax Returns under Schedule A and Form 2106 are typically subtracted from your income and, if significant, may affect your ability to qualify for your home purchase. Some common items that may be reflected on a Form 2106 include union dues, mileage, uniforms, cell phones, marketing and travel.
Another income or loss that is reviewed is the income or loss from rental properties. This income must be documented and supported via a personal tax return if the property was purchased during the previous tax return year in order for it to be considered in your loan approval. If the property has been acquired since the previous tax year, the borrower will be asked to provide evidence of receipt of rent (bank statements, cancelled checks, etc.) and a copy of the rental agreement in which case a vacancy factor of 25% will be considered.
Your own business losses may be reflected on your tax return but what about your spouse? If you are a W-2 employee but your spouse is self-employed and shows a loss on their income, it will be deducted from your gross income when the lender determines your usable income for mortgage approval purposes.
Capital gains and losses are also reflected on your tax returns and may impact your income as well.
Of coure, self-employed borrowers often feel the brunt of tax return scrutiny. Many self-employed borrowers find that while their bookkeepers or tax preparers are trained to reduce their taxable income figures to save on taxes for any given year, those figures may reduce the amount of mortgage a borrower may obtain for their home purchase. You may be asking, “Can’t I amend my return if needed to qualify?” Lenders and underwriters are aware of the strategy and the concern is that taxes should be a reflection of your true income and expenses. Amending them to qualify for a loan will likely trigger a rejection of the increased income figure and is not an assured way to reflect to the lender your true earnings which are capitol to your ability to repay your mortgage.
Is there a chance you will be purchasing a new home within the next two years? If so, you need to know where you are before you will know where you need to be when it comes to mortgage approval. It would be my pleasure to review your current mortgage qualification before you file your 2014 Federal Taxes.
I am a loan officer with San Diego Funding and I work around the schedule of my clients including evening and weekends. If you or anyone you know has financing needs or questions please.

Gisela N Sanchez
Realtor with Pacific Sotheby’s International Real Estate
619-254-6066 Gisela.najera@sothebysrealty.com
Cal BRE #01765802

Deja Correia
Senior Loan Officer, San Diego Funding
Office: 619.260.1660 ext. 228
Cell: 619.251.1432
Fax: 619.374.7477deja@correiateam.com
NMLS: 413050 Cal BRE # 01904562

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1 bedroom

1.5 bath

845 sq.ft.

HOA $308

3 Things You Should Know About When Choosing The Right Realtor

When choosing the right realtor there is a couple things you must know before you decide to hire someone for your San Diego real estate needs. Below are 3 things you should know if the realtor is worth hiring as your agent.

1) Are They Experts In The San Diego Real Estate Market?

There will be many agents to choose from. Sometimes we go and choose our family member who is part time agent just learning the ropes to hook them up. I totally get that. But understand. This is the probably going to be one the biggest investments in your life so hiring your cousin probably might not be the best decision to make sure your well taken care of by a San Diego real estate expert. I would suggest that you hire only agents that have at least 5 years’ experience and are still in business after the 2008 crash. The real agents who know there stuff are the ones that didn’t quit even after taking that hit in the market.

2) Do they understand and use social media marketing?

No one would argue on this one that social media is the now and future. Many agents especially in the older demographic don’t even have a Facebook profile. They are totally missing out on a lot of exposure when selling their properties or looking for buyers. Yesterday I was at a San Diego real estate conference with over 3,000 San Diego real estate professionals. One of the main speakers was talking about social media marketing specifically in blogging. He asked us “how many of you agents have a blog and are blogging?” Out of the entire room only 7 raised their hands me being one of them. So basically a lot of agents are losing out on internet exposure. If you are selling your home with an agent that doesn’t know social media marketing they will most like be advertising just on the MLS multiple listing service. If the agent knows social media though, they will be creating YouTube videos, social media targeted ads, keyword tool search, and blogging content marketing to make sure more eyeballs see your home on the internet.

3) Where is there heart?

This one is the most important. At the end of the day high integrity needs to be engraved in the realtor’s heart. I suggest you research them. Look at their Facebook profile. Find out where their hearts at. What do they do with their free time and money? Are they living a selfish life or are they giving back to their community’s volunteering plugging into their local church. This will help a lot because if you choose the agent that is all about the money than they won’t be really serving you but themselves. They will not show you the love that you deserve especially with this big decision in life. You want somebody that genuinely cares about you.

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Money reveals the heart in a person. Today I was tested, I had the privilege to walk into the fire in my business. I could have made over $11,000 but I choose to turn it down. Why you ask…?

I am currently working with a family of 3 kids. They are excited because they are looking for their home where they plan to grow in and also invite family and friends from church for life groups/bible studies. While looking at over 7 properties this weekend they found one that they really liked. So we made a strong offer on the property, giving the seller what they wanted while getting closing cost for my client. The listing agent had another offer before the offer I presented from my clients. The agent said that we just had to change the offer date in order for our offer to get accepted, but I couldn’t do it.

You see, I had a feeling inside me saying, don’t lie, don’t do it. I could feel my heart pounding as if I was choosing Money over Truth. I felt my heart sinking as I was thinking about the options and I just knew I couldn’t lie by changing the date even if I knew my client would get the house they wanted.

1 Peter 1:7 That the trial of your faith, being much more precious than of gold that perishes, though it be tried with fire, might be found unto praise and honor and glory at the appearing of Jesus Christ.

As I shared this with my client, I said to them that I was sorry but I cannot lie even though they would have an opportunity to open escrow the next day. I could feel the Holy Spirit counseling me through this guiding me with love and understanding. Thank goodness my clients had also agreed and they will keep looking at other homes unless this property comes back on the market.
I later contacted the listing agent, letting them know that I was not going to change the date of our original offer. I explained to them how I felt and the reason behind it. The agent told me that it was kind of funny that I mentioned that, because the agent themselves felt that Karma would bite them in the butt. I like to say, we reap what we sow.

I am a true believer that God will provide. I also believe that, in life we will be tested and within those test we will either become sharper or dull. I Choose to be sharpened by a Two Edged Sword.

Thank you for reading, leave a comment, I’d love to know what you thought about this experience.

La Mesa Village is known for their Oktoberfest in San Diego County! With many locals coming together with music, vendors, great German food, and lots of good Cheer! Bring comfortable shoes and come and enjoy the festival.

Oktoberfest: Traditional autumn festival held in Munich, Germany, every October that features beer-drinking and merrymaking.

Friday, October 3rd
Street festival: 11:00 a.m. – 9:00 p.m.
BIG Beer Garden: 4:00 – 11:00 p.m.
THE IDEAS Rock & Roll Trio: 4:00 – 5:00 p.m.
The Car Tune Dogs (Classic Rock): 6:00 – 10:00 p.m.

Saturday, October 4th
Street festival: 11:00 a.m. – 9:00 p.m.
BIG Beer Garden: 11:00 a.m. – 11:00 p.m.
Our Song (German Music):12 noon – 4:00 p.m.
The Car Tune Dogs (Classic Rock): 6:00 – 10:00 p.m.

Sunday, October 5th
Street festival: 12:00 noon – 5:00 p.m.
BIG Beer Garden: 1:00 – 4:00 p.m.
Our Song (German Music): 1:00 – 4:00 p.m.

Location: Downtown La Mesa on La Mesa Blvd. between Acacia and 4th Avenue
BIG Beer Garden Location: In the Allison Street parking lot between Pine and Palm
TROLLEY DETAILS:

FRIDAY, OCTOBER 3 – The trolley runs every 15 minutes until 12:01 a.m.

SATURDAY, OCTOBER 4 – The Trolley runs every 15 minutes to downtown San Diego until 11:30 p.m. From 11:01 p.m. to 1:00 a.m. the Trolley will run every 30 minutes with the last Trolley departing from La Mesa at 1:00 a.m.

SUNDAY, OCTOBER 5 – The Trolley runs every 15 minutes throughout Sunday event hours.
ONLY PEOPLE 21 YEARS OR OLDER CAN PURCHASE BEER OR WINE IN THE BEER GARDEN! THIS IS NOT A PET FRIENDLY EVENT. PETS ARE NOT ALLOWED AT THIS CITY WIDE EVENT.

Prior to the development of the title industry in the late 1800s, a homebuyer received a grantor’s warranty, attorney’s title opinion, or abstractor’s certificate as assurance of home ownership. The buyer relied on the financial integrity of the grantor, attorney, or abstractor for protection. Today, homebuyers look primarily to title insurance to provide this protection. Title Insurance companies are regulated by state statute. They are required to post financial guarantees to ensure that any claims will be paid in a timely fashion. They also must maintain their own “title plants” which house duplicates of recorded deeds, mortgages, plats, and other pertinent county property records.

WHAT IS TITLE INSURANCE?
► Title insurance provides coverage for certain losses due to defects in the title that , for the most part, occurred prior to
your ownership. Title insurance protects against defects such as prior fraud or forgery that might go undetected until
after closing and possibly jeopardize your ownership and investment.

WHY IS TITLE INSURANCE NEEDED?
► Title insurance insures Buyers against the risk that they did not acquire marketable title from the Seller. It is primarily
designed to reduce risk or loss caused by defects in title from the past. A Loan Policy of Title Insurance protects the
interest of the mortgage lender, while an Owner’s Policy protects the equity of you, the Buyer, for as long as you or your
heirs (in certain policies) own the real property.

WHEN IS THE PREMIUM DUE?
► You pay for your Owner’s title insurance policy only once, at the close of escrow. Who pays for the Owner’s Policy and
Loan Policy varies depending on local customs.

Angie West
619.733.4667
awest@firstam.com
Jay Norris
619.884.0766
jnorris@firstam.com
Lina Gorinstein
619.980.2414
lgorinstein@firstam.com
teamfirstam@firstam.com

San Diego Home Loan Rates have been steady recently. Currently with FHA 30 year fixed mortgage rate at 3.75 and Conventional loan rates being at 4.25 show that market rates are low. Next month rates can either increase or drop depending if outside investors from other countries who purchase the current loans will dictate the interest rate.

Future home buyers, I’d love to share with you a variety of different loan programs out there that will help and assist buyers with funding. Some loan programs are grants that will allow a buyer to purchase a home up to $415,000. Another that I recently learned about is Cal Home Program, which offers home buyers assistance. Each loan program is created for different types of buyers and based on what their income is. For more information, contact us.
As far as current homeowners, it’s a great time to refinance your property since property values have increase and interest are low. We have been seeing an increase of homeowner’s refinance their properties in order to adjust their loans or cash out. We’ve also seen more homeowners wanting to downsize and purchase a smaller home with the equity that they have made from their property/properties.

If you think that you owe more then what your home is currently worth in today’s market, I high suggest you contact me immediately. Do not pay attorneys to do loan modifications on your property or charge you for work that has not been started or complete. Many homeowners fall into a trap where they will pay an outside company/attorney to modify their loan and never get anything in return. Working with distressed properties is all about timing and you don’t want to wait too long before it’s too late.

If you would like information regarding today’s mortgage update blog, call me today or send an email and I’ll contact you.
Gisela.Najera@SothebysRealty.com
(619)254-6066