What is the owner occupancy of the project? It should be at least 60%-70% on the average or else it is viewed as nothing more than an apartment building. Pride of ownership might also be lacking in a building with low owner occupancy.

Are there any lawsuits pending for the project or your particular unit? Lenders do not like to be party to lawsuits. Besides, do you really want to own a unit with some type of construction defect?

How many units does one person or entity own? No project can have one person or entity owning more than 10% of the units. With the recent economy, what if the majority owner cannot pay their homeowners association dues? The homeowners association could suffer losses and not be able to maintain the project.

Does the project maintain a fidelity bond for their Board of Directors? This is important not only because lending guidelines require it, but if there is a dishonest act causing a loss to the HOA’s savings, fidelity bond acts as insurance for the funds.

Are the reserve requirements of the project fully funded? Projections are used in studies to determine what level of HOA dues need to be set aside for deferred maintenance. Lending guidelines dictate that a HOA needs to have enough money set aside to perform any deferred maintenance. Do you really want to buy into a project where you could be slapped with a large assessment fee to take care of deferred maintenance or to shore up the HOA funds?

How many units may be in foreclosure or how many are bank owned? This fact is important as the owner occupancy could be affected or the HOA could be owed a great deal of money. This would affect the overall maintenance of the building and its reserves. You don’t want to buy into a project that isn’t properly maintained.

What type of financing are you using? A very high conventional Loan to Value Ratio (95%) or even an FHA or VA loan could be more than impossible to close in this real estate climate. Lenders (partly due to mortgage insurance) do not want to make high Loan to Value (LTV) conventional loans due to marketability and overall risk. Owner occupancy or reserves issues 80% is the maximum LTV a conventional lender will consider right now. Check with your lender about the current approval of your project.

DO NOT forget your individual property insurance for the inside of the unit. You will need this type of insurance to cover your own property and it is always a good idea to have a homeowner’s warrant on your unit as well.

To search for San Diego Condos, visit our San Diego Real Estate website and request more information today!

Short Sales occur when a lender allows a house to be sold for less than what is owed on the mortgage. In many cases, the bank will lose less money in a short sale transaction than letting the house go into foreclosure. Since the lender is responsible for approving the sale, it is important to make your offer as appealing as possible.

• It’s important to get pre- approved with a qualified lender. A pre-approval letter is a MUST for short sales to prove you are serious about your purchase.
• Don’t try and negotiate for repairs or ask for special reports on the house. It is best to buy the house “as is” .
• Offering a deposit of 2 – 3% of the offer price is going to catch the bank’s eye a lot more.
• Conventional loans or All Cash are the most appealing.
• A large Down Payment makes an attractive offer .

It’s important to remain patient. Short Sales have to go through extra steps than a regular transaction, such as bank approval, so don’t get over anxious if it takes a couple of months before an answer is received. It’s also don’t be afraid to place an offer on several opportunities rather to focus on one specific property.

It is never out of the question to make offers on homes or condos that already have existing or even have already accepted offers. Many times the original offer will back out of the transaction due to several factors that may occur in the length of time from their original offer and the Short Sale approval.

Always remember that the best deals go first and if you see a good property, you should submit an offer with a qualified Real Estate Consultant ASAP.

To Search for San Diego Short Sales, Please Contact us. Our aim is for a pleasant experience for each of our clients and finding the right fit will ensure that your home, condo or investment property increase in value and enjoyment for years to come.

San Diego encompasses four distinct locations: Beaches, Inland areas, Mountains and Deserts. These locations allow residents and vacationers a wide variety of amazing activities year round, and San Diego Homes and San Diego Condos offer a wide selection of styles, locations and price points ranging from moderately priced homes and condos to lavish multi-million dollar estates.

Downtown San Diego has personality and nightlife all its own and a number of new condo high rises within walking distance of The Gaslamp District. Activities in Downtown are plentiful with clubs, theaters, restaurants, shopping at Horton Plaza, the embarcadero water front with the US. Navy Museum the USS Midway, the small waterfront shops and restaurants of Seaport Village, and the newly built ballpark, Petco Park-home of the San Diego Padres.

For those that want a more laid-back lifestyle with full access to San Diego’s sandy beaches and coast, then the Mission Beach, Mission Bay, Pacific Beach and Ocean beach communities might be perfect for you. Rather than having large community developments, these neighborhoods offer many duplex style homes or some condo developments with only 4 to 8 units. Prices vary, but these San Diego condos have a strong rental market that may help to offset some costs.

Homes in San Diego’s central coast are as diverse as the shells on the local beaches. Old beach cottages line Mission Beach, from “Old Beach” style homes to new San Diego condos with all the modern amenities. The ever-increasing rental market along the coast of San Diego makes owning a beach condo a simple decision for 1st time buyers or investors, when it comes to future income or resale value, or even college students looking to invest rather than pay rent, and cozy family homes spread throughout Pacific Beach and Ocean Beach. It’s not hard to find a newly renovated prize, or the perfect location to build your own castle by the sand.

Pristine upscale homes define La Jolla, and its spectacular coastline of ocean bluff views earned La Jolla the nickname “The Jewel”. La Jolla’s Prospect Street is synonymous for elite shopping and dining, with upscale boutiques, import shops, and gourmet restaurants. Attractions include the La Jolla Beach and Tennis Club, world famous Torrey Pines Golf Course, Scripps Institute of Oceanography, La Jolla Country Club, and the ocean wildlife sanctuary of La Jolla Cove.

With family oriented neighborhoods offering family activities and events, San Diego’s neighborhoods have an exciting night life for all ages. The world class Beaches and tropical resorts surround the area and San Diego’s reputation make these areas a popular year-round travel destination known around the world! These welcoming San Diego locales are the perfect place to be!

For information about San Diego Condos For Sale, visit our informative San Diego Real Estate website which also has information about Mission Beach Condos, Pacific Beach Condos and La Jolla Condos.

Keeping proper supplies well stocked can create rave reviews, referrals and repeat vacationers, as well as lessen the headaches and phone complaints for yourself. The more like “home” you make it, the more likely you are to build a good client list from repeat bookings.

KITCHEN SUPPLIES

• 3 sauce pans w/lids-SM/MED/LG
• 2 Large Posts w/lids
• 3 Frying Pans w/Lids – SM/MED/LG
• 1 9×13 glass baking dish
• 1 8×8 glass baking dish
• 2 cookie sheets
• 1 large salad bowl
• 3 mixing bowls (stacking set)
• 1 set measuring cups
• 1 set measuring spoons
• 1 electric coffee maker
• 1 electric mixer
• 1 toaster (four slice works best)
• 1 tea kettle
• 1 electric can opener
• 1 ½ gallon plastic pitcher
• Assorted plastic storage containers
• 1 colander/strainer
• 1 dish drainer with tray
• 2 oven mitts
• 4 kitchen towels
• 2 dish cloths
• 2 ice cube trays
• 1 spatula
• 1 set of rubber scrapers
• 2 cooking spoons
• 1 set of wooden spoons
• 1 cooking fork
• 1 ladle
• 1 set kitchen knives
• 2 paring knives
• 1 set of steak knives
• Appliance Books (If Avail)
• 1 blender
• 1 microwave
• 1 vegetable peeler
• 1 wire whisk
• 1 cheese grater
• 1 pair of tongs
• 1 utensil organizer for drawer
• Dishwashing detergent/sponge

LINENS – MINIMUM REQUIREMENT /Per Bed

• 1 mattress pad/blanket/pillow
• 1 bedspread
• 2 full sets of linens

2 SETS PER PERSON

• 2 washcloths
• 1 hand towel
• 2 bath towels

BATHROOM SUPPLIES

• Toilet Paper
  Plunger
  Waste basket
  Non-Skid rubber mat (each tub)
  Rug in each bathroom

CLEANING SUPPLIES

• Waste basket
• Broom/Dustpan/Mop
• Vacuum Cleaner

EXTRAS

• Hangers
• Extra Light Bulbs
• Candles
• Emergency Instructions
• Telephone books
• Ant/Roach Spray
• Guest Books/Map

• The home purchased must be their primary residence
• Buyer cannot have owned a home during the past three years
• Tax credit is up to 10% of the home value (not to exceed $8,000)
• Annual income caps to qualify for the tax credit have increased ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245 for joint filers.

For more information, contact your Home Services Lending Home Mortgage Consultant for details on both tax credits.

* Eligible home buyers must have lived in their current home for 5 consecutive years of the past 8 years.
* The new home does not have to cost more than the old home.
* Eligible for homes with purchase agreements signed between November 6, 2009 and April 30, 2010, and close by June 30, 2010
* Annual income caps to qualify for the full tax credit ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245 for joint filers.

For more information, contact your Home Services Lending Home Mortgage Consultant for details on both tax credits.