Josh Bottfeld : Latest Blog Posts

I have sold a property at 4788 51st in San Diego

Sun, 15 Jan 2012 10:08:49 GMT

I have sold a property at 4788 51st in San Diego.

Bank approved at $410,000 all cash as- is. (pending investor approval) Truly a remarkable home. Dramatic price reduction! Spacious home with gourmet kitchen, pool and spa situated on a corner lot in Talmadge. Master Suite has separate office or exercise room. The plantation shutters & rear french doors leading to the pool and spa make this home ideal for entertaining.

I have sold a property at 6660 Vigo in La Mesa

Fri, 12 Aug 2011 09:14:44 GMT

I have sold a property at 6660 Vigo in La Mesa.

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Seller will entertain offers between $299,000 - $349,000. Mid Century Ranch home in prestine condition. The low maintaince front yard will welcome all to your new home. This 4 bedroom 2 bath home comes with and a large living room and fireplace. The kitchen looks out to the dining room which has a sliding glass door out to your covered patio. The 4th bedroom also has a sliding door out to the covered patio. The bedrooms are all bright and welcoming. Your guest will feel comfortable with their own bath.

New property listed in East County, La Mesa

Sat, 28 May 2011 09:29:19 GMT

I have listed a new property at 6660 Vigo in La Mesa.

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Ozzie and Harriet never had it this good. Mid Century Ranch home in prestine condition. The low maintaince front yard will welcome all to your new home. This 4 bedroom 2 bath home comes with and a large living room and fireplace. The kitchen looks out to the dining room which has a sliding glass door out to your covered patio. The 4th bedroom also has a sliding door out to the covered patio. The bedrooms are all bright and welcoming. Your guest will feel comfortable with their own bath w/ tiled tub.

I have sold a property at 6708 Vigo in La Mesa

Sat, 28 May 2011 09:29:19 GMT

I have sold a property at 6708 Vigo in La Mesa.

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Charming Rolondo Knolls Home This LARGE 3 bed 2 bath home offers everything you could want or need. Only ? block from Rolando Park in a charming La Mesa neighborhood, beautiful hardwood floors, open living spaces, a great room with 1 of 2 fireplaces, and original wood built-in buffet in the dining room. Outside, you'll find a yard with a covered deck that's just begging for you to love it. All that and a fresh coat of paint inside! This home is waiting for YOU to transform it into your dream home.

New property listed in East County, La Mesa

Fri, 08 Apr 2011 09:32:31 GMT

I have listed a new property at 6708 Vigo in La Mesa.

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New property listed in East County, La Mesa

Fri, 18 Feb 2011 11:17:45 GMT

I have listed a new property at 6708 Vigo in La Mesa.

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Need more room? SIZE MATTERS! This LARGE 3 bed 2 bath home offers everything you could want or need. Only ? block from Rolando Park in a charming La Mesa neighborhood, beautiful hardwood floors, open living spaces, a great room with 1 of 2 fireplaces, and original wood built-in buffet in the dining room. Outside, you'll find a yard with a covered deck that's just begging for you to love it. All that and a fresh coat of paint inside! This home is waiting for YOU to transform it into your dream home.

I have sold a property at 373 18543 Caminito Pasadero in San Diego

Thu, 20 Jan 2011 10:10:02 GMT

I have sold a property at 373 18543 Caminito Pasadero in San Diego.

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Big Reduction! Great 3 bedroom, 2 bath condo in Morada. Nice private location next to open space. Great floorplan including in unit laundry. Detached one car garage plus storage area off patio. Complex has pool, tennis, and work out area. Easy access to I-15 and shopping. Perfect for first time buyers or investors. Nice!

I have sold a property at 204 7003 Saranac in San Diego

Sat, 20 Nov 2010 10:10:38 GMT

I have sold a property at 204 7003 Saranac in San Diego.

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This is a 2 bedroom 2 bath condo in Saranac Villas. This home comes complete with stainless steel appliances, a large and bright floorplan and a patio with a panoramic view. Home has granite countertops in kitchen and bath and indoor laundry. Come show and sell. This is a Fannie Mae HomePath Property.

Fannie Mae HomePath properties 3% down

Mon, 04 Oct 2010 17:03:50 GMT

Fannie Mae markets its’ REO’s through a program called HomePath Properties. Under a new incentive program, owner-occupants and public entities that buy a HomePath Property between now and the end of the year can receive up to 3.5% of the purchase price in closing cost assistance (funds can also be used to purchase a home warranty).
Properties bought from pools, at auction, or by investors are not eligible for the 3.5% credit. The sale must close within 60 days of acceptance of the offer and no later than December 31, 2010. The incentive must be requested in the initial offer.

How to Buy a Home at a $100,000 Discount

Tue, 28 Sep 2010 16:58:39 GMT

Below is an article from Smart Money Magazine regarding purchasing foreclosure homes from Fannie Mae. If you want more information, drop me a line at: josh@justjosh.com. I'll be happy to explain it.

How to Buy a Home at a $100,000 Discount

Real Estate by AnnaMaria Andriotis, SmartMoney

To pare down their growing inventory of properties, Fannie Mae and Freddie Mac are scrambling to unload nearly 150,000 foreclosed homes. And that means 2004-esque deals – like requiring as little as 3% down, offering to pay a portion of the closing costs and arranging special financing and warranties for repairs and renovations.

It's another option for home owners who want to trade up -- and an easier way into the market for first-time home buyers, says Dean Baker, co-director of the Center for Economic and Policy Research who studies the housing market.

The best bargain might be the home’s price. A SmartMoney analysis revealed that buyers could save $100,000 by buying a Fannie or Freddie home instead of similar fair-market properties just a few blocks away.

And while many of Fannie and Freddie’s homes are at the lower end of the market and in less-desirable areas, a SmartMoney.com search of Fannie Mae and Freddie Mac listings revealed that buyers could find properties in good neighborhoods – and for $100,000 less than comparable houses nearby. For example, a five-bedroom, three-bath with a backyard, deck and two-car garage in tony Alexandria, Va., was listed for $445,000, $100,000 less than the average listing price in the area, according to Trulia.com. Four blocks away, a similar non-foreclosed colonial is listed for $639,900.

Or how about a three-bedroom, two-bath in Bergen County's leafy River Edge, N.J for $359,900 -- $85,000 less than the average listing in the area. One avenue over, a non-foreclosed similar home is listed for $474,888.

The downside: Angry neighbors. These types of listings are devaluing nearby properties, says David Howell, realtor and executive vice president at McEnearney Associates, which sells homes in the metropolitan Washington D.C. area. That means in some areas where Freddie and Fannie homes are on the market, buyers could find a better deal on a nearby market-rate home that doesn't require repairs, he says.

Buying a Fannie or Freddie home can be more complex than pursuing an open-market real estate listing — or even a commercial bank foreclosed property. There’s a smaller selection of appealing properties — there were just six higher-end homes listed on a recent day in Alexandria, for example — and those tend to sell the fastest. And there's little room to negotiate price

Read more: How to Buy a Home at a $100,000 Discount - Personal Finance - Real Estate - SmartMoney.com http://www.smartmoney.com/personal-finance/real-estate/tips-on-buying-a-home-at-a-100-000-discount/?cid=1122#ixzz10qMFW3dY

I have sold a property at 15 3932 9th in San Diego

Tue, 21 Sep 2010 09:13:57 GMT

I have sold a property at 15 3932 9th in San Diego.

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Very nice condo in the heart of Hillcrest. Great Kitchen with granite counter tops, laundry (stackable) in unit. Tranquil courtyard with water fountain, BBQ and sitting area. Close to shopping, dining and freeway. Must see!

New Guidelines from Fannie/Freddie re: reestablishing credit

Thu, 09 Sep 2010 21:19:31 GMT

Conventional (Fannie Mae/Freddie Mac) guidelines have changed with respect to obtaining a new mortgage after a bankruptcy, pre-foreclosure/short sale or full foreclosure. The major change is that if the client has had a full foreclosure (not a short sale or deed in-lieu), they may not obtain a new conventional loan for 7 years. If the borrower can prove extenuating circumstances, they may be able to obtain a new mortgage in 3 years.

Here are the full details:

Conventional Derogatory Credit Updates

Effective for new registrations on or after September 10, 2010, the requirements for re-established credit after a bankruptcy, foreclosure, pre-foreclosure, deed-in-lieu, or short sale have been updated to align with GSE requirements and current market conditions. These guidelines will apply to all conforming loans. Non-conforming loans will follow these guidelines unless stated differently within the product description.

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy guidelines are being enhanced to allow a recovery period of 2 years after a dismissal or discharge when extenuating circumstances are documented. Previously, there was no reduced recovery period for extenuating circumstances.

Pre-Foreclosure / Short Sale / Deed-in-Lieu of Foreclosure

Enhanced guidelines for pre-foreclosure, short sale, and deed-in-lieu of foreclosure now allow a shorter recovery period based on the Loan-to-Value ratio (LTV) of the loan. Previously, a deed-in-lieu required a recovery period of 4 years.

• 2 years from completion date; 80% Max LTV

• 4 years from completion date; 90% Max LTV

• 7 years from completion date; LTV follows product guidelines.

If extenuating circumstances can be documented, the recovery period is 2 years with a maximum 90% LTV.

Foreclosure

Foreclosure guidelines have been updated to reflect the requirement for a full 7-year recovery period. Previous guidelines allowed a 5-year recovery period. The recovery period with documented extenuating circumstances remains unchanged at 3 years.

I have sold a property at 88 6717 Friars in San Diego

Thu, 26 Aug 2010 09:10:54 GMT

I have sold a property at 88 6717 Friars in San Diego.

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Top floor split bedroom condo with great golf course views from all rooms. Spacious living room with fireplace and vaulted ceilings.

The best moves for home buyers and sellers from CNN today

Wed, 25 Aug 2010 19:15:00 GMT

The Best Moves for Home Buyers and Sellers

(Money Magazine) -- Plenty of forces, from overly cautious lenders to inaccurate appraisals, are wrecking real estate deals right now. But one of the biggest roadblocks to getting a house sold these days is the disconnect between buyers and sellers.
In general, sellers have gotten more realistic in pricing their homes than they were right after the housing bubble burst, but agents say that many still don't grasp how much they must concede to close a deal. And buyers are still spraying lowball offers around in hopes that sellers will be desperate enough to bite.

Take such unreasonable expectations, multiply by two, and what do you get? "A standoff," says Glenn Kelman, CEO of real estate brokerage Redfin.
With the busy summer home-sale season drawing to a close, there's little time to waste. Whether you're trying to unload your place or land a new one, follow these dos and don'ts to negotiate the best deal -- fast.

If you're buying

Don't say: "I'll pay 85% of your asking price and not a penny more."
Instead: Look for homes that are fairly priced and make a reasonable offer. "Coming in about 10% below list is a good starting place for negotiations now," says Denver real estate broker Jeff Fogler. Yes, you have the upper hand in most markets, but the average homebuyer is paying only 2.7% below list price (see the chart). Set your expectations accordingly. You can always ask if the seller is willing to bridge a price gap in other ways -- for example, by picking up your closing costs (which can run $7,500 on a $300,000 house).
Don't say: "I haven't put my own place on the market yet."
Instead: List your current home before you start shopping seriously for the next one. Because it takes almost three months to move a house these days, sellers are loath to write home-sales contingencies into purchase contracts. You'll have far more leverage if you've gotten rid of your house before you start negotiating: Sellers know there's less chance of the deal falling apart. (Prequalifying for a mortgage helps too.) What's more, you'll know exactly how much money you can put into your new digs.
Don't say: "This is my dream house."
Instead: Stop imagining the great parties you'll throw there and gird yourself to walk away if the seller won't make reasonable concessions. Your ability to abandon negotiations is your most powerful bargaining chip. Given that plenty of other homes are on the market now, finding another place to love shouldn't be too hard. You might let the seller know that. Nicely.

If you're selling

Don't say: "You're offering how much? Forget you!"
Instead: When bidders lob low-balls at you, thank them for their interest -- and ask that they come back with earnest offers. "If you become offended, enraged, or unreasonable, you've blown any chance at negotiation," says Warwick, R.I., real estate agent Ron Phipps. These days many buyers are just testing you to see how big a discount they can get. Point the bidder to comparable recent sales that support your list price. (Received several super-low offers? Check the comps to make sure your price isn't too high.)
Don't say: "I didn't know the deck was rotting."
Instead: Pay a few hundred dollars to get your house inspected before you put it on the market. Then arrange to make any necessary repairs yourself. (In most states the law requires you to disclose to potential buyers any defects of which you're aware.) "Taking care of any inspection issues upfront helps sellers limit the points that buyers can negotiate on," says Pat Lashinsky, CEO of the national brokerage ZipRealty.
Don't say: "It might take us a while to move out."
Instead: Make sure to tell buyers -- especially those who might have children starting school this month -- that you're willing to scram pronto, if possible. That will help you stand out from any short sales in your area, which may have lower list prices but can take months to close. "If the buyers have a strict time limit, they're going to pay more money to get into a house quickly," says Ellen Klein, a realtor in Rockaway, N.J. More money plus more speed: That's what it's all about. .

I have sold a property at 4704 51st in San Diego

Wed, 25 Aug 2010 09:10:11 GMT

I have sold a property at 4704 51st in San Diego.

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***Traditional Sale & Gorgeous*** BOMK subject to canellation of prior escrow.Wonderful updated home in well established area of Talmadge. Sad Sellers are being relocated & must leave their fabulous home Beautiful hardwood floors, tile, remodeled kitchen & baths, plantation shutters, ceiling fans, all new exterior & interior paint, new windows & more. Wonderful entertaining backyard. Large two car garage & exterior parking for six vehicles. Move-in perfect & ready for immediate move-in.

Vulture investors: They're back - and making a bundle

Fri, 20 Aug 2010 20:03:30 GMT

NEW YORK (CNNMoney.com) -- These are the glory days of the residential real estate investor. Low prices, rock-bottom interest rates and stable rental markets have created huge buying opportunities.

"It's awesome right now. I don't think we'll ever see another time like this," said Tanya Marchiol of Team Investments, which has operations in about 10 states but focuses mostly on the Phoenix market.

These investors are known to many as vultures because they swoop in and buy "distressed properties" -- foreclosures and short sales -- cheap. Places like Las Vegas, Phoenix and Miami are popular because home prices there have dropped as much as 70%.

But how they're investing has changed. In the boom years, they would buy a property and flip it for a quick cash out. Today, they are holding and renting for hefty, steady incomes.

Once they analyzed their decisions based on home-price appreciation, which is very speculative. Now they consider potential rental profits, which is far more stable.

Back then, they flipped often and helped to bid up home prices into a froth. Now, the investors say, they can be a part of stabilizing neighborhoods.

Condos for less than the cost of a Corolla

"People are not in it to flip like back in the old economy," said Matt Martinez, an investor and author whose new book, "How to Make Money in Real Estate in the New Economy" comes out next February. "The new economy dictates that you have to have a long time horizon."

Marchiol, for example, does not even factor in home price appreciation for at least a year. After that, she calculates only a 3% annual increase -- a return that won't turn heads of investors who only want to buy low and sell high.

Marchiol just purchased four separate four-plexes in North Phoenix. Three years ago, each four-unit building sold for $310,000; she paid just $70,000 per building. She intends to spend about $64,000 rehabbing the properties, making her total investment $344,000.

In total, she currently owns about 17 rental units. Usually she buys the properties to keep herself, but she also works with a group of investors who are intent on holding them and renting them out. She can spot the deals and then sell to them.

For example, with her North Phoenix buildings, the investors will buy the buildings for $95,000 each. They'll put 20% down and finance the rest, about $76,000 per building.

At today's low interest rates, they'll get a near 5% loan. That yields a payment of about $400 a month. Figure another 10% of the price for property management, 10% for maintenance, an 8% vacancy rate, taxes, insurance and other home ownership expenses, and you're talking about a monthly nut of roughly $1,300.

Marchiol projects the apartments will rent for $600 a month each, for a total rent roll of $2,400. That gives the owners a profit of $1,100 per month and $13,200 per year -- a nearly 70% annual return on investment.

Although conditions are very favorable, investors have to be adaptable because the market is evolving rapidly. In Phoenix it's changed in just the past six months. Foreclosure auctions are no longer a fertile hunting ground for Marchiol.

0:00 /4:43Foreclosed, homeless, but fortunate

"Amateurs have come in and run up the prices," she said. "In 2009 I bought 76 properties at foreclosure auctions, at an average of about 60 cents on the market dollar. This year, I've bought four."

Glenn Plantone faces a similar situation in Las Vegas. A veteran real estate broker and investor, he has switched from buying mostly foreclosures and repossessions to short sales almost exclusively. That's because the inventory of distressed properties available in Vegas is way down, to about a two-week supply.

"The banks make better profits with short sales, so they're not foreclosing," Plantone said. "They've switched staff to processing short sales and they've gotten faster at processing them."

He tries to purchase properties for at least 10% less than what he considers to be true market value, then he does some light rehabilitation and sells them to some of the 3,000 buyers he works with.

Since prices have fallen about 70% in some Vegas communities and rents have only declined by about 20%, it's possible for his investors, who are cash buyers, to make money from the first month the homes are rented.

"We're getting cash flow (net return on investment) of 12% to 14%," he said.

He doesn't completely ignore potential profits from home price appreciation because he believes the town is bouncing around the bottom. (Homes already sell for below what it would cost to build new homes.) He does not, however, emphasize that aspect of the investment.

It's the income from rentals that's paramount right now.

The beauty of cash flow, of course, is that even if the prices decline another 10% or 20%, the investors should be able to live with that.

"I tell them to plan on holding for five years," he said. "With cash flow, there's no need to worry about price drops."

I have sold a property at 4704 Constance in San Diego

Fri, 30 Jul 2010 09:10:36 GMT

I have sold a property at 4704 Constance in San Diego.

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Available now! Traditional sale! Charming Talmadge cottage with craftsmans touches and modern ammenities. This home is gorgeous located on the most popular street in Talmadge. You will feel at home as soon as you open the door and start your tour. This home has been loved and will not last. Perfect for entertaining, perfect to come home to after long days. Laundry room (gas) remodeled kitchen, remodeled master shower, newly painted, newer roof. This home shows like a model and is move in ready!

I have sold a property at 709 3030 Suncrest in San Diego

Fri, 30 Jul 2010 09:10:36 GMT

I have sold a property at 709 3030 Suncrest in San Diego.

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.2 bed 2 bath open kitchen. Great for entertaining

I have sold a property at 414 3030 Suncrest in San Diego

Fri, 30 Jul 2010 09:10:36 GMT

I have sold a property at 414 3030 Suncrest in San Diego.

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FORECLOSURE...COME TAKE A LOOK AT THIS GREAT 1 BEDROOM 1 BATH CONDO. IT HAS GRANITE COUNTER TOPS, TILED FLOORING IN THE KITCHEN AND BATH, LARGE PATIO, COMMUNITY POOL AND BBQ AREA.

I have sold a property at 4480 Caminito Fuente in San Diego

Fri, 30 Jul 2010 09:10:35 GMT

I have sold a property at 4480 Caminito Fuente in San Diego.

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PRICE REDUCED 10-12-07. Located in an exclusive gated community, this exceptional residence combines understated sophistication, an urban tranquility, and thoughtful designer finishes throughout. Breathtaking views of the mountains, ocean, and valley await the new owner of this stately 3 bedroom/2.5 bathroom property.