July 2008

There are 4 blog entries for July 2008.

There has been a lot of buzz around “short sales” in the recent San Clemente CA real estate market.  What is a short sale, exactly?  A short sale is when a lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of a property by a financially distressed owner – in essence, the lender forgives the outstanding balance of the loan.

 

A short sale offers both advantages and disadvantages for buyers as well as sellers.  For the seller, credit history is seriously damaged, but not as badly as it would be by foreclosure.  Sellers also walk away with no profit, which makes it difficult to purchase another home.  For the buyer, the property comes at a reduced price, but it also generally comes with its fair share

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Those in the market for San Clemente CA real estate face a myriad of questions when shopping for a home – one of the most fundamental of which is whether to purchase a single family home or a condo.  Although there are many factors to consider, the answer really lies in the buyer’s preference and lifestyle.

 

For those in search of a more urban, low-maintenance lifestyle, a condo might be a good fit.  Condos typically resemble apartments with several units in the same building or complex sharing amenities (although they can also be duplexes, free-standing buildings, etc.).  Although there are monthly maintenance fees involved with condo ownership, that also means that the owners are not responsible for any maintenance outside their own four walls. 

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If you are in the market for San Clemente real estate, you probably have a good idea of the general range you can expect to spend on a home.  So you might be surprised when a great-looking home shows up on the MLS with what seems like a shockingly low price tag attached.  The extra-low price seems too good to be true and – most of the time – it is. 

 

It is likely that the price you are seeing does not represent the actual asking price of the property; rather, in most cases it is likely a property that is in “pre-foreclosure” and the amount listed actually represents the balance of the defaulted loan, or the amount the current owner is in arrears.  Below is an excerpt from an article I found at Inman News that does a great job explaining how these

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Happy 4th of July, San Clemente!  Although this weekend is a time for fireworks and enjoying time with friends and family, it is also a time to remember what makes our country so great – our freedom.  So as you gather with friends and family on Friday, take a moment to thank our military—living and dead, at home and abroad—for the sacrifices they have made for us.  Because, as we all know, freedom isn’t free!

 

Make sure to bring your family to the San Clemente Pier at dusk to enjoy the fireworks display. A true “community and family” event, grab a spot early down on the beach for the best Fireworks show in Orange County!

We’ll return to discussing San Clemente CA real estate next week; however, if you would like more information about Orange

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