Dan Melson: July 2006 Archives

General: San Diego 3 Bedroom 2.5 Bath, with an office you could make into a fourth bedroom. Asking Price Range $600,000 to $625,000



Why you should be interested: Nice quiet neighborhood with a lot of upscale nearby, well kept place, low maintenance yard yard. Move your family right into a nice home. Central to everything; downtown and sorrento valley are less than twenty minutes; mission valley is less than ten. Good schools in neightborhood



Selling Points: Well kept and a lot of features. Well kept. Kitchen practically new. Yard is well kept, front is low maintenance. Backyard is where most of this huge lot is, with a pool and a spa. Good schools in the neighborhood.



Why I think it's a potential bargain: The agent has overpriced it, and marketed it as something it legally is not. As a result, tt's been sitting for months paying the mortgage and property taxes. Seller is motivated and needs to sell, their agent called my twice after I previewed it, sounds desperate.



Obvious caveats: Pool needs cleaning and isn't directly fenced except as part of the yard.



Why it hasn't sold already: It's overpriced for its real nature. Anyone who goes to see it can find a better bargain elsewhere. As a result, it's sitting unsold and the owners are paying for two homes...



I think it can be had for somewhere around 500,000, perhaps less.



If you keep it ten years and it averages only 5% annual average appreciation per year: It would be worth approximately $810,000. Your equity, using a zero down payment scenario and average credit, would be approximately $390,000. As opposed to a $2200 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $200,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: There's a badly placed floor safe in one bedroom.



I'm a buyer's agent. I find places like this that can be gotten at bargain prices. I save you money without costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, all I ask for is a Non-Exclusive Buyer's Agent Agreement. This is a standard California Association of Realtors form that leaves you are free to work with other agents, but if I find the property you want, I'm the agent you'll use. That's fair.



Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com.

New Feature: The Best Loan of Right NOW



30 year fixed rate loan at 6.125%. two point six total points. Assuming a $400,000 loan, APR 6.245 Payment $2398 fixed until you pay it off or change it, AND NO PREPAYMENT PENALTY!



This is neither the lowest rate nor the lowest payment. It is "merely" the best loan for the cheapest price I have right now. This is not an Option ARM but a real loan where the payment causes your balance to decrease. I cannot see how a loan where the real rate is two percent higher helps my clients when their balance increases by $1500 per month.



Here are examples of real loans that can be done. These can really be done here in San Diego, California, as of the time I post them. Being A paper, these are rates that will vary at a minimum every business day, and potentially several times per day, but should not usually be too divergent within a few days. Exact closing cost will vary with the precise lender, which (for tolerably obvious reasons) I am not posting here. Requirements to lock also vary with the lender, but once they are met, I can (or could, at the time I posted) lock it, and once locked, deliver within thirty days.



These rates are retail rates, net to the consumer, based upon a loan amount of $400,000, at a loan to value ratio of 80%. If your balance is higher or lower, this would be reflected in your payment. These rates do assume full documentation loan and a credit score of 720, which is approximately the national average. This is a no cash out rate term refinance on an owner occupied single family residence. "Cash out" rates will usually be higher, purchase loans will vary by comparison. This includes a 30 day lock, and it is subject to underwriting constraints. You know, the usual stuff: On approved credit, this is not a credit decision or a commitment to lend, not all borrowers will qualify, some restrictions apply.



It is important to note that there are no prepayment penalties on any of these; rates with prepayment penalties will usually be somewhat lower than those without.







Years Fixed

30

30

30

5

5

5
Amortization (years)

30

30

30

30

30

30
Rate

6.125

6.25

6.625

5.625

6.00

6.25
Total Points

2

1

0

2

1

0
Payment

$2430

$2463

$2561

$2302

$2398

$2463
APR

6.356

6.387

6.665

5.848

6.134

6.290




Years fixed is how long the rate is fixed for.

Amortization is how long, in years, the loan is paid off over. Only the last loan is interest only; the others are all principal and interest, fully amortizing payments.

Rate is the interest rate at the start of the loan, fixed for the number of years indicated on that line in the first column.

Total points is the total number of points a consumer would have to pay for that rate. These are neither the highest nor the lowest possible rates, only the lowest rate at which I can do that loan type for that cost at that time.

Payment is the monthly payment at the start of the loan, through the fixed period.

APR is required because I'm giving you a quote on a real loan. You might want to read this article before you take it for more than it is worth.



Anybody can quote you a low rate on a loan. This is what I can deliver, on real sustainable loans that you can count upon for a long time, and where your balance owed goes down, not up.



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me.

General: San Diego 3 Bedroom 1.75 Bath, with an office you could make into a fourth bedroom. Asking Price Range $525,000 to $550,000



Why you should be interested: Nice quiet neighborhood with a lot of upscale nearby, well kept place, low maintenance yard yard. Move your family right into a nice home. Central to everything; downtown and sorrento valley are less than twenty minutes; mission valley is less than ten.



Selling Points: Vaulted ceilings, well kept, feels airy. Kitchen isn't new, but is in good shape. Yard is well kept. Good schools in the neighborhood. 3rd bedroom has separate entrance.



Why I think it's a potential bargain: The agent has overpriced it, and it is an estate sale (outside of probate). It's been sitting for months, with more months before that paying the mortgage and property taxes. Seller is motivated and needs to sell, in estate sales like this they have mom's house and they want cash to spend.



Obvious caveats: Traffic noise audible in front bedroom.



Why it hasn't sold already: It's overpriced. Anyone who goes to see it can find a better bargain elsewhere. As a result, it's sitting unsold without even a lot of folks looking at it.



IF you put zero downpayment and if you pay full asking price (which you won't), your payments (Principal & Interest) would be $3356 with a fully amortized loan (Assumptions: 1st at 5.875% 30 year amortization fixed for 10 years APR 6.104, 2nd mortgage at 8.35% Home Equity Line of Credit APR 8.427, on approved credit, not all borrowers will qualify.) Interest only loans are also available to lower the payment further.



With a 20% down payment, even if you pay full asking price (you won't), payment drops to $2593. (1st mortgage at 5.75% rate 30 year amortization fixed for 10 years, APR 5.965, no second. on approved credit, not all borrowers will qualify.) Interest only loans are also available to lower the payment further.



If you keep it ten years and it averages only 5% annual average appreciation per year: It would be worth approximately $890,000. Your equity, using the zero down payment scenario described above, would be approximately $430,000. As opposed to a $1900 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $125,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Close enough to a major street that I heard traffic noise in the front bedroom.



I'm a buyer's agent. I find places like this that can be gotten at bargain prices. I save you money without costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, all I ask for is a Non-Exclusive Buyer's Agent Agreement. This is a standard California Association of Realtors form that says you are free to work with other agents if you feel they can do a better job, but if I find the property you want, I'm the agent you'll use. That's fair.



Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com.

General: San Diego 3 Bedroom 1.75 Bath Asking Price Range $475,000 to $500,000



Why you should be interested: Nice quiet neighborhood, well kept place, large yard, quiet street, motivated seller (the listing agent sounds desperate, to be quite honest). Move your family right into a nice home. Central to everything; downtown and sorrento valley are less than fifteen minutes; mission valley is about five.



Selling Points: Well kept, feels airy. Kitchen is in excellent shape. Yard is well kept and large. Good schools in neighborhood. 3rd bedroom has separate entrance.



Why I think it's a potential bargain: Seller is motivated and needs to sell; been on the market for months. Comps are easily there.



Obvious caveats: The air conditioning is wall mounted.



Why it hasn't sold already: Furnished like a little old lady's house, so buyers can't picture themselves in it. Major price reduction recently. I'd move fast if I were you.



IF you put zero downpayment and if you pay full asking price (which you won't), your payments (Principal & Interest) would be $2939 with a fully amortized loan (Assumptions: 388,000 1st at 5.75% 30 year amortization fixed for 5 years APR 5.978, 2nd mortgage $97,000 at 8.35% Home Equity Line of Credit APR 8.437, on approved credit, not all borrowers will qualify.) Interest only loans are also available to lower the payment further.



With a 20% down payment, even if you pay full asking price (you won't), payment drops to $2264. ($388,000 1st mortgage at 5.75% rate 30 year amortization fixed for 5 years, APR 5.987, no second. on approved credit, not all borrowers will qualify.) Interest only loans are also available to lower the payment further.



If you keep it ten years and it averages only 5% annual average appreciation per year: It would be worth approximately $790,000. Your equity, using the zero down payment scenario described above, would be approximately $380,000. As opposed to a $1750 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $110,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: I'm not sure how far down the hill your lot goes.



I'm a buyer's agent. I find places like this that can be gotten at bargain prices. I save you money without costing you a penny. Nor are these the only ones I find.



Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com.

General: El Cajon 3 Bedroom 1.75 Bath Asking Price Range $250,000 to $275,000



Why you should be interested: THREE bedroom condo, that you can be an owner for about the same monthly cost as the closest comparable rental. How long has it been since you've seen something like that? This property is vacant and very close to the freeway. Downtown is about 20 minutes, Mission Valley a little less, and Sorrento Valley less than downtown. On market five months, and it has everything that's a push away. Nasty outdated furnishings, but cosmetic and easy to update.



Selling Points: You will almost certainly be the only one making an offer. Vacant and subject to a short sale, the owners know they're in trouble. It looks like most of the unit is above the garage.



Why I think it's a potential bargain: Vacant and been on the market over five months. It has zero curb appeal right now, in fact it was a real effort for me not to turn around and leave. The complex is okay but certainly not upscale. The inside of the unit looks like a time warp to the 1970s, but the things causing this perception are cosmetic and shouldn't be expensive to upgrade.



Obvious caveats: The air conditioning is there, but I didn't turn it on.



Why it hasn't sold already: This unit is UG-LY and needs work.



IF put zero downpayment and if you pay full asking price (which you won't), your payments (Principal & Interest) would be $1622 with a fully amortized loan (Assumptions: 209,600 1st at 6.00% 30 year amortization fixed for 10 years APR 6.238, 2nd mortgage $52,400 at 8.35% Home Equity Line of Credit APR 8.511, on approved credit, not all borrowers will qualify.) Interest only loans are also available to lower the payment further.



With a 20% down payment, even if you pay full asking price, payment drops to $1223. ($209,6000 1st mortgage at 5.75% rate 30 year amortization fixed for 10 years, APR 5.983, no second. on approved credit, not all borrowers will qualify.) Interest only loans are also available to lower the payment further.



If you keep it ten years and it averages only 5% annual average appreciation per year: It would be worth approximately $425,000. Your equity, using the zero down payment scenario described above, would be approximately $205,000. As opposed to a $1750 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $175,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Subject to a short sale, and sounds like the bank is being difficult.



I'm a buyer's agent. I find places like this that can be gotten at bargain prices. I save you money without costing you a penny.



Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com.

New Feature: The Best Loan of Right NOW



30 year fixed rate loan at 6.375%. One total point. Assuming a $400,000 loan, APR 6.512 Payment $2495, AND NO PREPAYMENT PENALTY!



This is neither the lowest rate nor the lowest payment. It is "merely" the best loan for the cheapest price I have right now. This is not an Option ARM but a real loan where the payment causes your balance to decrease. I cannot see how a loan where the real rate is two percent higher helps my clients when their balance increases by $1500 per month.



Here are examples of real loans that can be done. These can really be done here in San Diego, California, as of the time I post them. Being A paper, these are rates that will vary at a minimum every business day, and potentially several times per day, but should not usually be too divergent within a few days. Exact closing cost will vary with the precise lender, which (for tolerably obvious reasons) I am not posting here. Requirements to lock also vary with the lender, but once they are met, I can (or could, at the time I posted) lock it, and once locked, deliver within thirty days.



These rates are retail rates, net to the consumer, based upon a loan amount of $400,000, at a loan to value ratio of 80%. If your balance is higher or lower, this would be reflected in your payment. These rates do assume full documentation loan and a credit score of 720, which is approximately the national average. This is a no cash out rate term refinance on an owner occupied single family residence. "Cash out" rates will usually be higher, purchase loans will vary by comparison. This includes a 30 day lock, and it is subject to underwriting constraints. You know, the usual stuff: On approved credit, this is not a credit decision or a commitment to lend, not all borrowers will qualify, some restrictions apply.



It is important to note that there are no prepayment penalties on any of these; rates with prepayment penalties will usually be somewhat lower than those without.







Years Fixed

30

30

30

5

5

5
Amortization (years)

30

30

30

30

30

30
Rate

6.125

6.375

6.625

5.875

6.125

6.5
Total Points

2

1

0

2

1

0
Payment

$2430

$2495

$2561

$2366

$2430

$2528
APR

6.357

6.512

6.667

6.104

6.260

6.541




Years fixed is how long the rate is fixed for.

Amortization is how long, in years, the loan is paid off over. Only the last loan is interest only; the others are all principal and interest, fully amortizing payments.

Rate is the interest rate at the start of the loan, fixed for the number of years indicated on that line in the first column.

Total points is the total number of points a consumer would have to pay for that rate. These are neither the highest nor the lowest possible rates, only the lowest rate at which I can do that loan type for that cost at that time.

Payment is the monthly payment at the start of the loan, through the fixed period.

APR is required because I'm giving you a quote on a real loan. You might want to read this article before you take it for more than it is worth.



Anybody can quote you a low rate on a loan. This is what I can deliver, on real sustainable loans that you can count upon for a long time, and where your balance owed goes down, not up.



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me.

What I Do

| | Comments (1) | TrackBacks (1)

Loan Officer: I do all sorts of residential and most sorts of commercial real estate loans. I work with over 80 lenders of all sorts, and all sorts of credit from the very best to the very worst. Even if nobody else can do it, I can usually think of a way to make it work. Please contact me for a free consultation as to the best loan for you.

Buyer's Agent: I am also a Realtor®. I love going around finding bargain properties. Whether it's a fixer, a foreclosure, owned by the bank, or just a wonderful opportunity, I go out and spend several hours looking two or three times a week, with clients or without. I believe in educating clients about everything they need to know and why, but you don't have to be Sherlock Holmes to benefit. You don't have to read everything I ever wrote, or anything at all, but it's there if you want to. There is no such thing as a perfect property, but there are better bargains and not so good ones. Let's talk about what you're looking for, and chances are I can find it pretty quick even if I haven't already. Best of all, the sellers pay me for this! I've never had to charge my buyer clients a penny!

(If you come to me having already settled on a property you want to make an offer on, I will rebate a portion of the buyer's broker fee. Legally, this money can only be used to pay closing and loan costs, or to reduce the sale price - it cannot take the form of cash in your pocket unless you're paying all cash for the property)

Seller's Agent: I am a Realtor®. My service starts well before the property hits the market. I help you price the property correctly and get it ready for sale, and market it effectively for a fast sale for a very competitive price. I don't tell you to price below the market, nor do I promise a high sales price to get the listing and pressure you to drop it two weeks later. I do help you price it to the market and then I go out and sell your property! Please contact me and we'll figure out the option that makes the most sense for your sales situation.


For Real Estate Buyers and Sellers, I specialize in the urban areas around La Mesa (Zip Codes 91941 and 91942), Santee (Zip Code 92071), El Cajon (Zip Codes 92020, 92021, and 92019) and adjacent areas of San Diego (Zip Code 92119, with parts of Zip Codes 92120 and 92115). I was born here, I grew up here, I've watched the area grow and mature. I know the neighborhood markets. I work upon request in other areas of the county. Sorry, but I do not engage in sales work outside of San Diego County. There are only 24 hours per day, and I do not believe I can maintain the level of knowledge necessary, nor provide the level of service necessary

I am able to do loans anywhere in California. Extremely competitive quotes, Guaranteed at time of lock. If it costs more than I say it will, you don't pay the difference - I do.

I am quite happy to be judged by the yardsticks and with the tools for evaluation I put out here for you. That way there is no question in your mind how great of a job I'm doing!

Ask for your free consultation today!

Dan Melson Loan Officer and Realtor®
Clarion Mortgage Capital/Clarity Real Estate Network

danmelson (at) danmelson (dot) com (no vendors)
619-300-7425 (no vendors)

General: East County 2 Bedroom 1.5 Bath Asking Price Range $250,000 to $275,000



Why you should be interested: This property is vacant and very close to the freeway. Downtown is about 20 minutes, Mission Valley a little less, and Sorrento Valley not much more. On market over six months, and it has everything that's a push away for buyers. If you have small children, there's a grass courtyard as well as a pool right in front of the unit.



Selling Points: You will almost certainly be the only one making an offer. Vacant and subject to a short sale, the owners know they're in trouble. No upstairs or downstairs neighbors.



Why I think it's a potential bargain: Vacant and been on the market over six months. It has zero curb appeal right now. The complex is not attractive and the unit has not been taken care of. You can't do anything about the complex, but the stuff with the unit is cosmetic and shouldn't be expensive to upgrade. Right now, the place feels like an apartment. That would change with the right updates.



Obvious caveats: The air conditioning is there, but a real Mickey Mouse arrangement.



Why it hasn't sold already: The complex is not attractive and this unit is UG-LY and needs work.



IF put zero downpayment and if you pay full asking price (which you won't), your payments (Principal & Interest) would be $1640 with a fully amortized loan (Assumptions: 212,000 1st at 5.875% 30 year amortization fixed for 10 years APR 6.122, 2nd mortgage $98,400 at 8.35% Home Equity Line of Credit APR 8.509, on approved credit, not all borrowers will qualify.)



With a 20% down payment, even if you pay full asking price, payment drops to $1254. ($212,000 1st mortgage at 5.875% rate 30 year amortization fixed for 10 years, APR 6.104, no second. Also available: thirty year fixed rate loan at 6.125% APR 6.357 payment $1288. On approved credit, not all borrowers will qualify)



If you keep it ten years and it averages only 5% annual average appreciation per year: It would be worth approximately $430,000. Your equity, using the zero down payment scenario described above, would be approximately $200,000. As opposed to a $1400 per month comparable current rental and investing the difference at 10% per year tax free, you would be approximately $98,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Traffic Noise. I didn't hear it inside, but I did outside.



I'm a buyer's agent. I find places like this that can be gotten at bargain prices. I save you money without costing you a penny.



Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com.


New Feature: The Best Loan of Right NOW



30 year fixed rate loan at 6.375%. One total point. Assuming a $400,000 loan, APR 6.512 Payment $2495, AND NO PREPAYMENT PENALTY!



This is neither the lowest rate nor the lowest payment. It is "merely" the best loan for the cheapest price I have right now.



Here are examples of real loans that can be done. These can really be done here in San Diego, California, as of the time I post them. Being A paper, these are rates that will vary at a minimum every business day, and potentially several times per day, but should not usually be too divergent within a few days. Exact closing cost will vary with the precise lender, which (for tolerably obvious reasons) I am not posting here. Requirements to lock also vary with the lender, but once they are met, I can (or could, at the time I posted) lock it, and once locked, deliver within thirty days.



These rates are retail rates, net to the consumer, based upon a loan amount of $400,000, at a loan to value ratio of 80%. If your balance is higher or lower, this would be reflected in your payment. These rates do assume full documentation loan and a credit score of 720, which is approximately the national average. This is a no cash out rate term refinance on an owner occupied single family residence. "Cash out" rates will usually be higher, purchase loans will vary by comparison. This includes a 30 day lock, and it is subject to underwriting constraints. You know, the usual stuff: On approved credit, this is not a credit decision or a commitment to lend, not all borrowers will qualify, some restrictions apply.



It is important to note that there are no prepayment penalties on any of these; rates with prepayment penalties will usually be somewhat lower than those without.







Years Fixed

30

30

30

5

5

5
Amortization (years)

30

30

30

30

30

30
Rate

6.125

6.375

6.75

5.875

6.125

6.625
Total Points

2

1

0

2

1

0
Payment

$2430

$2495

$2594

$2366

$2430

$2561
APR

6.357

6.512

6.791

6.104

6.260

6.667




Years fixed is how long the rate is fixed for.

Amortization is how long, in years, the loan is paid off over. Only the last loan is interest only; the others are all principal and interest, fully amortizing payments.

Rate is the interest rate at the start of the loan, fixed for the number of years indicated on that line in the first column.

Total points is the total number of points a consumer would have to pay for that rate. These are neither the highest nor the lowest possible rates, only the lowest rate at which I can do that loan type for that cost at that time.

Payment is the monthly payment at the start of the loan, through the fixed period.

APR is required because I'm giving you a quote on a real loan. You might want to read this article before you take it for more than it is worth.



Anybody can quote you a low rate on a loan. This is what I can deliver.



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me.

General: La Mesa, 3 Bedroom 1 bath, asking price range in range of $475,000 to $500,000.



Why you should be interested: This property is vacant and Downtown is about 20 minutes, Mission Valley about the same, and Sorrento Valley not much more. On market five months. Nice hardwood floors, thirties styling, master bedroom has a retreat, almost a second family room you can 'retreat' to.



Selling Points: Corner lot. Place has a low maintenance yard, but no significant grass. Windows everywhere and lots of light. Hardwood floors except for kitchen and bathrooms. Kitchen appears to be original counters and cabinets, but in excellent shape.



Why I think it's a potential bargain: Vacant and been on the market over five months. Nothing stated, but I see some things that have me believing it is an estate sale or something similar. Still got a full house full of furniture in it, for one thing. No private bath for the master suite, which is a real stumbling point with many buyers.



Obvious caveats: Fronts on a street that gets significant traffic at certain times. There is no place for young children to really play. Within a quarter mile of a large school. I'll bet that master bedroom gets significant traffic noise. Finally, if there's air conditioning, I can't find evidence.



Why it hasn't sold already: This is not your standard home with a lawn and white picket fence. Difficult to sell, but for folks whose children are older or busy empty nesters, this would be a good property.



IF put zero down and if you pay full asking price (which you won't), your payments (Principal & Interest) would be $3045 with a fully amortized loan (Assumptions: $393,600 1st at 6.00% 30 year amortization fixed for 10 years APR 6.233, 2nd mortgage $98,400 at 8.35% Home Equity Line of Credit APR 8.435, on approved credit, not all borrowers will qualify.)



With a 20% down payment, even if you pay full asking price, payment drops to $2360. ($393,600 1st mortgage at 6.00% rate 30 year amortization fixed for 10 years, APR 6.233, no second. Also available: thirty year fixed rate loan at 6.25% APR 6.484 payment $2423. On approved credit, not all borrowers will qualify)



If you keep it ten years and it averages only 5% annual average appreciation per year: It would be worth approximately $800,000. Your equity, using the zero down payment scenario described above, would be approximately $385,000. As opposed to a $1700 per month comparable current rental and investing the difference at 10% per year tax free, you would be approximately $91,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Older home built about seventy years ago.



Call me. Action Realty 619-449-0723, ask for Dan.

General: La Mesa, 3 Bedroom 1.75 bath, asking price range in range of $450,000 to $475,000.



Why you should be interested: This property is vacant and going into foreclosure but the owners still have equity they want to salvage. A real chance to pick up a bargain. Suburban street, less than half a mile to freeway. Downtown is less than 15 minutes, Mission Valley about twenty, and Sorrento Valley not much more.



Selling Points: Corner lot. Place has an enclosed yard, with nice grass and patio area. Hardwood floors except for kitchen and bathrooms. Kitchen is tiled, and appears to have been redone not too long ago. Bathrooms also tiled, and look redone in approximately the same time frame. Two of the three bedrooms should be sheltered from street noise. Detached garage and gated driveway opens on cross street.



Why I think it's a potential bargain: Over three months on the market, entering foreclosure, and the owners want to salvage any equity they can. Not only is it priced to move, but the owners have no choice. It could really use new paint on the inside, installing air conditioning should be a priority for you, and replacing the heater as well as just mowing the front yard.



Obvious caveats: Cross street gets significant traffic. I saw a lot of water in the front yard - whether it's from overwatering or a sprinkler leak, I don't know (building inspector needed, but then you always want a building inspector).



Why it hasn't sold already: The lawn and the condition of the internal paint just leap out at you, killing easy visual appeal. Mow the lawn and spend a weekend painting inside and this will go away.



IF put zero down and if you pay full asking price (which you won't), your payments (Principal & Interest) would be $2913 with a fully amortized loan (Assumptions: $376,000 1st at 5.75% 30 year amortization fixed for 5 years APR 5.976, 2nd mortgage $94,000 at 8.45% 30 year fixed amortization with a 15 year balloon APR 8.473, on approved credit, not all borrowers will qualify).



With a 20% down payment, even if you pay full asking price, payment drops to $2194. ($376,000 1st mortgage at 5.75% rate 30 year amortization fixed for 5 years, APR 5.976, no second. On approved credit, not all borrowers will qualify)



If you keep it ten years and it averages only 5% annual average appreciation per year: It would be worth approximately $765,000. Your equity, using the zero down payment scenario described above, would be approximately $365,000. As opposed to a $1950 per month comparable current rental and investing the difference at 10% per year tax free, you would be approximately $165,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Older home built about sixty years ago.



Call me. Action Realty 619-449-0723, ask for Dan.

Here are examples of real loans that can be done. These can really be done here in San Diego, California, as of the time I post them. Being A paper, these are rates that will vary at a minimum every business day, and potentially several times per day, but should not usually be too divergent within a few days. Exact closing cost will vary with the precise lender, which (for tolerably obvious reasons) I am not posting here. Requirements to lock also vary with the lender, but once they are met, I can (or could, at the time I posted) lock it, and once locked, deliver within thirty days.



These rates are retail rates, net to the consumer, based upon a loan amount of $400,000, at a loan to value ratio of 80%. If your balance is higher or lower, this would be reflected in your payment. These rates do assume full documentation loan and a credit score of 720, which is approximately the national average. This is a no cash out rate term refinance on an owner occupied single family residence. "Cash out" rates will usually be higher, purchase loans will vary by comparison. This includes a 30 day lock, and it is subject to underwriting constraints. You know, the usual stuff: On approved credit, this is not a credit decision or a commitment to lend, not all borrowers will qualify, some restrictions apply.



It is important to note that there are no prepayment penalties on any of these; rates with prepayment penalties will usually be somewhat lower than those without.







Years Fixed

30

30

30

5

5

5
Amortization (years)

30

30

30

30

30

30
Rate

6.25

6.375

6.75

5.75

6.125

6.5
Total Points

2

1

0

2

1

0
Payment

$2463

$2495

$2594

$2334

$2430

$2528
APR

6.483

6.512

6.791

5.976

6.260

6.541




Years fixed is how long the rate is fixed for.

Amortization is how long, in years, the loan is paid off over. Only the last loan is interest only; the others are all principal and interest, fully amortizing payments.

Rate is the interest rate at the start of the loan, fixed for the number of years indicated on that line in the first column.

Total points is the total number of points a consumer would have to pay for that rate. These are neither the highest nor the lowest possible rates, only the lowest rate at which I can do that loan type for that cost at that time.

Payment is the monthly payment at the start of the loan, through the fixed period.

APR is required because I'm giving you a quote on a real loan. You might want to read this article before you take it for more than it is worth.





Call me. EZ Home Loans at 619-449-0070, ask for Dan.

General: San Diego, 4 Bedroom 2 bath, asking price range in range of $500,000 to $525,000.



Why you should be interested: This is a FOUR bedroom home in an excellent neighborhood, priced to move. I previewed a roughly comparable property priced $100,000 higher. Suburban street, about 5 minutes to the freeway. Downtown, Mission Valley, and Sorrento Valley are all straight shots taking well under half an hour.



Selling Points: Place is well taken care of. Garage has finished indoor walls.



Why I think it's a potential bargain: Over three months on the market, and the owners want to do a 1031 exchange. Not only is it priced to move, they've got to be hearing the footsteps of the tax man. There are a few cosmetic things that would make the property more attractive, but the property is basically solid. The area has quite a few upscale properties, so improvements have the potential to be worthwhile.



Obvious caveats: Usable backyard is perhaps a little small due to an embankment. Master bedroom is a later addition, and does not have a private bathroom. Patio has crack, but I think it's a later pour, not connected to foundation. Building inspector needed to confirm this.



Why it hasn't sold already: Good question. Perhaps because it feels smaller than it is; there's an obvious alteration that would make it feel larger. There has been a major price reduction; I'd move fast if I were you.



IF put zero down and if you pay full asking price (which you won't), your payments (Principal & Interest) would be $3174 with a fully amortized loan (Assumptions: $409,600 1st at 5.75% 30 year amortization fixed for 5 years APR 5.976, 2nd mortgage $102,400 at 8.45% 30 year fixed amortization with a 15 year balloon APR 8.470, on approved credit, not all borrowers will qualify).



With a 20% down payment, even if you pay full asking price, payment drops to $2404. ($412,000 1st mortgage at 5.75% rate 30 year amortization fixed for 5 years, APR 5.975, no second. On approved credit, not all borrowers will qualify, and I also have the interest only option above)



If you keep it ten years and it averages only 5% annual average appreciation per year: It would be worth approximately $830,000. Your equity, using the zero down payment scenario described above, would be approximately $400,000. As opposed to a $2100 per month comparable current rental and investing the difference at 10% per year tax free, you would be approximately $185,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: You do want a building inspector to confirm that patio crack doesn't affect the foundation.



Call me. Action Realty 619-449-0723, ask for Dan.



(I probably won't have another one of these until Monday)

Here are examples of real loans that can be done. These can really be done here in San Diego, California, as of the time I post them. Being A paper, these are rates that will vary at a minimum every business day, and potentially several times per day, but should not usually be too divergent within a few days. Exact closing cost will vary with the precise lender, which (for tolerably obvious reasons) I am not posting here. Requirements to lock also vary with the lender, but once they are met, I can (or could, at the time I posted) lock it, and once locked, deliver within thirty days.



These rates are retail rates, net to the consumer, based upon a loan amount of $400,000, at a loan to value ratio of 80%. If your balance is higher or lower, this would be reflected in your payment. These rates do assume full documentation loan and a credit score of 720, which is approximately the national average. This is a no cash out rate term refinance on an owner occupied single family residence. "Cash out" rates will usually be higher, purchase loans will vary by comparison. This includes a 30 day lock, and it is subject to underwriting constraints. You know, the usual stuff: On approved credit, this is not a credit decision or a commitment to lend, not all borrowers will qualify, some restrictions apply.



It is important to note that there are no prepayment penalties on any of these; rates with prepayment penalties will usually be somewhat lower than those without.







Years Fixed

30

30

30

5

5

5

5 (IO*)
Amortization (years)

30

30

30

30

30

30

30
Rate

6.25

6.5

6.875

5.75

6.25

6.625

5.75
Total Points

2

1

0

2

1

0

2
Payment

$2463

$2528

$2628

$2334

$2528

$2561

$1916
APR

6.575

6.730

6.965

5.940

6.375

6.669

5.952




(IO*) is an interest only rate



Years fixed is how long the rate is fixed for.

Amortization is how long, in years, the loan is paid off over. Only the last loan is interest only; the others are all principal and interest, fully amortizing payments.

Rate is the interest rate at the start of the loan, fixed for the number of years indicated on that line in the first column.

Total points is the total number of points a consumer would have to pay for that rate. These are neither the highest nor the lowest possible rates, only the lowest rate at which I can do that loan type for that cost at that time.

Payment is the monthly payment at the start of the loan, through the fixed period.

APR is required because I'm giving you a quote on a real loan. You might want to read this article before you take it for more than it is worth.





Call me. EZ Home Loans at 619-449-0070, ask for Dan.

General: East County, 4 Bedroom 2 bath, asking price range in range of $500,000 to $525,000.



Why you should be interested: This home is on the edge of the urban area. Suburban street, but I felt I was out in the country. Lots of room in the home. Less than 5 minutes to freeway, though, and Mission Valley should only be 20-25 minutes, downtown roughly the same.



Selling Points: kitchen is in excellent shape and the patio area is nice also.



Why I think it's a potential bargain: Over four months on the market, and it's been vacant. There is a loft that really makes the place feel cramped, hampering it's appeal to buyers. It's more square footage, but I think the property would be much more attractive to buyers with it removed, which doesn't look to be difficult. There's also a storage shed which is frankly an eyesore.



Obvious caveats: Backyard is on the small side. One neighbor a couple doors down proved himself to me as the sort of neighbor you wouldn't want to have.



Why it hasn't sold already: Mostly because of the loft. It really makes the living room feel "closed in", but if it was removed, it'd be a beautifully airy place. The storage shed doesn't help, but the loft is the main reason.



IF put zero down and if you pay full asking price (which you won't), your payments (Principal & Interest) would be $3192 with a fully amortized loan (Assumptions: $412,000 1st at 5.75% 30 year amortization fixed for 5 years APR 5.975, 2nd mortgage $103,000 at 8.45% 30 year fixed amortization with a 15 year balloon APR 8.470, on approved credit, not all borrowers will qualify). Right now, I have the five years interest only on the first with the same APR and rate, payment $1974 which means the total loan payments would be $2762)



With a 20% down payment, even if you pay full asking price, payment drops to $2404. ($412,000 1st mortgage at 5.75% rate 30 year amortization fixed for 5 years, APR 5.975, no second. On approved credit, not all borrowers will qualify, and I also have the interest only option above)



If you keep it ten years and it averages only 5% annual average appreciation per year: It would be worth approximately $835,000. Your equity, using the zero down payment scenario described above, would be approximately $405,000. As opposed to a $2400 per month comparable current rental and investing the difference at 10% per year tax free, you would be approximately $255,000 ahead of the renter after the expenses of selling.



Fact you should be aware of: That loft is frightening away buyers, so if you don't remove it, be prepared to deal with people writing this sort of article when you go to sell.



Call me. Action Realty 619-449-0723, ask for Dan.

General: El Cajon, 3 Bedroom 2 bath, asking price range $425,000 to $450,000.



Why you should be interested: If you like the idea of a house but don't like yard work, this is it. Small PUD and most yard maintenance services are more per month than the PUD fees. No shared walls, and an outside fenced area that's unique to this property. Two right turns to freeway, 15 minutes to Mission Valley, and back is just as easy.



Selling Points: Appears to be well taken care of. Master bath is nice, with separate tub and shower and two sinks. Kitchen is nicely tiled with new or almost new appliances.



Why I think it's a potential bargain: Almost four months on the market, and it's been vacant. The owners have got to be feeling the pinch from feeding the alligator, plus the fact that it looks like a wrongly listed condo in MLS.



Obvious caveats: Outside, I could hear the freeway. Inside, I couldn't. Unlike most of what I post here, there's not a lot you can do to enhance value. This is a nicely kept place.



Why it hasn't sold already: Because it looks like a wrongly listed condo in MLS. Also looks like it might be manufactured, but it's not. Asking price is also a bit too high, scaring potential buyers away.



IF put zero down and if you pay full asking price (which you won't), your payments would be (Principal & Interest) would be $2781 with a fully amortized loan (Assumptions: $355,200 1st at 5.875% 30 year amortization fixed for 5 years APR 6.093, 2nd mortgage $88,800 at 8.45% 30 year fixed amortization with a 15 year balloon APR 8.473, on approved credit, not all borrowers will qualify).



With a 20% down payment, even if you pay full asking price, payment drops to $2094. ($355,200 1st mortgage at 5.75% rate 30 year amortization fixed for 5 years, APR 5.976, no second. On approved credit, not all borrowers will qualify)



If you keep it ten years and it averages only 5% annual average appreciation per year: It would be worth approximately $723,000. Your equity, using the zero down payment scenario described above, would be approximately $350,000. As opposed to a $1700 per month current rental and investing the difference at 10% per year tax free, you would be approximately $109,000 ahead of the renter after the expenses of selling.



Fact you should be aware of: The reason it's a bargain is it looks like a condo or manufactured home the way it sits in MLS, and as a result of that plus the fact that the asking price is too high, it has sat on the market. Owners look to be feeling the pinch from a couple of things I saw, giving the potential for a bargain.



Call me. Action Realty 619-449-0723, ask for Dan.

Here is this weeks first examples of real loans that can be done. These can really be done here in San Diego, California, as of the time I post them. Being A paper, these are rates that will vary at a minimum every business day, and potentially several times per day, but should not usually be too divergent within a few days. Exact closing cost will vary with the precise lender, which (for tolerably obvious reasons) I am not posting here. Requirements to lock also vary with the lender, but if you can meet them, I can (or could, at the time I posted) lock it, and once locked, deliver within thirty days.



These rates are retail rates, net to the consumer, based upon a loan amount of $400,000, at a loan to value ratio of 80%. If your balance is higher or lower, this would be reflected in your payment. These rates do assume full documentation loan and a credit score of 720, which is approximately the national average. This is a no cash out rate term refinance on an owner occupied single family residence. "Cash out" rates will usually be higher, purchase loans will vary by comparison. This includes a 30 day lock, and it is subject to underwriting constraints. You know, the usual stuff: On approved credit, this is not a credit decision or a commitment to lend, not all borrowers will qualify, some restrictions apply.



It is important to note that there are no prepayment penalties on any of these; rates with prepayment penalties will usually be somewhat lower than those without.







Years Fixed

30

30

30

5

5

3

3

3
Amortization (years)

30

30

30

30

30

30

30

30
Rate

6.375

6.625

6.875

6.25

6.625

5.75

6.25

6.75
Total Points

2

1

0

1

0

2

1

0
Payment

$2495.48

$2561.24

$2627.72

$2462.87

$2561.24

$2334.29

$2462.87

$2594.39
APR

6.597

6.752

6.893

6.387

6.669

5.952

6.375

6.795




Years fixed is how long the rate is fixed for.

Amortization is how long, in years, the loan is paid off over. None of the above loans are interest only.

Rate is the interest rate at the start of the loan, fixed for the number of years indicated on that line in the first column.

Total points is the total number of points a consumer would have to pay for that rate. These are neither the highest nor the lowest possible rates, only the lowest rate at which I can do that loan type for that cost at that time.

Payment is the monthly payment at the start of the loan, through the fixed period.

APR is required because I'm giving you a quote on a real loan. You might want to read this article before you take it for more than it is worth.





Call me. EZ Home Loans at 619-449-0070, ask for Dan.



NOTE: A couple of my best lenders missed their price updates this morning. I may be able to do better than this, and I'll try to get another update later in the week.

General: El Cajon, 3 Bedroom 2 bath, asking price range $475,000 to $500,000.



Why you should be interested: Large 3 bedroom home close to everything - two right turns to freeway, 15 minutes to Mission Valley. Walk to shopping, but on a quiet street.



Selling Points: Nice solid home in area with some upscale.



Why I think it's a potential bargain: They've got some nice features, but the tenants leave clutter everywhere. It's hard to walk around the home, it's so cluttered. This is an emotional push away for buyers. Been on the market six months through a discount listing service. It's like every major push away for potential buyers going. Once the tenants are out, however, that's a different story. The appliances could use an update, but they're basically solid.



Obvious caveats: Outside, I could hear the freeway. Inside, I couldn't. I'd also say that the current owners are likely too greedy, but after it's been on the market this long, they may be ready to see reason.



Why it hasn't sold already: Because of the clutter and the fact that the discount listing service doesn't do anything for sellers. Just getting the tenants out would increase the value. It's also small for the area, and the asking price is too high given the comps. Also, since you can just barely hear freeway noise outside, that's a real push away for some folks.



IF you put zero down and if you pay full asking price (which you won't), your payments would be (Principal & Interest) would be $3031 with a fully amortized loan (Assumptions: $391,200 1st at 5.75% 30 year amortization fixed for 5 years APR 5.976, 2nd mortgage $97,800 at 8.45% 30 year fixed amortization with a 15 year balloon APR 8.471, on approved credit, not all borrowers will qualify).



With a 20% down payment, even if you pay full asking price, payment drops to $2251. ($391,200 1st mortgage at 5.625% rate 30 year amortization fixed for 5 years, APR 5.849, no second. On approved credit, not all borrowers will qualify)



If you keep it ten years and it averages only 5% annual average appreciation per year: It would be worth approximately $796,000. Your equity, using the zero down payment scenario described above, would be approximately $385,000. As opposed to a $2200 per month current rental and investing the difference at 10% per year tax free, you would be approximately $220,000 ahead of the renter after the expenses of selling.



Fact you should be aware of: The reason it's a bargain is because most people will see only the clutter. This is an area with some upscale, and this is one of the smallest most basic homes in the area, so there is potential for improvements to be worthwhile.



Call me. Action Realty 619-449-0723, ask for Dan.

I had a different one ready to go this morning, but it went into escrow this morning at $30,000 off the asking price.



General: El Cajon, 3 Bedroom 2 bath, asking price range $425,000 to $450,000.



Why you should be interested: Large 3 bedroom home close to everything - 3 minutes to I-8, 20 to Mission Valley. Walk to schools and park.



Selling Points: A little work could really fix it up.



Why I think it's a potential bargain: Once you step in the house, everything looks like it fell out of a time warp from the late 1950s or early 1970s (YUCK!). However, all of this stuff is cosmetic and easily modernized.



Obvious caveats: If there's air conditioning, I can't find it, a real necessity in East County. A buyer intending to live there should probably plan to install it.



Why it hasn't sold already: Because the entire interior is UG-LY! Once you get past that however, you see that for not very much work, it could be modernized and made very attractive. All the problems look cosmetic! Put a little work into it and you might make a tidy profit, even in this market!



IF you put zero down and if you pay full asking price (which you won't), your payments would be (Principal & Interest) would be $2957 with a fully amortized loan (Assumptions: $359,200 1st at 5.75% 30 year amortization fixed for 5 years APR 5.978, 2nd mortgage $89,800 at 8.45% 30 year fixed amortization with a 15 year balloon, on approved credit, not all borrowers will qualify).



With a 20% down payment, even if you pay full asking price, payment drops to $2241. ($359,200 1st mortgage at 5.625% rate 30 year amortization fixed for 5 years, APR 5.851, no second. On approved credit, not all borrowers will qualify)



If you keep it ten years at 5% average appreciation per year: It would be worth approximately $731,000. Your equity, using the no down payment scenario above, would be approximately $350,000.



As opposed to a $1900 per month rental and investing the difference at 10% per year, you would be approximately $160,000 ahead of the renter.



Fact you should be aware of: The reason it's a bargain is because most people will see only the ugly surface. This is an older area, so there's a limit to how much you can do without being a Misplaced Improvement, but this property can be made much more attractive than it currently is.



Call me. Action Realty 619-449-0723, ask for Dan.

General: Santee, 3 Bedroom 1 bath, asking price range $350,000 to $375,000.



Why you should be interested: Single family residence at a price you would expect to pay for a condominium, in easy commuting distance to most employment centers.



Selling Points: Kitchen looks nice. If the rest of the property looked like that, it would have sold already. Then again, it would also have sold for a much higher price.



Why I think it's a potential bargain: Curb appeal is limited to nonexistent. The neighborhood isn't bad, but it certainly lacks visual appeal on the gut level. On the market over three months and vacant, which motivates a lot of owners to deal. No recent sales within a block, but nearby homes have sold for much more very recently.



Obvious caveats: If there's air conditioning, I can't find it, a real necessity in East County. A buyer intending to live there should probably plan to install it.



Why it hasn't sold already: no curb appeal, unappealing neighborhood, no air conditioning



Fact you should be aware of: The reason for the low price is that it needs work. There's a limit to how much you can do without being a Misplaced Improvement, but this property can be made much more attractive to buyers than it currently is.



Call me. Action Realty 619-449-0723, ask for Dan.

Here is the first in my series of sample loans. These can really be done here in San Diego, California, as of the time I post them. Being A paper, these are rates that will vary at a minimum every business day, and potentially several times per day, but should not usually be too divergent within a day or so. Exact closing cost will vary with the precise lender, which (for tolerably obvious reasons) I am not posting here. Requirements to lock also vary with the lender, but if you can meet them, I can (or could, at the time I posted) lock it, and once locked, deliver within thirty days.



These rates are retail rates, net to the consumer, based upon a loan amount of $400,000, at a loan to value ratio of 80%. If your balance is higher or lower, this would be reflected in your payment. These rates do assume full documentation loan and a credit score of 720, which is approximately the national average. This is a no cash out rate term refinance on an owner occupied single family residence. Cash out rates will usually be higher, purchase loans will vary by comparison. This includes a 30 day lock, and it is subject to underwriting constraints. You know, the usual stuff: On approved credit, this is not a credit decision or a commitment to lend, not all borrowers will qualify, some restrictions apply.



It is important to note that there are no prepayment penalties on any of these; rates with prepayment penalties will usually be somewhat lower than those without.







Years Fixed

30

30

30

5

5

5
Amortization (years)

30

30

30

30

30

30

Rate

6.25

6.625

6.875

5.625

6.25

6.625

Total Points

2

1

0

2

1

0

Payment

$2462.87

$2561.24

$2627.72

$2302.63

$2462.87

$2561.24

APR

6.489

6.769

6.922

5.855

6.387

6.669





Years fixed is how long the rate is fixed for.

Amortization is how long, in years, the loan is paid off over. None of the above loans are interest only.

Rate is the interest rate at the start of the loan, fixed for the number of years indicated on that line in the first column.

Total points is the total number of points a consumer would have to pay for that rate. These are neither the highest nor the lowest possible rates, only the lowest rate at which I can do that loan type for that cost at that time.

Payment is the monthly payment at the start of the loan, through the fixed period.

APR is required because I'm giving you a quote on a real loan. You might want to read this article before you take it for more than it is worth.




Starting this coming week, I will start posting a sample of loans I really do have at the time I post them. About once per week, I'm going to be posting sample A paper loans, thirty year fixed, both no points and one point, and 5/1 ARMs, both no points and one point, retail rate. In other words, net to you. The rates are going to be assuming a loan of $400,000, with a Loan to Value Ratio of 80 percent. If you bought more than two years ago, you should still have something like that much equity. They are also assuming good credit and being able to document enough income to justify the loan. Now A paper is highly variable, and it will change at every day (at least!), but it is rare for rates to change very much within a week. In short, it will vary, but it will be something I have at the time I post it. No prepayment penalties, no prevarication, no tricks.



Also starting this coming week, I'm going to be posting information on properties worth checking out in my opinion. Area of the city, basic statistics (Bedrooms, bathrooms), nice stuff, who I think it should interest, and what's wrong with it aka why it hasn't sold already. No Address, MLS number, or pictures. You'll need to contact me.



Basically, these will "free samples" of my work - the start of what I do for my clients. If you want to see it, you need to come in to my office and sign a non-exlusive buyer's agent agreement, which basically says if you buy a property I introduce you to, then you will use me as your agent for the purchase. As I have explained before, Buyer's Agents usually don't cost you anything and they usually save you a lot of money.



If you're a listing agent with a property you want me to look at, contact me for terms. Be advised that those terms always include me being completely honest in my opinions of the property, and that includes if I think it is vastly overpriced. But if you've got something that really is worthy of more attention or should have sold already, I'm all ears.

Copyright 2005-2017 Dan Melson. All Rights Reserved

 



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About this Archive

This page is a archive of recent entries written by Dan Melson in July 2006.

Dan Melson: May 2006 is the previous archive.

Dan Melson: August 2006 is the next archive.

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