La Jolla Homes for sale & La Jolla Real Estate

If you or someone you know is facing possible foreclosure, you should know what to expect.

Many people have either gone through foreclosure, a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership of the La Jolla property, or know someone who has.

RealtyTrac released its U.S. Foreclosure Market Report on April 15 for the first quarter of 2010. The report calculates foreclosure filings, including default notices, scheduled auctions and bank repossessions, and showed that 932,234 properties were involved in the first quarter. That was a 7% increase from the last quarter of 2009 and a 16% increase from the first quarter of 2009. An astonishing one in every 138 U.S. housing units received a foreclosure filing during the quarter. If you or a loved one are facing foreclosure, make sure you understand the process. While it varies from state to state, there are normally six phases of a foreclosure.

Phase 1: Payment default
A payment default occurs when a borrower has missed at least one mortgage payment. The lender will send a missed-payment notice indicating that it has not yet received that month's payment. Typically, mortgage payments are due on the first day of each month, and many lenders offer a grace period until the 15th. After that, the lender may charge a late-payment fee and send the missed payment notice.

After two payments are missed, the lender may send a "demand letter." This is more serious than a missed-payment notice; however, at this point the lender is probably still willing to work with the borrower to make arrangements for catching up on payments. The borrower would normally have to remit the late payments within 30 days of receiving the letter.

Phase 2: Notice of default (NOD)
A notice of default is sent after 90 days of missed payments. In some states, the notice is placed prominently on the home. At this point, the loan will be handed over to the lender's foreclosure department in the same county where the property is located. The borrower is informed that the notice will be recorded. The lender will typically give the borrower another 90 days to settle the payments and reinstate the loan. This is referred to as the reinstatement period.

Phase 3: Notice of trustee's sale
If the loan has not been brought up-to-date within the 90 days after the notice of default, a notice of trustee's sale will be recorded in the county where the property is located. The lender must also publish a notice in the local newspaper for three weeks indicating that the property will be available at public auction. All owners' names will be printed in the notice and in the newspaper, along with a legal description of the property, the property address and when and where the sale will take place.

Phase 4: Trustee's sale
The La Jolla property is placed for public auction and will be awarded to the highest bidder who meets all of the necessary requirements. The lender, or firm representing the lender, will calculate an opening bid based on the value of the outstanding loan, any liens and unpaid taxes, and any costs associated with the sale. Once the highest bidder has been confirmed and the trustee's sale is completed, a "trustee's deed upon sale" will be provided to the winning bidder. The property is then owned by the purchaser, who is entitled to immediate possession.

Phase 5: Real-estate owned (REO)

If the property is not sold during the public auction, the lender will become the owner and will attempt to sell the property on its own, through a broker or with the assistance of an REO asset manager. These properties are often referred to as "bank-owned." The lender may remove some of the liens and other expenses in an attempt to make the La Jolla property more attractive.

Phase 6: Eviction
The borrower can often stay in the La Jolla home until it has been sold either through a public auction or later as an REO property. At this point, an eviction notice is sent demanding that any people vacate the premises immediately. Several days may be provided to allow the occupants sufficient time to remove any personal belongings, and then typically the local sheriff will visit the property and remove the people and any remaining belongings. Belongings may be placed in storage and retrieved later for a fee.

The bottom line
Throughout the foreclosure process, many lenders will attempt to make arrangements for the borrower to get caught up on the loan and avoid a foreclosure. The obvious problem is that when a borrower cannot meet one payment, it becomes increasingly difficult to catch up on multiple payments. If there is a chance that you can catch up on payments -- for instance, you just started a new job after a period of unemployment -- it is worth speaking with your lender. If a foreclosure is unavoidable, knowing what to expect throughout the process can help prepare you.

Much of the stress of buying La Jolla homes for sale is experienced while waiting for the seller's response to your offer. Most buyers do a lot of research and put a lot of thought in their offers before sending them, making the long wait almost unbearable. Finding out later that the La Jolla properties you sent offers to have received other higher offers increases the stress dramatically.

While the common response of increasing your own offer to get the deal often works, consider your own finances before making that decision. If you can't really afford to pay the mortgage over the next ten to fifteen years, then buying those La Jolla homes for sale for much higher than your budget could easily lead into your being unable to keep up with the monthly payments.

Here are some tips in negotiating the best offer you can afford when buying La Jolla homes for sale:

Check for errors. After reviewing your finances and checking the best numbers you can afford, double check all relevant forms so that there are no misunderstandings when the seller and their agent considers it.

Adjust contingencies. If there's an offer on the property that you just can't beat, try modifying the contingencies you have on your offer. Some options that you may choose to tweak or waive can end up being more desirable to the seller than others with tougher contingencies, since they definitely would like to sell the property before the listing expires.

Show seriousness. Attaching a mortgage pre-approval letter to your offer shows your capability and seriousness in buying the home. This definitely lends weight to your offer and makes the seller much likelier to consider it, since you have shown good credit with the lenders and can definitely push through with the sale.

There are lots of relatively simple and affordable things you can do to give your home an upgrade. Your house will look more appealing and your family will feel happier in it. As a bonus, you will also increase your home's value.

1.  Add the perfect touch with paint

"A fresh coat of light paint on the interior walls can work wonders," says Whitney Jack of Middleton and Associates in La Jolla, CA. "Paint will clean up dirty walls and give a room a better feel."

Although dark colors can be chic, go for lighter shades to brighten things up in warmer seasons. Smart color selections can make a small or cramped room appear dramatically larger. In the entrance hall, make a good first impression with similar tones mixed at different strengths. In the living room, a bold color paired with a white ceiling makes the room seem taller than it really is.

2. Fabulous flooring

Quality, well-maintained flooring can set a positive tone for the entire interior of your La Jolla home.

"Like paint, flooring can help create an effect of spaciousness and airiness," Jack says. "Whether it's a floating laminate floor, tile or a natural 'green' alternative, lighter-tone flooring can make formerly bleak areas appear sleek and modernized ."

3. Lighten up the accents

Spring and Summer are a great time to change your window treatments and area rugs. Once again, dark colors are associated with winter months; a lighter, airy curtain will give any room a brighter and more pleasant appearance. If your floors are in good condition, you may want to remove the area rugs and leave the floors bare. Getting rid of the rugs will open up the room and make it appear larger.

4. Update the windows

Old windows aren't just unattractive- they can also let your heat and air conditioning escape, costing you money.

While window treatments are typically a focus in many home makeovers, the actual windows themselves are often overlooked. However, upgrading old single-pane windows with new Energy Star-qualified windows can save an average of between $126 and $465 per year on energy bills, and some new windows qualify for the federal tax credit.

5. Eradicate bad landscaping

Neglected bushes and overgrown lawns can kill a La Jolla home's curb appeal. Don't worry - you don't need a green thumb to tidy up your yard.

Clean up the site by removing any dead or dying plants, branches and flowers. Prune overgrown shrubs along the La Jolla home's foundation so they are below the windowsills and off walkways and driveways. Fill empty holes with site-appropriate plants. Have all the planting beds weeded, edged and mulched for a clean, crisp look. Finally, weed and fertilize the lawn and provide supplemental watering if necessary to maintain a lush green lawn.

6. Add decorative touches to the yard

We're not talking about plastic pink flamingos or creepy garden gnomes. Adding benches, steppingstones, fountains or other garden accents could go a long way in making your outdoors a visually appealing and welcoming environment.

7. A few final exterior touches

While you're outside, a few other quick moves can make a big difference.

Add color with paint to outdoor features such as window frames, decorative beams and porches. Stick with calm colors that complement the La Jolla home's exterior color scheme, avoiding shocking shades and drastic contrasts. Clean external brickwork or concrete slabs with a liquid masonry cleaner to make them look new and neat. Also, power washing can give external stonework, walkways and front stoops a quick makeover.

Buying real estate such as La Jolla homes for sale involves many variables, but this can be simplified once the buyer answers 3 basic factors: location, budget, and home specifications. While location and budget tend to be fixed, a lot can go into deciding which home specs really matter to your family, and it's the most flexible of the three.

La Jolla REALTORS can help in shortening this decision making process by sifting through the available La Jolla homes for sale and presenting you with those that meet your needs. That's why it's very important to let them know the details of the house you are aiming to buy:

Lot size. While this is mainly dependent on your budget, you have the choice of going for a home that has a large yard but smaller living space, or vice versa. Some like to have more garden space, while others need to have more rooms and thus, larger living areas. Also consider if the size of your family warrants additional floors.

Bedrooms. Some homes tend to go undervalued when they have fewer rooms than others of similar price and square footage. This can offer you the option of buying homes with fewer bedrooms by later inserting a wall in the middle of one in order to have more rooms. However, this takes additional time and expenses, so if you can't spare those, always choose from homes with enough rooms for your family.

Bathrooms. La Jolla properties with more bathrooms often tend to have higher resale prices in the future. While those with few bathrooms are okay, growing families tend to need more to accommodate each member's needs, making adding new bathrooms a hassle that can disrupt your daily routines.

Garage. One car garages maybe fine for young families, but sooner or later, the need for additional garage space will come up in the future. Trends now point towards more garage spaces leading to higher resale values.

Sometimes the La Jolla homes for sale that you think are just perfect for you are priced beyond your buying range. During a buyer's market, you can probably try to submit the best offer you can afford, but there's more you can do than just cross your fingers and pray for a stroke of luck. Read on to know what you can try to get a higher chance of a Yes to your low offer.

Investigate the seller's motive for listing the La Jolla properties. Usually, the seller's agent can give information about this, but also asking around the neighborhood about the seller's situation can provide insight on why they are selling the property. This will let you find out if you have a chance with your low offer or if you should simply move on.

Send a mortgage pre-approval letter with the offer. Being pre-approved for a loan is always a plus in any seller's eyes, and will improve your chances for consideration. While this does not mean you automatically have a loan, you will in effect show the La Jolla homes for sale owner that you are serious about your offer and that you can back it up.

Explain your low offer. Write a letter explaining your reasons for your low offer, citing similarly priced homes in the neighborhood if you can.

Shift focus away from the price. Be flexible in your offer and suggest options you can forgo in order for the seller to consider those too and not just the dollar amount.