La Jolla Homes for sale & La Jolla Real Estate

La Jolla Homeowners have several options for saving money, their credit rating or their home -- but should beware of scams.

In the beginning of the foreclosure process, La Jolla homeowners can still save money, their credit or their house if they act quickly. Even when declaring bankruptcy, avoiding a foreclosure on your credit report can salvage your ability to rebuild credit and buy another house, which makes the struggle against a possible foreclosure well worthwhile.

6 possible do's when foreclosure looms
1. Sell the property: If you can find a buyer before the La Jolla home is auctioned, you can sell it and keep whatever equity still exists.

2. Work out a deal: Your lender may be willing to work with you, rather than lose money at a foreclosure sale.

3. File Chapter 7 bankruptcy: If you can't get caught up in time, you will not be able to keep the La Jolla home -- but you'll generally be able to delay the foreclosure sale a month or even several months. Any remaining debt to the lender will be wiped out.

4. File Chapter 13 bankruptcy: If you can afford to make the future mortgage payments and the delinquent payments, too, file Chapter 13 bankruptcy. This is different from Chapter 7, in which assets are liquidated but debts are wiped clean. With Chapter 13, you keep your assets and, under court supervision, you repay your debts under a three- to five-year plan.

5. Short sale/deed in lieu of foreclosure: A short sale takes place when the bank allows you to sell your property even though their mortgage won't be paid. Be careful -- the bank may allow the sale to go through, but only on the condition that you repay the deficiency. In a deed in lieu of foreclosure, the property is signed over to the bank in exchange for the bank giving up its rights against you. Why might a bank agree to either of these? Lenders spend $30,000 or more to foreclose on a property. Most lenders will consider these options to avoid foreclosure costs.

6. Walk away from the house: Pack your things and leave. The only issue remaining is whether your lender can sue you for any deficiency still owed after the sale, and that depends on the state you live in and the type of mortgage you have. You'd be wise to speak to an attorney before taking this step.

Any sale or transfer of property has tax consequences, including a foreclosure sale or a deed in lieu of foreclosure. Seeing an accountant is probably a good idea, as well.

Here are two options NOT to consider. In other words, they're scams.

2 don'ts when foreclosure looms
1.  Signing over your property title to another company: Some companies say that after the mortgage is current they will re-sign the property back over to you. This rarely happens. Instead, the company is likely to pull out equity, not make any mortgage payments and allow the property to be foreclosed. You will not be able to save the property from future foreclosures because the property is no longer in your name.

When facing foreclosure, you have options, but you need to avoid the scams and act quickly if you want to have the best outcome. Delaying only makes foreclosure inevitable.

La Jolla home owners sell and move, on average, every five to seven years. Why do home owners move? People who have lived in the same home for the past 30 years have a hard time understanding this phenomena. They are shocked that people move so often, but I know one thing for certain: Their day to sell and move will come as well.

Here are the top 15 reasons why people sell and move from their La Jolla home:

1) Home is too small. First-time La Jolla home buyers often outgrow their "starter" homes. Increased family size is the main reason home owners say they need a larger home.

2) Upgrade. The grass is greener on the other side. People often want what they don't have and long for a bigger, more expensive and grander, upscale La Jolla home. It's the American way.

3) Fix purchase error. Owners might believe they made a mistake when purchasing their present home and want to rectify that mistake. Maybe they thought they could get by without a back yard but yearn to garden, or the dining room in the center of the house annoys them, or they no longer enjoy the underbelly of planes flying overhead within inches of their face.

4) Job transfer. Relocation makes it necessary for many to pull up roots and move. If the commuting distance exceeds an hour, most people would prefer not to spend two hours in traffic every day.

5) Personal Relationships. Moving in with a partner or getting married can mean one of the parties will need to sell, especially if both owned La Jolla homes prior to the commitment. On the other hand, break-ups cause owners to sell as well for three basic reasons:

1 One party may need to buy out the other and not have the cash available.

2 The home may not be affordable to sustain on one person's income.

3 The home holds bad memories, making a fresh start desirable.

6) Neighborhood changes. The neighborhood might have changed for the worse, economically, socially or physically. For example, maybe a freeway was constructed nearby. Maybe the next-door neighbors receive visitors who arrive wearing striped pajamas at 2 AM. Or they have hung sheets over their windows while a skunk-like odor permeates the air.

7) Empty nest. The kids have grown up and moved out. The owners want a smaller home. The older you get, the harder it is to keep a big house clean.

8) See family more often. Some people want to be closer to their family as they age and will move to be near relatives. Parents want to be near children. Grandparents, near their children and grandchildren.

9) See family less often. To put more distance between the La Jolla home owners and relatives. Some might move out of state to keep harmony within the family. Dysfunctional and fractured families have been known to blossom being separated.

10) Retirement. Active-adult communities are attracting many buyers over the age of 55. These planned communities have golf courses, club houses, workout facilities, week-end social gatherings, back-yard barbecue parties and more, all designed for people over 55.

11) Health problems. Physical ailments such as knee or back problems make it difficult for an aging population to climb stairs in a two-story, so a one-story home may be more practical. A trade-off solution for many elderly people who don't require round-the-clock care is to buy a condo or move into assisted living housing.

12) Deferred maintenance. Some people don't want to put on a new roof, replace the siding or buy a new furnace, so it's easier to buy a newer La Jolla home. When you figure the life of most home systems is about 15 years, it could make sense to get out before everything goes haywire.

13) Home improvement perfection. A small segment enjoys fixing up and selling, spending time, money and effort on remodeling, and once the work is completed, these people become restless because there is nothing left to do. Some of you may call these people obsessed, but for some, it's a way to maintain balance while mastering a hobby.

14) Cash in equity. Some La Jolla home owners can't stand the fact their home is worth all that money because that money is not in their pocket. These people would prefer to stare at their passbook savings than stare at four walls with empty pockets. They. Just. Want. The. Money.

15) Lifestyle change. Others are simply tired of owning a home and would prefer to travel, pursue a hobby or be less responsible. We used to call these people misfits or boomers, but many past a certain age want to find a calling that is meaningful to them. So, for these people, home ownership loses its priority status and turns into the ticket for realizing dreams.

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.