Welcome!

I am here to serve you in any capacity related to Real Estate Sales or Purchasing. If there are any questions you have, I would enjoy providing you with detailed answers, from specifics about a transaction in which you and I are involved to the simplest of questions from potential new buyers or sellers.

My Real Estate business is built entirely on referrals. The benefit for you is my track record of thorough, timely, and integrity-filled service in all your Real Estate needs.

The benefit for me is that I get to work with the family and friends of people I really enjoy!

If you or someone you know—family member or friend—is thinking of buying or selling a home, give me a call, or send me an e-mail with their name and phone number, and I will follow-up immediately, and provide for them the same attentive service for which I am known.

Teresa Darrow
teresa@ahouseaweek.com

These are terms not everyone is familiar with. And these are terms some people are only too familiar with. Depending on which side of the fence you sit.

I’m in a position, right now, dealing with all of these situations. Now you must know that I learned this business in this type of market. Back in the roaring early 90’s… I was living in a different area but the situations were the same. I cut my teeth, so to speak, listing, marketing and selling REO properties.

REO properties are “real estate owned” which means that banks and other lending institutions are the owners and this is really a plus for people looking to invest in real estate. There is no emotion here – just numbers. If the numbers work and the buyer qualifies for the loan a great deal can be had. You see them advertised as foreclosed, bank-owned properties waiting for new owners.

Now if you’re on the other side of the fence – and perhaps you’re behind in payments with a notice of default looming, please know that you have options. Do not and I repeat, do not bury your head in the sand. Call your bank – they will generally work with you to save your home. Keep in mind, banks don’t want to foreclose – it costs them money. They don’t like that. And you have options. Sometimes, they are willing to adjust the interest rate – maybe refinance. They’ll even “suspend” payments if you need a couple of months to catch up. These payments will be tacked on to the back of the loan but it gives you time. Talk to them – it’s worth the trouble. Having a foreclosure on your credit report is NOT a good thing.

Now comes the explanation on short sales. Say you owe more money on the property than it’s worth if you were to sell it today. For people who plan to live in their homes for ten to twenty years, this isn’t an issue. Property values go up and down as life does. But if you have to sell for any number of reasons, job transfer, job loss, illness, etc. you’re house may go on the market as a short sale. This means that the bank would need to approve the sale and take less than is owed on it. Now you walk away from the loan but not the tax liability. The bank will probably send you a IRS 1099 for the difference and you will owe taxes on that amount. You took out the loan and didn’t pay it all back. That’s the story.

There’s no free lunch.

There is, however, opportunity here. For the buyer and the seller. Do your homework. Take a look at your options. Real estate is a sound investment. Save yours.

I’ve always loved this job. And have some heartwarming stories of families finding and purchasing their first home. I’ve also had some great experiences with folks who are buying a 2nd getaway home. I happen to work in an area that people vacation in regularly. I feel very fortunate.

But back to being realistic in a home search. Most people are savvy enough to talk to a mortgage lender first to see what they qualify for and how much their payments will be every month. So now we start our search with those initial desires or needs in mind, in a price range that’s acceptable. Smart, yes? Indeed.

And we take a look at as many as the client feels is necessary to make an educated decision. While it’s not unusual to fall in love with the first house, it’s always a good idea to look at others for comparison.

So, we find the one.

And without delay we write an offer.

Now, keep in mind, the market has changed a bit here in San Diego and the inventory is a bit higher than a year ago. But homes are generally priced at market value so the offer to purchase is important. I don’t believe in “low-balling”, putting an offer in at a much lower bid just to see what the seller will take. This usually just offends both the listing agent and seller and if your client really wants the house, the relationship between the parties will always be a bit distrustful. If the suggestion is made to offer a low price, my standard reply is for the buyer to be realistic about how much they would pay for the house – no games – if they won’t pay what is being asked, at least offer what you will spend right up front. This is honest and I can, with confidence, approach the listing agent with a serious offer.

Then the game begins… negotiation. But that’s a subject for another day…