Archive for the 'Sellers' Category
Setting a Realistic Price
Many people believe real estate agents perform basically the same functions in listing a home. I am here to tell you that is today’s market an average agent who relies on MLS exposure and nothing else is not going to position a home to get it sold for top dollar. In many cases the home may not even sell. The number of “expired” listings is a source in itself for agents to market to secure listings the “second or third time around.”
There are critical steps in preparing a home for sale. A comprehensive market analysis is essential is setting a reasonable price for the home. There are no “magic” homes that sell themselves. Today buyers are informed having full access to the internet. No one wants to overpay for a property. The past 10 years of stock market corrections and the housing market decline has made people very aware of value. Therefore when pricing a home all closed sales and the condition of these homes must be carefully evaluated. The thorn in everyone’s side is the impact of short sales and bank owned properties. During the last few appraisals we have had on our sales we make sure the appraiser is made aware of the condition of these homes as compared to the properties we are selling. These sales do “count” but they have to be weighted against another property.
Buyers today have “Deal Fever.” It goes like this; “I want a deal..not just any deal but the best deal…” Of course when they are shown” the deal” such as a distressed bank owned home that has been stripped of appliances, is sited on a lot that backs a busy road, has upgrades that were selected by someone with absolutely no taste or style (i.e. blue flowered bath tile), and a yard that was a weekend project they “pass.” No. they want the nice home with a good location, $200,000 worth of tasteful upgrades, move in ready condition but here’s the catch…they want it for the bank owned property price. Well folks..it just isn’t going to happen! That is why after making low ball offers on nice homes that buyer will find it necessary to change direction and realize distressed means just that..it is priced lower because it will need money (as in cash) to bring it up to the condition of a home that has been well cared for.
So pricing a home is the critical first step and needs to be done with all factors of the market, neighborhood and home considered; upgrades, site, number of like properties on the market, floor-plan, and all past closed sales with knowledge of their condition. It is really the same steps an appraiser uses. In fact many times it is advisable to obtain an appraisal prior to marleting the home. The cost of a certified appraisal done by a qualified appraiser ranges from @$300-600.00.
Come back to this blog to find out the next 4 steps in Getting Top Dollar for Your Home! i am currently on a cruise but will continue later in the day!
If you are thinking of listing your home in the New Year, the 2-3rd week of January is an ideal time! people think summer is the best time to sell but we see the early spring market as having an advantage! We are happy to give you a comprehensive marketing plan! Click here to set an appointment (no obligation).
Real Estate in America’s Finest City is back! On December 11, 2010 Zillow estimated year-end values for all homes was $378.5 billion in San Diego which is up $10.2 billion from 2009! At 2.7 percent, San Diego showed the biggest rise in the top 20 and ranked 14th among all 129 markets ranked! The US national numbers showed a 7% decrease year over year.
This is excelent news for San Diego home owners and a call to action for potential home buyers! As value increases, we are bound to see a shift from the current “buyers market” into a “sellers market.”
For the full article, visit www.SanDiegoGreatHomes.com.
What do you do if default on your mortgage is imminent? Countless homeowners are asking that very thing! The following 8 tips will help answer this burning question and guide you to resolution!
1. Act Quickly! - Before you can no longer pay your mortgage, call the bank and tell them that default of the mortgage is imminent. This action will get their attention and get the ball rolling toward resolution!
2. Keep calling the lender – DON’T GIVE UP! - Some banks are more responsive than others. If you are dealing with a lending institution that you feel aren’t giving you answers quickly enough, keep calling! Be persistent.
3. Have all financial records in order - You will need:
- Tax Returns for the last 2 years
- W-2′s or 1099′s for the last 2 years
- Last 30 days paycheck stubs
- Last 90 days bank statements
- Personal financial statements
- Hardship letter detailing the circumstances that have lead to the inability to continue paying the mortgage
4. Talk to a HUD Approved Foreclosure Intervention Specialist. - This is a free service through www.hud.gov.
5. Consult with the loan officer who originated the loan. – If the loan officer who originated the loan is still available, contact them to see if they have any programs that can help.
6. Ask an attorney to send a letter to the bank. – Often, a letter from an attorney will get the banks attention faster and compel them to act on your case in a more timely fashion. Attorney’s fees can vary but you can often find an attorney who will write the letter for $100-$200.
7. Ask a licensed Real Estate Agent for assistance. - In this economy, Real Estate Agents work closely with banks to assist their clients in financial distress concerning their home mortgages. A licensed Real Estate Agent can help you through the process and may have personal experience dealing with your bank!
8. Contact external help! - If you are still not happy with the bank’s responsiveness or answers you are getting, contact the Controller of the Currency at www.occ.gov or, if dealing with a national bank, visit www.helpwithmybank.gov for guidance.
6 Tips For Trying To Get Your Short Sale Approved
Let’s face it, Short Sales are the new reality. We can no more ignore them than you can ignore that excruciating headache you get when the weather changes! We can’t escape them, so lets discuss how to deal with them with the least amount of pain and in the shortest time! If you are considering a short sale as an option for getting out from underneath your home, there are a few things you should consider and do as you start this process. These “tips” are exactly that, they are ideas, suggestions, things to think about, they are NOT legal advice and should not be construed as such! With that being said, “Tip” #1 is to consult an attorney and/or CPA before proceeding with a short sale. A good Realtor will help you navigate through the process and handle the negotiations, but they can not and should not tell you how to proceed and what your “best” financial options are.
#2 Act Quickly ~ Get on the phone to your lender. Ask specifically to be transferred to the “loss mitigation” department (they will know what you are talking about). Then tell the person on the other end of the line that “default is imminent” and ask them how to proceed with a short sale.
#3 Keep Calling ~ Don’t give up. Inevitably, they will loose your file or some form that they request you send them. Mark your calendar and call them 2-3 times a week to follow up.
#4 Have All Financial Records In Order ~ Here is a list of items you will need to gather. A) Tax Returns (2 years) B) W-2′s or 1099′s (2 years) c) Last 30 days of pay check stubs D) Last 90 days of Bank Statements (both sides) E) Personal Financial Statement – you will need to provide your own personal version of a profit and loss statement. F) Hardship Letter – This letter should detail the circumstances that have lead to you needing a short sale. You must have a legitimate hardhship. Also keep in mind, that as each 3o days go by, you will need to update your pay stubs and bank statements.
#5 Talk to a HUD-Approved Foreclosure Intervention Specialist ~ You can visit the HUD website at www.hud.gov
#6 Contact the Office of the Comptroller of the Currency ~ This is the department that regulates the banks and how the disperse monies. If you are having trouble getting an answer go to their website at www.occ.gov and link to www.helpwithmybank.gov
These are just 6 quick tips for you to think about. Short Sales are not fun and they are not easy, but there is a benefit to getting them done vs. foreclosing. If you are thinking about embarking on a short sale, you need to have a team of agents, negotiators, escrow officers, title reps and more, on your side. Call us today for a confidential appointment to determine if a short sale is right for you.
Susi and Jennifer are full time real estate professionals, specializing in both San Diego and South West Riverside Counties. We are fully dedicated to helping our clients successfully achieve their real estate goals. You can reach Jennifer at [email protected] and Susi at [email protected] You can also visit our blog at www.REontheMove.com
1608 Trenton Way, San Marcos, CA 92078
4 Bedrooms, 3 1/2 Baths and approximately 3241sf
Can You Afford This Ocean View 4 Bedroom Home With Pool In San Elijo Hills? Of course you can!
Many upgrades and special features: Tile, wood and premium carpet flooring, granite kitchen counters, rich wood cabinetry, built-in entertainment center, beautiful master bath, large dual closets with Elfa Closet System (all closets), custom paint & window treatments, custom plantation shutters,fireplace in family room and living room. Zone 2 speakers in Master Suite, Backyard and Side Courtyard! Security system and pool security/alarms on all doors with access to pool.
To schedule a private tour of this home, call or text Alison Peterson at 760-889-7934
or Email me at [email protected]