Living in Contra Costa County: February 2012

Yesterday I received a contract on a home I own.  It is a beautiful house with lots of amenities.  I have received 3 offers in the recent past for this home.  Every time before, the offers have been less than the asking price, one was even a low ball offer.  And everytime, the buyers have had things to say about the house that needed updating or they intended to remodel and wanted to save money to do the updating.

This sort of negotiating does not work very well.  I had emotional ties to this house just like my sellers have with their houses.  It was a negative from the beginning with each of these contracts.

Yesterday, however, was completely different.  The buyers actually loved my house!  They wanted it very much and were dreaming of living there.  The difference in their attitudes toward my house made me want to sell it to them.  I came down on the price to make sure they could have it. 

I have learned a negotiating tactic through my own experience.  I will use this from now on.  Never again will I go in to a seller or listing agent and say, "The buyers need to remodel and this is the reason for the low offer."  That is starting out with a negative.  Today I understand this so much better from my own experience.  I never knew what a difference the buyer's attitude could make.  It does!

Ricki Eichler Real Estate, your Texas Hill Country connection                                  www.reretx.com

953 Main                                                                                           

Kerrville, TX  78028

(830)257-2520

The real estate market in Indianaand the whole country are coming to grips with terms that are relatively old, yet considerably relevant to our current market conditions. I am often asked to explain the difference between sale conditions such as Foreclosure, Short Sale, and other real estate terms.

I have gathered some information for Indy Area Home buyers so the next time you come across phrases that explain the provisions for the sale of a particular home, you might be better informed and less confused:

What is a Short Sale?

A short sale is when a lender agrees to sell a home owner’s property that is in default for less than the loan balance.

Why would a lender consider a short sale? Short sales, in most occasions, are the first step to avoid foreclosure. Although the lender will recover less than the total loan amount in a short sale, the short sale is nonetheless preferred due to the very high costs of foreclosure. A home that is sold in foreclosure will usually cost the lender somewhere between 35-40%. These costs consist of late mortgage payments, attorney fees, court fees, maintenance fees, and selling fees.  

What is a Pre-Foreclosure?

Pre-Forclosure is another term for Short Sale.

What is a Foreclosure?

Foreclosure is a process where the home becomes the property of the lender. Whereas in a Short Sale the home owner’s name is still on title of the property, in a foreclosure the lender takes possession of the house and as a result, the homeowner is no longer a party in the sale. When a home owner fails to make the payments on his/her mortgage the lender can begin foreclosure proceedings. The first phase is the receipt of a notice of default (NOD). At this time the home owner can negotiate a Short Sale with the lender. If the home does not sell within the predetermined time frame, the home will then be auctioned at a foreclosure sale.

What is a Trustee Sale?

A trustee sale is a verbal auction where anyone with the highest bid can acquire a property by paying off the remaining balance on a foreclosed loan.

I urge you to be extremely careful at such auctions due to the very stringent terms of trustee sales. When you purchase a home in this manor you could be at risk of various problems that are investigated by realtors and title professionals in normal sales transactions. These problems are serious!!!! Problems such as: Title problems, Superior loan pay offs, IRS liens, and/or structural problems.  

What is an REO?

 REO is a abbreviation for Real Estate Owned properties. Another name for bank owned properties is REO, an acronym for “real estate owned.”

 When a home does not sell at a Trustee Sale (foreclosure sale) the lender takes back the title and all the rights to the property. The reason homes don’t sell in a trustee sale is not necessarily because of physical or structural problems. Rather, it is often because the home owner (no longer on title) owed more to the bank than the homes Fair Market Value. And who would want to buy a home in a trustee auction for more than the homes that are already on the market?!!!

To sell the house as quickly as possible the lender will, in most cases, make any repair necessary to the property, remove any liens on title, and clear any other issues that may slow down the sale of the property. The lenders are more motivated to sell an REO than any other properties they may have for sale (short sales and foreclosures) because REOs tie up a lender’s capital reserves and the management of these properties can become very costly.

Indiana Real Estate has recently seen more REOs for sale. If you are interested in purchasing a home and making a great deal, buying an REO may be a good opportunity.

Kathleen V. Woods

msWoods Real Estate

kwoods@mswoods.com

317.517.5317

Search Indianapolis real estate and Indianapolis homes for sale? Would you like information about Fishers real estate and Fishers homes for sale?

The following chart represents the current concentration of Short Sales in Pending Sale Status versus Traditional Sales in Pending Sale Status for Walnut Creek, CA as of February 26th 2012. The percentage of pending short sales dropped dramatically from the January Report. The difference in the ratio of pending and active status is the additional time required to get short sales all the way through close of escrow. Every short sale is different and some take much longer than others.

Please keep in mind that this only reflects the market on the specific day quoted.  Walnut Creek Short Sales can take time and may be represented over several months in this data while traditional sales close escrow in the 30-60 day range. 

Additional Short Sale Information for Walnut Creek Homeowners

Thinking of Buying, Selling or would just like to discuss what's going on in your neighborhood?

 Call...

Doug Anderson

 800.900.2634 Toll Free...925.974.1171 Direct...925.570.0611 Mobile

         

 

         

 

         

                   

 
California Department of Real Estate Broker License 01165309

Any statistics were compiled from Public Records and other industry sources and are deemed reliable but not guaranteed. Any square footage quoted is approximate and requires buyer verification. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, family status or national origin.

 

© J. Douglas Anderson 2010-2012 All Rights Reserved

Ageism- Three Old Guys and a Hearing Aid 

Three old guys are out walking.

First one says, 'Windy, isn't it?'

Second one says, 'No, it's Thursday!'

Third one says, 'So am I. Let's go get a beer.'

 

***************

An old man was telling his neighbor, 'I just bought a new hearing aid. It cost me four thousand dollars, but its state of the art. It's perfect.'

 

'Really,' answered the neighbor. 'What kind is it?'

'Twelve thirty.'

Happy Friday!

Have a Wonderful Weekend!

 

 

 

Kathleen Daniels, Broker, Short Sale Agent, Certified HAFA Specialist (CHS), Certified Distressed Property Expert (CDPE), Certified Short Sale Negotiator (CSSN), and REO Default Certified Professional (RDCPro), serving San Jose and surrounding San Jose Communities.

San Jose Homes for Sale | San Jose Short Sale Agents

 

 

 

 

When I took my Staging course 6 yrs ago, I was given some Staging truisms.

Time and again I have seen these apply to homes in the Burlington area.

They apply to any style or type of home.

All homes deserve to be Staged. It doesn't matter what size or age or type of home, staging will help present an appealing product. The seller of that small condo wants their equity out of their home just as much as the seller of a mansion.

You are selling square footage not your lifestyle. That means that even if your home is professionally decorated it still needs Staging. Decorating focuses on living in the home and Staging focuses on selling the home.

 Staging helps your home appeal to the widest section of the market. Staging provides a neutral backdrop that allows many buyers to imagine living in the home. It allows them to picture their lifestyle working in the home.

Condition is an important part of selling a home. Staging a home means providing a sound product in good condition. Staging consults deal with the whole house. It looks at roofing, exterior and interior finishes, color, flooring, deferred maintenance, landscaping condition of bathrooms and kitchens.

Setting the right price on a home is key. Staging shows the buyer the home is worth the price. It highlights the features of the home so that they are not missed. Staging helps a home compete with the other homes on the market. Give the buyer a reason to choose your home over another.

Location can influence the sale. Staging the home prepares it for sale. It makes sure the buyer sees a groomed product. Staging shows the buyer how you can live with a negative location. The buyer may decide the location is not as big an issue, that  the house's features outweigh the negative.

Staging helps you get the best possible price. A properly staged home is a sound product. There is no deferred maintenance, the home is updated if necessary and the features are highlighted. You have not left any issues for the buyer to use against you when negotiating the sale.

Staging helps you sell as quickly as possible. Staging widens the appeal of your home so that many buyers can see themselves living there. You home can compete with similar homes. This means you will be inconvenienced by viewings for a shorter period of time.

Staging helps you move on with your life. By preparing your home for sale, it feels less like home. This helps you separate yourself emotionally so that you can look forward to your next home. If you are selling under the duress of a death or marital break up, it helps you pack up that part of your life and prepare for the next stage. It shortens that difficult period.

Consult a Professional Stager and apply these truisms to your home. 

Take the first step towards that SOLD sign you want.

 

 

 

Serving Burlington,Oakville, Milton, Hamilton & surrounding areas.     905-467-5353

 

 

 

 

 

 

 

Home sellers can create spaces that appeal to prospective buyers by employing a little psychology and by engaging the 5 senses......You see, our brain takes all the sensory data it receives and transforms it into feelings and those feelings can be either overwhelmingly positive or overwhelmingly negative.  

The clever use of design elements in a home for sale can help sellers engage the senses of their prospects and thus trigger the desired positive emotional response.  Last week in, Love at First Sight, I discussed ways sellers can engage the sense of SIGHT to elicit desirable feelings in home buyers.  Today I'll cover the sense of smell.

Buyers react very emotionally to what they smell and this fact is often overlooked and minimized by home sellers.   The scent of a home can trigger strong emotional reactions - either creating uplifting, harmonious feelings or causing prospects to walk away (and not tell you why). Engaging the sense of smell is a powerful yet misunderstood and often misused tool.

The first and most important thing sellers can do is to identify and eliminate the odors in their home that buyers might find offensive.  This is often hard for home sellers to do because we tend to grow so accustomed to the way our home smells, that we don't even notice it.  Enlist the help of a friend who you trust will be honest and ask your friend to tell you what he/she smells the moment they walk into your home.   

Common pet odors can be a huge turn off to buyers. Since no one will find your pet as charming as you do,  consider relocating your pet while your home is on the market.  If that's not possible, thoroughly clean litter boxes, crates and other areas where your pet(s) spend the most time.  Odors can get trapped in carpets, upholstery and draperies, so consider getting these professionally cleaned.  

Musty odors can cause buyers to assume a moisture or mold problem exists. Other strong odors could indicate a plumbing issue or a pest infestation.  Identifying the root cause of these kinds of issues can be quite difficult so consider getting a pre-sale home inspection. The odor will not go away until the problem is addressed.  Avoid the use of artificial air fresheners, scented candles and incense - your prospects could be allergic and they might be very suspicious of what you're trying to cover up.   

Avoid cooking smelly and unusually spicy foods while your home is on the market as these offensive odors can often linger for days.  Enlist the help of Mother Nature - open windows as often as you possibly can to allow plenty of fresh air to circulate through your house.  Use aromatherapy as an effective tool to eliciting a positive response to your home by spraying essential oils mixed with water (these work much better than chemical deodorizers).   

Remember: the scent of sage can cause the feeling of euphoria while chamomile and lavender can have a calming effect. Marine scents (think salty sea air) can refresh us while spice and wood scents bring warm thoughts. The scent of something baking in the oven can also create a warm and nurturing feeling.  If you're going to bake cookies to make your house smell good while it is being shown - leaving a plate out to share with your prospects will surely make them feel welcome!  

Stay tuned....in my next post I will share how sellers can best engage the sense of hearing.

 

                                                          

 

Karen Bernetti is a Real Estate Stager, Former Realtor®, Author, Speaker, and Owner of Staging4Smooth Transitions - specializing in assisting seniors with their downsize moves.  

Karen is also the Co-creator of the Ready2Sellin30Days® System - an innovative, interactive, multi-media educational program designed to teach do-it-yourself homeowners EVERYTHING they need to know about preparing a home for sale during tough economic times.  Visit www.Ready2Sellin30Days.com to learn more. 

Stay up to date on all the latest real estate staging and home decor trends with The Home Sale Success with Karen & Ann Blog!  Sign up here to receive The Home Sale Success with Karen & Ann Newsletter!

Call 860-302-0333 for more information.

How to remodel a pool: Selecting a Contractor

After making the decision to remodel a pool, the most important thing that we can do is to select The Right Pool Contractor.

This is not an easy task, but selecting The Right Pool Contractor will determine your overall level of satisfaction during and after the project is completed. 

I began my search by considering locally known and recognized pool contractors, conducting an online Google search for pool contractors in my area and personal referrals from people that I knew had recently added or remodeled their pool.

The total number of Pool Contractors initially considered was twelve.  I quickly eliminated several after a phone conversation and a few others after an initial meeting.

This is a big decision that will likely require months to complete, so don't rush the selection process.

 

Main Considerations For A Pool Contractor

 
Experience

 Reputation

Personality

References

Credentials

Dependability

Quality Of Work

Design Concepts & Adaptability

Effective and Timely Communication

 

I deliberately left PRICE off of the list, BUT if your final selection is between two equally qualified Contractors, PRICE will most likely be the deciding factor.  Just make certain that you're getting the same work completed, quality of materials, standard of construction and equipment. 

The benefit of having at least 3-4 Pool Contractors provide a 3D design with pricing should not be underestimated.  The best plan, regardless of which Pool Contractor is selected, will often be the result of numerous conversations and a combination of features and design considerations. 

During the selection process, My Pool Contractor, Dan, provided 3D designs including revisions to the original plan,
a long list of references, access to PoolsandMore.com which shows many completed projects and took us on a personal tour of several pools, which allowed an opportunity to speak with other clients. Dan also presented a comprehensive written itemized bid with payment schedule, a step by step outline of the project and realistic timeframes.  When the project started, Dan sent me daily emails regarding what had been completed and what to expect for the next day. 

The most convincing factors for me was Dan's Experience, testimonials by his satisfied clients, and the superior quality and consistency of workmanship with every pool, because of his carefully selected skilled craftsmen that have worked together for years. 

As a Realtor with over 25 years of experience, I have high expectations of myself and others.  Dan and Shoreline Construction met and exceeded all expectations.  If you're considering adding or remodeling a pool or spa, I'm happy to recommend My Pool Contractor.

If you have any questions about remodeling a pool or about Real Estate, don't hesitate to ask.  I've got lots of experience with both and will be glad to share it with you. 

Previous Chapter: Repair, Remove or Remodel Your Pool

Next Chapter: Demolition Days

  

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