Back on Market as of 02/12/12. Buyer changed his mind. Yours Wont!Extremely nice 4 bed single story in Rolling Hills! Views to the south in your customized back yard w/b...
Recently painted both inside and out! Owners ready to sell.Traditional SALE!! Three bd home w/a nice fully grown in back yard. Two orange trees with a lemon/lime tree as...
Amazing 4 bd loc. on a cul-de-sac w/pool! Backyard has a barbecue adjacent to the pool/spa. A stone slide built into the hillside for the kids to enjoy. Adults can...
On first thought, closets can appear to be an insignificant factor in the homes main selling features. A home must have storage as people need to store their food, cleaning supplies, and their clothing. Even your old high school year book and grandma’s jewelry bequeathed to you must be stored somewhere. Buyers nearly always will comment on a homes closet space and homes that have adequate, organized closets draw more attention and increase the chances of a homes successful sale.
The first thing to do is to get rid of all the clutter. We are all guilty of storing our “valuables” and old clothes in the closet that we no longer need. This makes the closets look overburdened and ready to burst. This is a turn-off to buyers. Sell your old clothes or take them to your local thrift store. I can assure you that you will never miss items and your closets will breathe new life. Now organize your closet
Buy storage boxes and sort and store items by size and place in the boxes. Color block your clothes and group like items. Place your seasonal clothing in the garage in some of the same storage boxes you are using in the closet. Place your shoes on shoe racks. All those shoes scattered around or simply placed on the floor takes away the prospective buyer from seeing the floor. Add shelving and racks. It is amazing the difference your closet will transform into with some inexpensive shelving from your local hardware store. A drill and screwdriver can make installation easy and creates wonderful patterns. Use this same strategy on all your closets and even your pantry in the kitchen!
Depending on your budget you can even install some fancier custom built units that can wow a buyer and put your home on the top of many buyer’s lists. Walk-ins are a key selling point and upgrading the lighting will maximize the potential in any closet space. You want to buyer to see the true size and functionality of the space and not overwhelmed by your families collection of junk. If you need to keep Aunt Edna’s hope chest, put it in the garage!
Recently in Real Estate circles, agents have been wondering where all the Foreclosed properties are on the market? It seems that the available properties are either Short Sales or a more traditional sale where the seller has some equity.
Well after a year of negotiations between the banks and the state and federal governments there has been a monumental agreement reached. Five of the Six biggest banks have agreed to pay$26 billion dollars in foreclosure abuses and practices that caused the state attorney generals to level lawsuits on behalf of delinquent homeowners who have been improperly handled by the banks.
This settlement will help thousands of homeowners, but it will also bring in a new wave of foreclosures. 2011 had a 34% drop in foreclosure filings due to the uncertainty involved in these ongoing negotiations between the banks and the fed/state governments. This year new filings will go as high 2.5 million this year. The agreement is going to allow the banks to foreclose in a more orderly fashion with the tacit blessings of the local governmental bodies. In our market this is a good thing as foreclosed properties do not drive down the market as they do in other parts of the country. The government now needs to step aside and let these toxic assets work there way through the housing market and place homeowners on a quicker track to a healthier market.
For many people today, homeownership is a distant but hopeful dream. A plan that seems distant in this turbulent unreliable market we find ourselves in. The transition from being a renter to an actual owner can seem daunting and impossible. However, this article delivers a path to plan ahead and budget with the goal of homeownership in this buyer’s market.
Private Mortgage Insurance- When you purchase a home with less than 20% down , you will have insurance placed on your loan called PMI. This protects the lender in case a homebuyer defaults on a loan. As equity builds up on your home, the PMI will go away.
Taxes- Property taxes in California, as everywhere else, generate monies for local and county governments and the school system your home resides. This cost varies across the county but here in San Diego County, it’s 1.25 percent of the homes assessed value.
HOA Fees- Homeowners’ Association fees can add hundreds of dollars to your monthly expenses. These fees go to pay for maintenance of common areas like parks, pools, sidewalk, streets etc. They also establish some rules on what can be done to your home or other areas owned jointly. Some owners may prefer more freedom with their home. Once the neighbor paints his/her house bright red or leaves a car on blocks in the front yard, they may rethink their position. An HOA does bring conformity to an area but it does help to maintain a home’s value.
Homeowner’s Insurance- A homeowner with a bank lien on his/her property also has insurance. The exact amount you pay depends on what part of the country you reside. Older homes can cost more as repairs are a persistent possibility. Homes along canyons or surrounded by foliage can be dangerous due to a fire hazard and may increase the costs to insure. Some insurance companies simply will not offer a policy if it deems you to be in a high-risk area.
Utilities and appliances- When renting, many renters do not consider these costs as the landlord generally fixes appliances when they breakdown. However, a broken furnace, water heater, or even a range can be quite costly. A dishwasher replacement alone can be over $300 dollars. It is advisable to set aside a household repair fund and do your best to avoid using it for other creature comforts. You’ll find it’s very helpful IF and When something breaks in your home.
Inspections, Appraisals, and Closing costs- Many buyers may budget for the closing costs of a home purchase but there is a home inspection and appraisal that will need to be paid by the buyer. You do not want a seller to pay for these in any situation. The majority of your closing cost will be what you are paying the lender to do your loan, your escrow costs, and a title policy on your home. This cost can come to nearly $10,000 dollars on a basic purchase in Southern California. Your offer will be stronger if you are paying these fees yourself as opposed to asking the seller to pay them.
To hear more about the costs of home ownership as well as the benefits, please contact your Realty Executives/Dillon agent who is qualified and competent in these matters. You can contact Jason @ 619-279-6311. Remember, “I Specialize in Listening!”
Well 2011 ended with a mixed bag for the housing market. The Median price dropped from a year ago but sales rose during the year-end rush to close. It’s normal for sales to spike during November/December as investor’s want to close their deals before the end of the year for tax purposes. This affected the market again in 2011 which had a heavy investor presence, lots of activity in the sub-$300,000 dollar market and lower than normal homes sales. However the new home market did help to bolster homes sales overall.
So what lies ahead for the housing market? Statistical and historical trends would suggest we have turned the market towards prosperity and an upward trend. The market now offers rock bottom mortgages, a shrinking supply and record affordability. Pent up demand and the constrained supply all suggest a modest rise in value. Especially in most areas of San Diego/Chula Vista’s south bay area. It is an area of high desireability which aids in home values.
There is also a school of thought that suggests the price-income ratio that has been affordable recently will increase and that will impact low and middle incomed families as they try to enter or re-enter the housing market. Finally short sales are still a problem. They don’t sell quickly and you have to deal with a third party. There are lots of homes out in the market that are six months or more behind on their payments and have still not been given a notice of default. These shortsales homes that have a large association and Mello-Roos
Home sales prices in 2012
fees may still have to fall in value to be a viable purchase. I cautiously suggest that the market will see a slow and stubborn increase of 2-4% on the year.
Believe it or not in this market, Listing agents are beginning to receive multiple offers on our well priced listings. Bank foreclosures and short sales are now receiving offers as the market conditions are such that buyers are emboldened and writing several offers in the hopes of attaining a good price on a home. Financing terms are helping to drive this surge of offers and slowly real estate agents are seeing a reduction in inventory. That’s a good thing.
For years agents have been under the impression that we could not discuss with buyer’s agents the terms of other offers we had received. We could only give hints and suggestions as to the terms of competing offers. This frustrated buyers to no end. Well what is the rule on this? My broker, an experienced and knowledgeable agent herself, has been telling us that one of our first requirements is to, “protect and promote the interests of our clients.”
I did my own homework and double checked my boss who is usually right. I looked in the Standard of Practice book for Realtors. Rule I-15 addresses this issue, “Realtors, in response to inquiries from buyers or cooperating brokers shall, with the sellers’ approval, disclose the existence of offers on their property.” Additionally the terms of offers can be disclosed to competing buyers or their agents by sellers or seller’s representatives unless their is a law specifically prohibiting this disclosure. I checked and there is not such a law.
We as agents, selling our clients assets, should strive to get the most we can for them as that is our fiduciary responsibility. Telling an agent of the terms of another offer can only help our clients get the most they can. At Realty Executives/Dillon this is all a part of our daily work, to best represent our clients. Should you be considering selling your home, know that I will strive to do my best in representing your best interests. This is standard in all our well trained agents at Realty Executives. Please stop by our office in the Eastlake shopping mall and ask for Jason. Let my experience and hard work ethic be put to use for you.
This property has it all! Nearly 2,700 sq.ft. with an all beige tiling throughout. Stone concreted driveway and single car garage. Located on a cul -de-sac with views to the west enjoyed while utilizing your large patio with built in … Continue reading →
Gov. Jerry Brown has signed Senate Bill 458 into law that extends the protections of SB 931, from last year, to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.
Should there be two loans on a home one of the loans is always junior to the other, if he main loan agrees to a short sale and pays the second a small amount, which the junior agreed to, the second still could go after the seller for the outstanding balance. This is a worry of many seller’s in todays market. They want to be responsible and help sell a home that they shouldn’t have purchased in the boom years or they have a financial, personal or medical issue causing them to be behind and the dont want to conduct a foreclosure. This law now protects them so long as the banks agree to the sale in writing. There is an urgency clause in this bill making it effective upon signing. Your agent will receive a letter from the bank of which a seller can get a copy. Should you be considering selling your home short, I insist that you go and interview an experienced agent at a major Realty Estate company. Here at Realty Executives/Dillon we have a whole staff that works in harmony to see you are protected in the selling of your home. Please contact Jason at 619-279-6311 or visit me at www.teigerhomes.com.
There are few notices more distressing than an eviction. Since the housing bust, more than 8 million properties in this country have gone into foreclosure. 40 % of the people living in these were, and are, tenantes. They are often the last ones to know that a foreclosure is in the works, having paid their rent faithfully each month; and they are typically the most misinformed about their rights, through no fault of their own. A 2009 federal law requires that tenants be allowed to stay for the duration of their lease, or without a lease, for at least 90 days. However there is no federal agency which oversee the law’s implementation.
Tenants see a foreclosure notice, then get a knock on the door. Standing before them is not someone helping them, or even telling them of their rights, but an agent representing the building’s new owner. Generally the bank or investor who want to see the tenant get out. 5 things renters need to know about eviction proceedings.
1. The lease and tenancy take precedence.
The protecting tenants at Foreclosure Act of 2009 is a federal law that allows renters to remain in a foreclosed building for the duration of their lease. If you are at a month to month arrangement, you can stay at least 90 days from the date you receive a written eviction.
2 If someone official tells you otherwise, take a name.
There is a widespread violation of tenant rights by agents of the banks after foreclosure, and some of the worst violators are real-estate agents. Strict ethical codes govern what agents must disclose to buyers and sellers, those principles do not apply to what agents do, and do not tell, tenants. If you think you are being told something misleading, contact the state dept. of Housing or the local real estate board.
3.Get it in writing.
You as a tenant can make alot of these verbal harassments go away just by demanding everything in writing. If someone is at your door, simply tell that agent: “I don’t wish to discuss my tenancy any further. Please put it in writing.”
4.Cash for keys is only a request.
A tactic used by banks is to offer the tenant money to leave by a certain date. The tenant signs papers agreeing to a date chosen by the bank. The tenant maintains the condition of the property and then receives the check from the bank . This may be a good option for a tenant, but often it is not. What the tenant needs to know is that you can not take the money and still have your 90 days to vacate. It is important for the tenant to know that they have both options and one may work better for their situation than the other.
5.State and local laws may offer additional protection.
A small but growing number of municipalities are passing, “just cause eviction laws” that exclude foreclosures. This means that a landlord cannot evict tenants without cause and foreclosure is not cause. Should you continue to pay rent to a landlord that is not paying the mortgage and is pocketing the money? Unfortunately that is a bitter pill to swallow but the answer generally is yes if you want to stay in the property. Pay your rent on time and in full so the owner has no ammunition against you and confirm the identity of the owner and get that identity in writing. Then pay that owner. Unfortunately you will not recover your deposit as the landlord is bust and the time to and money spent to fight for that deposit would far exceed the deposit itself in most instances.
Most of the energy used by a dishwasher is for heating water. The Energy Guide label attached to new dishwasheers estimates the annual power needed to run the appliance and heat the water based on natural gas and electrical costs.
Here are some Dishwasher Tips
-Check the manual that came with your dishwasher for the manufacturer will suggest water temperature. Many models today have internal heating elements that allow you to set the water heater to a lower temperature like 120 degrees.
-Scrape, don’t rinse, lare food pieces and bones from dishes. Soaking or prewashing is generally only recommended in cases of burned-on or dried-on food.
-Be sure your dishwasher is full, but not overloaded, when you run it.
-Avoid using the “rinse and hold” on your machine for just a few soiled dishes. It uses 3 to 7 gallons of hot water for each load.
-Let your dishes air dry; if you don’t have an automatic air-dry switch, turn the control knob to “off” after the final rinse and prop the door open slightly so the dishes will dry faster.
Long-Term Savings Tip
-When shopping for a new dishwasher, look for the ENERGY STAR label to find a dishwasher that uses less water and 41% less energy than is even required by federal standards.
Beware of Home Rental Scam
01/10/12
Chula Vista—
ATTENTION!
This letter is to all homeowners in Chula Vista and to all readers of my blog and to all those who receive my monthly E-newsletter. There is a housing scam that is putting thousands of dollars into someone’s pockets while getting some people kicked out of their homes.
Prudent Constituents Association (PCA) is locating vacant foreclosed homes in Chula Vista and filing quitclaim deeds with the county recorder. They then rent the homes out and pocket the money. There is no current litigation that is ongoing as several real estate brokers in the area have found out. The Several real estate agents in the area are having this happen to the homes they are selling for the various banks. These agents have investigated and know they aren’t paying taxes nor the HOA fees. The PCA claims their money collected goes to fund a lawsuit against banking institutions on behalf of the District Attorney’s office cannot comment as they are investigating and reviewing the case.
Once a home is fully prepared for the market with a sign and lockbox placed on the home, the PCA removes them from the house, places their own signs and fraudulently places tenants into the homes. At present they have upwards of 30 properties they are renting in Chula Vista. 3 on one street!
The renters will be evicted once the authorities track down the rightful owner of the houses, which in most cases is the bank. The banks are not locally based and have such a backlog of foreclosures that this scam is only now getting on their radar. This quitclaim fraud could be done to your home. There is at present no way to prevent them from quitclaiming, your home and the county doesn’t have the manpower to make sure the PCA is the real owner. Be vigilant in your neighborhoods as some seedy elements seem to follow the PCA into the areas they are quitclaiming properties and problems with neighbors and legitimate home owners is now developing….. I will keep you informed.
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