Monday, December 20, 2010

Crazy Ideas to Sell Your Home...Maybe?

We have all seen the signs driving familiar roads the For Sale Sign that has been in the same location week, after week, after week...or the house is for sale, but every few month you notice a new brokerage sign.

Everyone has tried to sell that house..but have they really stepped it up and stepped out of the box? Here are some fun, and crazy ideas that could at the very least attract some attention:

Have a party, yep a fun festive party. Invite the neighbors, your doctors, veterinarian, the gal at the grocery store, mail carrier, other Realtor everyone and anyone you can think of who knows some one else who might want to buy your house. Make it a "Help Us Sell Our House Party" You could even turn it into a fund raiser. Consider show casing an artist's works. Ask everyone to bring a dish to share and the beverage of their choice, in order to keep costs down.

Think maybe your houses has some bad JuJu? Have a "cleansing". I have some clients, who decided they really like a certain property we looked at, but "felt" it had a bad aura. The day escrow closed, before they moved a single item into the house, they decided to have the place "saged" Little bundles of the herb were tied together and burnt throughout the house to provide a clean slate for their new life. Having a problem selling your house, consider "burning".

How about digging a hole in the front yard and placing a St. Joesph statue in the ground. Now this must be done with great care, as the little man needs to be placed in a certain direction, at a specific depth. I have actually done this, not with any great success, but I would do it again.

Little salt in the doorway, might work, might not..worth a try..you bet!

House near a health club, in a gated community? Why not purchase a membership for your buyers? It is an inexpensive way to interest a buyer into joining the neighborhood and helping them transition into a new life in their new home.

A risky idea is to have an auction, offering the house to the highest bidder over the reserve price. Risky, it might not sell, it might sell for less than you wanted but on the up side-You will attract attention..and that is what this is all about.
For a FREE no obligation Market Analysis email me at Contact Me

Sunday, December 5, 2010

Year End is Near

It is that time of year when we start thinking about about what did or did not accomplish in the last 12 months. I could bore you with what I did or did not manage in 2010, but I think the fact that we each have made it though the last few years is enough evidence of accomplishments.

That said 2011 will tell the tale of years to come. It is my gut that how this next year rolls out and wraps up will be what we measure the following 5-10 years against.

I heard Friday that if things do not change rapidly we are faced with the next 18 years of recovery economically. That was a wake up call for me, 18 years from now I will be the same age my mother is right now.

Taking this into account means looking at what we are each doing now with eyes toward tomorrow.

Ask yourself some questions have you set up a 401K, Roth, IRA or SEP ? I know just enough to be scary when it come to this accounts, but smart enough to trust my husband and CPA.

As a Santa Cruz Real Estate Agent, I can assure you that these plans make sleeping at night much easier. Don't forget your share of tax deductions.

For clear insight into the the Santa Cruz Real Estate Market, and the economy please join us at Keller Williams Santa Cruz Market Center on Dec. 14th at 11 a.m. to listen to Carol Ridoni a consultant owner of Bamboo Consultants, and well know Real Estate Guru!

or information on Santa Cruz Real Estate, Buying Homes, or Selling Homes please contact(831-247-9977) me. I would be happy to include you in my E Newsletter mailing.

For a FREE no obligation Market Analysis email me at Contact Me

Wednesday, November 24, 2010

Thanks Giving

Tomorrow is Thanksgiving, and I think it is important to say Thank You for all we have.

I wonder if my parents felt the same level of the "unknown" that I do. I am sure on some level they must have. I am sure they wondered about their health and that of their families. Worried about jobs, money and bills. Wondered at times, about the stability of their marriage, and the marriages of their friends and families.
I never, ever saw them worry or wonder over these things, they seemed all knowing, all powerful and in control in my eyes.

So in being thankful today, first it is to my parents who raised me with a feeling of security and strength, who provided me with more that I needed, and everything I ever wanted. For always loving me, even though during those rough times, it did not feel like it. I miss my father everyday, but I am thankful that my Mom is doing and being who is she with all my heart.

To my best friend who has always been there no matter what. I if I live to be 100, she must live to be 100+, since I can not imagine my life without her.

To my numerous friends, though we may not see or talk with each other often enough. I know we all take time out of our lives and think of each other kindly and with great warmth.

And finally to my husband, who puts up with my craziness, my love of soap operas, my disorganization at home, my lack of concern for certain things, my trying but not always doing, my loving Sophia-which goes beyond the scope a healthy person should have for a dog. My huge desire for warm weather vacations where I really just want to sit on a beach. Along with everything else I do that drives hims nuts. He is often tolerant, sometimes not. Sometimes he says things he probably wishes he hadn't but life is not easy and sometimes I make things harder than they need to be, I think we all do.


Today I say thank you to everyone who has had a hand in where I am today, but mostly to where I am headed in the tomorrows to come.

Saturday, November 20, 2010

Foggy Title

When was the last time you read a Title Report? If you own a home it was most likely during the purchase. If you do not own a home, my guess is you have never even seen a Title Report.

As part of the purchase process, your Title and Escrow Company will order a title report to ensure that there are no "clouds" on the title. "Clouds" can mean that others besides the sellers, mortgage holders and "known" entities have a claim to the property in some way, shape or form. These unknown parties could stop the purchase process if their claim is not cleared prior to the sale or they could appear after the fact "claiming" rights to the property.

One of the roles of a title company is to insure that all lien have been cleared at the time of purchase.

If you are unsure of any items on a title report, the title officer, county recorders office and your Realtor can help answer any questions and provide guidance to help clear the title on the property.

For information on Santa Cruz Real Estate, Buying Homes, or Selling Homes please contact(831-247-9977) me. I would be happy to include you in my E Newsletter mailing.

For a FREE no obligation Market Analysis email me at Contact Me

Saturday, October 23, 2010

CRASH..


I was minding my own business driving south on Highway 1 on my way home to Aptos yesterday, after a day of being a hard working real estate agent in Santa Cruz. Suddenly there was a loud, thumping crash. Unfortunately, it turned out be a Toyota Hylander that had run smack dab into the rear of my lovely very British coupe.

The good news no one was hurt not me, not the driver of the other car and no one else decided to smash into either of us.

The bad news Miss Kitty, my very sleek Titanium colored, earlier mentioned coupe, did not fair so well. Her boot (British for a trunk) would not open after being buckled, the rear light covers are crushed,the rear bumper is likened to a ride at the Santa Cruz Boardwalk, and all the lovely chrome, and any solid body panel no longer looks as though they belong.

Having an auto accident is no fun for anyone, but it is especially problematic when you freak out. I had an undetectable melt down. The result of which is I forgot everything you are suppose to do when you are in an accident.

I failed to get proof of insurance, or the registration. I did manage to get the drivers license information, name and phone numbers. There should be a white board attached to all car sun visors that has a list and a place to write everything down, since all my paper, pen etc. was in my now locked, forever trunk.

Lucky for me, the other drive has contacted my insurance and provided the necessary information. I filed a report with the Highway Patrol very early this morning. So I imagine she will be very alarmed when the nice man with a big gun shows up at her door today to get the missing items from her.

Now the fun starts, I have to wait for her insurance to contact me about repairs, rental car etc. I thought about asking her if she knew anyone interested in buying or selling their homes, but the timing just seemed wrong.

Life in Santa Cruz is pretty darn good, lets just hope this all gets taken care of quickly, so I can go back to enjoying it!

Monday, September 20, 2010

Tip for the Times

Has the value of your Santa Cruz home decreased since you purchased it? Do you want to keep your home in Santa Cruz and ride out the current wave? How about paying less each your in property taxes?

Consider having your Santa Cruz property taxes reassessed. It is a simple and painless way to save a few dollars annually. You actually do not need to hire an outside source to have this done it as a service provided by the Santa Cruz County Tax Assessors Office. There may be a nominal filing fee or an administration fee.

In Santa Cruz you can visit Santa Cruz County Assessors Site look for the assessors appeals form, or decline in value reassessment form. When you are completing the form you will need to explain the estimate of value, this is something I am happy to provide for you by way of a free Santa Cruz Home Market Analysis. From that point a current value can be determined and presented to the assessors office.

It is also a good idea to include a cover letter, in this you will want to explain how the value was determined and any additional information you have regarding recent sales in your neighborhood, special conditions etc.

If you purchased your home at the height of the Real Estate Market the savings on your property taxes can be significant.

For information on Santa Cruz Real Estate, Buying Homes, or Selling Homes please contact(831-247-9977) me. I would be happy to include you in my E Newsletter mailing.

For a FREEE no obligation Market Analysis email me at Contact Me

Friday, September 3, 2010

Unsend an email...Maybe

Have you ever hit the send button on an email..and wished you had not?

I know I have,and I know another Realtor in Santa Cruz-who should probably never send an email written in the heat of the moment. Although it is often great entertainment to read emails that should never have seen the light of day, as a form of professional communication it is important to "do no harm".

As a Santa Cruz Realtor, email has become a primary form of communication with our Home Buyers, Home Sellers, along with Lenders, Inspectors, and one another. But there are always times that it might have been best to unsend an email.

Having second thoughts, best hope your are using an email provider that allows you to unsend.

Gmail launched an unsend function last spring.You have a 30 second window to locate the unsend feature in Google Labs. Open your Gmail page,find the green lab beaker icon i the upper right hand corner, and click to access Labs. Scroll until you locate the Undo Send and click the radio button to enable it and save your change.

Now ever time you send an email along with the line that reads your message has been sent, you will have an Undo button. Click it within the 30 seconds and Ta DA, your email with stay safe within your control.

In Outlook you will need to access the Tools menu and select the Rules and Alerts. Click on New Rule and choose the check messages after sending located in the "Start from a blank rule" section. Click "next" twice or until you reach the Select Actions page. Check the box "defer delivery" by a select number of minutes, this will activate the edit box where you will select the amount of time you desire your message deferred before delivery. You may select between one minute up to 120 minutes.

Windows live and Hotmail, are free mail services that also include msn.com, live.com Your only choice using this providers is to save your emails as drafts, then send them at a later time manually.

AOL, offered a limited deferred delivery option until earlier this year, but that service is no longer available.

If you are a Yahoo user, there is no chance of stopping anything once you have hit the send button. It is much like building projects, measure it twice, cut it once rule.

For information on Santa Cruz Real Estate, Buying Homes, or Selling Homes please contact(831-247-9977) me. I would be happy to include you in my E Newsletter mailing.

For a FREEE no obligation Market Analysis email me at Contact Me

Tuesday, August 24, 2010

Smart Money

This blog will re-cap a recent article on handling your money in a manner that is smart, as opposed to handling it like a "drunk debutante".

Ten Sure Fire Smart Starts:

1-Max out the 401(k)
This saves on your overall taxable income, and many companies will match to a cap what you contribute.
2-Loose the Vacation House
Unless that vacation home was dirt cheap, or you go there every weekend year round the costs do not stack up.
3-Put $5,000.00 into your individual retirement plan or Roth IRA
It is suggested that if you are over 50, stick in $6,000.00 annually. Again it is tax sheltered money and it grows. This year starts the new program allowing anyone to contribute to a Roth via the traditional IRA then converting it into a Roth. Check you your tax accountant or CPA for the taxable consequences.
4-Pay off the credit card debt
If you still carry a balance each month this is a huge win. The interest on the balances is most likely way above 15%.
5-Fire your Banker
Yipee, this should be a fun one. Check out the local credit unions, or community banks. They usually charge far less than the big guys and do a better job to boot.
6-Get your tax refund early
How? By not over paying in the first place. I know folks who get really excited that they are getting back thousands every year on their taxes. All that means is that dear ol' Uncle Sam had your money all year long, and you did not. You can then use the additional money you bring home each week to pay off your credit card debt.
7-Inflation protected bond
Treasury inflation-protected securities (TIPS) are issued by the U.S. Goverment and are guaranteed against default. They are protected against inflation because the coupons and principal will adjust to reflect it. Be sure to hold them in a tax sheltered account.
8-Buy a bread machine
You can make your own bread and save $7.00 a week or $350.00 a year. Bread makers are easy to use cost about $50.00 so the return on your investment, about 600% in the first year.
9-Shop the competition
Call the competitors for your house, auto, life insurance and get new quotes. You will be amazed and the different rates and coverage available. Check into raising your deductibles too, that can save you hundreds if you just double your deductible.
10-Bank Freebies
Skip Starbucks and stop by your branch for your coffee, sign up for a free credit card in exchange for the airline voucher- then cancel the card.

As always Contact Me for more additional tips, and a free Santa Cruz Real Estate Update.

Wednesday, August 11, 2010

Social Networking

I have been making an effort to spend at least a few hours every week on social networking site. It has been great fun re-connecting with friends from my past on Facebook, checking in with past business associates on LinkedIn, then there is also ActiveRain, Blogger.com, Blogster, Plaxo, Twitter, Yelp and many other sites. Along with updating my website , actually my husband does that.

Does that sound overwhelming to you? It is very overwhelming to me, but it is an important piece of my Santa Cruz Real Estate Business. Recently,I had the opportunity to represent an old school mate in the purchase of a home in Santa Cruz allowing them to move back to Santa Cruz County, and he located me via Facebook.

Managing all the sites, photos, links etc. is more than I can deal with at times. Recently in the Santa Cruz County Sentinel there was an article about a new start up called MyWeboo that appears to be the answer to my problems, not all of my problems, just my social networking problems.

The upshot is that MyWeboo acts as a location where it creates "bins" to organize your family pictures, school reunion files, work documents, food recipes, Facebook pictures, YouTube videos, and the rest of your digital world from one single location. Allowing you to access your contents located on different storage services and social networks on the cloud, anywhere, and anytime.

Sounds like the space of my dreams, now I just need to figure out how to manage it and I should be good to go...

For information on Santa Cruz Real Estate, Buying Homes, or Selling Homes please contact(831-247-9977) me. I would be happy to include you in my E Newsletter mailing.

For a FREEE no obligation Market Analysis email me at Contact Me

Wednesday, July 28, 2010

Beware For Sale By Owner

Let's pretend that you are thinking of buying a house. You have been looking quite a while and have decided to target a specific area of Santa Cruz County. Somewhere close to the beach, naturally- but not too close since you can not afford "walk to the beach" prices.

There before you sits the perfect little cottage, with a white picket fence, a lush green lawn and a hand made FOR SALE BY OWNER SIGN. You call the number and get a chance to meet the wonderful couple who are moving to be closer to their grandchildren, and also refuse to hire a professional to sell their home.

Why have they decided not to hire a REALTOR, you might ask. For one thing, no one knows this house, neighborhood, etc., better than they do. They have lived here for 30 years, they raised all 4 of their children in this house, and heck, Bob the owner even built the back yard BBQ himself, back when Bob Jr. was in junior high.

The real reason is probably because they do not want to pay a REALTOR commissions. That is fair enough, but as a home buyer are your protected from Mr. and Mrs. FSBO (For Sale By Owner) if you buy this little charmer from them directly? Probably not.

The other important question is are Mr. and Mrs. FSBO protected from you, the home buyer looking for a killer deal, and willing to forgo all the "details" of selling or buying a home to save a few bucks?

As a Licensed Realtor in the state of California we are held to a standard and required to following a specific set of standards and rules when representing a home buyer or home seller, interestingly enough your FSBO is required to provide the buyers with the exact set of Seller Disclosures that we use. But, do you or Mr. and Mrs. FBSO know what those are? Do they know how to fill them out correctly? What to look out for? Probably not.

Another important concern should be liability. All Realtors' carry insurance called Errors and Omissions Insurance. It is very expensive and allows both home buyers and sellers the knowledge that if there is a problem down the line with the transaction there is recourse they can take.

If in your travels you decide to be either a Santa Cruz Home Seller who decides to sell your home yourself, or you decided as a buyer to consider purchasing a For Sale By Owner Home in Santa Cruz, please Contact Me. I have a list of important information I would be happy to provide to you.

Friday, July 23, 2010

OPPS, don't forget those HOA fees

Many foreclosed homes or condo's are managed by homeowners associations (HOAs) and are months’ or years’ worth delinquent on their HOA dues at the time of foreclosures.

Given that foreclosure takes six months or longer in most areas, the vast majority of home owners facing foreclosure are very aware that it’s coming. The vast majority of these people stop paying their property taxes and HOA dues when they realize that they’re going to lose their homes.

The type and extent of HOA collection efforts, which are legal, depends on the terms of any agreements that were signed when the property was purchased, the laws in the area.

Virtually everywhere, HOAs are authorized under state law and the terms of the complex or subdivision’s covenants, conditions and restrictions (CC&Rs) to place a lien on the property once your dues fall delinquent by a certain amount (usually a certain time period, like 90 days behind).

However, this lien is placed against the home itself, not your personal property, salary or bank account. I have experienced delinquent HOA fees being paid by the lien holder in a short sale, but just as often I have seen a short sale stop dead in it's tracks due to delinquent HOA's because the lien holders refused to pay them, and the home seller does not have the money to do so.

The HOA may require the lien to be removed before the title to the property can be transferred to a new home buyer, which would mean either the bank or the next buyer would have to pay the lien off to close the deal (many banks do in fact pay these types of liens off when they resell a property after foreclosure).

However, you should be aware that it’s totally in the bank’s own discretion whether or when it tries to sell your former home. In some instances, the bank does not even attempt to resell the property for months or even years following a foreclosure.

And it may do nothing to pay off the delinquent dues until it absolutely has to — which is when escrow closes on its resale of the home.

Under the terms of many HOA agreements and CC&Rs, the HOA may pursue a variety of traditional collection efforts — including collection agencies or taking you to court — until the back dues are paid. The HOA doesn’t care who pays them — you, the bank or even the eventual buyer — but it does have the right to take legal means to collect the money until someone pays.

The next step would be be to closely read the lien you received — it is probably a lien against the home, not a levy against your personal property or bank accounts. Paying the lien off against the home, to clear the property is no longer your responsibility — the bank will deal with that.

However, do be aware that the HOA can and may pursue you for the delinquency personally, if it chooses to do so before someone else pays it.

Remember you need a professional to help you through the process of selling your home, or purchasing your new home once it has become an REO or Foreclosure property.
Contact Me for up to the minute information on Santa Cruz Foreclosures that are for sale.

Monday, July 19, 2010

So Your Short Sale offer was REJECTED?

Lets pretend you have made an offer over list price on a Santa Cruz County Short Sale property. You are pretty excited, since you "know" that going over the list price will assure your offer gets accepted by the lien holders..Don't be so sure, there does not appear to be a reason why some offers are rejected and some are accepted. As a Santa Cruz Home Buyer, you are about to be disappointed.

Here are a few reason your offer may have been rejected:

Another home buyer might have simply gotten into contract first. Once a home seller is in contract with a buyer, they can’t simply cancel the contract with that buyer because they get a higher offer. Some banks require that all offers are submitted by the listing agent so they can select the highest and best offer, no matter when it comes in. Others want only the actual "contract" the seller has signed.

With Short Sales, there is the additional issue, that once the bank is considering one contract, many experienced short-sale listing agents will not submit any additional offers to the bank unless and until they receive an acceptance from the bank — regardless of whether the bank has requested to see additional offers or not. Some agents believe that more than one offer confuses the process of acceptance, and sometime I think it does. There is a great deal riding on the experience of the Asset Manager of the banks concerning how the files and offers are handled.

Many fear that submitting a new offer essentially presses the restart button on an already interminable short-sale application process. And this is especially so in situations where the new, incoming offers are higher than the one being considered — here’s why.

Short sales take a long, long time. And they are very unpredictable — most of the time, there’s no telling how long it will take before the bank will issue an acceptance, or whether the bank will ever accept the short-sale application at all!

For this reason, buyer’s brokers and listing agents alike understand the reality that most buyers who make offers on short sales continue to look around for other properties, even if their offer was the one accepted by the seller. As a result, oftentimes short-sale buyers make an offer but fail to hang in the transaction for the duration. If you are considering submitting an offer on a short sale, take it one step further and be willing to submit your initial deposit (it can be a small amount) to the Title Company upon acceptance of your offer, this demonstrates to the lien holder that you are willing to hang in through the process, and wait for your approval to purchase.

So, here’s what happens in a short-sale listing agent’s head. They get an offer for $560,000 that is submitted to the bank for consideration. Then, they receive an offer from you, for $5,000 more. Some listing agents — as backwards as it sounds — would prefer to get the bank to approve the lower sale price, because the approval of your higher offer price ties their hands from ever accepting other offers at a lower sale price than yours in the (quite likely) event that you walk away before the deal can be done.

If you walk away, and the bank has already seen or approved your high price, the listing agent may never again be able to find another buyer to pay that much. And the bank may never accept less than your offer price, once they’ve seen and/or approved it.

Other things could also be at play here that would make your offer less desirable than the prevailing offer. You offered $5,000 more, and were offering cash, but the other offer might also have been all cash — especially at that price point and in that area. Did your offer include a proof of funds — a bank or other account statement documenting that you actually have the cash in hand to do the deal? If it didn’t, and the other offer did, that could cause a seller to select the other offer over yours.

Did your offer contain any contingencies, like appraisal or inspection? If it did, and the other offer didn’t, that could also push the other offer into priority over yours.

Did the listing broker or agent also represent the other buyer? Often, the total sales commissions paid out on the seller’s side go down — and the total commission earned by the listing broker goes up — when the listing agent represents both buyer and seller.

This arrangement — where a seller agrees to pay a 5 percent commission split 50/50 between two agents or 4 percent commission if the listing agent also represents the buyer (the specific numbers are hypothetical) — is called a dual/variable commission structure, and can also result in preferential treatment to a lower offer because the costs are lower to the seller on the transaction that included dual representation.

There’s no way to know for certain — other than asking the listing agent, who may or may not elaborate — exactly why the lower offer was preferred over your higher, cash offer. But I would encourage you not to shoot the messenger!

I don’t know if you’ve heard or read, but short sales are notoriously difficult to buy.Google it, and don’t fire your agent over something that’s totally out of their control. Unless, that is, you have an ongoing trust crisis — even if it’s unwarranted, that’s a good enough reason to get referrals and do whatever it takes to find an agent you do trust.

The homebuying process is difficult enough — for both you and your agent — without you constantly questioning whether your agent’s on the up and up and threatening to ditch her when things don’t go your way.

If you’re trying to buy a short sale or REO, the one thing I can guarantee you is that something — or many things — will not go your way.

If you are considering selling your home or buying a home that is going to be a Santa Cruz Short Sale Listing be sure to Contact Me, so I can help you navigate your way through the maze.

Thursday, July 8, 2010

Rough Week

This has been an very difficult and rough week so far, which seems odd since it started with a holiday..

I am not going to explain what has made this week so wacky, as most of it really makes no sense in regards to the "mood" I am in.

But there is one bright spot, my husband sent me this super fun cool link, and when I played with it just now, my partner told me I looked to be having fun- so I am sharing- in case anyone is in a funk.

Make Music

Contact Me with your fun web sites.

Tuesday, July 6, 2010

Rental or Short Sale??

Recently I received this question via email, I thought it the perfect Blogger topic:

Q: My wife and I want to sell the four-bedroom home she owns in Santa Cruz County, near Pleasure Point. She refinanced it in 2006 for $910,000, but it's only worth $480,000 now. We want to sell it to get rid of the financial burden, so my wife can quit her job and we can start a family. But we can't do it without a short sale. We have a good tenant renting the place right now who may want to purchase it. What should we do?


A: A short sale is the quickest way out of your dilemma, but it will wreck your wife's credit for years to come. Given that she will be out of the work force, limiting her ability to rebuild her credit, I'd consider this only as a last resort.

In the meantime, look into these other options:

* Consider a loan modification. Because this home is now an investment property, and not your primary home, it won't qualify for any refinancing programs sponsored by the federal government. Still, your lender might be willing to restructure your loan. An attorney can advise you on the best way to broach the issue. The attorney can review your loan's documentation to see if it fully complies with the Real Estate Settlement and Procedures Act–a federal law designed to prevent kickbacks and promote ethical lending practices. If the loan isn't in compliance, your attorney will be able to argue that the loan is void, and will be in a good position to negotiate a reduction of your principal and/or interest (you may also be due a refund of your original closing costs).

* Wait for the real estate market to recover. According to Zillow.com, home prices in Santa Cruz County have indeed taken a hit since their mid-2000 highs, and dropped almost 8% in January 2010 from a year earlier. At some point, perhaps soon, prices will recover. In fact, the most recent statistics are encouraging, research shows prices for Santa Cruz homes that are not in foreclosure actually rose 6.1% in March 2010 from the month before.Recently I had a listing receive a full price offer after only a few short weeks on the market, needless to say- the home sellers are packing.

* Talk to your tenant. Usually, I'm a big fan of rent-to-own deals, but since your property is only worth 52% of what you owe, I doubt you could negotiate a sales price and terms that would recoup all or most of your debt. But you never know. If your tenant has blemished credit, loves your house and wants to rent for four or five years before buying (when prices are sure to be higher), you might be able to come to an understanding. Such a deal would ensure that your property is kept in good condition, Make sure that if this is the route you choose,that a licensed Real Estate Agent is involved to avoid any mis-communication, while insuring that all contract documentation is correct and LEGAL.

If you have any questions that I can answer for you, please Contact Me.

Monday, June 7, 2010

Had to Share this One

Everyone knows that I have been working with Home Buyers and Home Sellers in Santa Cruz County on Short Sales for the last 4 years.

Am I an expert? No.

Do I know more that some others who claim to be experts? YES.

Do I know something about making Short Sales work and close that others do not? No.

Have I closed over 95% of every Short Sale I have been involved with? YES.

Do we learn something new about new about Short Sales every single day? YES.

I had to share this article, as it covers, and answers many of the questions that arise during a Short Sale Transaction.


WASHINGTON (MarketWatch) Question: A bank in Ft. Lauderdale has the final say on the sale of a house my daughter wants to purchase. The Realtor sold my daughter on making an offer on this townhouse, which is owned by someone who owes more than the place is worth. The day on which she was promised an answer has come and gone, but she has heard nothing from the bank. When she questioned it, she was told she is at the bank's mercy and she would receive an answer whenever the bank got around to it. The sale is scheduled to close soon, but still no word.
On several occasions, the listing agent has advised my daughter's agent that my daughter should hear something on such and such date, but that date rolls around with nothing. Not even a call from the Realtor. She is told that is the way it is and to get used to it. I have told my kid to move on and quit messing around with these jerks. They have zero empathy and show zero care. They have not changed spots even though we taxpayers bailed them out.
My daughter wants the townhouse, qualifies for the loan and has the 20% down the cash she needs to close. She has a high credit score with never a glitch or financial misstep in her 37 years. She has a good and secure middle-level management job. No financial reason exists for her not to be accepted. Does she have any rights? I find this beyond unbelievable both from a business and moral standpoint.

Answer: Unfortunately, your daughter has no rights, at least not in this case. Whether or not the bank accepts the short-sale price is between the bank and the owner.
I can't tell you exactly why the bank is dragging its feet, but I do know that lenders want to make absolutely certain that their borrowers aren't trying to get out of mortgages they still can afford. Many people are hiding assets and otherwise lying to their lenders to get out from under loans on which they can still make the payments but choose not to.
Lenders also want to be sure the house in question is not worth more on the open market than what your daughter is offering. In the long run, it may be less expensive for the lender to foreclose, take back the property and sell it than it is to allow the proposed short sale to go through. And unfortunately, it is still all about making money for some lenders.
Only after the lender is satisfied with the answers to these two questions will it turn its attention to your daughter and whether or not she is a qualified borrower. Meanwhile, she can call off the deal anytime she likes and find another place. It may not be the house she wanted initially, but these things have a way of working out for the best. Nine times out of ten, the houses people eventually buy turn out to the best choices after all.

Are you interested in purchasing a Short Sale property, or are you considering the possibility of Short Selling your Home. Please Contact Me for up to the minute information that could make all the difference in your success.

Tuesday, June 1, 2010

Time to BUY

For many home buyers, the term foreclosure brings up images of run-down homes with no heat and rotting wood. While this is still the case for some homes, it’s no longer the standard. In fact, first time buyers are snatching up distressed deals in decent condition for great prices.

According to a November 2009 Keller Williams Research Buying Distressed Properties Survey, 40 percent of all buyers for bank-owned foreclosures (REOs) were first-time home buyers in 2009. 50 percent of all short sale buyers were first-time buyers.

By definition, a distressed property is one that was purchased with a loan and the homeowner is no longer able to make their mortgage payment resulting in foreclosure – or if they’re lucky a short sale – meaning they owe more on the home than it’s currently worth. With a 20 percent increase in foreclosures from 2009, distressed properties still remain a large portion of home sales and are going to continue well into 2010 as homeowners continue to feel the effects of an economy on the mend.

If you’re in the market for a home and are prepared for a unique transaction, a distressed property can be a great option. Here’s why:

Prices are low – Buying a foreclosed property is an excellent way to get a home in Santa Cruz County for less. Research shows you can save 10-40 percent over the price of similar properties in a traditional sale.

Mortgage costs are low – With rates hovering near historic lows, financing costs to are favorable. Keep in mind, rates are always changing. It’s important to begin the pre-approval process so that you know how much you can realistically afford.

You have options – The number of homes in some stage of the foreclosure process still remains high. RealtyTrac, a site dedicated to tracking foreclosures across the country, estimates that there are approximately 2.1 million homes in some stage of foreclosure in the United States.

Sellers and lenders are motivated – According to data from RealtyTrac, in April, one in every 387 households in the country has received a foreclosure filing. The bottom line is that many home sellers are still feeling the pain of a down economy and are anxious to out get from under a home that is putting stress on their current financial frustrations. While it is still an emotional transaction, these sellers are willing to come down on price or even consider concessions such as helping out on closing costs. Banks holding on to large portfolios of Real Estate Owned (REO) properties want to unload quickly – and price these home to sell.

Your best ally when purchasing a distressed property is an expert.I have been involved in the sale and purchase of REO, Short Sales and Foreclosed properties in Santa Cruz County for over 4 years, representing both home buyers and home sellers. Always have a professional REALTOR® by your side to help you make informative decisions. If you’re interested in learning more about purchasing a distressed property please Contact Me and I will be happy to provide you with information.

Friday, May 21, 2010

The Truth, Nothing but the Truth

It is important when selling your home to speak nothing but the truth, and to disclose every possible issue up front to your agent, the buyers and buyers agent, but that does not always happen.

Home Sellers disclosures vary from state to state, but generally require documentation of material problems with the home, such as leaks in the roof, past or present flooding issues, pest problems, presence of lead paint, mold problems, structural issues, electrical problems and water or sewer issues. A licensed Realtor will provide the documents for a home seller to complete, and trust me there are a multitude of documents. As a Santa Cruz Real Estate Agent, I have opted to hire a Licensed Real Estate Transaction Coordinator to work with my Home Sellers, she makes sure that all the documents needed in a Home Sale are in order and correct.

But as a Home Buyer, don't take sellers at their word. Because if they're holding something back, it could cost you. Sure, if sellers do fib, and it can be proven that they knowingly weren't upfront about something, a wronged buyer could sue for damages. As important as it for a seller to speak the truth, it is just as important for a buyer to investigate every aspect of the property before buying the home. I provide all my Home Buyers and Sellers a Golden Circle List of Recommended Vendors that are professional licensed inspectors, contractors and property investigators.

I have heard of situations where the buyer was told the sewer was in and hooked up, only to find out later that the home was still being serviced by an "illegal" septic tank. This omission resulted in the buyer having to pay to hook up the sewer, and then trying to get the seller to reimburse them, all after the sale had closed.

Remember, that when you're buying an existing home it's important to have realistic expectations. Know what you're getting into, but understand that sellers might not know about a particular problem in the home. And there's nothing to say that things won't pop up right after you close.

If you have unreasonable expectations, you will always find something to be disappointed with. There's always going to be a surprise with a used home. I always insure that a Home Warranty Plan is included in the sale or purchase of any home sale I am involved with.

If you have more questions about Seller Disclosures, or need the recommendation of an inspector or contractor, feel free to contact me at 831-247-9977

Friday, May 7, 2010

Lock Your Rates NOW

I am sure you have all heard about the recent dip in mortgage loan rates. This morning I made it a point to call all the Santa Cruz Home Buyers I have been helping, in order to encourage them to LOCK THEIR RATES.

It is a very simple process for a Home Buyer to call their lender and ask to have the rate on the mortgage loan locked in. Even if they are just thinking about writing an offer on that super cute condo, now is the time as we are in the midst of the lowest rates we have seen in the last 3 months.

Today, my Santa Cruz Mortgage Lender of choice, has told me that a 15 year Purchase money home loan that is with no bells or buy downs is at 4.375% and your common good old 30 year fixed is at 4.99%. The rates will make a significant change in the overall cost to a Santa Cruz home buyer.

If you are considering the buying a house in Santa Cruz, now is a great time since there a great deal of homes for sale, mortgage rates are low, and the weather in Santa Cruz is great for going to open houses.

You can catch me tomorrow at 2241 Paul Minnie, a wonderful turn key home looking for new owners!

Thursday, April 29, 2010

Short Sales-vs-Bank Foreclosure

As a Santa Cruz Real Estate Agent, I have had the opportunity to represent home buyers and home sellers in both Short Sales and Foreclosures (REO's). There always seems to be the question which is better for the home owner of the distressed property, and which is better the home buyer of that property.

There are upsides for a home buyer in both situations, however in my mind, at this point in time it is ALWAYS easier, faster and more cut and dry for a home buyer to purchase a bank foreclosure than a short sale. Generally you know exactly what you are buying, when the escrow is going to close and who will pay for what right out of the gate with a foreclosure. In a short sale, nothing is set in stone until the offer is accepted by the lien holder, and that often can take up to 4 months of waiting. Once the lien holder agrees to a short sale it is very possible that the terms and conditions of the offer could change based on what the lien holder is willing to accept and approve.

From the home sellers point of view, always pick a short sale (after talking with a CPA). The sellers credit recovery is much quicker than with a foreclosure. The seller is able to stay in the property during the process, which allows them a sense of control. Foreclosures work for some. Home sellers often like the feeling of walking away and letting the lien holder "deal with it". A short sale is also better for the community as a whole, home sale prices are often higher in a short sale, helping to retain property values, homes are often in better condition, and continue to be maintained during the transaction.

The bottom line is neither is an ideal situation for home buyers or home sellers, but real estate professionals are better trained and educated to deal with both transactions. Please feel free to contact me if you are in the need of a astute CPA, interested in IRS information on Foreclosures or Short Sales, or just need more detailed information.

Wednesday, April 21, 2010

Save some Dough

This weekend the San Jose Mercury News ran a great article in the Business section regarding cutting the cost of cell phone bills. I am pretty sure that across the board we would all like to cut back on those cell charges. With all the bells and whistles on smart phones today it is hard to resist the allure of having all the applications and programs available in one place on your hip pocket.
For my money, I can not imagine not having my email in my hand 24/7, and then being able to use the Internet to do on the spot Santa Cruz Property MLS searches while showing houses for sale. This system makes my business much smoother, additionally much of my client communication when they are buying or selling their homes is now done via texting.

The article provides useful web sites that provide cell bill analysis, although it warns that you will have to provide your cell number, and wireless account number.

1-BillShrink a free service that is easy to use will compare your cell bill plan against those offered by the big four carriers.
2-Validas For a small fee ($5.00 in most cases) will get you a detailed comparison of your charges ranked against six other wireless companies. This site was launched by two former Verizon Executives, nice to know where all the money I have paid them over the years went. In the example they recommend a plan that would save $480.00 annually.

There is also the do it yourself comparison shopping. I have found that calling my always friendly Verizon customer service representative, and going through my bill with them every 3 months or so usually results in a small savings or a switch to a plan that is more compatible to my usage.

Friday, April 16, 2010

Buyer Be AWARE

Recently there has been much made of the new home buyer tax credit. In order to qualify for this $8,000.00 tax credit you must be a first time home buyer (meaning you have not owned a home in the last 3 years), and must meet specific guidelines concerning the timing of the offer and close of escrow. (IRS Tax Credit Info) The program was so popular and jump started our sagging housing market, that it has been extended and expanded.

Sound too good to be true?

Maybe...

Several that claimed this tax credit on their income tax are being audited. The National Association of Realtors estimates that 2 million first time buyers have qualified for the credit,along with 1.5 million repeat buyers.

Close to 650,000 correspondence exams from the IRS have arrived in our mail boxes. A correspondence exam is a request for additional information,and is the first step in an audit.Of those receiving this request 140,000 had filed for the home buyer credit.

Through the end of February more than 1.8 million taxpayers applied for the home buyer credit. Of those who have applied for the credit as many as 260,000 or 14% are now facing an IRS audit.

Too good to be true..naw, this tax credit has help numerous folks buy new homes, just be for warned, be prepared, dot those "i's" cross those "t's" and enjoy your new homes!