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!