Looking to Sell Your Paradise or Magalia Home? Real Estate for Today’s Magalia and Paradise California Home Sellers and Home Buyers Selling your home can be an emotional and trying experience…and that’s before a potential suitor ever walks in the door. Once you’ve made the decision to sell your home, be smart about it. There are many pitfalls that can arise. DOs Be flexible. Often it’s the little things that push a buyer into the “yes” zone. If the buyer goes on and on about how much they love your ice maker, throw it in. If the closing has to be pushed ahead more than you expected, try to be as flexible as possible and pack the moving van a little quicker. Clean up. One person’s prize doll collection is another person’s cluttered nightmare. Similarly, a living room filled with Beanie Babies could elicit a reaction of fear, rather than “Aw, how cute!” from a buyer. Put away any personal collections that not only cause clutter, but also make it hard for a buyer to see the home as his or hers, rather than yours. DON’Ts Don’t be greedy. The market—not your emotions—dictates your home’s price. If comparables in the area, and several trusted real estate agents tell you your home is worth $400,000, you’re not fooling anyone by pricing it at $500,000—and you’re only doing yourself a disservice. Pricing it at market, even a little below, could generate a bidding war, and ultimately get you more money. Don’t get personal. If you’re selling your house for a certain amount, and someone offers something much lower, don’t take this as a personal affront and refuse to counteroffer. Letting your emotions get in the way can potentially ruin the deal. What’s the harm in making a counteroffer? Don’t procrastinate. In the current climate, you might be scared to try to sell your home, as you may have to face a lower selling price than you may have gotten before the recession. But remember, the house you buy might be even lower, commensurately. It’s all relative. So if you’re serious about selling, consider doing it now. Buyers, don't forgo 'final walk through' 01/24/2011
Real Estate for Today’s Magalia and Paradise California Home Sellers and Home Buyers Buyers, don't forgo 'final walk through' Eliminate hassle with repairs, contractors, home systems Imagine taking possession of your newly purchased home and finding that every light bulb has been removed, the place is filthy, and the dining room light fixture that was to have been included in the sale is gone. Not only frustrating and disappointing, it's natural to wonder what else might be missing and what to do next. First, call your real estate agent and report the general condition of the property. The purchase contract should specify what condition the property should be in when the sellers turn it over to you. The contract might specify that sellers' personal property that isn't specifically included in the sale and debris must be removed. If an item like a dining room chandelier that is permanently attached to the house is not included in the sale, this should be spelled out in the contract. If you're unable to resolve the issue directly with the seller or with the help of the agents involved, check your purchase contract for the section that deals with dispute resolution. Then call a knowledgeable residential real estate attorney for advice. Situations like this rarely occur. That is, unless you're buying a foreclosure property on the courthouse steps. These buyers rarely have a chance to preview the property before it's purchased. These properties are often stripped free of appliances, bath fixtures -- anything that has salvage value. This sort of purchase should be left to savvy investors and avoided by inexperienced home buyers. In a conventional home sale, the buyers' contract should include a provision for the buyers to take a final walkthrough of the property within five days or so before closing. This is not a contract contingency. It gives the buyers an opportunity to confirm that the property is in substantially the same condition it was when they entered into contract to buy the home. Also, if the sellers completed any repairs on the property between contract acceptance and closing, like fixing a leaking plumbing pipe, the buyers can confirm that this work has been done. Sellers should document in writing any such repairs, and the buyers should sign that they received this information. HOUSE HUNTING TIP: Unless you've made numerous visits to the property to take measurements or figure out furniture arrangement and are confident the sellers will leave the property in good condition, you should not forgo your right to do a final walkthrough. Many sellers won't vacate until closing takes place. So, you may not be able to see the property vacant on your final walkthrough. But, you should have an indication if there are any red flags, like the sellers haven't even started packing. You should not take possession of a tenant-occupied property unless you're buying the property as a rental and have made arrangements with the tenant to stay on. Otherwise, you could have difficulty evicting an obstinate tenant, which can be costly and time consuming. Ideally, the sellers will plan to meet with you at some point during or after your walkthrough to point out anything about the house that you might have difficulty figuring out on your own: the location of a light switch that isn't obvious; how often certain systems -- furnace, water heater, roof gutters, drainage systems -- need maintenance; and how to operate the irrigation system, to name a few. This will save you time. If the sellers moved out early, ask them to leave a list of items you should be aware of. This should not include new disclosure information, merely operating manuals for appliances and utilities and copies of all transferable warranties. THE CLOSING: Ask for a list of contractors and their contact information, who have worked at the property that the sellers recommend. This is invaluable information. Why Buy a Home? 01/04/2011
When you buy a home there are tax advantages. Effectively, home ownership provides an excellent tax shelter. But there are more reasons to trade your rent payment for a mortgage. Buying a home for this tax advantage isn't how you should look at it. Rather, think of it this way. You need a place to live. Receiving a tax advantage for the place that you choose to live in, is a nice bonus. Owning your own home gives you more freedom and the opportunity to create a living environment exactly how you want it. There's no consulting with landlords to see if you can do something to the home or who will pay for the change. Of course, that means when you buy a home you should consider what additional changes you plan to make, so that you can appropriately budget. Also, keep in mind that with home ownership come unexpected expenses for repairs and maintenance. While that may sound like a reason not to buy, it shouldn't be. Think about owning a car. There are maintenance issues and expenses but most people still like to own their own vehicle. Home ownership provides a sense of stability and security. Instead of wondering when the landlord might decide to sell the home, you are in control of that decision. Additionally, home ownership provides immeasurable values of belonging to a social community. Also, as a homeowner, you'll have a greater influence on community affairs. Renters, being usually more transient, have less influence on policymakers. What it comes down to is how long you plan on staying in a particular home and area and what you can afford. Owning your home weds you to a property which some people feel limits them. However, many others see a home as their life and the legacy they'll leave behind... a place where they raise children, enjoy company, experience life's ups and downs, and eventually pass on their home to loved ones. Weekly Market Report for Paradise and Magalia California Real Estate for Today’s Magalia and Paradise California Home Sellers and Home Buyers Click on photo for larger view   Should I Take My Paradise Home Off the Market During the Holidays? When you look at your calendar you may find the months already overloaded with seasonal obligations -- shopping, entertaining, children's pageants, charity work, decorating the house, and so much more. If you are also trying to sell your Paradise home, you are under extra pressure to keep your home in "showtime" condition. And that could be the last thing you need before the holiday spirit is broken. It is understandable why you would be tempted to take your Paradise home off the market during the holidays. And the list of justifications is long. If you are too busy, buyers may be also, and you may find your efforts unrewarded with not enough showings. And what if you do get an offer? You may be faced with the possibility of packing and moving during the busiest time of the year. Besides, you can give your house a rest, and it will have better momentum after the holidays. Better to just pack it in and start fresh in January, right? But wait! Most top Realtors agree that taking your home off the market during the Christmas season is a mistake. The house surely isn't going to sell off the market! What is the advantage of that? So you're busy. Let your Realtor do the work. You can leave in the morning, go to work, go shopping, and let your Realtor take care of things. The holidays are a wonderful selling period. Why? Because most people take off work sometime during the season. The husband and wife are both off and want to see houses. Most agents like the holidays because the buyers have more time, and they can look at homes together. Before you take your Paradise home off the market, consider the following points: Never be without crucial information again Ever find yourself rummaging through your glove box for an insurance card or walking back out to your car to remember your license plate number? Here's a simple tip to save you time: Use your camera phone to photograph important documents and keep them in your phone's photo album. Your license plate, auto insurance card, and vehicle registration are all good choices. While your phone's resolution might not be capable of photographing detailed documents, those little pieces of paper we all lose are a great place to start. Remember-- if you photograph sensitive information, you'll want to be sure your phone is protected by a passcode or other security feature. Also, it's never a good idea to photograph account numbers or passwords. While the photos aren't a legal substitute for proper paperwork, they can save you in a pinch. Buying another home after Foreclosure 11/16/2010
MYTH: Having a foreclosure on your credit history means it'll take years and years before you can buy again. One of the most Frequently Asked Questions by homeowners who are facing or have just lost a home through foreclosure is how long it will take before they'll be able to buy again. Until recently, the standard wisdom was that 5 years, minimum, would have to have elapsed between the foreclosure and the new home purchase. Now, though, borrowers can obtain an FHA loan with the low, 3.5 minimum down payment requirement as soon as 3 years following a foreclosure. To do so, though, all your other ducks must be in a row. Post-foreclosure buyers need a credit score of 620-640 to qualify for an FHA loan; higher for a non-FHA loan - given that the foreclosure itself usually dings anywhere from 100-150 points off the credit score (not necessarily counting a full year or more of pre-foreclosure missed payments), former homeowners who want to buy again need to ensure they have no other late payments or credit dings after they lose thier home. You must have clean credit with no derogatory marks like late credit card payments following the foreclosure, and you may also be required to document 12 to 24 months straight of on-time rent payments after the foreclosure. Further, the bank may impose a lower debt-to-income ratio on post-foreclosure borrowers than on borrowers who have not had a foreclosure, in an effort to keep your mortgage payments low, keep you from overextending yourself and boost the chances you'll be a successful homeowner over the long-term this time around. The bank will also need to see 2 years of continuous employment history in the same field, and documentation that you meet other loan qualification requirements. Top Ten Tips to Help You Survive Black Friday The Day after Thanksgiving brings out every bargain shopper looking to find the best deal. Being prepared for this hectic day can save you timeand frustration just by following a few simple guidelines. Subscribe to my Monthly Magazine 11/08/2010
Welcome Home Monthly Magazine Subscription  Just a Reminder to Fall Back this weekend On Sunday, November 7, 2010 at 2 a.m.  | www.tammysrealty.com
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