HomeAdvice.net

6
March
2008

What is a Short Sale?

A short sale is the sale of real estate for less than the total debt on the property. In other words, there is no equity in the property. This is also known as being “upside down”. Short sales typically occur when a property is highly leveraged and the market loses value quickly… like now, especially in California.

A bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor, which is most people that own highly leverage property in SOCAL. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt.

In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower’s financial situation. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. A short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. Lenders have a department (typically called a loss mitigation department) which processes potential short sale transactions.

Typically, Lenders do not accept short sale offers or requests for short sales until a Notice of Default has been issued or recorded with the locality where the property is located. But these are not typical times. Banks are now well aware that the longer they wait, the more they stand to lose so many short sales are happening without a notice of default being filed.

Learn more at ShortSaleGloblal.com

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Scott Uncategorized Comments Off

7
February
2008

A New Knowledge Network about Buying and Selling a Home

The Home Sales Network has launched at www.HomeSalesNetwork.com

HSN is a collaborative writing project to compile the world’s best free knowledge resource about buying and selling a home. I am the senior editor. Please take a look. You will find lots of valuable content, how-to’s and videos there. You can also upload articles, edit them, rate them or join in the conversation about your home buying and selling experiences.

Thank you,

Scott

Scott Uncategorized Comments Off

18
October
2007

Understanding Closing the Sale from the Buyer’s Perspective

The time has come. You have signed all the documents required by your escrow officer. The escrow has been funded by your lender. You have deposited your our down payment into escrow. Today is closing day! Today you will own the home or real estate. It’s also the day that you and the seller will pay closing costs which are all the charges to close this transaction.

As a Buyer, what closing costs do I pay?
The seller pays for the real estate commissions. You pay for appraisal fees for your loan, loan fees, usually one half of the escrow charges, advance payments for property taxes, homeowner’s insurance, title insurance premiums for your lender and a few other charges like document fees and postage.

How much will I be paying for all this?
The amount you pay for to close varies with the purchase price. If you are taking out a new loan, an estimate of your costs will be in the settlement estimate provided to you (required under the Real Estate Settlement Procedures Act). This disclosure provides you with a good faith estimate and an itemized list of charges to close your transaction and take title.

Must I pay for closing costs all at once?
They must be paid at closing in the escrow in full since the escrow agent has to pay those parties at that time.
Can I use a personal check for the down payment or closing costs?

Typically buyer’s either wire the funds or use a cashier’s check. Using a personal check may delay the closing because your escrow officer will have to wait for it to clear. .

Am I required to have title insurance to buy a home?
All lenders will require it. If you pay cash for a property, you usually can get the seller to pay for it. You are not required by law to have title insurance but it sure it a good idea.

How much is title insurance?
There is a lot of confusion about this. Typically the seller pays for his/her portion of the policy and you pay for your lender’s title insurance. The seller’s portion is usually larger. Your escrow officer will provide you with an estimate but you can ask for quotes from several title insurance companies. Often the seller will try to dictate which company is used since he/she is paying for most of it.

Why does the lender need title insurance?
Because the lender needs to know the title is clean. Most lenders sell the loan and the buyer of the loan will never see the property so the insurance helps them know they have a valid and enforceable lien. Without a current title policy the original lender will not have a marketable loan.

What does my title dollar pay for?
Title insurance companies attempt to eliminate the risk of future title claims or conflicts by research during an intensive period of risk identification.

These companies spend a significant percentage of their operating revenue collecting, storing, maintaining and analyzing and disseminating official public records that may affect title to real property. This work is very labor-intensive and methodical. Their “title plant” is a specialized library of records that can go back in time hundreds of years. Also keep in mind that every day this information changes with each new recording, lien, lawsuit etc. These recorded documents affect real property and must be organized for rapid and accurate retrieval so a title can be updated in a short period of time.

Title experts must be able to identify the rights others may have in your property. This includes but is not limited to: recorded liens, disputes, lis pendes, legal actions, rights of ways or easements, or many other potential encumbrances of title. It have recently been involved in a transaction were there were 48 “Schebule B” items, which means there were 48 problems standing in the way of getting clear title so the transaction woud close. What a nightmare that was… But we got it done!

Scott Uncategorized No Comments »

28
June
2007

Buyers gain negotiation leverage with these 5 key questions

If you are a seller, be prepared to answer these strategically.
If you are a buyer, these questions will put you in control of the process immediately.

1. Why are you selling?

2. How flexible is the price?

3. What did you pay for this house?

4. What have you done to this house in the last five years and do you have all the receipts? (including home owner insurance claims)

5. What problems have you had with this house?

Why are you selling?
It’s a buyer’s market. Buyers are more aggressive when it comes to maneuvering into position to gain an advantage in the negotiation process. Buyers always want to know why you are selling. If the buyer is coached by a good agent, these questions will be asked. Buyers are looking for the seller’s motivation. Is this a financially distressed situation? A divorce? Is the seller being transferred and is dealing with a timeline? Is there a problem with the house or neighborhood and the seller wants to get out? Is this a short sale?

If I am buying, or represent that buyer, I will probe to get answers to all the above. If I represent the seller, I coach them to handle these questions. I wrap the probe. If you are selling and I am representing the buyer and we are touring the home; this is how I may address these questions: “This seems like a really nice house, why did you decide to sell it?” Sellers will often reveal motivation when it is put to them this way.

How flexible is the price?
Again, the smart agent will wrap the question: “Great floor plan. Love the neighborhood, any flexibility in the price?” Listing agents often stumble when I ask them this as well. Regardless of what they say, I follow with: “Have you had any offers? Lots of inventory right now.” If you are my seller, I will coach you to have these questions slide right off and smile at the same time.

What did you pay for this house?
What a seller paid is public record, but this is still a very awkward question to field if you are a seller. It often puts a seller on their heels. When I show property to buyers, I am armed with this information as well as their mortgage data so I know it already.

Buyers should be a bit careful asking sellers this because it may tend to isolate them.

What have you done to this house in the last five years and do you have all the receipts? (Including home owner insurance claims)
Sellers have to disclosure all homeowners insurance claims so if asked so you might as well be forthright. If the buyer is smart, he/she will ask about the repairs, stepping the seller through the list. When the list is revealed, the subtext of the conversation might color the home as problematic giving the buyer leverage so be aware of this technique if you are selling.

It is now required that a seller reveal defects to the listing agent when the home is listed. Full disclosure is required in all real estate transactions so each side should be open to this conversation. Sellers can spin the conversation that they have been responsible caretakers of the home.

What problems have you had with this house?
Notice that this is an open-ended question implying that there have been problems. Sellers will want to answer this as a list of improvements and enhancements made and buyers will look for recurring issues.

Summary
Buyers: You and your agent should ask the right questions at the right time to obtain critical information from the seller giving you an advantage.
Sellers: You better have a really smart listing agent that will coach you to field these questions easily, quickly and to your advantage. If you need coaching in this regard, call me. I will be glad to help you.

Scott Uncategorized 3 Comments »

1
March
2007

The Buyer Experience

For those of you who have websites, you probably have heard the term “User Experience”. I have built many websites, within the real estate industry and out of it, I think the number now is over 40. Anyway, when you build a website, or hire a developer to build one, the User Experience (the “UX”) should be paramount. Home advice selling home

If your website does not provide the user with a good experience right off the bat, they are gone in one click. This takes seconds or less.

When you sell a home, any buyer that comes to see your home has an experience, good, bad or indifferent. The job of your team (you, your family and your listing agent) is to make the buyer’s experience (the BX) a positive one, or better yet, an emotional one that results in an offer.

Killer BX

So how do we ensure a killer buyer’s experience?

Family

First is that your team needs to be on the same page. I often see situations where the children don’t want to move or participate in the process and it shows in the home, or worse, they give the buyer bad vibes if they happened to be there during a showing. The team needs to evoke positive energy and embrace this whole process knowing that the end result is a positive one. Upward and onward with the next phase of their lives.

Listing Agent

The listing agent needs to be energetic and evoke positive emotion to the buyer and/or buyer’s agent. You need a deal maker, not just an over-the-top bubbly personality that anyone can see through. See below for more about your agent.

Emotional Triggers

The marketing campaign needs to promote the proper emotional triggers that will turn on the buyer. Most agents know very little abut buyer psychology. You must hire an agent that knows this stuff cold. This is a whole other discussion you need to have with your listing agent. First time home buyers, t