Top Property Management Companies in Truckee, CA 96161
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Keep Your Property Listed During Winter Months
In the winter months some real estate agents have had a few sellers that have taken their homes off the market. Their decision to wait until spring was due mainly because they didn't want their homes to become past its sell-by date on the market. Some of these seller's homes had been on the market for some time and obviously were not taking the advice of their listing agents and reducing their prices. The market had shown them that their homes were overpriced. Merely because you wait to sell in the spring doesn't mean your home is priced correctly – if it were, it should have sold the few weeks or month of listing. Everyone knows that most sellers list in spring time which is the busiest time of the year for new listings. There might be more buyers in spring however; there are is also a lot more competition on the market – all hitting about the same time. If your home is on the market for an extended amount of time, the least advantageous thing you can do is take it off the market and wait to price it again at the same price a few months down the road when you are going to have double or triple the competition. Reasons to list at this time are pretty obvious If your home hasn't sold in several months, the market has already shown your home isn't priced correctly – it would have sold if it was, it would have sold no matter what season it was. Price is the key factor for selling a home if it's priced correctly it will sell. The longer your home is on the market the more at the rear of the market it becomes. If your home was priced competitively in the first month, but soon after you start noticing homes selling in your price range for less then what they were the month before, you have to adjust your strategy. If you really want to sell you need to price your home ahead of the market. If you think it's going to be hard to sell your home in the fall and winter seasons, envision how hard it's going to be when inventory goes up 20% or 30%. Real estate agents understand you need a certain amount of money out of your home. The problem with that thinking is that the market doesn't care how much money you need out of your home. Take a step back and look at the facts; think about your motivations for selling your home. If you can't price your home at the price the market dictates now well then why would you want to wait until the busiest time of the year, with more competition, higher interest rates and subsequently price it at the same pricing as you did when there was less competition? If you want to sell your home swiftly, price it to sell in today's market and save a lot of money and aggravation in the long run. Without that crystal ball, no one knows the future and what might happen over the next few months – waiting until spring because you have a beautiful yard? Display the photos at your home for potential buyers. Worried those potential buyers will place low offers? That's why hired a professional to manage the sale for you. Your real estate agent has a fiduciary responsibility to you, however, is not necessarily emotionally involved in your sale. They are on your side, working for you! ...read more
By Bonnie Jessee, ABR, RSPS, Realtor January 13, 2011
FORECLOSURE IN CALIFORNIA AT A GLANCE
THE FORECLOSURE PROCESS INAT A GLANCE Thehome-buying process usually involves the use of thedeed of trust, which by its legal definition involves three parties; thetrustor(borrower), thebeneficiary(lender), and thetrustee(neutral third party receiving the right to foreclose). The deed of trust usually includes a "power of sale" clause that gives the trustee the legal right to enforce collection of the debt. Collection of the debt is ultimately enforced by beneficiary's right to sell the house when the borrower fails to make their mortgage payments. Defaulting on one's loan causes the start offoreclosure, the process by which the lender takes over the home in order to recover their principal investment. Once the house is either sold atauctionor "repossessed" by the lender, it is sold and the former owner must vacate at the discretion of the new owner. When there is a power of sale clause in the deed of trust thenon-judicialprocess of foreclosure is used. In a non-judicial foreclosure, the trustee must meet a few requirements before he or she sells the property. In comparison to ajudicial foreclosure, non-judicial foreclosure is quick because the trustee does not have to obtain acourt orderto foreclose, nor is court supervision required in order to sell the house, as is required in the judicial foreclosure process. The judicial process of foreclosure is used when a power of sale clause is not in the deed of trust. In, the timeline of non-judicial foreclosure begins when the trustee files anotice of default. This is a letter which is sent to the owner/trustor notifying him or her of their default of the loan. This notifies the owner of the intent of the lender to follow through on their right to collect on the debt. The copy of the notice, which is recorded at the County Recorders Office of the appropriate county, is mailed to the address of notice as per the deed of trust. Recording of the notice of default can vary greatly depending on the beneficiary. It can occur anywhere between a week to many months after one misses their first mortgage payment. The step that follows next is the stage of the foreclosure process in which there is a filing of theNotice of Trustee's Sale. No sooner than ninety (90) days after the trustee records the Notice of Default, the Trustee must publish a notice of trustee's sale in the local paper and simultaneously file that notice with the county recorder's office. No sooner than twenty days (20) after the notice of trustee sale is filed, the home may be sold at public auction for the amount of the debt plus foreclosure costs. If no one bids at the auction, the lender assumes ownership of the property, and may dispose of that property to recover their cash investment. A homeowner should keep in mind that with each succeeding legal action, that these filings are formally recorded and become part of thelegal record. Very often these filings can and do have damaging effects to a homeowner's credit for a period of seven years. The earlier a homeowner can address the situation, the better the overall result will be regardless of the outcome. ...read more
By Bonnie Jessee, ABR, RSPS, Realtor December 07, 2010
Buying a Bank Owned Property
Many agents are currently writing offers for our buyer clients for bank owned properties and it seems the rules change almost daily! Some of the lenders are becoming more responsive as they ramp up their internal systems to handle the sale directly thru their asset management offices or they are hiring outside firms as representatives to handle the sale. In either case, it is a waiting game at time that never seems to end or the deal pops together the first day that the offer is submitted. The paperwork is crucial in these purchases and the quantity of paperwork practically doubles in some situations. The most current seminar we attended the most current book we read or on line program taken are virtually outdated at completion. The banks or lenders have our clients sign so many disclosures that it almost becomes intimidating. The risk management on these purchases/sales is very important, not only to the seller but also to the buyer. The bottom line is that most of the legalize reads; that we are all agreeing the purchase/sale may be not exactly what we want however, we can work hard to make it work. And no two situations are ever the same, even with the same lender. Currently I have two purchase situations with the same lender – one responded on day one with a positive to our offer and there is very little paperwork (yet) as the property is a vacant lot. The other is a home and it has been approximately three weeks and we are still negotiating with no end in site and mountains of paperwork. The buys that have closed have been very rewarding so I encourage you to stick with it! It might take a little longer and might involve a learning curve but if it's the property you and your buyer want go for it. ...read more
By Bonnie Jessee, ABR, RSPS, Realtor July 28, 2010