You may find yourself overloaded with seasonal obligations during the month of December (decorating the house, shopping, entertaining, charity work) and you may be tempted to take your home off the market during the holidays. Most top Realtors agree that taking your home off the market during the Christmas season is a mistake. The holidays are a wonderful selling period. Why? Here are a few reasons:
- Buyers who are actively looking during the holidays are much more serious about buying.
- Many buyers prefer to shop for a home after the busy spring and summer rush. They know it will be easier to look and that negotiations will be less stressful.
- Relocating families need to move during all seasons. These families are much more motivated to get their families settled either before the January semester of school begins or to arrange for the move during spring break in March.
- Cleaning and decorating your home for the holiday season will make it even more beautiful and inviting for buyers. Get the family to do a quick pick-up every morning to keep holiday messes to a minimum.
- If you do get a contract, you can arrange for a 30 to 60 day closing if moving during the holidays isn't an option you want to consider.
Monday, December 13, 2010
Saturday, October 30, 2010
So You Bought a Foreclosed Home -- Now What?
So...you bought a home in foreclosure at a fraction of the former price and maybe did a few home improvements with the money you saved. Now you find that thousands of foreclosures around the country may be invalid because of bank paperwork mishandling problems. Should you worry?
The first thing you should do is check to make sure you have title insurance, which protects you from any claim on the property that surfaces after the deal has closed. Those claims can arise from unpaid taxes or legal glitches in the ownership documents. Most people who take out mortgages are required by their lenders to buy a policy. For those paying cash, it's optional but highly advisable, especially now.
"If you're a bona fide purchaser with title insurance and no knowledge of any irregularities in the transaction, courts are going to be extremely loath to set aside the sale," said Diane Thompson, an attorney with the National Consumer Law Center.
A homeowner with title insurance shouldn't have to worry if the previous owner stakes a claim to the home. Experts say the the title company would most likely settle with the evicted homeowner -- not the new buyer.
What about buying right now?
Buyers who are making a foreclosure purchase from a bank shouldn't be concerned as long as you can get title insurance. If the title insurance company won't sell a policy on a property, you probably shouldn't buy it.
The first thing you should do is check to make sure you have title insurance, which protects you from any claim on the property that surfaces after the deal has closed. Those claims can arise from unpaid taxes or legal glitches in the ownership documents. Most people who take out mortgages are required by their lenders to buy a policy. For those paying cash, it's optional but highly advisable, especially now.
"If you're a bona fide purchaser with title insurance and no knowledge of any irregularities in the transaction, courts are going to be extremely loath to set aside the sale," said Diane Thompson, an attorney with the National Consumer Law Center.
A homeowner with title insurance shouldn't have to worry if the previous owner stakes a claim to the home. Experts say the the title company would most likely settle with the evicted homeowner -- not the new buyer.
What about buying right now?
Buyers who are making a foreclosure purchase from a bank shouldn't be concerned as long as you can get title insurance. If the title insurance company won't sell a policy on a property, you probably shouldn't buy it.
Wednesday, September 15, 2010
Five Mistakes Home Buyers Make
Affordable home prices and historically low interest rates have created an ideal situation for qualified home buyers. However, some buyers may be overconfident. Here are five common mistakes made by home buyers. Every home buyer should take note to avoid an expensive mistake.
1. Many buyers think they can save money by forgoing the use of a Realtor. However, managing the nuances of offers, negotiations, financing, inspections, mounds of paperwork and other crucial steps when buying a home often causes confusion and anxiety for buyers. Working with a Realtor -- who is obligated to put the buyer's best interests first -- will help to alleviate buyer concerns and will make the whole process run smoother.
2. Many buyers mistakenly take a do-it-yourself approach to financing. They use online calculators to estimate how much house they can afford, but calculators should not be the sole source for mortgage-approval information. The costs of buying and owning a home go well beyond the sticker price, as maintenance costs, moving fees and association dues must be considered. Buyers are advised to meet with a mortgage broker or banker prior to beginning the home search to help determine the loan amount for which they are most likely to be approved.
3. Don't let charm cloud your judgment. You may find an older home with lots of appeal or find a house that is decorated just right but don't forget the things you're really looking for in a house. Try to think more in terms of size, floorplan and condition and remember that buying a home is a business deal. Additionally, expressing too much emotion to the home seller and revealing eagerness to purchase the home at all costs should also be avoided.
4. You can always fix up the house, but there's no easy remedy for annoying neighbors, oppressive homeowner association rules and lengthy commutes. Do your homework first and find the perks, quirks and hassles of living in a particular place.
5. Although there is a large selection of homes available for sale, home buyers should not assume they can make low offers or unreasonable demands. Even in hard-hit housing markets, homes in desirable neighborhoods are receiving multiple offers.
1. Many buyers think they can save money by forgoing the use of a Realtor. However, managing the nuances of offers, negotiations, financing, inspections, mounds of paperwork and other crucial steps when buying a home often causes confusion and anxiety for buyers. Working with a Realtor -- who is obligated to put the buyer's best interests first -- will help to alleviate buyer concerns and will make the whole process run smoother.
2. Many buyers mistakenly take a do-it-yourself approach to financing. They use online calculators to estimate how much house they can afford, but calculators should not be the sole source for mortgage-approval information. The costs of buying and owning a home go well beyond the sticker price, as maintenance costs, moving fees and association dues must be considered. Buyers are advised to meet with a mortgage broker or banker prior to beginning the home search to help determine the loan amount for which they are most likely to be approved.
3. Don't let charm cloud your judgment. You may find an older home with lots of appeal or find a house that is decorated just right but don't forget the things you're really looking for in a house. Try to think more in terms of size, floorplan and condition and remember that buying a home is a business deal. Additionally, expressing too much emotion to the home seller and revealing eagerness to purchase the home at all costs should also be avoided.
4. You can always fix up the house, but there's no easy remedy for annoying neighbors, oppressive homeowner association rules and lengthy commutes. Do your homework first and find the perks, quirks and hassles of living in a particular place.
5. Although there is a large selection of homes available for sale, home buyers should not assume they can make low offers or unreasonable demands. Even in hard-hit housing markets, homes in desirable neighborhoods are receiving multiple offers.
Friday, August 20, 2010
Our Investment Program May be of INTEREST to YOU!
It's no secret that there are hundreds, if not thousands, of properties that are REO (Bank Owned) and SS (Short Sales) that make excellent if not incredible investment properties if properly managed.
Please note that CASH IS KING!! And, if desired, very reasonable investor loans are available with a substantial cash down payment along with seller financing!
Our Investor Program is designed to encourage a limited number of active, qualified investors that will really profit by our program. To obtain complete details of this program by email and determine if you are a qualified investor please click here and complete the attached form. There is no obligation and you and your financial advisors and consultants can determine if this makes sense to you -- YOU make the decisions!
Again, this is an exclusive limited program. Just click here to complete the attached form and we will email you all the details and answer all of your questions.
Please note that CASH IS KING!! And, if desired, very reasonable investor loans are available with a substantial cash down payment along with seller financing!
Our Investor Program is designed to encourage a limited number of active, qualified investors that will really profit by our program. To obtain complete details of this program by email and determine if you are a qualified investor please click here and complete the attached form. There is no obligation and you and your financial advisors and consultants can determine if this makes sense to you -- YOU make the decisions!
Again, this is an exclusive limited program. Just click here to complete the attached form and we will email you all the details and answer all of your questions.
Monday, July 26, 2010
When Opportunity Knocks Answer the Door!
People are afraid to buy a home in times like these, with the economy tanking and home prices continuing to fall. But if you're daring enough to stray from the herd, you might be in for the home-buying opportunity of a lifetime.
Attractive Pricing
If there’s a silver lining to the recession and the housing downturn, it’s that home prices more affordable. Prices in some areas have moderated significantly, especially in major markets where they increased the most during the housing boom that occurred in most
of the country.
Low Interest Rates
Like inventory and pricing, mortgage interest rates are still at very favorable levels, but rates are sensitive to market forces and can change quickly. There’s no indication that rates will suddenly surge upward, but even a slight rate increase can push monthly payments to the point that a buyer might miss out on their first choice for a new home.
Demand for Rental Properties
On 7/19/2010, Citigroup announced that their foreclosures are up 81% from a year ago. As you can see from the chart above, the next batch of foreclosures will leave many families hit with foreclosure unable to qualify for a mortgage to buy another home. In the upcoming decade, rental property will become the new standard; the only alternative to traditional home ownership.
Buying a home in this market is not the easiest of decisions. If you have a good credit score and money in the bank, buying a home now makes sense. It is important to research the market for buying opportunities and that’s where I can help. In addition to helping you find the right property I can also help you negotiate the best deal.
Many of the homes on the market are either Short Sales, Bank Owned (or REO) or Probate. A short sale is a new experience for most homebuyers, but knowledge is a key to success. Click here for some good tips to help ensure your short sale purchase will be a boom, rather than a bust.
My experience and expertise will get you the results you want! Call Fred Prescott today at (760) 398-3544 or toll free (866) 898-3544 and let me help you find the perfect home at the perfect price.
Tuesday, July 20, 2010
How to Make Money in this Current Real Estate Market
There is no question that Coachella Valley Real Estate, primary residential or seasonal/investment homes, land (either rural or seasoned pre-development), multi-family (apartments), commercial sites (either fully developed or build to suit) or agricultural, is available at tremendous discounts. There is real money to be made now on distressed real estate, either short sales, bank owned (REOs) or probate. It's time to build your next egg and this market provides the perfect opportunity.
Please click on the link below to watch a video from CBS's 60 Minutes, "The Mortgage Meltdown – Where's the Bottom". This news story explains the who, what, when, where and how of the next wave of loans that are about to become the Tsunami of foreclosures. What is hard to believe is that this next batch of foreclosures is expected to be 25% larger than 2007 & 2008 combined!
Video link: http://www.youtube.com/watch?v=iUuROWEMjm0
or you can read a printed copy of the report by clicking here.
Please click on the link below to watch a video from CBS's 60 Minutes, "The Mortgage Meltdown – Where's the Bottom". This news story explains the who, what, when, where and how of the next wave of loans that are about to become the Tsunami of foreclosures. What is hard to believe is that this next batch of foreclosures is expected to be 25% larger than 2007 & 2008 combined!
Video link: http://www.youtube.com/watch?v=iUuROWEMjm0
or you can read a printed copy of the report by clicking here.
Wednesday, June 30, 2010
Cash is KING in the Real Estate Market
Mortgage loan rates are at an all time low -- under 5 percent for qualified buyers. Renters are readily available for these selected investment/vacation/second home opportunities.
Fred Prescott's exclusive investor/second home program will open your eyes to the multiple properties and opportunities available. These investment quality homes are in full bloom here in the Coachella Valley.
Call Fred Prescott at 760-398-3544 or toll free 877-898-3544 for further information. NO OBLIGATION.
The front page article of The Desert Sun on June 30, 2010, announced fifty-six percent of all home sales in Riverside County in the first three months of the year involved foreclosure or bank owned properties. Click here to read the complete article. Cash is KING in this market. There are some incredible deals and opportunities for investors looking to plan for their future.
"Foreclosures create more demand for well-located quality rentals. Rental demand for well-located properties is still strong and a recipe for a future appreciation," says Greg Dawson of GoRenter.com.
When you are making your most important financial and lifestyle decisions, you want and need the experience of an accomplished and knowledgeable real estate professional. Fred Prescott can assist you whether you're a buyer or seller.
If you are one of the many homeowners behind on your payments and possibly facing foreclosure, you may have alternatives. Visit my website for extensive information or call or contact Fred for a FREE, NO OBLIGATION consultation.
Fred Prescott's exclusive investor/second home program will open your eyes to the multiple properties and opportunities available. These investment quality homes are in full bloom here in the Coachella Valley.
Call Fred Prescott at 760-398-3544 or toll free 877-898-3544 for further information. NO OBLIGATION.
The front page article of The Desert Sun on June 30, 2010, announced fifty-six percent of all home sales in Riverside County in the first three months of the year involved foreclosure or bank owned properties. Click here to read the complete article. Cash is KING in this market. There are some incredible deals and opportunities for investors looking to plan for their future.
"Foreclosures create more demand for well-located quality rentals. Rental demand for well-located properties is still strong and a recipe for a future appreciation," says Greg Dawson of GoRenter.com.
When you are making your most important financial and lifestyle decisions, you want and need the experience of an accomplished and knowledgeable real estate professional. Fred Prescott can assist you whether you're a buyer or seller.
If you are one of the many homeowners behind on your payments and possibly facing foreclosure, you may have alternatives. Visit my website for extensive information or call or contact Fred for a FREE, NO OBLIGATION consultation.
Thursday, June 10, 2010
The Coachella Valley Home Market May Be Trending Toward Recovery
The median price for Coachella Valley home sales rose 31 percent in April compared to the same time last year, Palm Springs Regional Association of Realtors data show. It rose to $197,040 from the $150,140 median in April 2009. Overall, sales dropped 4.5 percent last month compared to last year.
President of the Palm Springs Regional Association of Realtors, Scott Newton, said the April numbers show a market that is moving out of high-season and that inventory is getting low. "That creates higher demand," Newton said. "Higher demand creates slightly higher prices."
Out of the valley's 5,179 active listings for homes and condos, Newton said the Multiple Listing Service showed 2,058 priced at or below $300,000.
"This is a market that is starting to change," Newton said. "It is trending toward recovery."
President of the Palm Springs Regional Association of Realtors, Scott Newton, said the April numbers show a market that is moving out of high-season and that inventory is getting low. "That creates higher demand," Newton said. "Higher demand creates slightly higher prices."
Out of the valley's 5,179 active listings for homes and condos, Newton said the Multiple Listing Service showed 2,058 priced at or below $300,000.
"This is a market that is starting to change," Newton said. "It is trending toward recovery."
Monday, April 5, 2010
Top 5 Home Improvement Projects for Sellers
What are the top DIY (do-it-yourself) home improvements that cost less than $400 and benefit sellers most when they sell their homes? According to a recent HomeGain.com national survey, the top five home improvements that Realtors recommend to home sellers, based on cost and return on investment (from highest to lowest ROI) are:
1. Cleaning and de-cluttering ($200 cost / $1,700 price increase / 872% ROI)
2. Home staging ($300 cost / $1,780 price increase / 586% ROI)
3. Lightening and brightening ($230 cost / $1,300 price increase / 572% ROI)
4. Landscaping ($320 cost / $1,500 price increase / 473% ROI)
5. Repairing plumbing ($385 cost / $1,250 price increase / 327% ROI)
Other inexpensive cosmetic DIY home improvements that pay big dividends include: replacing or shampooing carpets, painting interior walls, repairing damaged floors, painting the exterior and updating kitchens & bathrooms.
Sellers who make these basic home improvements can greatly enhance the value of their home and increase its salability. Of course, every home is unique and a professional evaluation from a qualified Realtor is always recommended.
When you understand the process of buying or selling a home, you will be able to make the best decisions. My goal is to provide you with that information. Call me today and I will assist you every step of the way.
1. Cleaning and de-cluttering ($200 cost / $1,700 price increase / 872% ROI)
2. Home staging ($300 cost / $1,780 price increase / 586% ROI)
3. Lightening and brightening ($230 cost / $1,300 price increase / 572% ROI)
4. Landscaping ($320 cost / $1,500 price increase / 473% ROI)
5. Repairing plumbing ($385 cost / $1,250 price increase / 327% ROI)
Other inexpensive cosmetic DIY home improvements that pay big dividends include: replacing or shampooing carpets, painting interior walls, repairing damaged floors, painting the exterior and updating kitchens & bathrooms.
Sellers who make these basic home improvements can greatly enhance the value of their home and increase its salability. Of course, every home is unique and a professional evaluation from a qualified Realtor is always recommended.
When you understand the process of buying or selling a home, you will be able to make the best decisions. My goal is to provide you with that information. Call me today and I will assist you every step of the way.
Monday, March 22, 2010
Say Hello to Spring!
It's time to shake off the winter blues and say hello to SPRING! If you are planning on selling or buying a home, please contact me. I promise to "spring" into action to make this your most successful real estate transaction ever!
Preventive maintenance is crucial to the value of your home. Keep your place in tip-top shape with regular check-ups to save you the headache and cost of emergency repairs. CLICK HERE for a Slackers' Guide to Spring Home Maintenance.
Preventive maintenance is crucial to the value of your home. Keep your place in tip-top shape with regular check-ups to save you the headache and cost of emergency repairs. CLICK HERE for a Slackers' Guide to Spring Home Maintenance.
Wednesday, February 17, 2010
AGE BAROMETER: HOW MANY DO YOU REMEMBER?
1. Blackjack chewing gum
2. Wax coke-shaped bottles of colored sugar water
3. Candy cigarettes
4. Soda pop machines, that dispensed bottles
5. Coffee shops with table-side jukeboxes
6. Party lines
7. Home milk delivery, in bottles with cardboard stoppers
8. News reels, before the feature film
9. P.F. flyers
10. Butch wax
11. Telephone numbers with word pre-fixes
12. Pea shooters
13. Howdy Doody
14. 45 RPM records
15. S&H green stamps
16. Hi-Fi’s
17. Metal ice trays with ejection levers
18. Mimeograph paper
19. Blue flashbulbs
20. Beanie & Cecil
21. Roller skate keys
22. Cork pop guns
23. Drive-ins
24. Studebakers
25. Wash tub wringers
26. Indelible pencils
27. Bon-Ami
28. Wire wiskers on your car
29. Brodie knob
30. Brill cream, a little dab will do it
31. LSMFT, Lucky Strike Means Fine Tobacco
32. Kilroy was here
33. Arthur Godfrey
34. Julius La Rosa
35. George Michelin
36. Minneapolis Lakers
37. “Old soldiers never die; they just fade away” – MacArthur
38. What the 1950 Ford looked like
How many did you remember?
0-5 Your still young
6-10 Your getting older
11-15 Don't tell your age!!
16+ You're older than dirt!!!
2. Wax coke-shaped bottles of colored sugar water
3. Candy cigarettes
4. Soda pop machines, that dispensed bottles
5. Coffee shops with table-side jukeboxes
6. Party lines
7. Home milk delivery, in bottles with cardboard stoppers
8. News reels, before the feature film
9. P.F. flyers
10. Butch wax
11. Telephone numbers with word pre-fixes
12. Pea shooters
13. Howdy Doody
14. 45 RPM records
15. S&H green stamps
16. Hi-Fi’s
17. Metal ice trays with ejection levers
18. Mimeograph paper
19. Blue flashbulbs
20. Beanie & Cecil
21. Roller skate keys
22. Cork pop guns
23. Drive-ins
24. Studebakers
25. Wash tub wringers
26. Indelible pencils
27. Bon-Ami
28. Wire wiskers on your car
29. Brodie knob
30. Brill cream, a little dab will do it
31. LSMFT, Lucky Strike Means Fine Tobacco
32. Kilroy was here
33. Arthur Godfrey
34. Julius La Rosa
35. George Michelin
36. Minneapolis Lakers
37. “Old soldiers never die; they just fade away” – MacArthur
38. What the 1950 Ford looked like
How many did you remember?
0-5 Your still young
6-10 Your getting older
11-15 Don't tell your age!!
16+ You're older than dirt!!!
Thursday, January 28, 2010
Conditions Bode Well for Real Estate Investors
Savvy investors are always the first to take advantage of a profitable housing market and the results of a new survey indicates just that.
More than 12 percent of homebuyers today plan to purchase a home as an investment, compared to less than half, only 5.6 percent, just seven months ago, according to a recent Move.com Homeownership Survey.
"Affordable prices and ample inventories are restoring the appeal of real estate to investors while providing opportunities for first time home buyers to enter the market," said Move, Inc.'s chief revenue officer, Errol Samuelson.
Low interest rates combined with the home-buyer tax credit are helping some take the practical approach to investing by buying their own home first.
In some markets, especially resort and vacation rental markets, where rents are higher, conditions bode well for investors who want to enjoy positive cash flow as they wait for equity to build.
More than 12 percent of homebuyers today plan to purchase a home as an investment, compared to less than half, only 5.6 percent, just seven months ago, according to a recent Move.com Homeownership Survey.
"Affordable prices and ample inventories are restoring the appeal of real estate to investors while providing opportunities for first time home buyers to enter the market," said Move, Inc.'s chief revenue officer, Errol Samuelson.
Low interest rates combined with the home-buyer tax credit are helping some take the practical approach to investing by buying their own home first.
In some markets, especially resort and vacation rental markets, where rents are higher, conditions bode well for investors who want to enjoy positive cash flow as they wait for equity to build.
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