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| Depersonalize Your Home to Encourage Potential Buyers |
 When prospective buyers tour your home, they need to be able to imagine themselves living in it. However, this can be a challenge when your family photos adorn the walls, your books clutter the shelves, and your personal effects are prominently displayed throughout the house. Depersonalizing your home makes it a clean slate to potential buyers, allowing them to imagine their own belongings in the spaces left behind. It may be difficult to disassemble the way your home has looked for years, but it will prove beneficial in helping to sell your house as quickly as possible.
The most common source of personalization in a home is photos. Remove photos of families and friends throughout the house. Other decorative objects that personalize a home include: artwork (think painted family portraits and hand prints of children), diplomas, and collectibles (porcelain dolls, sports memorabilia, unusual trinkets, etc.) After depersonalizing your home, if you feel it looks too barren, consider purchasing some inexpensive, neutral decorations like generic artwork and vases filled with fresh flowers.
The key in depersonalizing your home is presenting it as a blank canvas to potential buyers. Attract them to purchase your home by not bombarding them with your personal furnishings and adornments. For more ideas about how to depersonalize your home, you may consider consulting a Certified Staging Professional or asking your agent for tips.
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| Finding and Choosing a Foreclosure Property |
 Today foreclosure properties abound, and with the convenience of the internet, you can find foreclosure properties right from your computer by searching sites that feature foreclosure listings. Several sites, like the Fannie Mae-Owned Property Search, HUD Homes, and the IRS Real Estate and Personal Property Search, allow people to search foreclosure properties by location, price, and type of property. Besides internet searches, however, there are many unique approaches to finding a house in foreclosure, or finding homeowners that are seeking a quick sale to avoid foreclosure.
To find foreclosed houses or those in danger of being foreclosed, check the newspaper. House listings that are marked "for sale by owner" (may be abbreviated "FSBO"), "reduced for quick sale," or "motivated seller" may indicate the homeowners are desperate to get out from under their mortgage payments. You may also try driving through local neighborhoods and looking for houses that appear unkempt, uninhabited, or just generally in disrepair. If a lawn looks like it hasn't been mowed in weeks or the house's paint is peeling, it could be a sign the homeowner doesn't have the money or the means to continue maintaining their home and may sell it to you at a big savings.
You've probably seen billboards that say something to the effect of "We buy houses" around your city. In a similar fashion, consider taking an ad out in your local paper or the area where you'd like to purchase a home with your contact information, and a foreclosed property may come to you!
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FREE 1st TIME HOME BUYERS SEMINAR!
You CAN buy a Home or
2 - 4 Income Units TODAY!!!
 SATURDAY – November 21st - 11:00 am to 1:00pm |
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| Choosing the Right Neighborhood |
 Depending on your needs and interests, some neighborhoods are better than others, and this is an important consideration when shopping for your next home. Here are some things to keep in mind when evaluating neighborhoods:
Schools- If you have children or are planning to in the near future, the proximity and success of the nearest school should be a consideration in choosing a neighborhood. Realtors usually provide this information as part of a property's extended real estate listing. Depending on your lifestyle and needs, consider the proximity of other locations like your job, cultural venues (theatres, museums, movie theatres, amphitheaters), airports, malls, hospitals, parks, and stadiums.
Property value- Research the average price of houses in the prospective neighborhood. The higher the value of the homes around yours, the more your house will be worth, especially if the neighborhood becomes a highly sought-after, "hot neighborhood" in later years.
Crime rate- Has it been rising each year in a particular area or is it on the decline? A diminishing crime rate is obviously more favorable than one continually on the rise.
Traffic- How much time should you allocate each day for traffic during your morning and evening commute? Purchasing a home in a neighborhood outside of a city could save you a lot of money, but the extra time spent commuting isn't an adequate trade-off for some buyers.
Community involvement- If community involvement is important to you, check and see if there is an active Homeowners' Association in your neighborhood. HOAs generally host events and sponsor projects in the community that encourage neighbors to get know one another. Here's a tip: Try driving through the community on a Saturday afternoon to see how many neighbors are in their yards, if neighborhood children appear to be playing together, etc. You could always conduct an impromptu interview, asking a potential neighbor how they like living in the neighborhood.
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| How to Choose a Contractor for Home Repairs |
 When you purchase a house, a contingency of the contract may be an allotment for certain home repairs and updates, negotiated by the former homeowner and the new one. Depending on the services you require, you may need to hire a plumber, electrician, or some other contractor. To ensure you get high-quality work for a reasonable price, you'll want to do your homework and find an experienced and bonded contractor. Ideally, ask a friend, coworker, or a new neighbor for a referral. Ask what kind of project the contractor completed, and if the price and amount of time it took to complete the project was reasonable. Getting a referral from someone you know will make it more likely that you will get a truthful and candid recommendation.
If you don't have someone who can provide a referral, start by searching the phone book for contractors from larger, more established companies. Chances are that if they've been in business for more than a few years, their work is quality. But just to be on the safe side, after you've narrowed down a few choices, consult the local chapter of the Better Business Bureau or the Chamber of Commerce to see if any complaints or issues have been filed against the companies you're considering.
When you choose a company to work with, it's reasonable to ask for a list of references or examples of past projects. You may also verify the business's insurance coverage and work permits. After all, they will be in your home -- so take the precautions you need to ensure you've made a well-informed decision. Finally, a deposit may be required to begin work, but you shouldn't be expected to pay the balance on services until the project is complete.
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| Ready To Buy? Avoid The Most Common Mistakes! |
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Use A Guide!
The home buying process is full of potential pitfalls. Most of those potential pitfalls result from making poor decisions, including: choosing the wrong type of home, the wrong lender, failing to get a thorough inspection and problems with the title. The last two potential problems can cost you a lot of money and grief!
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“Before you close on your home, do not assume that all of the repairs you asked for have been done. Walk through the house before closing, and make sure the repairs have been done.”
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Do not buy without a real estate agent! First, your agent will help navigate you through the entire home buying process and help you avert many of these mistakes. Secondly, the seller pays your real estate agent’s fees. Buying a home through your agent costs you nothing! Now imagine if our other professionals, including accountants, attorneys and doctors, cost us nothing!
Below are the most common mistakes buyers make, which often costs them thousands of dollars and loads of grief:
1. Not Planning Before Purchasing.
Like buying a car, searching for a home can be impulsive and emotional. Don’t let one aspect of the home (its appearance for instance) be the sole factor in your buying decision. Sit down with your real estate agent and map out a strategy. Answer the following questions before you begin searching: 1) Where do I want to live? Do I want to commute? What area has the highest price appreciation according to my agent? 2) How Much can I afford? The first thing you should do is have your real estate agent help get you pre-approved. That way, you’ll save yourself a lot of time by not looking at homes you simply cannot afford. Also, how much do you have as a down payment? 3) What type of home do you want? Be brutally honest with yourself.
The point of this exercise is to make sure you make the best investment and live in the right area. Also, you don’t want to be over-extended with your mortgage payments!
2. Not Identifying Opportunities.
Before you buy a home at or above market value, find out where the “deals” are. Your agent probably knows of a several sellers in your market that are selling due to “special circumstances”. Perhaps one seller in the neighborhood you want to live is getting divorced. Maybe another one is being relocated by her or his company and needs to sell fast. How will you know if a seller in the neighborhood lost her job and is willing to sell for thousands below list? Work with your agent on this!
3. Not Finding The Right Lender
Getting the right type of loan for your situation is critical. There are many lenders vying for your business. Many are online, many are local. The difference truly is the person you work with during the lending process. Your real estate agent typically works with one or a handful of lenders she or he has good relationships with. A good lender will make sure you get the right loan at the right rate. Be careful!
4. Failing To Get A Good Title
Nothing can be more draining, both financially and emotionally, than buying a home with a “clouded” title. For example, you may buy a house and learn after the fact that the previous owner still owed a contractor $5,000 for the remaining payment on the basement remodeling. The contractor filed a lien on the property prior to the sale. That lien is now on your property! Your real estate agent will help make sure the title to the property is free and clear. Also, your agent will help you purchase title insurance.
5. Failing To Get A Good Inspector
Like any profession, there are good inspectors and those who tend to overlook a lot of problems. You want an inspector that will scrutinize every aspect of the house. Your real estate can recommend good inspectors. If you’re afraid of a possible conflict of interest, look in the yellow pages and hire your own. Make sure you get several referrals from past clients. Most importantly, make sure you do not buy a house that has structural or other defects because the inspector overlooked them! This will cost you!
6. Wasting Your Time
All too often, buyers waste hours in front of their computer combing through online real estate sites. Problem is, these homes are usually not the best deals. Save your time. Spend it on things that are important to you . . . family, friends, work, etc. Your agent will notify you when the right homes become available.
7. Failing To Do A Final Walkthrough
This is can be a critical mistake. Before you close on your home, do not assume that all of the repairs you asked for have been done. Walk through the house before closing, and make sure the repairs have been done. Make sure nothing else has changed. Once you buy the home, any problems are yours!
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| Incentive Plan in the Works to Assist Short Sales |
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A program is in the works to promote incentives for short sales
Incentives are in the works for promoting short sales in order to avoid more foreclosures than are seen as necessary. The plan is meant to prod lenders into allowing more short sales. Currently short sales are frequently avoided by lenders because the offers that come in are seen as too far below the last appraised value of the property, even though the foreclosed upon sales price in the end may be even lower.
The incentives that are being mulled over are expected to pass soon. The plan is to give the lender $1,000 for allowing a short sale to occur and the buyer a $1,500 credit at closing. The plan is expected to be passed by the treasury as a way to keep properties selling.
Short sales are seen as a way to help the home owner avoid a harsher hit to his credit as well as to get the house off of a lenders books before it even gets there officially. The new incentives are seen as a way to avoid the foreclosure rate increasing more than expected.
For more information about the short sale incentive click here to read an article from Realty Times.
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| Market Snapshot - Real On Time MLS Data |
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 This month we have again included the latest version of Market Snapshot, an award-winning, real-time MLS graphical report. The industry’s most current online real estate report has a new look and layout which offers even more market information on one page. Key comparative MLS data charts, including Asking price VS. Selling Price, Selling Times, and Neighborhood Inventory, are now available on the front page, through convenient collapsible sections. These enable viewers to remain in one web window and not have to toggle back and forth to compare data. You can have up to 100 of the closest active and sold listings displayed on the map for the Seller’s Market Snapshot as well as the Buyer’s.
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NO BONES ABOUT IT!
SUPERIOR SERVICE - SUPERIOR RESULTS!
Keller Williams LA Harbor Realty
Catherine Bennison - Realtor Associate
Direct: (310) 707-2162
Cell: (310) 748-7889
Fax: (310) 519-1882
E-Mail: CBennison@KW.com
Website: www.CatherineBennison.com
DRE# 00946724
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November 2009
In This Issue:
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Catherine Bennison's
South Bay
Real Estate Newsletter
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PRICE REDUCED!
$849,000
3 Bedroom 2 Bath Home
Elegance in Upper South Shores. Wonderfully upgraded, two level,view home on a very quiet street to street lot. Big Ocean/Catalina views from every single room!!! Enter the front door into the open & bright living room/great room. Walk out the sliding doors on the balcony & enjoy the sunsets and cool ocean breezes. The well appointed master bedroom and bath are also on this level. Kitchen updated with granite counters. On the lower level is the family room, also with a brick fireplace, two bedrooms, laundry facilities and bath. Both baths have been exquisitely remodeled and also have Catalina views. The large, private backyard is perfect for entertaining and is spa ready
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Tips for Buying Forclosure Property
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Click on Video to Open
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Open House Tips - Fine Living Network
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Click on Video to Open
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Mortgage Calculator- How Much Home Can You Afford?
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The first step in shopping for a home should be determining how much home you can afford. The general rule is that the payments on your new home shouldn't account for more than 30 percent of your overall income.
Your income, credit rating, current monthly expenses, down payment, and the interest rate will determine the final total that you will be able to afford. If needed, find a housing counselor who can help you figure out how to manage and pay down or pay off existing debt, and give you a solid foundation of information for your plan.
The amount you pay for a home is based on several factors. You are the best judge of what you can comfortably pay every month. Take some time to calculate all your expenses - to include what you spend daily on lunches, coffee, transportation, and other costs that otherwise go unnoticed. Then add in local property taxes and anticipated maintenance of your home, or other improvements/additions that may be necessary in the near future.
Lending institutions use the following criteria to calculate what size loan you are qualified for. The three main things they look at are: 1) Your monthly payments as a percentage to your income; 2) How much cash you have for the down payment and closing costs; and 3) Your credit rating.
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Doggie News
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DoggieNews.com is a weblog publishing news about dogs, the pet industry, new products, and other quirky canine stuff.
Our target audience consists of folks who own dogs, and who seek information to help them make purchasing decisions, health and entertainment choices, and to keep abreast of legislative and regulatory changes that might affect their dog ownership.
Got News?
Please share your dog and pet related news concerning your company or organization. To do so, please write up a news article, and submit it to us at the email address below. We will consider it for publication in our monthly newsletter.
cbennison@KW.com
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