Tag Archives: sellers

Pre-Happy Independence Day 2014! A San Diego Real Estate Lawsuit has been settled

A San Diego Real Estate Lawsuit has been settled

buyers and sellers real estate disclosuresThis very interesting case is a mixed bag of “he said, she said” accusations and statements. All in all, when selling your home it always pays to DISCLOSE EVERYTHING  of past and present conditions, whether “latent” or “evident” and when buying a home, have thorough inspections while reviewing all paperwork from seller carefully.

In this specific case, the buyer sues the seller and agents for negligence and failure to disclose, withdraws suit to seller and buyer agent and keeps statutory failure to tell seller of defects in home since agent was selling same home for 2nd time after current seller bought home. Agent is awarded sanctions or damages for attorney fees in counter suit against buyer for incorrect lawsuit since the disclosures were provided to buyer by agent.

The following article was provided by California Association of Realtors, Real Legal Department. Continue reading

California’s Water Crisis and Laws

Water year 2013 (Oct. 1, 2012 – Sept. 30, 2013) was recorded as the driest year in California history, and 2014 is projected to be worse.faucet

Currently, 99 percent of California is abnormally dry. As a result of dry weather conditions and this year’s snowpack at 24% of the normal average, major river systems have had significant loss in surface water and ground water levels throughout the state have dropped dramatically. With two-thirds of the rainy season behind us, there is little chance for the water supply to recover. Continue reading

San Diego real estate prices on the rise

Good news for the San Diego area–home prices are on the rise!

money houseAccording to an article by U-T San Diego, the real estate prices in San Diego rose yet again in September of this year, but the increase is slowing.

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1 in 3 Buyers Would Bid Above Asking Price

One in 3 buyers are willing to bid higher than a home’s asking price, according to a survey conducted by Trulia in partnership with Harris Interactive.

money-house-720536That was just one of several other findings of the survey that appear to show that homebuyers are feeling the squeeze of market conditions that are significantly altered from those of a year ago. At the same time, they capture improved sentiment towards the housing market.

Today’s tight home inventory appears to be pushing some buyers to use aggressive tactics to beat out competing buyers, the survey found. In addition to a third of buyers being willing to make above-market offers, 1 in 4 said that they would offer to pay a seller’s closing costs.

“Tight inventory means slim pickings for buyers. Even though inventory is starting to expand, and rising home prices should bring more for-sale homes onto the market, people who actually want to buy within the next year are feeling the pressure of competing buyers and limited inventory,” wrote Trulia Chief Economist Jed Kolko in blog post about the survey.

Also seemingly a symptom of today’s limited housing stock, homebuyers who plan to buy within the next year said that finding a home that they like is their biggest worry.

And highlighting two other defining characteristics of today’s market, consumers who said they might buy someday indicated that their two greatest fears were that mortgage rates and home prices would rise further.

But in a sign that people’s attitudes towards homeownership have recovered significantly since the downturn, 60 percent of respondents said that they thought homeownership is one of the best long-term investments they could make, up from 47 percent two years ago.

The State of Real Estate

Prudential Real Estate Outlook Survey: Home Ownership Is Increasingly Important to Younger Americans

Prudential Real Estate Outlook Survey Infographic-final-large-web

Read about the report:

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Recently Sold Listings

just sold

 I’ve recently sold a number of listings in the San Diego county; representing either buyer, seller, or both parties in a transaction.

Please give me a call to get your house bought or sold–(619) 890-3648!

Six ways to improve your odds with a contingent sale offer

From a seller’s point of view, contingent sale offers are risky. What if the buyers’ home doesn’t sell? Will the buyers list their home too high? Is their home in good condition and ready to go on the market? Many sellers would rather wait for their own home to sell to a non-contingent buyer than face the uncertainty of a contingent sale offer.

Buyers who can buy another home only if their current home is sold need to convince sellers that it’s worth the risk to accept their contingent sale offer. One strategy that can work in your favor is to list your home for sale before you present an offer on the home you want to buy.

This lets the sellers know you are serious about selling your home. Some buyers are tentative and won’t list their home until they have an accepted offer on the one they want to buy.

A lot of home-sale transactions are put together with the help of the agents involved who communicate freely with one another. As a buyer who must first sell his current home, your listing agent can help to convince the sellers to accept your offer by arming the agent who’s representing you as a buyer with information that will help sell the deal.

Ask your listing agent to prepare recent sales information of listings in your area similar to yours that sold recently to show that your list price is in line with current market conditions in your area. The sellers will want to know how long on average it’s taking homes like yours to sell. They also may want their listing agent to talk to your listing agent to confirm the information your agent provided.

Your chance of a timely sale will depend on buyer demand for homes like yours and on how many homes like yours are currently for sale in your area. In a low-inventory market where demand is high, your home may sell quickly. If there are a lot of listings in your neighborhood, you will need to be aggressive with your list price by pricing lower than your competition.

HOUSE HUNTING TIP: The sellers will want to know how long it will take for you to put your home on the multiple listing service. They are unlikely to wait a month or so for you to get your home ready for sale. As soon as you have made the decision to buy a new home and sell your current one, you should start preparing it for sale. This will make it possible for you to put your home on the market quickly.

If you find your dream home earlier than you thought you would and your home is not ready to market, enlist your agent’s aid in lining up a crew — handyman, painter, stager, etc. — to assist you with a fast prep-for-sale project. Ask friends and relatives to help with decluttering, donating what you no longer want, and packing up items to go to storage that you want to keep.

Before you make an offer, make sure you can provide the sellers with a letter from your loan agent or mortgage broker that indicates you are creditworthy and have the financial means to close the sale once your current home is sold.

Although it may seem silly, write a sincere letter to the sellers about how much you like or love their home and why you want to buy it. Sellers who have a pride of ownership and an emotional attachment to their home can be swayed in the right direction by a well-crafted letter.

THE CLOSING: Offer to pay the asking price, or more, if the market warrants it. Buyers usually pay a premium for a contingent sale offer.

Dian Hymer is a real estate broker with more than 30 years’ experience and is a nationally syndicated real estate columnist and author.

Purchasing a Home? Hands Off These Items

Hands off these items in a home purchase

One reason sellers prepare and stage their homes for sale is so buyers can imagine themselves living there. It can be difficult for buyers who are emotionally involved with the home to picture what the place will look like after the sellers move out.

To avoid after-closing problems, make sure that your purchase contract is clear about what stays with the house and what does not. Real estate law and custom vary from one area to the next. Ask your agent for help if you have any question about what’s included in the sale and what is not.

The Multiple Listing Service (MLS) can provide some information. For instance, if there are washer and dryer hookups only, then the washer and dryer are not included in the sale unless otherwise specified in writing in the purchase agreement.

To be enforceable, real estate contracts must be in writing. Verbal agreements to sell real estate aren’t binding. The MLS is the REALTOR®s’ listings of homes for sale and an offer to cooperate with other agents in procuring a buyer. It is not a contract between the buyers and seller.

So, even if the MLS information on a listing says the washer and dryer are included, you should write this into the contract so there’s not confusion when the sellers move out.

HOUSE HUNTING TIP: Typically, items that are permanently attached to the property, such as built-in appliances, tacked-down floor coverings, window coverings, light fixtures and bookcases, are included in the sale unless they are specifically excluded in writing by the sellers. For example, the dining room chandelier might have been in the sellers’ family for years. It has sentimental value. The best approach would be for the sellers to remove and replace the fixture before the home goes on the market. Otherwise, ask the sellers to replace the fixture before they leave so that you’re not left without light if this is the only source of light in the room.

Satellite dishes and wall mounts for flat-screen TVs can create ambiguity. In some contracts, they are included. If you don’t want them to be included, ask the sellers in writing to remove the wall mount and satellite dish and to make necessary repairs before they leave.

If the sellers are taking these items with them, be sure to require in writing that they make necessary repairs. Special attention should be paid to the roof covering where a satellite dish is removed to avoid leakage into the home.

Buyers are often taken by items of personal property that belongs to the sellers. They are a perfect fit for the house, like a fountain in the front courtyard, outdoor furniture or potted plants that enhance the garden, or a table that fits the breakfast nook perfectly. These items, unless permanently attached, are usually not included in the sale.

Just because the sellers haven’t offered to include a piece of personal property you covet doesn’t mean you can’t ask for them. Again, to ensure that they are included, write it into the contract, or an addendum to the contract.

When should you ask for personal property that’s not included in the sale? If you’re in competition, postpone the request until the sellers accept your offer. When you remove contingencies might be a good time to bring up the subject. If the sellers can’t part with the item you want, ask where they bought it.

Even if the sellers have specifically said they are not leaving items like the washer and dryer, they might be willing to do so if your offer is good enough.

THE CLOSING: If the sellers offer to include items of personal property you don’t want, specify in writing in the purchase contract that those items be removed.