We're very blessed to live in the Beach Cities, with some of the nation's nicest neighborhoods. But what makes a good neighborhood? Here are 12 Things That Make A Neighborhood Truly Great! -David
Showing posts with label Trulia. Show all posts
Showing posts with label Trulia. Show all posts
Tuesday, December 2, 2014
12 Things That Make A Neighborhood Truly Great
We're very blessed to live in the Beach Cities, with some of the nation's nicest neighborhoods. But what makes a good neighborhood? Here are 12 Things That Make A Neighborhood Truly Great! -David
Friday, May 23, 2014
The 2 Rooms That Really Sell Homes
According to Trulia as quoted in Forbes, These Are The 2 Rooms That Really Sell Homes. I can't disagree, but would offer an additional point: Before taking it upon yourself to select your home repair and fix-up projects in advance of a sale, contact a knowledgeable Realtor to find out what really matters to buyers in your specific market.
It's nearly impossible for a homeowner to be objective in selecting what to change about their own home to make it appeal to today's buyer. Thus it's easy to overspend, or spend on the wrong things, or delay your sale unnecessarily while making the wrong upgrades! -David
Friday, December 2, 2011
Post-Recession Real Estate Terms & A Great Picture of Ralphie
Saturday, November 19, 2011
One Site's Top Ten Cities of Interest to Buyers
Sunday, October 17, 2010
Q & A: In our contract, seller agreed to repair all Section 1 termite damage, now he is refusing, and doesn't want to sell. What can we do?
Q via Trulia: (I)n our contract, seller agreed to repair all (S)ection 1 termite damage, now he is refusing, and doesn't want to sell. What can we do?
David's Answer: You find yourself in a challenging situation, but not one that most experienced Realtors haven't encountered in one form or another. Short of suing the seller for specific performance in hopes of forcing the sale (an unpleasant and unpredictable process), several steps warrant consideration.
The key is getting to the bottom of the seller's motivations to understand what's really happening, and your licensed Realtor should be leading the charge on this effort. A negotiated solution is likely to be more satisfying to all than hollow threats of legal action.
When a seller refuses to close, several things may be happening. One is that he/she got a better offer and prefers it (for any number of reasons) to yours. Another is "seller's remorse," a sort of "insanity" that a few sellers go through right before they are due to leave their home (same thing happens to some buyers). Or it may be a sort of hardball negotiating ploy wherein the seller expects to avoid repairs to which he/she has agreed.
Most agreed-upon repairs are not a condition of closing, and if the seller agrees to do them and then fails to do so, the buyer can close and then have a legal action against the seller. But you don't want a legal action, you want a home.
As it happens, termite work is a higher-level repair than most others, assuming the seller did indeed agree to do Section 1 work on form WPA. If so, the seller owes you a termite completion report, before provision of which he/she hasn't performed on the terms of the contract.
So one question is, what's the extent and cost of that work, can it be accomplished less expensively (e.g., having a handyman perform the wood repairs and the termite company certify them), and are you willing to lose the home over it? South Redondo is a beautiful place to live, and if the cost is minor and you're happy with the home otherwise, then it may not pay to stand on principal. If you negotiated the price down considerably already, then perhaps the seller feels he/she has come far enough already, and maybe you can live with it. In ths case, you would probably want to agree to reimburse the seller for the cost of the Section 1 repairs in escrow (don't pay for anything before you own the home!).
An intermediate strategy might be to agree to split the cost of the Section 1 work in escrow.
Why not just agree to skip the Section 1 work and live with the termites, when the vast majority of homes in the South Bay have termites anyway? You can do this if your lender will allow, but many will not, so that may not be an option.
What if the seller is just using the termite work as a foil for having changed his/her mind on selling the home? Well, there are costs to getting out of a real estate contract, and the seller should be reminded of those. Check the damages clauses. How about the escrow costs? If you had wanted to cancel the transaction (after releasing your contingencies), the seller would have had a possible claim on your deposit. If the seller wants out (and you have kept your end of the deal), then he/she will need your consent to cancel. Perhaps that consent should cost what you would have lost had the situation been reversed?
Your realtor should be speaking with the seller's agent and with your escrow officer to understand exactly where you, the seller, and the transaction stand. With a clear understanding of motivations, an acceptable solution may appear.
Good luck, and I hope that helps! - David
Link to this Q&A on Trulia: http://www.trulia.com/voices/Home_Buying/_in_our_contract_seller_agreed_to_repair_all_se-248693-p_1-recent?answerId=872355&thisanswer=1#left_content
When a seller refuses to close, several things may be happening. One is that he/she got a better offer and prefers it (for any number of reasons) to yours. Another is "seller's remorse," a sort of "insanity" that a few sellers go through right before they are due to leave their home (same thing happens to some buyers). Or it may be a sort of hardball negotiating ploy wherein the seller expects to avoid repairs to which he/she has agreed.
Most agreed-upon repairs are not a condition of closing, and if the seller agrees to do them and then fails to do so, the buyer can close and then have a legal action against the seller. But you don't want a legal action, you want a home.
As it happens, termite work is a higher-level repair than most others, assuming the seller did indeed agree to do Section 1 work on form WPA. If so, the seller owes you a termite completion report, before provision of which he/she hasn't performed on the terms of the contract.
So one question is, what's the extent and cost of that work, can it be accomplished less expensively (e.g., having a handyman perform the wood repairs and the termite company certify them), and are you willing to lose the home over it? South Redondo is a beautiful place to live, and if the cost is minor and you're happy with the home otherwise, then it may not pay to stand on principal. If you negotiated the price down considerably already, then perhaps the seller feels he/she has come far enough already, and maybe you can live with it. In ths case, you would probably want to agree to reimburse the seller for the cost of the Section 1 repairs in escrow (don't pay for anything before you own the home!).
An intermediate strategy might be to agree to split the cost of the Section 1 work in escrow.
Why not just agree to skip the Section 1 work and live with the termites, when the vast majority of homes in the South Bay have termites anyway? You can do this if your lender will allow, but many will not, so that may not be an option.
What if the seller is just using the termite work as a foil for having changed his/her mind on selling the home? Well, there are costs to getting out of a real estate contract, and the seller should be reminded of those. Check the damages clauses. How about the escrow costs? If you had wanted to cancel the transaction (after releasing your contingencies), the seller would have had a possible claim on your deposit. If the seller wants out (and you have kept your end of the deal), then he/she will need your consent to cancel. Perhaps that consent should cost what you would have lost had the situation been reversed?
Your realtor should be speaking with the seller's agent and with your escrow officer to understand exactly where you, the seller, and the transaction stand. With a clear understanding of motivations, an acceptable solution may appear.
Good luck, and I hope that helps! - David
Link to this Q&A on Trulia: http://www.trulia.com/voices/Home_Buying/_in_our_contract_seller_agreed_to_repair_all_se-248693-p_1-recent?answerId=872355&thisanswer=1#left_content
Search words:
Cancelling a sale,
Negotiation,
Q and A,
Refusal to close,
Seller's remorse,
Specific performance,
Termite work,
Trulia
Q & A: Do you think that the current foreclosure stoppage will affect short sales?
Q via Trulia: Do you think that the current foreclosure stoppage will affect short sales? I''m seriously considering putting down an offer on a short sale condo...
David's Answer: Make the offer! While the current foreclosure stoppage is based on a technicality, anything that slows foreclosures increases the incentive for lenders to consent to short sales, which are ultimately much less costly to the bank (but cause them to recognize losses sooner than they would prefer).
Use an experienced, licensed, full-time Realtor (quality, service, ethics, and professionalism vary widely) who's been recommended to you by others. You should have professional representation in what can be an uncertain and time-consuming process, because you deserve it AND because that's what your smartest competitor will have. Good luck! - David
Link to this Q&A on Trulia: http://www.trulia.com/voices/Market_Conditions/Do_you_think_that_the_current_foreclosure_stoppage-247955-p_1-recent?answerId=872368&thisanswer=1#left_content
David's Answer: Make the offer! While the current foreclosure stoppage is based on a technicality, anything that slows foreclosures increases the incentive for lenders to consent to short sales, which are ultimately much less costly to the bank (but cause them to recognize losses sooner than they would prefer).
Use an experienced, licensed, full-time Realtor (quality, service, ethics, and professionalism vary widely) who's been recommended to you by others. You should have professional representation in what can be an uncertain and time-consuming process, because you deserve it AND because that's what your smartest competitor will have. Good luck! - David
Link to this Q&A on Trulia: http://www.trulia.com/voices/Market_Conditions/Do_you_think_that_the_current_foreclosure_stoppage-247955-p_1-recent?answerId=872368&thisanswer=1#left_content
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