The Selling Process

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Step 1 of The Selling Process: Contact us for a complimentary market analysis.

A market analysis will supply you with current and relevant information about home value, based on recent comparable property sales. Your Realtor will discuss with you what your home could sell for in the current market.

Step 2: Interview and Hire a Realtor .

We recommend interviewing several real estate agents to get a clear idea of what each Realtor will do to list and market your property.

Step 3: Sign the Listing Documents.

  • Listing Contract (between you and your Realtor )
  • Data Input form (the specific information to be published in the Multiple Listing Service )
  • Disclosed Limited Agency (Representation of you by your Realtor according to the Oregon Real Estate Agency)
  • Property Disclosures (4 pages of questions regarding any and all information you need to disclose to the Buyer purchasing your home)
  • Siding Disclosure (Required by the OREA)
  • Smoke Alarm Disclosure (Required by the OREA)
  • Lead-Based Paint Disclosure (only required if your home was built prior to 1978)

Step 4: Begin the Marketing Process.

Your Realtor will extensively photograph your house and property. Preparing marketing materials for to promote your home is time-intensive, but it’s very important to present your home at its best to the purchasing public. Keep in mind that the marketing process is one that will continue until your property is sold.

Step 5: Receive an Offer for Purchase.

Once you have a willing and able buyer for your property, the negotiations begin. Upon mutual acceptance, your Realtor will submit property disclosures to the buyer.

Step 6: Talk to Your Realtor About Relocation Plans.

Your Realtor can assist whether you are relocating locally, in state, or across the country. Be sure to ask how he or she can make the transition simplified and seamless for you.

Step 7: Negotiate Repairs and Cleaning.

Based on the inspection report, the buyer has the option to submit a Repair Addendum. Suppose the buyer inspection report has a mention of a pest/wildlife infestation problem in the house (that might require hiring Bat Removal services or any other relevant service providers) or has any important repairs that need to be done, this brings the buyer and seller (and their Realtors) back to the negotiation table so they can come to an agreement regarding any concessions or restorations.

Step 8: Perform Repairs Agreed Upon.

Keep in mind: though many repairs seem simple to the do-it-yourself-er, because you are in a real estate transaction, they may be required to be performed by a licensed contractor for example if you need some water pipework fixing you may look for either a professional such as I Need The Plumber & Air Conditioning or you may use a local professional if you find that more preferable. Ask your Realtor if you have any questions about what can be finished by you. Keep your receipts! The buyer may ask for them.

Step 9: Appointment to Sign at Escrow.

You will be contacted by the escrow officer of the title company where the transfer of title and funds will take place to schedule an appointment to come in and sign the final documentation.

Step 10: Pack Up! You’ve Sold Your Home!

Though nothing is finalized until the transaction has funded and recorded, it’s not a bad idea to begin the moving process. The contract between you and the buyer will specify how many days after closing you have to move out. (Sometimes it’s the day of closing, though!)

Step 11: Closing.

Closing officially occurs the day funding is released and the documentation is recorded with the county courthouse.

Published on: Nov 30, 2012

Determining Property Value

[dropcap character=”A” color=”blue”]Accurately determining property value is the most critical task to getting your property sold. It’s best to use a professional realtor, similar to these phoenix az realtors, to have your property valued. This will ensure an accurate valuation, meaning you’ll get everything your property is worth. Factors influencing home value include location, condition, appraised value, the lender, and of course the marketplace.

[accordion_group] [accordion title=”Location, Location, Location”]Location dictates value more than anything else. It also means that all real estate is quintessentially local; it can only be evaluated in light of its community, neighborhood, and even the placement of a home on a lot or parcel. Value-added examples include being near a desirable part of downtown, enjoyable views, seclusion, proximity to critical services like a hospital or shopping, good schools, backyard privacy, and the list is extensive. Negatives include railroad tracks, busy streets, neighborhoods with high crime rates or in disrepair, commercial areas, properties near noise, congestion, even light pollution, etc. A professional can help you understand the context of your home better and how your property might fare.[/accordion] [accordion title=”Floor Plan”]The floor plan will kill interest or bring the buyer back for a second look. Does it flow well; is it logical, does it use space well? Think about the master bedroom in relation to other bedrooms in light of children or guests. Where is the guest/half bath located; is it off the dining room, the living room, or is it discretely located for privacy? Do you have to walk through a bathroom to access a closet or another room? When we see homes designed by some homeowners, or many times by builders (sorry, but most homebuilders are men!), we are reminded why a professional home designer or architect is a good value at any cost![/accordion] [accordion title=”Condition of the Home”]Condition of the home begs these questions:

  • Is the home ‘dated’ or ‘updated’ with things like new windows from a website like this one? It is a sad reality that a state-of-the-art home today can be harshly criticized 10-15 years later. Homes have become like wardrobes; you do not have to update them but it will be noticed if you do not, and talked about negatively.
  • Is the property well maintained? Except for investors who are eager to improve homes for large profits, most buyers want a home that has been loved and cared for. Deferred maintenance issues frequently kill deals during the inspection phase, or cost the seller money to fix problems before closing. Unfinished remodeling or overdue maintenance is expensive to a seller. If for example, the roof is due to be redone, this can look really unappealing to a buyer as roofs are expensive to replace and maybe something they are unable to do after moving into the property. As a home seller, you could contact and search for Denver roofing companies or local roofing contractors to see if anyone can possibly help you with quickly solving this if it was an issue.
  • Is the home attractively decorated and furnished? Proper staging is an art. Not staging a home will cost you showings, perhaps offers, and likely money during the negotiations. A well-presented house may net you more money, or it could just make the home more saleable, meaning it will sell quicker because it competes better against other properties. Appropriate condition correlates to the market expectations for the price range. You do not have to follow every home fashion or trend, but you should do what is expected for the price range.

So what should you do?

De-clutter. Less is always more. Pack up everything you can live without and store the boxes in the garage, shop, or a storage facility. Remove unnecessary furniture to open-up walkways creating a home that feels spacious and lighter.

De-personalize. The best showings are when buyers see less of you and YOUR home, and more of them and their new home. Galleries of personal pictures on walls or the refrigerator distract buyers. Create an opportunity for the buyer to mentally place themselves and their furniture in your home. Selling your home is not about you – it is about your buyers. You are not showing off your possessions or family, instead you want buyers to envision themselves in your home and to imagine what they could do with your home-canvass.[/accordion] [accordion title=”Appraised Value and Lenders”]The reality is that most properties are purchased by a lender on a buyer’s behalf. Because of the risk to the lender of having to take back the property and re-sell it, the issue is really about what a lender is willing to pay. The lender will not pay more than the current dictates of the marketplace. In a declining market those assessments will be very conservative as they hedge against future lower prices. The data that is used to analyze the market is the actual sold comparables. ‘Solds’ alone have authority to establish value. The closest sales geographically, statistically, and chronologically are used to establish value. A seller’s opinion (they usually love the property) and a buyer’s willingness to pay the price (they also love it) mean nothing to a lender.

Professional technicians (appraisers) are hired by the bank to determine the value of your property. Your Realtor’s job and primary goal is to understand the market and your property well enough to price your property so that it does not conflict with an appraisal. There is no worse feeling than being 3 weeks into a transaction and having the appraiser come in thousands of dollars under the agreed-upon price. Most buyers cannot, and will not, pay more than the appraised value. In this situation, the seller always feels violated and must drop the price. It is a bitter experience.[/accordion] [accordion title=”The Marketplace is the last court of appeals”]You may list your property at a verifiable and attractive price but still not get an offer. A lack of showings might communicate that people think the property is overpriced. It also might be that there are no buyers in the marketplace at this time. If that is the real problem, then dropping the price will do no good, and plenty of damage. It will get you less money and bring down property values in the neighborhood. An experienced professional will know how to test and discern the causes. Other factors include the property’s location, condition, or presentation by the Realtor .

Markets do change, sometimes suddenly. Bank-owned homes, short-sale properties, and discouraged and desperate sellers can cause prices to drop suddenly making your property appear over-priced. The ‘active comparables’ while not definitive for appraisals, must be closely watched because they are your competition. Sellers should know their competition and learn to think like buyers, not sellers! You do not need to be the lowest price on the market, but you must be the best value, or at least unique enough so that your particular kind of buyer will want your home even at a higher price.[/accordion] [accordion title=”Overwhelmed & Hopeless? “]No one has the perfect property. There are many things we cannot control (like gravel roads, a poorly managed rental in the neighborhood, a funky floor plan, etc.). Additionally, some sellers cannot afford the time or money to change things that could be improved. This does not mean you cannot get your home sold, it just means that the price should reflect all these issues in order to keep your home strategically competitive. Your Realtor will be able to do this for you and periodically track your property against changing market conditions.

Buyers are savvy, and in this age of instant and vast information they will know your property and the competition well before they write an offer. Buyers will not be fooled. But the good news is that they also will recognize your good value. Their desire for good value and your desire to take the market seriously and offer a good value will eventually be a win-win deal. At that point both of you can move on with your lives.[/accordion] [/accordion_group]

Published on: Nov 30, 2012

Top 5 Realtor® Responsibilities

[dropcap character=”Y” color=”green”]Your expectation of a listing agent is to get your property sold within your time constraints and for the most money possible in the current market. While we can’t manufacture buyers, what we can do is to increase the odds of grabbing more buyers’ eyes, achieving more showings, and hopefully receiving more and better offers. We can then professionally negotiate the best value possible, hold it together, and close the transaction. If you understand more than this, you can also judge your agent accurately and either correct your Realtor or reward your Realtor with a renewed listing.

Here are our top 5 Realtor responsibilities for getting your property sold:

[accordion_group] [accordion title=”Price Your Property Properly”]Pricing is not about what the seller needs or wants for the property, nor is it about one’s intuition or the impression the home gives. Pricing is about hard-core research data obtained from comparable sold properties (real value), and then strategically assessing the competition to achieve the seller’s goals. There is no responsibility more important than this. An honest Realtor will still occasionally be corrected by the marketplace (that keeps us humble) but no Realtor can pull-one-over on the marketplace. The market is the most powerful force; no one controls it.

We have a saying that the listing agent begins as a hero in the eyes of the seller (great expectations!), but it goes downhill from there, sometimes way down because the end result is less than the dream. On the other hand, a buyer’s agent, begins at a disadvantage without trust from the buyers, but in the end achieves a dream for the buyers, and so ends the transaction as a hero. While it is good to interview more than one Realtor , sometimes the competition to win the client can cause the promise of price to be overstated. Learn more about establishing value and ask your Realtor to show you the data to support their claim.[/accordion] [accordion title=”Promote Your Property Far & Wide”]Your listing agent’s commission includes the marketing budget. Be sure your agent uses the resources well to get your property exposed to both Realtors and the public. Realtors are hand-in-hand with most of the prospective buyers in the marketplace. It is important to have a strategy to get your property at the fingertips of every agent in the nation. Ask what Multiple Listing Services your agent belongs to. Ask about IDX (Internet Data Exchange) to get your listing on thousands of agent websites.

The buyers agent commission is strategic here. We want to make it worth the effort of the best Realtors with the best buyers to show your property and then to negotiate in good faith. If we do not reward them well, we might lose the best opportunities. [ul_list]

  • Will your broker put the property on a Realtor property tour for professional viewing?
  • Will they provide extra information in the agent private remarks section of the listing so the showing agent is better informed when showing the property?
  • Is your agent immediately accessible by cell phone to set-up showings and assist a busy buyer’s agent?
  • Does your Realtor have a good reputation in the local community for working well with other agents?
  • Will there be follow-up calls or emails to get feedback for showings, and more importantly, to learn about obstacles to buying your home?
[/ul_list]Your agent will have several strategies to accomplish these most basic points. Promoting your property far and wide to the public is essential to insuring that no potential buyer is missed. Today, most of the best places to advertise are online. Review your agent’s advertising plan in detail. You will then be able to hold your broker accountable, and you will know that everything reasonable is being done to help you succeed in achieving your goal. Review the listing itself for completeness and accuracy, flyers, print advertising (magazines, newspapers, local publications), and websites. There are many strategies to getting your property noticed. Just ask your Realtor for their plan.[/accordion] [accordion title=”Present Your Property in its Best Light”]Every home has flaws and weaknesses. Our job is to present your best features and do so in an attractive and professional manner. Choose an agent who can take quality photographs with proper lighting (and blue skies!). Read the listing comments and edit the amenities list for accuracy and completeness. Why did you choose to buy this property? It is likely the same reason the next buyer will love your home. Are the flyers enticing, the ads creative, and the most important features floodlighted?

A professional realtor learns what appeals to the public and knows what will sell your property. Too good can be not so good. If there is too much ‘puffing’ in the descriptions, and if pictures create an unrealistic view of your property, then the disappointment experienced by buyers when they arrive at your home will actually destroy any chance of a buyer choosing your property. It takes wisdom to use marketing well.[/accordion] [accordion title=”Persuade the Buyer of Your Property’s Value”]Our intent is to find buyers looking for a property such as yours. When we find prospective buyers, it is to engage them in discussion of your property and persuade them that your property is worth every penny you are asking for it. We lobby for the right person to buy your property, help the buyer to raise concerns and objections, and then we apply what we know to remove these obstacles. This applies to our marketing messages, to the first showing and the follow-up feedback, in the process of negotiating terms and conditions for the offer, and in the transaction (after the inspection).

Sales is assertive, not passive. The process preempts problems, resolves difficulties, and broadens the buyer’s vision of what your property can do and be for them.[/accordion] [accordion title=”Persist Through Challenges Until Closing”]The process from listing your home to closing the transaction is long and littered with mines. The challenges are great. Inspections cause buyers to change their minds and kill the deal, but so does ‘buyers remorse’. Appraisals may throw everyone back into negotiations. Closings are late about 30% of the time, and coordinating the closings and possession of 3 or 4 transactions (that are strung together like a train) will stretch patience to the breaking point and require exceptional diligence on the part of your Realtor . Issues, questions, disclosures (or the lack thereof) erupt at the most inopportune times.

Your agent will protect you from most of the stress, keep you informed, solve myriad problems, find key answers, and negotiate skillfully to hold things together and get the transaction closed for you. Most importantly, he or she will maintain their cool and resist reacting to provocations in order to make this happen.[/accordion] [/accordion_group]

 

Published on: Nov 30, 2012

Pricing to Sell

Competitively pricing your home is key for a quick sale.

[dropcap character=”I” color=”green”]In real estate we have a large tool box of strategies, proven methods, creative ideas, and new technologies we can add to our diligent (now even excessive) labor to get our properties sold. For years now, we have pulled them all out and fully exploited them for our clients, and experimented with a storm of new ideas.  Wow! Even these have left us wanting. So also for our clients…

Since the turn of the market in 2007, sellers, who could be as demanding and inflexible as they wanted for so long, have had to face new realities. The buyer’s market and the radically reduced demand has awakened them to a world of price reductions, prepping their properties for selling, completing projects and repairs, de-cluttering, depersonalizing and staging their castles, and maintaining their homes at standards they did not even live at in order to attract an offer. Sellers now are highly competitive and need thick skin because buyers are  brutal.

Four years into this mess, we can say with certainty that all the glitter is gone and one thing reigns supreme in our marketplace – PRICING.

Values are dictated by tsunamis of distressed sales. These include the desperate, those in default, short sales, and REOs which are foreclosed or ‘bank-owned’ properties. They not only reduce values but have become common comparables for appraisers. Additionally, buyers must ‘buy well’ so that they do not find themselves upside down on their mortgages soon after their purchase. We have also been stripped of our infatuation with dream properties and reckless spending because ‘we want it’ and can afford it. We think more today about survival, good investments, and functionality. No one wants to go through a similar cycle in the future as unprepared as we were for this one.

Today buyers are looking for, finding, and selecting the really good deals. Trust my chastened thinking here, those who price competitively and aggressively get to move, the rest stay put. In a market of low demand where 20% of the active comparable properties will sell this year, you have to be in that 20%, and do all the other things at the top of this article, to be successful.

It is that simple to be sure, and yet it is more complex than I can put in a short article. We will be glad to have this conversation with you anytime if you are on the market, or contemplating a sale.

 

 

Published on: Nov 19, 2012

Relocating to Oregon

[dropcap character=”M” color=”red”]Moving across town means packing and hauling your current home’s contents, renting or hiring a moving van, and usually taking a weekend to accomplish the daunting task. Most people find moving stressful and exhausting even in the best of circumstances. Relocation brings its own crate of challenges, but some good planning can save you stress and anxiety as you move through this transition.

Selecting & Researching Your Destination

Your relocation process begins with a destination in mind. Maybe you are moving for family or work reasons, or maybe it’s just time to start somewhere fresh. A great starting point to investigate a city or town is going to be the local chamber of commerce website. Parks and recreation websites will tell you what kind of natural surroundings the area offers.

If you are looking to move somewhere in or around Yamhill County you have just struck gold. We not only work here, we vacation here! We love it here. Yamhill County has so much to offer all year round. We actually have less rain than the Big Apple and our moderate temperature lends itself to all kinds of outdoor enjoyment.

Our website offers a rich resource of community information for each wine country town and popular communities. Each town offers a different feel and vibe, whether a city feel or small village environment. Find out what suits you best by reading personal descriptions of our communities written by Bella Casa agents.

When looking at a big city don’t discount neighboring areas as you might find a better match for your lifestyle. Take time to research what the city or town has to offer. Bella Casa real estate brokers are local experts, we are more than happy to visit with you as you research your new home area options.

Packing

What to take and what to leave behind? There are things we brought to London that didn’t return with us. Depending on what type of relocation you are doing, you might want to rent a storage unit. Or look into Storage Buildings that can be shipped all together with contents inside, so you know it is all intact. Shipping across the county is spendy — across the pond is expensive. If it does not have sentimental or legal value, then leave it behind.

Other tips:

  • If packing for international, you cannot pack liquids. So if you want to take wine or spirits, check your airline for quantity in suite cases or look to ship it with UPS or USPS.
  • When shipping any pictures framed with glass, buy blue painters tape and criss-cross all around the picture center out to the edge of the frame, at least 8 strips around. If the glass does break, the tape will hold the glass pieces in place and prevent damage to the photo. Use cardboard corners to protect the edges.
  • Bubble wrap is your best friend, and your best price is going to be online. Go big as you will use a ton of it. They also have plate and dish sleeves now that protect dishes.
  • Space bags are a great invention and can be used for all things fabric. They truly are space saving and a great way to keep your items dry and clean.
  • Pets are another area where you need to research options. Some pets will need passports, shot updates, special carriers, and even plane tickets.
  • Electronics are another item to put some thought into, obviously if you are relocating within the United States it is fine to take electrical items with you. If you are making an international move, forget bringing those types of items. It is a headache to find converters as voltage differences can blow your source easily.

Moving and Shipping

Now that you have a destination in mind, when you are ready to begin your move make sure to interview at least two national or international moving companies. If you’re after moving services in tennessee, there is a great local firm called choosemoveon which a lot of our clients recommend. You’ll also be wanting to think of other possessions such as your vehicles, for these services it’s better to go with specialized vehicle relocators, look into different car and suv shipping companies to find the right service for you.

  • Find out how they pack your belongings: do they put them on pallets and shrink wrap? are they put in wooden crate boxes, like puzzle pieces?
  • Ask about shared containers if you don’t have a full container; sharing can save you some cash. Everything is labeled and the chance of lost items is slim.
  • Make sure you get a contract that discloses all charges associated with delivery as well. There can be fees in Customs.
  • Timing is also an obstacle; ask about length of shipping time. Don’t rely on the quoted delivery time if there are items you will need right away. It is best to keep critical with you or ship UPS or USPS.

Wherever your move takes you, bring your sentimental treasures along. You can’t replace them and you will miss them. Best of luck – and if you need any help, advice or an ear to bend, give us a call. If we don’t have an answer we might have a good idea of where to get one!

Other Resources

 

 

Published on: Nov 1, 2012

Why Won’t My Property Sell?

[dropcap character=”M” color=”red”]More than ?ve years of a housing depression have taught us to adjust, adapt, and learn new dynamics of selling in a declining market. This greatest of challenges has brought us back to the very fundamentals of our trade, selling real estate in the public marketplace. If you are fortunate enough to have already found a buyer for your property, it would be worth speaking to Jim’s Conveyancing Services in Brisbane before concluding the sale.[space5] [accordion_group] [accordion title=”1. Price can sell anything, anytime!”]Nothing is as important as pricing the property right. Regardless of the condition of the property, market conditions, or location issues, price can be adjusted to compensate and sell any home in a reasonable time, whether you’re selling it to the House Buyers of America or to anyone else. The banks prove this everyday by selling a high volume of foreclosed properties quickly (accepted offer within 30 days). Banks cannot afford to keep these homes on their books so buyers often get the property at more than 15% under current market pricing. The bottom line is that pricing, appropriate to the goal, works even when other efforts do not. [space5] Buyers today have almost all market knowledge at their ?nger tips and they are savvy about good values, deals, steals, and overpriced properties. If you list your $300,000 property with me today for $50,000 I will have a cash offer for you in a few hours! List it at $315,000 and it will sit there waiting for a price reduction; at $335,000 you are wasting your time; it will not sell no matter what you want or what a Realtor® promises you. No one controls the marketplace! No one can change it! No one violates its realities and gets rewarded for it. If your property sits on the market without showings or offers for too long, it is overpriced, at least as it is right now. Of course most people do not want to unload their property like banks do; they want to sell it at fair market value. You might also want to look at how properties are sold in planned communities similar to HUNT MIDWEST to give you an idea of what is missing. Only recent sold properties reveal what market value really is. Actively listed comparable properties on the market are nothing more than opinions of value by agents (sometimes ?awed) or the dreams of owners (sometimes unrealistic). These prices may change often and dramatically until they reach true market value and sell. Active listings should be viewed only to evaluate your competitive position to gain a buyer who might be in the market place. To get a better price, the following principles apply…[space5] At the core, beneath all the novel ideas of marketing, technologies, advertising, and sales strategies, there are three absolutes to selling your property- Price, Location, and Condition. Apply these properly and most of the work is done. The rest of the glitter is just about improving competitive advantages, and getting your own promotional materials from https://www.supercheapsigns.com/construction doesn’t hurt.
There can be other dynamics that play a heightened role for a time. For a time such as this, I add a 4th dynamic which has played loudly for the past 5 years- Sometimes there are no buyers in a particular market.[/accordion][space5] [accordion title=”2. Location is the standard for real estate value”]Location, location, location has always been the key to establishing value and sale-ability in the marketplace. Location is about ‘local’ issues right down to the very home’s neighborhood, location, and setting. If you are where people want to be, for whatever reasons, you will sell it for more money and quicker. Right now urban living is in vogue, is green, is less expensive for commuting, and is convenient to restaurants and great shopping, etc. Guess what? The Pearl District in Portland is expensive and yet it sells well! Walking distance to McMinnville’s down town or convenience to a select school gets a better price. A quiet cul-de-sac sells easier than a home on a busy feeder street. Highway visibility for a commercial space is more expensive than on secondary streets even if the buildings are more attractive. On the other hand a home next to the highway is in trouble in the same way that a home near airport noise suffers. You will have greater challenges on a gravel road, in areas with no cell reception, next door to a dilapidated home, or near a smelly business. These are dif?cult to sell; therefore, the property has to adjust pricing to move it.[/accordion][space5][accordion title=”3. The Property Condition Can Get a Quicker Sale and a Better Price!”]Home “?ippers” want a ?xer-upper but they also require the low price which goes with it. Perfectly manicured, hardly lived in, designer homes sell quicker and get a much higher price. Most people want a turn-key home that needs only cosmetic customization based on the buyer’s preferences. People hate repairs, especially the repairs that are not enjoyable expenditures such as plumbing and electrical ?xes, crawlspace issues, roof and gutters, replacement windows, water heater, cracked concrete, exterior painting, etc.It has been a ruthless buyers’ market with great demands made on sellers for the price and then again after the inspection. Prepare your home for sale by completing projects, making all known repairs, and updating whatever you are able to do, touching up paint, etc. Anything sub-standard about your property will require a price offset to get it sold. You can sell a home in any condition but the more challenges, the less money you get. We can help you think through this complex issue.Presentation is crucial in a competitive market. You do not sell your home in the same condition you living in it. Home and Garden TV has helped Realtors® greatly. These real estate reality shows help buyers to see the competitive process and learn basic principles of property presentation. De-clutter and depersonalize have become the most well known. Sparse and space is good. We also want buyers to imagine themselves in the house not think of it as your home. Remember, in the housing industry, like the clothing and the auto industries, the styles change more often than ever right now. Home Depot and Lowes, specialty stores for ?ooring, tile, paint, light ?xtures, etc. mean that people can remodel and redecorate frequently. Buyers pay most for homes which are not dated.Consider a pre-listing inspection to be able to eliminate repair obstacles. Think about staging your home for sale. If it gets you a quicker offer and a higher price negotiated, your efforts are worth money in your pocket.[/accordion][space5][accordion title=”4. Sometimes, there are no buyers in the marketplace. This is the exception…?”]For 5 years, we have suffered insecurity and uncertainly (never good for marketplaces), outright paralysis (?nancial meltdown of 2008); inability to get ?nancing (new construction for lots and land), a log-jam of unsalable homes (frustrating the ability to move), and a glut of distressed properties systematically reducing home values (and de-motivating buyers because, ‘Next year the price will be even lower!’).For much of this time there were no buyers for city lots and rural buildable properties. While luxury and complex rural properties were losing 50% of their value, there were no jumbo loans and no buyers. Unemployment sucked an enormous number of prospective buyers out of the marketplace for the midrange homes. Distressed markets in California, Arizona, and Nevada cut off the normally vibrant ?ow from out of state buyers affecting rural areas like Yamhill County’s wine region severely. Grass seed farms, normally a strength of our local economy, were a liability as seed prices crashed. In the same way timber properties crash when the lumber sales dive for lack of demand.It is challenging to incentivize buyers when they cannot be found! This has been our greatest challenge in selling. To some degree we had to hit bottom to ?rst attract the scavengers to clean-up the carnage and then the public to believe that the downside risk of buying today is low and the upside potential is great. We are grateful that the real estate market has recovered and properties are selling at a healthy rate.[/accordion]
[/accordion_group]Best regards,
Randy

Randy McCreith, Real estate broker
Randy McCreith, Principal Broker
Bella Casa Real Estate Group
Cell: 503-310-9147
Fax: 866-281-6653
McMinnville office (19th & Hwy 99)
207 NE 19th Street, Suite 100
McMinnville OR 97128
Newberg office (College & Hwy 99)
700 E 1st Street, Suite 100
Newberg OR 97132
Published on: Oct 18, 2012

The Challenge of Closing

[dropcap character=”B” color=”red”]Buying or selling a home is like climbing Mount Everest – getting a signed contract is a great accomplishment after all of the processes before that, including having a property evaluator view your home and actually listing it for sale. Yet that’s only half the journey. The typical home transaction today involves more than 20 steps after the initial contract is accepted to complete the transaction.

“Closing” transfers the title of the property from the seller to the buyer. The buyer receives the keys and the seller receives payment for the home, minus money to pay off the existing mortgage and other transaction costs. Deeds, loan papers, and other documents are prepared, signed, and filed with local property record offices.

The good news is that much of what needs to be done before the closing is the responsibility of appraisers, loan processors, attorneys, and inspectors – and it’s your Bella Casa realtor’s role is to coordinate those responsibilities. You agent will help ensure that others do their jobs promptly and correctly and that the closing isn’t jeopardized.

Bella Casa realtors have extensive experience in handling problems that may arise during the time between contract and closing; they can anticipate difficulties and address them in time to ensure a smooth settlement for all involved.

When things go wrong, closing can easily fall behind. Here’s how much time to expect on particular delays:

One-Week Delays

  • Buyer submits incorrect information to lender
  • Source of down-payment changes
  • Escrow fails to notify parties about missing documents
  • Principals leave town without signing all necessary papers
  • Unknown defects are discovered in the property
  • Last-minute liens discovered
  • Cloud on title
  • Move-out date changes

Two-Week Delays

  • Lender decides at the last minute it doesn’t approve of the borrower or the property
  • Lender raises interest rates
  • Lender requires last minute reappraisal or repairs
  • Appraisal too low

 

Published on: Oct 12, 2012