New Listing in La Jolla!

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As of 9/21/12 this is a La Jolla Pocket Listing, meaning that the home is for sale but is not yet on the MLS. This home is expected to sell very fast and anyone who is interested should make an appointment with Carlos Gutierrez immediately. Simply call:  858-864-8741 

Home Description:
Sink into luxury in this beautiful 3 bed, 3 1/4 bath home in the quiet Lower Hermosa neighborhood of La Jolla.  Each bedroom has en suite bath. French doors in 2 rooms open to a tropical style backyard.  The saltwater pool surrounded by bamboo makes the backyard your own private paradise.  The kitchen would satisfy even a professional chef with stainless steel appliances, subzero fridge, Dacor 6 burner oven/range and hood, Bosch dishwasher, granite counter tops and breakfast nook. Master bedroom features large walk-in closet, whirlpool bath and over sized, glassed in shower. Home has all the extras like auto-irrigation, newly installed forced air/heat, LifeSource water purification, tank-less water heater, built in natural gas bbq and so much more! All of this, only 1.5 blocks from Windandsea beach with ocean/peek views from the living room and kitchen.

Give Your Home An Annual Check Up

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You take yourself to the doctor every year for an annual check-up; well your house needs one too!  Making sure your home is in tip-top shape will save you money on electric and gas bills and keeps your home safe for your family.  And if you are thinking of selling your home anytime soon, you will avoid costly repairs that might come up with a home inspection.

Think Like A Home Inspector

Homeowners routinely do maintenance and upkeep on their homes.  Things like squeaky doors, stuck windows and cracked tiles are usually taken care of right away.  However don’t always see the bigger picture.  When you do your annual check-up, think like a home inspector and look for things outside of routine fixes.

Roof
We don’t often think about our roofs unless they are leaking.  In this case, prevention is the best medicine.  The first thing you want to look for are loose or missing shingles.  Check the ridge or peak and make sure it is straight and level.  Sagging roof lines can indicate insects, inadequate fastening or too much weight.  You should also look for loose flashing at the chimney or roof-to-wall connection.  Check and clean the gutters while you are doing a roof inspection.  They should all slope down toward downspouts.  You want to make sure there is no rust or peeling paint and there are not any loose or sagging sections.  And most importantly you want to make sure the spouts are draining away from the foundation of the house.

Foundations
Living in California, we experience small earthquakes frequently and they often go unnoticed.  But they can be doing damage to our foundations.  So doing a yearly inspection will help you find any damage early.  Take a walk around your home and look carefully at the foundation, or base of your home.  Check for any cracks or damaged masonry, this can be a sign of weakened areas.  Look for settlement or separation from the house.   Check for paint problems, rotten wood or any wood to earth contact.  This can create termite infestations or other insect damage.

Lot Grading
Make sure your yard slopes away from the house to prevent water damage.  Look for any settled or low areas next to your foundation.  This could be a sign of pipe leaks or water damage.  Walk out to the front yard and compare your lot to your neighbors.  Make sure they look even and your yard doesn’t sit lower.

Move Your Home Inspection Inside

Ceilings and Floors
Home inspectors advise you use a flashlight when inspecting the inside of your home.  It will help you stay focused and literally shine a light on problems.  Start by inspecting the ceilings in each room of the home.  Work your way from the outer walls to the center of the room.  Check for stains or discoloration, both could be signs of water damage.  Also look for any sagging or uneven areas, which can indicate weight load problems in the roofline.

When you inspect your floors you are looking for slopping or sagging areas.  Inspect for any cracked or chipped ceramics.  If you have laminate, make sure there aren’t any gaps and it isn’t pulling away from the walls.

Finally, do a walk through your home and check all the basics.  Make sure all the doors open and close easily and are sitting square in their frame.  Check windows to make sure they don’t stick and screens are secure.  In the kitchen and bath, check all the fixtures that they are working properly.  Open the cabinets and check for any leaking pipes.

By taking the time once a year to inspect your home, you can save yourself a lot of money by finding problems before they become unmanageable and you won’t have any surprises when you want to sell your home.

A Night of Comedy, Food and Entertainment - All For a Great Cause!

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What are you doing this Thursday? We hope you'll join us August 16th from 5pm- 9pm at Bare Back Grill in San Diego. Funnyman Pierre Charmasson will be hosting a comedy night with Carlos Gutierrez to go along with live and silent auctions. We also have Monique Marvez (as seen on Showtime with Snoop Dogg) and Kyle Fitzgerald (as seen on Comedy Central). All the proceeds go towards the Live Well Project, which is a non-profit resource for young girls in San Diego. $10 Will get you a raffle ticket, free comedy show and a free drink! So grab a couple friends and head to Bare Back Grill for a good time. See you there!

Support Challenge Athletes Foundation

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Aug. 10 6pm-10pm /Prospect Bar and Grill/ La Jolla/ $20 donation at the door
Carlos and Jeff want to know if YOU are up to the challenge? Join us on August 10th to support Challenge Athletes Foundation. This fun night of music, food and auctions will be held at Prospect Bar and Grill in La Jolla. There is a $20 donation at the door which includes one drink ticket and raffle tickets. Bill Walton, will be joining us to support CAF. So grab some friends and accept the challenge to make a difference for CAF Athletes!

Staging the Perfect Home

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If you are in the market to buy or sell a home, chances are you spend some time watching HGTV reruns of House Hunters.  Ever notice the look on prospective buyers’ faces as they walk through the really dumpy properties?  The fact is that so many people neglect to prepare their properties before showing it to potential buyers.  Overstuffed closets, stained carpets, dirty bathrooms, dull kitchens and family rooms with so much junk scattered all over the place that the buyers can barely see the space – all these things are a huge hindrance to selling successfully.

This week we just listed a home for one of our clients and the way they set up their space is perfect.  As you can see in the video, the homeowners have taken the time to arrange furniture in a way that highlights the home’s gorgeous features and open floor plan.  Plenty of tasteful accessories have been used to dot the space with color, interest and life.  There are even some touches of their personal life, though not overdone by any means. 

The key to preparing a show-ready home is to put yourself in the buyers’ eyes.  Going back to House Hunters episodes – how many times did buyers’ eyes light up when they walked into an open, well-lit home that was obviously cared for by its owners?  And if you pay attention, you’ll notice that more often than not, the homes that don’t seem to cared for by their owners are usually the ones that get passed up.

Tips on How to Make Sure Your Property Shows Well

MAKE SURE THE HOME IS CLEAN

Nothing turns off buyers more than a home that is dirty.  As they walk through the house they are imagining living there but dirty bathrooms, unclean windows, or unkempt rooms are unattractive.  Rather than risk buyers only remember that aspect of your home, make sure you clean the space, have carpets professionally steam cleaned, power wash windows, clear up driveways and make the home presentable.

REMOVE ALL CLUTTER

Clutter acts as an obstacle that does not allow buyers to see the actual features of your home.  If possible, box up things like extra shoes, overflowing closets, unkempt toys or messy areas in the home.  Keeping the space clear of clutter will not only make the space inviting, it will also allow the prospective owners to imagine their own things in the space.  A common turnoff that many sellers neglect to take care of before showing their home is a fridge filled with personal notes, pictures, schedules and other traces of the current family’s life. 

EMPHASIZE POSITIVE ASPECTS

If your home’s best feature is the great room, be sure to emphasize it bylighting it well and clearing all to and from areas for easy flow through access.  If the large backyard is a favorite selling feature, remove all leaves and landscaping clutter.  It is important not to ignore maintenance details such as mowing the lawn or tidying up the hedges.

DEMONSTRATE PRACTICAL USE OF SPACE

How you set up your home will have a major impact on how it is received.  By setting up the furniture and arranging other items in a way that highlights the desirable aspects of your home while working with the space encompassing the area, buyers will want to see more.

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Imagine your home is going to be photographed for a magazine.  What would you do to prepare before the photographer arrived?

“I Rode With Carlos Gutierrez. I Ain’t Got No Complaints.”

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“Hi, my name’s Paul Rudy.  For the past nine years this beautiful townhome has been my home.  I never, ever thought I would leave.  But then one day, on a luck, surfing through the MLS listings, I found a place in Ocean Beach and just like that, my life was about to change.  It all started with a phone call to my real estate friend, Carlos Gutierrez.  I said, ‘Carlos, I’ll sell this place, but for this specific number, this price, not a dollar less.  And this place in Ocean Beach; I’m interested in it.  But I am only going to pay this amount, not a dollar more.’  Perhaps the numbers weren’t reasonable.  The challenge was laid down.  My good friend, Carlos Gutierrez, accepted it.

“First Carlos checked out the place in Ocean Beach to make sure it was structurally sound and a reasonable investment.  And then the challenge became pretty clear:  we had to sell this property before someone bought the Ocean Beach property out from underneath me.  A: We made an offer.  The offer was accepted and the 17 day clock started ticking.  Now there were complications.  Keep in mind, this particular property is under litigation which makes the loan process for a new buyer all the more difficult.  Then throw in the glut of downtown properties and the fact that the economy is in the tank, and, pretty much, this looked like Mission Impossible.
 
“Day 1, my townhome was staged and photographed.  The fisheye lens making the old girl look as good as she ever has.  For any of you that have surfed the MLS listings, you know how important those pictures are.  So does Carlos.  He made the place look good and attractive.

“Day 2, the property was listed.  Mailers went out and Carlos hosted a broker only party.  And then also personally contacted every one of the top brokers in the downtown San Diego area, making them aware of my property and by day 3, the walk-thrus had started.  The hook was set.
 
“While perspective buyers were touring the property, Carlos’s team and associates hit the ground running.  A special mention has to go out to Jeannete Lizarraga, who handled my financing seemingly overnight.  And then Carlos’s Prudential teammate, Jaclyn Doelz, got the new place appraised and handled every one of my whimpering phone calls with a steady calm.
 
“By day 5, the first offers were coming in: Halleluja! But the first offers are always cash-only, low-ball offers.  They’re more annoyance than anything else.  But Carlos is a professional.  He counter-offered everything.  Folks, he had his hands full with the multiple counter-offers, but more importantly acting as a psychiatrist for me.  Buying a home is tough.  Buying and selling a home at the same time, tougher still.  Buying and selling a home quickly, like 17 days quickly, is downright gut-wrenching.  I can’t tell you how many nights ended with me on the phone to Carlos, him, talking me, off the ledge.
 
“Day 12, our sixth offer was a legitimate one.  The offer at the number we were asking.  But the buyer was out of the country and wanted to finance the purchase.  Now, how do you get overseas finances and a loan approved in the five days we had left?  Even worse, the seller in Ocean Beach wasn’t interested in extending our seven day window.  All seemed lost.
 
“And folks, this is why I think you should consider Carlos Gutierrez as your real estate broker.  In what could only be described as a real estate miracle, Carlos got the buyers at my place to come in all cash.  That’s pretty impressive: tough to do.  But more importantly, he arranged a face-to-face pow-wow with the seller in O.B.  Convincing, a rather stubborn seller, to give us just a little bit more time to close the deal.

“And the rest is history.  We sold the downtown condo for the exact price we intended to sell it for, what could only be described as ‘fair-market value.’  We bought this place for what can only be described as a ‘buyer-friendly price.’  In a bit of irony, we were actually ready to close this deal before the O.B. seller was; the O.B. seller who didn’t want to give us the extra time.
 
“In the end, Carlos set us up with people that made the process better: be it Jaclyn, be it Jeannete, be it the appraisal company, be it the escrow company, be it the moving van people.  We actually had to rent our own place back to us for a few days.  Carlos made that process happen, as well.  He made it happen professionally.  He made it happen quickly.  In the immortal words of the Outlaw Josey Wales, ‘I rode with Carlos Gutierrez.  I ain’t got no complaints.’  Neither will you.  If you have real estate needs, whether it be buying or selling, give him a call.  You won’t regret it.”

Spring 2012 San Diego Real Estate Market Update

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There’s a good chance you have heard the words “buy now” when it comes to real estate. Well there’s a real good reason for that. Despite the market crash and subsequent hardships our marketplace has had to endure since then, things are looking up. For the first time since 2007, banks have eased up on their inhibitions of loaning money. The fed still has not done much to increase interest rates that have been at all-time lows and prices remain at their most affordable in many people’s lifetimes.

With more people obtaining financing, the cost of borrowing lower than ever before and prices that allow you afford your dream home – now is a phenomenal time to tap into the market.

Sellers Enjoying Multiple Offer Situations

In many cases, sellers are presented multiple offers on their homes – giving them room to breathe and a chance to make even more money than asking price in many cases. Fewer concessions needed on the part of sellers is also making the process more enjoyable for them. At a time when just a few months ago sellers needed to pull out all kinds of tricks out of the bag to entice buyers, sellers are finally enjoying the spotlight. Well-priced homes in great condition and in a desirable location are going fast. In fact, our average Days On Market was 31 days last year and it has gone down to a phenomenal 11 days this year so far!

Buyers Still Control the Market But Have Fewer Choices

Sales have been on the rise and as a result our inventory of homes is dwindling. Today’s savvy buyers know that before interest rates climb back up and when there are no longer a variety of choice homes available – they need to seize the opportunity today. While a shorter Days On Market average works great for sellers, it means a different thing altogether for buyers. While browsing for homes, keep one thing in mind: If you see it, like it and want it – make an offer on it!  Not only do you have the potential to avoid getting in the middle of a multi-offer bidding war but you will be able to beat that DOM clock and get into your dream home before it’s too late.
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Almost to the midway point of 2011, we are expecting to see more of the current upward trend for the rest of the year. This means you should act fast whether you are an existing homeowner looking to trade up into your dream place or a first-time buyer wanting to secure unbelievably low mortgage rates. Contact us today – our success is in your success and we look forward to serving you!

Keep Your Home Safe While on Vacation

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With summer fast approaching, you might already have vacation on your mind...so I wanted to share with you on this little video clip my favorite safety tips. In fact, I have multiple critical steps to prepare your home for safe keeping while you're away, to keep your nest safe and secure.

This is exactly what I did to prepare my home while I'm on vacation:

The best way to keep your home safe in your absence is to make it appear you are home, leaving absolutely no clue you're actually away. Light, time and noise are your greatest weapons to accomplish this. Follow these tips to ready your home and keep it safe:

- Ask someone you know and trust to keep an eye on your house.

For short trips, ask one of your neighbors to pick up your mail and your newspaper. If you are going to be gone longer, however, be sure to stop by the post office and have your home mail delivery stopped until you return.

Be sure to provide neighbors, friends and family members with emergency phone numbers so you can be reached quickly. It's a good idea to leave a spare house key with a relative or neighbor as well.

- At least a couple of weeks before you leave for vacation, decide what to do about your pets. You may want to have a friend or neighbor stop by each day to provide food, water and exercise. Or you may want to hire a professional pet sitting service or take the pets to a reputable kennel. This decision should be made well in advance so that proper arrangements can be made.

- Use timers on lights, televisions and radios to provide sound and illuminate the inside of your home.

- If you still have a home phone, change the setting on your answering machine so it picks up on the first or second ring—or just turn down the ringer. A constantly ringing phone is also a good sign no one is home.

- For long absences, you may want to turn off the main water valve. This will help avoid problems with frozen pipes in winter and leaking pipes in the warmer months as well as other plumbing issues.

- Keep shades up and blinds and curtains open to make it appear you're home.

- Keep bushes and shrubs near your home's entrance and walkway well trimmed. This will eliminate hiding spots for burglars.

- Keep the outside of your home well lit. Burglars won't go where they can be seen.

- Ask a neighbor to park in your driveway, occasionally moving his or her car indicate your coming and going.

- Leave the air conditioner on. A silent compressor on a hot day is a good indication you aren't home.

- Have the lawn mowed my a friend or lawn service if you are away longer than a week in the warmer months.

- This one is tough for those addicted to Facebook but posting to Facebook where you are at all times you are not only sharing this with your 'friends'. Those posts and photos allow others to find out when you are away and where you are. This isn't as concerning when you are local as you could post a comment or photo as you are ON your way home or just arrived but when your, say, at Disney World, those with ill plans regarding your trip away from home.

- Be sure to turn down the temperature on the hot water heater and unplug televisions and other appliances. These appliances will be drawing electricity whether they are on or not. Unplugging them will help lower your electric bill.

- Turn your thermostats down (or up) before you leave. There is no reason to spend money heating or cooling the home when you are not there.

- Don't forget about the plants. If you are having a friend or pet sitter care for your pets, ask them to take care of your plants as well. Simply soaking the plants with water before you leave is not enough. A better idea is to create a self watering system if you cannot have someone care for the plants. For small plants, make a self watering system by filling a plastic container with pebbles. Then fill the bottom of the container with water. This allows the plants to slowly absorb the moisture they need, without the danger of their roots becoming waterlogged. Larger plants can be mulched with a damp towel or newspaper to prevent the loss of moisture.

- When the day to leave for vacation finally arrives, try not to make that departure too obvious to those passing by. If you have a garage, be sure to pack the car with the garage door closed. If you do not have a garage, you may want to pack a couple of items a day in order to avoid broadcasting to the world that your home will be unoccupied.

- This last tip isn't a security measure for your house but for your credit (you know I always care about that as well) as you need to keep tight check over your credit in order to purchase or refinance your home!

With all the excitement of the upcoming trip we sometimes get carried away, plan only for the trip and security of our home for while we are away and leave for our stress-free trip. But wait!! You suddenly realize the day before you return the date! You've missed your mortgage payment, car payment, credit card, and utility due dates by a week or more! This happens more than I'd like to hear and the credit company doesn't accept this as a viable hardship excuse. :-) So ensure you plan ahead. Go on and sit down to make all the payments needed to be made in advance before your trip and all those due up till a few days after your return for good measure to ensure you don't get tied up with the return home and forget this very important task to protect your credit rating!

As you can see, there is a lot to think about before you jump in the car or on a plane for vacation. Use this checklist as a way of bringing peace of mind to you and your family. Enjoy your vacations without worrying about the safety of your home while you're away.

Be Un-Emotional When Buying a Home In Order to Get the Best Value!

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Want to break your heart and your bank account at the same time? Then buy a new home based on the fact that you've fallen in love with it!

Needless to say, you should never do this!

In some cases, when you fall in love with the "pretty face" of a house, you fail to look underneath and find problems like bad wiring, leaky roofs, bad foundations, etc. This is an extremely expensive way to buy a home!

A funny and sad example of this is shown in the 1986 film, The Money Pit, starring Tom Hanks and Shelley Long. They make the mistake of falling in love with a home and think they're getting a $1,000,000 property for only $200,000.

Once they get into the home, they find out it'll cost a million to repair it! It's got wood rot, a bad roof, bad plumbing, bad electricity, even bad raccoons!

Well, that's Hollywood exaggeration, of course. After all, The Money Pit was a comedy. But, when things like that happen to you, it's no joke. Repairs can cost you a lot of money and heartache, not to mention dangerously rising blood pressure!

So, again, never ever fall in love with a house at first sight! Easier said than done, you say? How do you avoid this tendency? Below, I offer some solutions to the problem!

Solutions 1: Get Cold Hard Facts about the Home!

When I talk about "cold, hard facts," I'm talking about getting the house evaluated by a certified home inspector.

It's well worth the money to have this job done because the inspector will cast the objective eye you lack on the property. He or she will evaluate every aspect of a house - roof, plumbing, wiring, foundation, etc.

And then, that inspector will provide you with a written report that may range anywhere from 20 to 50 pages. It will give you a point-by-point summary of what needs to be corrected.

The cost of a home inspection varies with the region of the country. Nationally, they range from $200 to $400. But, for the investment of, say, $200, you prevent yourself from losing thousands of dollars in repairs in two ways.One, you can simply walk away from the deal. Or, two, you can require that seller fix all items before you sign a contract!

Bonus: Often, you can ask that the seller pay for the home inspection!

Solution 2: Cool Off and Take Your Time!

Infatuation with a home is fun and exciting, and you can have the overwhelming temptation to buy an attractive home practically "on the spot."

My advice - walk away and come back several hours later, especially after you've viewed other properties! By then, it's likely you'll have a more objective eye.

Solution 3: Keep It Simple!

By this I mean that you should stick within your price range. You want the best hom e at the best price within your means! So, if you see an outwardly gorgeous home at, say, $10,000 above your price limit, say, "I love you, but you're way too pricey for me!" and walk away from the temptation!

Solution 4: Rely on Your Realtor!

At heart, I and other professional realtors like me, want you to have a home that meets your needs in the best way possible. That means preventing you from buying a home that's in substandard shape and/or beyond your means.

To be perfectly blunt about it, I rely on great word of mouth from satisfied customers to make the most of my real estate career. So, you have my promise that I'll do my absolute best to get you into the house of your affordable dreams!

Need that objective eye to help you make a smart home-buying decision? Contact us today.

Expert Advice for Buyers, Sellers and Current Homeowners

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There’s a different brand of consumer confidence when it comes to the real estate industry these days and it has a lot to do with whether people feel they are ready to embark on something new.  At a time when the economy is only slowly improving at a snail’s pace many buyers, sellers and homeowners don’t know whether they should wait, or proceed.

We spoke to a seasoned mortgage professional to find out an insider’s perspective.  Here’s what she had to say:

Buyers Seize the Opportunities – And There Are Many

This could not be a better time for buyers to purchase a new home.  Whether they are interested in upgrading from an existing one or if they are anxious to become first-time homeowners, market conditions definitely make this the best time ever to buy.  In fact, the government wants people to successfully buy homes – so much so that there are myriad programs available to people in all kinds of situations.

First-time home buyers, newly married couples, recently returned military personnel – all have programs that would help facilitate their home buying endeavors.  First-time buyers with little money for a down payment can take advantage of FHA loans that allow buyers a minimum of 3 percent down as opposed to the traditional 20% required on most conventional loans. FHA borrowers are eligible to accept cash gifts from personal and professional relationships (as long as they are not financially vested in the home’s sale), making it possible for almost anyone to become a homeowner, including fresh graduates or newlyweds.

Military personnel, if qualified, can obtain loans backed by the Veterans Administration.  The most popular benefits of these loans are no down payment and that the lending fee is either reduced or eliminated.  Further, VA loans are assumable which means if the home is ever to be sold the interest rate would transfer to the new owner, a very strong selling tool given today’s phenomenal interest rates.  To learn more about VA loans, visit the official site.

Sellers Beware and Be Aware

While today’s market is strong in some areas it remains a challenge for sellers.  So the last thing you want to do is to list your home on the market and then waste time entertaining less-than-serious offers.  One of the best ways to weed out the serious ones from those that are just window-shopping is to request a prequalification from a lender.  When a buyer has gone through the lengths to obtain a preapproval from their bank, it means they have supplied personal and private financial information, including allowing a credit report check.  Non-serious buyers would likely not want to delve into that much detail.  An additional benefit of having a prequalified buyer is that you know up front how much they can afford.  Last minute change-ups are not a good thing for sellers in the current buyer-controlled market. Rather than risk delays it’s best to start on the right foot.

Homeowners Get a Mortgage Check Up To Find Out Your Buying Strength

Considering the historically low interest rates available right now, every single homeowner should get a mortgage check up to find out the possibilities that exist for them.  Whether finding out if you can afford a better home for the same monthly payment, or obtaining information on home renovation and expansion loans – you won’t know until you find out. Even if it does not seem like moving in the near future is possible, find out your options so you can compare what you have with what you can have.
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Regardless of which side of the fence you are on it is important to know what your options are so you can make informed decisions based on that knowledge.  To help you with your endeavors, contact your Realtor today!

What to Know About a Short Sale Property

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When families find themselves staring at the prospect of losing their home to whatever reason, whether job loss, downsizing, relocation or anything else that is unforeseen – many times they feel cornered and unable to see the options.  For years during the current economic state that has resulted in an unstable real estate market, the answer seemed to be foreclosures.  But more and more often, short sales are taking over as the alternate choice. 

Here are three things worth knowing about short sales:

It Doesn’t Hurt to Ask For An Adjustment

Many people do not realize the benefits of simply engaging in dialogue with their banks.  With the large number of distress sales out there these days, banks are far more willing to engage in conversations about alternatives to foreclosure.  Foreclosures end up costing lending institutions thousands of dollars to litigate, plus hours of time and resource put in to handle each case.  By expressing the desire to explore a loan modification, banks are relieved of this stress and are likely to agree with a loan modification.

Through an adjustment of your current interest rate, you may be able to afford the same home and spare you and your family the difficult process and impending negative impact of a foreclosure.  Not only does a loan modification save homeowners money, it also protects their credit from long-term negative affects otherwise experienced with foreclosures.

Know What The Tax Man (Or Woman) Has To Say

Short sales are a great way to spare a family of much pain but there are tax implications.  Like anything else, before embarking on this financial shift with the ownership of your home, it is a good idea to familiarize yourself with everything you need to know about the taxes involved.  In short, the tax liability works like this:  On a mortgage with $200,000 owed that has a short sale of $100,000, there is that remaining $100,000 left that will show up on a 1099 in your name.  This translates to income and should be managed with a tax advisor so you understand all there is to know about that real estate income.

All Players Must Agree to the Terms

A lot of times mortgages involve multiple lenders.  When those homes are being purchased, surely the thought of needing to do a short sale was not a consideration.  Now that you do find yourself looking at a short sale, it is essential to iron out the terms of agreement with all lenders involved. 

When there is more than one lender the secondary bank must agree to give the primary lender a portion of the liability on the difference to you.  This sounds easy enough but since this can be a matter of lender-specific policy, you may come across a lender that is unwilling to agree to this term of a short sale.  By researching in advance the number of banks that are involved and what their respective policies are regarding short sales, you will cover important bases and be far more prepared.
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Short sales are a choice that offers many families reason to hope and a path to dream the reality of living in their own home again, without struggling to manage the mortgage.  Armed with the key knowledge necessary to tackle this newest intervention on the real estate woes of many, you can and will hope to succeed in your housing endeavor and look forward to a positive outlook!

What Determines the Value of Your Home?

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Basically, a home's worth is determined by its market value. How is "market value" determined? Most often, it's figured by a comparison ("comp") with homes similar to yours in the surrounding area. So, if the homes in your neighborhood average, say, $250,000, then it's likely that the value of your property will fall in the same range. But market value is also determined by a number of factors including the following: 

External Factors 

There can be several external factors influencing the value of your home. One is "curb appeal", or the first impression your property makes upon prospective buyers. A home that's in excellent condition on the outside will make a great first impression; a home in poor repair instantly loses its appeal to buyers. Other factors can include lot size, popularity of an architectural style of property, water/sewage systems, paved roads, sidewalks, etc. 

Internal Factors  

The condition of a home's interior also has a huge influence on prospective buyers. When you've demonstrated "pride of ownership" and kept up the maintenance (quality paint, trim, molding, etc.), a buyer's interest will immediately perk up for the simple reason that they know your care and concern will result in less cost and maintenance for them. Other internal factors include construction quality, condition of appliances, size and number of rooms, heating/cooling type, energy efficiency, etc. 

Supply and Demand 

"Supply and demand" simply refers to the number of homes for sale versus the number of buyers. When there are more homes than there are buyers, prices tend to be lower. When there are a lot of buyers chasing few homes, then prices tend to rise. In effect, supply and demand affects how quickly your home will sell. Location More than likely, you already know the old saying, "There are three main factors in real estate - location, location, location." While that's not the whole story, desirability is a big factor for home buyers. They may want to live in particular school district known for its education excellence…a great and safe neighborhood with rising property values…etc. 

But I Know My Home Is More Valuable Than a Lot of Comparable Homes in My Neighborhood  

Aren't Allowances Made for This? Definitely! Sometimes, it can be difficult to find homes exactly comparable to your own. So, dollar adjustments are made for the differences between your home and comparable properties. 

Where Do I Find Sales Comparison Information? 

The easiest source to access is your Realtor. After all, it's his or her business to know such information! But, there are also other sources you can tap into in order to get a complete picture of your home's value in comparison to others in your neighborhood. Here's an overview of them:

1. ) The Local Assessor's Office  

It's very likely that your local assessor will be able to provide the sales history of a particular house, neighborhood, or style of architecture. Many assessors also provide lists of recent sales which you can browse and compare to the assessment roll. Today, many municipalities provide local sales and assessment information online making it very easy to access. Check with your local government agency to find out if they provide this service. 

2.) Online Private Companies  

You can search for these companies using the Google search engine and the keywords "comparable home sales" or "comparable sales." Some companies offer free information; others charge a nominal fee. If you wish to get more specific, you can Google "real estate database" and type in the name of your particular state to get additional property information. 

3.) Your Local Newspaper  

It's likely that your local newspaper is a great source of specific real estate information. Look for quarterly sales reports in the real estate or business sections.

The Key to Getting the Price You Want (or Close To It) for Your Home 

The key to getting the best value is finding and matching the right buyer to your home. And that's the job of the Realtor! He or she should work hard to qualify those buyers upfront so the right people are viewing your property! In other words, the Realtor should weed out "lookers" and other unsuitable buyers as a first step in working with you. See how I do that for you by calling me today!