Archive for Real Estate Information
Announcing: Coldwell Banker Valley Brokers Property Management
Announcing: Coldwell Banker Valley Brokers Property Management
There is a new property management choice in the local area–Coldwell Banker Valley Brokers Property Management Division, serving Corvallis, Albany, Philomath, Lebanon and other areas in the Mid-Willamette Valley. From apartment and home rentals to commercial and investment portfolios, we offer you a full service management division with experienced and competent managers to serve all your needs.
So whether you are looking for a place to live or need someone to give your property the attention and care it deserves, look to Coldwell Banker Valley Brokers Property Management today.
For more information please visit: www.ValleyBrokersPropertyManagement.com
or call (541) 257-3459
Buyer Question: Is this property a foreclosure or short-sale?
Every so often I am asked if a property I represent is a short-sale or a foreclosure.
I’m always curious about why they ask…
Typically, it’s for one of two reasons
1) The interested party doesn’t want to invest the time and energy in a “distressed” property
or
2) The interested party is interested in getting a “really good deal”.
Both positions have some very valid points and are reasonable positions to take.
A few points to consider:
- It can take months to get the lender to respond to a “short sale” proposal. (Which can take the buyer out of the market (passing up other potential properties while waiting, but there are ways to work around this issue).
- Some lenders are taking a pro-active position and getting their “short-sales” pre-approved during the listing period.
- Some “short sale” offers sit and the property goes to foreclosure anyway.
- The condition of the short sale property can change during the wait.
- Distressed properties are often not as well maintained as non-distressed properties due to the economic constraints of the owners and/or other issues during the period between default and the lender take over.
- Some lender owned properties deteriorate during the vacant period between the time the former owner moves out and the time of sale.
- Some lender owned properties may be conditioned on an “as-is” sale.
- Some lender owned properties were never owner occupied. Leaving a question mark as to maintenance and care.
- Some lender owned properties are not financeable.
- Some lender owned properties are offered to the market with incentives.
- Lenders have an obligation to their share-holders to recover as much as the market will bear when they sell their REOs, which may make it difficult to get that “great deal”.
- Some lender owned properties that are aggressively priced are seeing multiple offers, limiting the “good deal” factor considerably.
- Some short-sale and/or Lender owned properties are a great fit and/or investment for buyer and the transactions work out fine.
I know that there are a million good and bad stories (which in turn can create a million more points to consider…) Anyone considering buying a distressed property would be well served to get some good advice, do their homework and go into the process with eyes-wide-open.
A Commentary about Real Estate Investing
Matthew Ferrara is a very savvy guy when it comes to real estate, practicing real estate and understanding real estate. He often has a lot to say about how things are handled by the government. He’s sharp, witty and cynical at times, but interesting and provides some good food for thought. I recommend this post.
Matthew Ferrara’s Sex Lies and Real Estate
Dava’s Corvallis House Adventure: Three Incidents during the Move (that I’d rather not have happened)
Three little things during the move–that I’d rather not have happened and how I might have prevented them.
- My husband hit head on the light fixture that used to be over the table. Table had been moved, but stuff was still being packed in that area. This was not the first time for this bit of glass. I worried about it a lot and generally had it protected (faked a table with boxes under it, but they got relocated and …) I think for future if I have a light fixture like that, I’ll simply remove the glass to a safe place.
- Sudden loss of water at the new house. Ohhhh, freak out! I’ve not lived with a well before, so of course, all the worst case scenarios leaped to mind before we discovered that the cable guy had unplugged the pump. Maybe there should be a sign that says “don’t unplug this” near the well pump.
- Limited participation on my part. I was busy, busy, busy with work. So a lot of the actual moving day stuff was handled without my assistance. Perhaps this is a good thing, as I tend to the bossy side of life. Also, it was much less stressful for me, but still, stressful. The good thing is, the work I did was very productive.
All in all it wasn’t a bad move. Everything made it here it good condition. It will be a while before we find everything (especially since we’re starting a remodel as soon as we move in…). The pre-planning and pre-packing was well worth the effort.
My Corvallis Oregon Move–7 Things that Worked for Me
My Own Recent Corvallis, Oregon Move
I recently sold my home of 11 years in Corvallis, Oregon and moved to a rural subdivision just outside Corvallis (technically in Benton County, but still with a Corvallis zip code). The “new” home on a very big lot (nearly 3/4ths of an acre), similar in vintage to the “old” house, a little larger, a little “newer” (1963 vs 1959) and it has a shop.
I’m pretty experienced at “moving”. We moved around a lot when I was a kid (something like 14 or so different times before high school) and there are a lot of moving stories associated with all those moves. All-in-all, I have to say the process went very well this time. Of course, I think I had the best real estate agent around… Even so, we had our ups and downs. There is rarely a home sale process that occurs without some “challenges”.
We needed to sell the home we lived in, so that we could move the money and buy the home we wanted. A fairly normal scenario, but it can be a tricky process. The one thing I can say that worked in our favor was that I do know how to do this. I even listened to my own advice.
Here are the 7 things that worked for me.
- Prepare the house to be sold for market (commonly called “staging” but oh, so much more than “decorating”
- Finish projects—the ugly old half bath finally got a face lift
- Fix what needs fixing—refinished some wood flooring, put back closet doors, installed new appliances, replace glass in windows with seals that were compromised, fine tune to the nth degree
- Eliminate anything that’s excess—pack away items that are specific to us, clear out closets, haul away excess (how in the world did we accumulate so much stuff?) and stash the rest–preferably off site
- Touch up paint—this one item has the biggest impact and is the least expensive to do
- Touch up the landscaping—weed, mow, bark dust etc. Haul away that “extra yard stuff”
- Do a market analysis—list within the confines of that analysis. This is a crucial step. Going over won’t bring an “offer”. Listen to feed back from other professionals (even though this is what I do, it’s difficult to be objective–but used my own judgment as well, some thought I could list higher…)
- Take many, very good, photos, publish the very good photos in real estate specific web sites that are well trafficked the local MLS (Willamette Valley MLS), ColdwellBanker.com, ValleyBrokers.com, Realtor.com and nearly every other web site known to the real estate world.
- Disclose everything I know. Detailed information. No guessing, ”just the facts, ma’am”
- Negotiate the best offer. Received two offers, focused on the best. In contract within 6 days of publishing to MLS. No worries from the home inspection (because we knew pretty much what we had). Sweated out the appraisal (it was fine—I thought it should be, but these are weird times)
- Move! (the seller of the house I purchased gave me early possession—that won’t always work, but there’s almost always a solution). We hired a local professio
nal mover, because after all, we are not kids anymore. Get in touch with me if you need his name. - Closed! Signed papers, used a local, lender. Everything there went like clockwork.
Of course there will be some glitches. Some of the things that happen right after a move are funny, some are not. We are very happy with the new place. No, the boxes are not yet unpacked, but the bird feeders are up and we’re looking forward to the next phase.
Related posts: What is Staging and Why Bother?
Why A Home Protection Plan
Why A Home Protection Plan (Warranty)
Your home is one of your biggest investments. Unexpected repair or replacement costs can put a strain on your budget, especially with the other expenses associated with moving.
The home protection plan offered by Coldwell Banker (via American Home Shield) provides peace of mind to both the seller and the buyer during the time in which the home is on the market (seller protection) and for at least one year after closing (buyer protection).
The plan offers quick relief from hassles and expenses when covered items break down during the course of the listing or the first year of home ownership.
What is a home protection plan? It is a service contract (not really a warranty, but commonly referred to as that) that covers repair or replacement of many of the most frequently occurring failures of home systems and appliances. A home protection plan pays for repair or replacement of any covered item that breaks down due to normal wear and tear or items that fail due to typical use. The owner at the time of the service call pays a minimal service charge.
When a seller purchases a warranty during the listing period, they:
- are protected in the event that a covered component fails while the home is listed
- are protected in the event that a covered component has failed, and the failure is discovered during the course of a home inspection (for either a buyer or a seller)
- have the peace of mind of knowing that some of the expenses, that could become problems during the course of selling the home, are minimized
When the buyer obtains a warranty they have the peace of mind of knowing that their potential for major home repairs are mitigated during the first year of home ownership, often a time when savings are at a low point.
Warranties are renewable, so buyers have the option of purchasing additional coverage after the first anniversary of their home ownership.
Some of the most common items I’ve seen handled by the Home Protection Plan for my clients have included: Plumbing repairs, electrical repairs, heating system repairs, and appliance repairs.
Craig’s List Rental Scam is Active In Corvallis Oregon
The Craigs List rental property scam is active and targeting
victims in Corvallis, Oregon
(and likely many other communities in the US.)
Don’t let this happen to you. This isn’t really anything new, but I think it’s good to remind the public. Be careful.
Here’s how it works.
1. Scammer, likely in a foreign country (like Nigeria), but hard to say because they use the internet as a tool. Steals the information from “for sale” properties and posts it on Craig’s List as a “for rent” property.
2. Scammer steals photos from MLS or other on-line sources to include with the post (tip, often the photos have a copyright logo on them.)
3. Scammer targets vacant homes, but sometimes includes occupied homes.
4. Scammer makes rent rate “too good to be true”. If it’s too good to be true, it likely isn’t.
5. Unsuspecting victim contacts scammer who proceeds to say that they’re out of the country, feel free to look around the house, etc. Get back to them.
6. Scammer is very convincing.
7. Unsuspecting victim sends scammer money (wire or other means.)
8. Unsuspecting victim send scammer rental application (form with personal information including signature, social security number, bank account information, drivers license copy or number.)
9. Scammer takes money or steals identity or both.
Things you can do to verify that you’re dealing with a legitimate party:
1. Google the property address to see if it’s listed for sale (the scammer will tell you that the listing is over, that they’ve decided to rent, you can call the real estate agent involved to confirm that information.)
2. Look up the property address on the County tax rolls to see if the person offering to rent it actually is the owner.
3. Don’t send money out of the country for this kind of scheme. Most property owners that are out of the country hire property managers to help them. It’s very difficult to manage a rental from afar.
4. Follow the advice in the Craig’s List | about Scams page
Don’t let this happen to you!
You will not get your money back. No one but the person that took it from you, owes it to you.
You could have to deal with long term ramifications of identity theft. See FTC site on How to Avoid Identy Theft.
Local Police/Authorities cannot help you if the scammer is not in the community they serve.
Three Things to be Aware of When Shopping for a Home…
Here’s some basic advice from CBS MoneyWatch.com that will help buyers in the Corvallis, Albany, Philomath or other markets in the mid-Willamette Valley. Most buyers are starting their research process on the Internet, and there’s a ton of data out there. Not all of it accurate, so it takes some time and experience to filter out the good from the bad. I think this is great advice. What do you think?
Multi-Generational Housing | A Coldwell Banker Survey
Coldwell Banker Survey Identifies Multi-Generational Homes As a Trend in Real Estate
37 Percent of Coldwell Banker Real Estate Professionals Surveyed Have Seen More Families Looking for Homes that Accommodate Multiple Generations
PARSIPPANY, N.J. (Feb. 22, 2010) – Family reunions are taking on a new meaning in the real estate market. According to a recent survey by Coldwell Banker Real Estate LLC among its network of real estate professionals, in the last 12 months, 37 percent of sales professionals surveyed noted an increase in homebuyers looking to purchase homes to accommodate more than one generation of their family. In addition, almost 70 percent of Coldwell Banker sales agents believe that economic conditions may cause greater demand for multi-generational homes in their market during the next year.
Furthermore, the Coldwell Banker® January 2010 survey respondents cited financial drivers as the No. 1 reason why home buyers or sellers are moving into a house with other generations of their family (39 percent). Twenty-nine (29) percent said that health care issues are the primary reason, and six percent cited a strong family bond as the main factor. “While saving money is certainly an incentive for buying a home that accommodates multiple generations, the benefits go beyond just financial reasons,” said Diann Patton, Coldwell Banker Real Estate Consumer Specialist. “With two or three generations living under one roof, families often experience more flexible schedules, quality time with one another and can better juggle childcare and eldercare.”
Helpful Hints:
- Sellers with “mother in-law suites” or additional spaces that could accommodate a family interested in a multi-generational living arrangement should highlight this aspect of the home. Whether it’s a garage apartment or refurbished basement, this separate space can help one home stand apart from the others on its block.
- Buyers must be clear about their exact needs. Some families may just want an extra bedroom or two for family members, while others require areas with a separate kitchen, entrance, handicap accessibility or even a larger garage for additional cars. Desired location may also be influenced by proximity to local hospitals, senior centers or other important activities to family members.
- Extended families purchasing a home together should consider signing a written contract outlining everything from finances to chores and childcare. Each family should assess their situation individually and find a plan that works best for them.
Methodology: Coldwell Banker Real Estate conducted a national online survey on trends regarding multi-generational home buyers and sellers in January 2010. The survey yielded responses from 2,360 Coldwell Banker real estate professionals across the United States.
Since 1906, the Coldwell Banker® organization (www.coldwellbanker.com) has been a premier full-service real estate provider. The Coldwell Banker system has more than 3,300 residential real estate offices and nearly 100,000 sales associates in 49 countries and territories. The Coldwell Banker system is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.
© 2010 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office Is Independently Owned And Operated Except Offices Owned And Operated By NRT Incorporated.
Don’t Miss Out | Existing Homeowners may qualify too!
Don’t Miss Out!
Some existing homeowners who purchase a replacement personal residence may qualify for a tax credit as well. Here’s a link to a guide that can help you determine if you qualify or not. Timing is crucial and of course, check with your tax advisor for complete details. This eligibility test works for either existing homeowners or first time homebuyers.
Tax credit timing: You must be in a contract by 4/30/2010 and close by 6/30/2010 to qualify. We are not anticipating this credit to be extended. The industry leaders that worked so hard to accomplish getting this credit passed, have publicly stated that they will not be asking for more.
If you’re interested in buying, time is running out; you need to get into the market sooner rather than later. I specialize in residential real estate in Corvallis, Albany, Philomath, Lebanon and surrounding areas of the mid-Willamette Valley in Oregon. I’d be happy to help you work your way through the process.
Check to see if you qualify for a home buyer tax credit (first time or current homeowner)
Note: Test provided by Alishia Jones, Mortgage Loan Officer, Bank of America, Corvallis, Oregon.
Equal Housing Opportunity. Each Office Is Independently Owned and Operated.