Archive for Sellers
Important Items To Look For In A Home Inspection
Important Items to Look for In a Home Inspection
For Buyers and Sellers
Home inspections can vary from simple one page check lists to extensive multi-page documents. When evaluating written reports and/or selecting an inspector based on the report produced, there are several
important factors to consider:
- What is the scope of the inspection; what systems, fixtures, and components are inspected? Does the report include general information to improve the reader’s overall knowledge about the property in addition to reporting problems? How much of the property is inspected? Is there a systematic approach to the inspection? Knowing what is included in the inspection report is key to knowing if the inspection is thorough. Obtaining information about the status of all components (those in good condition as well as those needing attention) provides you with a benchmark of condition for ongoing maintenance.
- Is the report easy to read? Is the layout straightforward and is redundancy avoided? Is there a summary that supports the details? Are the items numbered and in categories that are easy to follow? A report that’s easy to read and identifies items by category and/or room as well as numbers makes communication with others regarding the findings easier.
- How detailed is the report? Does it include photographs of the findings? A picture paints a thousand words. Photographs make it easier to understand items included in the report.
- Is an electronic version of the report provided? Frequently the report needs to be distributed to others in order to work through negotiations and contractor evaluations. A report that’s easy to forward on to others streamlines those processes.
- How quickly will the report be provided? Often times there are tight time lines associated with negotiation of inspection related items. Prompt delivery of the inspection is an essential element of the inspection process.
- Does the report “package” include items of added value? Some inspectors provide coupons, home
maintenance checklists and simple home repair guides as added value to their reports. - Is the inspector available to answer questions after the fact? Being able to communicate with the inspector about the specifics of the report and clarification of findings helps simplify the corrective action process.
Recent Changes In Laws That Affect Oregon Real Estate
Recent Changes In Laws That Affect Oregon Real Estate
There have been a number of recent changes to Oregon laws that affect real estate transactions and real estate in general. The following are a few highlights of those changes. What’s important to know is that when it comes to your transaction, I take care of making sure you know what to do.
Residential Rental Smoking Policies and Rental Agreements HB 2135): Requires a rental agreement for a dwelling unit regulated under ORS chapter 90 to include disclosure of the smoking policy for the premises on which the dwelling unit is located. Must state whether smoking is prohibited, allowed on the entire premises or allowed in limited areas. Owner occupied mobile homes and house boats are exempt from the rental agreement requirement. Effective 1/1/2010.
Read the bill: http://www.leg.state.or.us/09reg/measpdf/hb2100.dir/hb2135.en.pdf
Disclosure of 100-Year Floodplain to Tenant (HB 2614): The law requires a landlord of a dwelling located in a 100-year flood plain to notify a tenant that the dwelling is in the flood plain. Allows the tenant who did not receive notification and then later experiences a loss to recover from the landlord the lesser of the actual loss or two months rent. Effective 1/1/2010
Read the bill: http://www.leg.state.or.us/09reg/measpdf/hb2600.dir/hb2614.en.pdf
Landlord May not Charge Tenant More than Landlord is Charged for Utilities (HB 2613): Amends the residential Landlord Tenant Act. Prohibits a landlord from billing or collecting more money from tenants for utilities or services than the utility or service provider charges the landlord. Effective 06/17/2009
Read the bill: http://www.leg.state.or.us/09reg/measpdf/sb0700.dir/sb0772.en.pdf
Additional Well Testing for Arsenic (SB 739): Requires a seller of real estate that includes a well that supplies ground water for domestic purposes have the well tested for arsenic upon acceptance of an offer to purchase. This is in addition to tests for nitrates and coliform bacteria (already required). Test results must be submitted to both the Drinking Water Program of DHS and the buyer within 90 days of receipt of the results. Effective 1/1/2010
Read the bill: http://www.leg.state.or.us/09reg/measpdf/sb0700.dir/sb0739.en.pdf
Oregon Homeowner Facing Foreclosure (SB 628): Foreclosure notices must now include new information about how to meet with their lender and how to request a loan modification. If so requested, the lender must meet with the borrower and evaluate the borrower for a loan modification before foreclosing on the home. The meeting can be by phone and it must be with a person who has or can get authority to do the modification. Effective 06/30/2009.
Read the bill: http://www.leg.state.or.us/09reg/measpdf/sb0600.dir/sb0628.en.pdf
Tenants Living in Property Subject to Foreclosure Sale (SB 952): Includes provisions to: require that tenants in good standing receive advance notice of foreclosure proceedings with specific information regarding tenants’ rights; allow tenants with fixed-term leases to stay after the foreclosure sale for the earlier of 60 days or until the lease expires, except when the purchaser intends to live on the property in which case only 30 days’ notice is required; provide tenants with weekly or monthly agreements with notice of the intent to evict 30 days after the date of the foreclosure sale; allow tenants receiving notice of foreclosure to apply pre-paid security deposits toward ongoing rent obligations (and relieves purchase of any obligations to return security deposits); and clarify that purchasers do not become “landlords” unless they accept rent from the tenants, enter into a new rental agreement, or fail to terminate the tenancy as provided by this bill. Effective 8/23/2009
Read the bill: http://www.leg.state.or.us/09reg/measpdf/sb0900.dir/sb0952.en.pdf
Carbon Monoxide Detectors (HB 3450) Includes provision to: prohibit title transfer of single family dwelling or multifamily housing containing carbon monoxide source unless there are properly functioning carbon monoxide detectors at locations that provide carbon monoxide detection for all sleeping area; allow for civil action to recover damages, attorney fees and costs for violation; allow State Fire Marshall to adopt rules establishing standards for carbon monoxide detectors and requires adoption of rules for alarms in existing housing; require landlords in multi-family housing to maintain carbon monoxide detectors in units; prohibit tampering with installed detectors; and require all rental housing to have alarms in place by April 1, 2011. Pending rule making, Effective 6/25/2009.
Read the bill: http://www.leg.state.or.us/09reg/measpdf/hb3400.dir/hb3450.en.pdf
Transfers of Real Property Interests(HB 2481): The law prohibits conveyance of an agreement for transfer of real property that imposes fees or other consideration upon actual or purported future transfer of the property. Certain exceptions are allowed. Effective 06/17/2009
Read the bill: http://www.leg.state.or.us/09reg/measpdf/hb2400.dir/hb2481.en.pdf
Document Recording Fees (HB 2436): Adds a new $15 fee to the existing fees pertaining to deeds and mortgage records filed with county clerks (with same exclusions). The fee imposed by this measure will be collected by counties and deposited into specified accounts within the Housing and Community Services Department for affordable housing-related programs. Effective 09/28/2009
Read the bill: http://www.leg.state.or.us/09reg/measpdf/hb2400.dir/hb2436.en.pdf
J.D. POWER AND ASSOCIATES RANKS COLDWELL BANKER HIGHEST IN HOME SELLER SATISFACTION
J.D. POWER AND ASSOCIATES RANKS COLDWELL BANKER HIGHEST IN HOME SELLER SATISFACTION
Coldwell Banker Real Estate LLC ranked “Highest among Overall Satisfaction for Home Sellers among National Full Service Real Estate Firms” according to the recently released J.D. Power and Associates 2009 Home Buyer/Seller StudySM.
The independently administered study measured customer satisfaction of homebuyers and sellers among the largest national real estate firms. The study incorporates more than 3,100 evaluations from 2,801 respondents who bought or sold a home between April 2008 and June 2009. The survey was fielded between April and June 2009.
J.D. Power and Associates examined four factors in the home-selling experience including agent; marketing; office; and package of additional services. Among home sellers, Coldwell Banker Real Estate ranked highest with a score of 815.
Complete results for the study.
When you work with Coldwell Banker Real Estate, you will be working with a brand:
- That has built a legacy of being an industry leader;
- That has a commitment to innovation;
- That has a network of experienced and extremely successful Sales Associates, ready and willing to help you through any step of your real estate buying or selling process.
Source: http://www.jdpower.com/corporate/news/releases/pressrelease.aspx?ID=2009136
House of Representatives Approves Tax Credit | Bill Signed by President
Update: Bill signed into law by President Obama this morning. 11/06/2009
Now, it’s on to President Obama for signature in the next few days.
Here’s a chart of the differences between the existing tax credit and the revised (primarily there’s provisions not just for First Time Homebuyers but also for those that have owned a home and are purchasing a replacement property.) There are many fine points to the changed tax rules. It is in your best interest to get advice from qualified tax professionals and understanding your options in relation to these “new” tax guidelines.
The Home-buyer Credit is an amendment (S. A. 2712) to the Unemployment Compensation Extension Act (H.R. 3548)
(click on chart for a larger view or use your zoom tool on your browser)
This should prove to be very helpful for buyers and sellers in the Corvallis, Oregon and surrounding markets of Albany, Oregon; Philomath, Oregon; Lebanaon, Oregon and Linn and Benton County by creting movement throughout the market, not just in the “first time homebuyer” segment.
Senate Passes Homebuyer Tax Credit…
Today the US Senate passed the Homebuyer Tax Credit witha 98 to 0 vote. The credit is included in the Unemployment Bill. In order for it to be effective The house must still pass this legislation and then President Obama must sign it into law. It is generally expected to be to The President by the end of the week.
In essence, the bill extends the $8,000 first-time homebuyer credit through April 30, 2010 and provides a $6,500 credit to new purchasers who have lived in their current residence for five or more years.
In Corvallis, Albany and Philomath, this should help create movement in the housing market by assisting the mid-range of the market to move-up into the currently slow upper range; assisting owners of lower cost “entry level” homes to move into the mid-range; thus, freeing up entry level housing for first time homebuyers.
Exciting news for the real estate industry in Oregon; and good news for buyers and sellers in Corvallis, Albany and the surrounding communities in the Willamette Valley of Oregon.
The extension was expected in late October, but has been slow in coming…
“People are going to wonder, how is it, that something that is just common sense and fairness should take so long to make its way through the United States Congress,”‘ Oregon Sen. Ron Wyden said after the vote.
Key Provisions of the Bill Follow (Provided by Teresa “Terry” Estergard, Wells Fargo Bank):
HOMEBUYER TAX CREDIT SUMMARY
S.A. 2712 would:
- Extend through April 30, 2010 the tax credit for first-time homebuyers (up to $8,000 or up to 10 percent of the purchase price of the residence), allowing 60 days to close, provided that the homes are under a binding contract by that date;
- Provide homebuyer tax credit of up to $6,500 to owners who have been in the same principal residence for five consecutive years during the previous eight years;
- Increase the income limitations to $125,000 for individuals and $225,000 for joint filers;
- Phase out the credit for individuals with incomes above $125,000 for individuals and $225,000 for joint filers at the same rate as current law (over the next $20,000);
- Limit the credit to purchases of principal residences equal to or less than $800,000;
- Eliminate the 36-month recapture requirement for military personnel, including members of the Foreign Service and intelligence community, forced to sell as a result of an official extended duty of service; and
Extend the tax credit for one year for military personnel serving outside the United States for at least 90 days in 2009 or 2010. - S.A. 2712 would also include anti-fraud language. The measure would not extend the credit to taxpayers under the age of 18 on the date of purchase unless that person is married to a taxpayer above the age of 18. The amendment would also require a properly executed copy of the settlement statement to be attached to the tax return. Moreover, the substitute would expand the restriction on a residence acquired from a family member to include a residence acquired from a spouse’s family member.
- S.A. 2712 would also extend math and clerical error authority to the Internal Revenue Service.
Ten Good Reasons to Keep Your Home on the Market during Fall and Winter
People often say that our real estate market (Corvallis, Albany, Lebanon and the rest of the Mid-Willamette Valley) is “bad” in fall and winter and “good” in spring and summer. The reality is, the market is the market and although there is some seasonality to it, there are benefits to being in the market this time of year.
- People that are looking for homes during the holidays are buyers, not lookers. If someone is out scouring the homes for sale, they need a place to live.
- Right now (not every year, but this year especially), interest rates are still at record lows, making this a good time to buy.
- There is hope (actually, strong expectations) for the first time home-buyer credit to be extended and even expanded (there is serious talk/proposals to help the “move-up” buyer—expect to hear more any day)
- Many people want to take advantage of the tax benefits of buying before the end of the year.
- There is less competition for your home due to less market inventory. Those that are waiting until after the end of the year to put their home on the market are not “out there”
- Homes (can) show better during the holidays because of the decorations (all things in moderation–watch out for too much of a good thing.)
- Buyers tend to have more time available to look at homes during the holidays.
- January is a month that many people will start new jobs so that will bring in buyers that are more serious.
- You may be able to sell and set up a delayed closing so you will not have to move until later.
- In a college town (like Corvallis), there is activity in anticipation of the new term (both winter and spring)
You may be concerned about the challenges of being on the market during the busy holiday season? Once solution would be to limit the days/showing times to those that work for you.
My personal experience is that I have had a good history of closings in late winter/early spring. Those transactions were generated during the fall/winter. There are always transactions written Thanksgiving Weekend.
(Note: this chart shows the year-to-date number of sales by month for residential propeties in Corvallis, Oregon, excluding condos and manufactured homes–click on the chart for a full size view)
Trying to Sell Your Home? Helpful Things to Prioritize
Paying attention to how your home will appear to others will help you sell your home.
Sellers in the Corvallis, Albany and Philomath, Oregon real estate market will benefit from a few easy steps to take before you put your home on the market. Today’s market is very competitive, and you want your home to stand apart from the pack. Prioritize and analyze what will fit in your budget and take the steps necessary to make your home show well and appeal to prospective buyers.
- Fresh & Clean: Inspect your home inside and out. Does it need a coat of paint? A fresh coat of paint is the least expensive/highest impact item you can do and is well worth the cost. Does it look clean and tight? Pack up anything you don’t really need and store it away, the more clutter free a home the better it will show. Likewise an empty, but properly staged house shows better.
- Curb appeal: Pay attention to your home as if you were a potential buyer. Is it inviting? Clean? Tidy up your landscaping, make sure that your lawn is green and well-kept, that your flower beds are weeded and mulched, add a spot of color. Verify that the exterior of your house is clean and respectable. Pay close attention to the exterior front entry.
- Inspection: There will be a home inspection completed by the buyer be prudent and do one yourself. Attend to items that could possibly hold up the sales process. A professional inspection in advance the buyer’s gives you the opportunity to address any issue that come up ahead of time, enhances the perceived value of your home and smooths the way through negotiations and to closing.
- Best areas of a home to update and remodel? The Master Bathroom and the Kitchen. Don’t spend the money to gut and redo your entire home but remodeling the master bath and kitchen areas of your home will make your home more appealing and grab a buyer’s eye.
- Evaluate: Are the remodel/updates going to net you more than you are putting into them? It is very important in the end to pay attention to your local market and make the improvements that will help you not hurt you. You may not make every dime back, but the improvements could set you ahead of the competition… review your market, see how you stack up and make business decisions about improvements. This is an emotional time, but not the time to make emotional decisions.
Want to know more? For additional tips on how to make your Corvallis, Albany, or Philomath property have an advantage over the rest, get in touch with me for a no-cost consultation.
Feel free to email me at
dbehrens@valleybrokers.com or give me a call at 541-257-3422
Homeowners Who Keep Up With Home Maintenance Have An Easier Time Selling
In today’s market, sellers who have kept up with all of their home’s maintenance needs are finding themselves in a much better position than a homeowner who has neglected theirs. The reason for this is the market change from a “seller’s market” of just a couple years ago to the current ”buyer’s market” (in some areas it’s closer to balanced, but the tide has absolutely changed!). Buyers are no longer saying yes to the “as is” agreement when purchasing a home. It used to be that before listing their home, sellers would put most of their time and energy into things like pretty new paint, updated light fixtures, fresh new flooring and hip hardware. Unfortunately, for a seller in today’s market you still must manage these minor updates, as well as keep home maintenance up-to-date to sell quickly. One of the best ways I know to keep ahead of the curve is to obtain a whole home inspection before putting the house on the market. This gives you (the seller) a chance to fix items that need correction without the pressure of a buyer… and, it makes the buyers feel more secure in knowing that your home is in good or great condition. When you do get a buyer and they get their own report (and they will), the negotiation of any inspection related repairs should be simplified and much less stressful. Buyers are looking more closely at the costs of these things before buying. If there is another home down the street with good home maintenance and not such great curb appeal, in today’s climate a buyer may choose the former – as it will be less cash out of pocket and less headaches for them down the line.
For more information about home maintenance tips see Home Tips.
Focus On These Tried And True Tricks-Of-The-Trade To Sell Your House Quickly
Sometimes sellers lose sight of what is most important to a buyer. Making that good first impression is so important since you usually only get one chance during that first showing. Remember to focus on the following and you should have an offer in no time:
- Spruce up that entryway, or change it to appear more welcoming as a buyer enters through the front door, with an attractive bench or chair and a vase of fresh flowers. Remember too, the first impression starts at the curb.
- Houses can lose their appeal to a buyer if there are dirty dishes piled in the sink, piles of laundry or dust. It is hard work to keep your house sparkling at all times for a surprise showing, but very necessary.
- Kitchens sell a house. If yours looks old, a buyer might “discount” the value of the home in their offer price. Specifics to focus on are change the countertops, install new hardware and change to a neutral paint color, clean up or paint cabinets. Even replacing just one appliance with a stainless steel version makes a difference!
- Never forget to remove any personal items such as family photos and collections. It makes it harder for a buyer to envision themselves in the space if all they see are dozens and dozens of hummels. The goal is to have the buyer focus on living in your home, allow them to absorb the space, not be distracted by details…
- Light is good! Even if you prefer a darkened space, remember that a prospective buyer looks for as much light as possible. Remove drapes if you have to to let in light, or trim back large bushes or trees that are preventing light from entering a space.
- Empty those closets so that at least half of it is visible. Many sellers find that they have to put things into temporary storage elsewhere, but this effort pays off as a buyer needs to believe that they have a myriad of places to put all of their “stuff”.
- In this economy try your best to be brave and list your home lower than the competition. Buyer’s in today’s market trigger on getting a good value… This strategy has a track record of creating many buyers with bids, that often end up over the ask price.
Be Ready To Put Your Home On The Market With These Staging Tips
The first impression really does count with potential home buyers. If your home is lacking basic curb appeal or is not sparkling inside, you could lose a potential buyer’s interest immediately – and never get it back! Here are some tips to avoid losing a potential buyer:
- Flowers, flowers, flowers. Nothing welcomes a potential buyer more to a home than colorful flowers.
- Keep walkways clear, trimmed and weeded. Curb appeal is crucial.
- Patios must be power-washed.
- Windows should be sparkling.
- Dust everywhere. Even the baseboards.
- Since potential buyers look everywhere, make sure underneath your sinks and closets are clean, clutter-free and odor-free.
- Remove all personal items such as framed photos, awards and collectibles. Buyers need to be able to imagine the space as theirs.
- Paint any room that is a bright color, a neutral color.
- Remove any worn or outdated furniture.
- Repair any chipped or smudged paint, broken fixtures or squeaky doors.
- Toss worn carpets.
- Consider replacing dated hardware.
I have completed a Certified Home Marketing Specialist For more information about home staging go to Home Staging Information.
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