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Yes, after one agent tries, unsuccessfully, to sell this home 97 days, posting ONE front photo, a 2nd agent tried for another 137 days until finally they sold it for $66,000 LESS than asking price. After I Staged it and relisted for more than $55,000 of what was paid for, we have 4 offers in ONE day, all over asking price!

Here are a few more photos http://www.postlets.com/res/4332472

(link will only be available up to 30 days from this post)

FULL POST BELOW, AFTER PHOTOS

This is JUST ONE example of why sellers should HIRE a STAGER and/or a STAGING REALTOR when selling!

BEFORE & AFTER

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The story of this listing goes something like this...

Previous seller & agent, who should remain unnamed to protect their "innocence", try to sell this home for 137 days without any success! And prior to that, another seller/agent tried selling for another 97 days! But that agent could only muster taking ONE photo of the front. Not unusual to see that, right?  I mean, after all it is so difficult to take digital photos because than you have to download, upload…exhausting! Boggles the mind! Anyway, the home looked pretty much the same except it was missing a chandelier and the hood over the stove.

It appears that no one had any ideas as to how to make it look better in order to find a buyer, NOR (may I add) any buyer had the VISION to picture it a little dressed up! Why not?? So, this seller finally sells for over $66,000 LESS.  New, SMART owner enters, hires me (BECAUSE I am a Staging Realtor….see, I told you he was smart!) to relist, at over $55,000 of what he paid for it, and gets even more in ONE day!

 

This post doesn’t only show (known fact) sellers that the smallest effort in “Staging” their product can make and pay big, BUT also that buyers need to be able to spot potential BEFORE someone comes in and stages it, THEN they’re willing to pay much more, for something that’s not even staying with the property!! Buyer need to keep an open mind when it comes to seeing the potential in homes they’re buying. This staging did not include any heavy furniture or anything. The heaviest thing is the folding patio set!!

The interesting thing is that many agents, like myself, offer our Staging services FREE of charge as part of our service, but in spite of the clear benefit many sellers, especially REO owners, are either not grasping the concept, or their reps simply don’t care. Not sure which is it - maybe someone can comment/clarify. If you, as a seller/AM, are giving 100s of listings to one agent, you clearly aren't interested or focused on maximizing returns for yourself or your clients. This may not be your fault, I know that so don’t get mad!  Maybe your hands are “tied” as to what you can do or who you hire to list your assets, but the fact remains the same - maximizing returns through QUALITY marketing is not at the forefront of how you/your employer does business. Can you change that?  If so, you should at least try! The difference in the quality of service you receive will astound you.

The consequence of doing business based on quantity (as if it needs reinterating), devalues all our homes and hurts communities all across our country, where values are already affecting many people’s lives!

To summarize just this example: No staging =no offers! Staging =4 offers the first day, including cash offers for NO LESS than asking, and others for much more over asking!

Where ever you are, whatever your local market, seek the services of listing agents who offer Staging as part of their service, when possible. If you have a boss, you WILL impress them!!

If you like this post, visit http://stagingrealtors.ning.com/ for other related posts, and to join the group!

 

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Do You Want to Buy a New Car?

OR: What Hurts More, A Short Sale or One Where There's Still Equity But You Have Lost A Lot
 
This morning my husband opened up an envelope with information about his stock options. He looked at me and said, “Do you want to buy a new car?”
 
My answer was of “Of course not.” He then explained we'd just lost $50,000 in value from his stock options.
 
My response? “Don’t be so greedy.” 
 
We are both working, our mortgages are almost paid off on the house and rental properties, and the stock options are like dessert, nice but not essential. However, it was painful to him to lose that much money on paper.
 
It made me think of my latest clients.  Some have lost all equity and if they have to sell it will be a short sale. By the time they get to me it is gone, and they do not seem to be concerned about the price as much as the process.  Others who are losing equity when they sell seem to fall into 2 categories: those who are grateful to be able to sell and those who are fighting for every penny and do not seem to see the value in taking an offer to make a sale if it means losing a little more money.
 
If you are a buyer then your life will be much easier if you can find one of the former sellers. If you are working with a seller who is emotionally invested in every penny they are losing it will be a much more difficult sale.
 
If you are a seller it is important to clearly understand your goals when putting a home on the market. If you only want to sell at your price, then if your price is market value, you may get it. But if your price is above market, it won’t sell. Period. 
 
The most difficult part once you understand your financial choices is overcoming the emotional ties to a particular number.  If you want 1.5 million and you only get 1.4 million and life can go on, can you let go of your emotional attachment to to 1.5? If not, this may not be the best time for you to sell.
 
It is no different if you want 400K and you can only get 380K.  If your life can go on with a lower price and you need to sell, you may have to eat the emotions.  If you are just testing the market, don’t bother. In this environment you will fail. If you focus on your need and not your want you will get to your goal of selling a house much quicker and easier.
 
Marcy Moyer
Keller Williams
650-619-9285
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Don't Bash the REO Agent - It's the market

It is all about the market, we will have fewer of frustrated buyers and buyer’s agents if there were 10 properties for each buyer not one property for 10 buyer’s. In that situation, REO agents will bend backwards to get all the paperwork on one or two offers they get, asset managers will accept buyer’s demands even on AS IS property. When fewer buyers out there one can get away with closing cost and other items but not in current market in 4th Quarter of 2009, when slightly lower priced or at the market priced properties are getting 10-20 offers.Price is but it is not the only determining factor. I have asset managers declined the higher priced offers for a better-financed offer. Also had the agents get upset why their offer was not accepted. Some even get more upset when they saw the property closed at lower than their offer price. They do not know the details what happened during the transaction, why it closed at the lower price, may be appraisal, may be some other issues with the property, may be first offer fell out then next available best one, who can close quickly was picked, instead of putting property back on the market.I am not saying that there are not agents out there who play the system. To buy property for my own self I had to write 5 different offers, offered the full price and over and got beaten up by other offers many times before I could get one accepted. It all matters, financing, FICO score, what buyer have in the bank and under whose name. If the proof of buyer's funds is not under buyer's name, then forget about it. I have seen those transactions fall out because of the donor issues. Being an REO agent, I screen all the offers and drawbacks of the offer, are written into my notes to the asset manager. I even call the lender to make sure it is legitimate pre approval. I had noticed fake pre-approval letters, written under the name of big banks.I had agents who will not listen what is being said, I had agents call and ask bunch of questions and will politely ask, if they read the private remarks in the MLS. Sadly, one answer that I still remember was “what private remarks, oh! you mean at the bottom, let me read those”.I have set up an offer submission system through www.eBrokerHouse.com so everyone gets a confirmation of the submission. Not only that, if their offer is deficient I could communicate with the agent as their contact information is right there and I don’t have to look on page 8 try to read fax of a fax or search my email to locate it. I have agents call me and ask that they do not know how to upload the file, that they do not have a scanner. In REO world, the whole transaction is done by scanning and uploading the documents. Who would want to deal with that agent for next 45 days? Does that go in the remarks, yes it does.Not all agents are alike, there are some very savvy buyer’s agents and I wish everyone to be that way. However, there is so much bash about REO agents, that one have to be on the other side to see what REO Agents go through, especially the ones who deal with their transactions first hand. At the end, in grand scheme of things, it is about: would it close and would it close on time?http://www.namneet.comREO Specialist Orange County CA
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Renovation Loans/Rehab 203K Financing

If you've been passing up homes that require repairs, there’s renewed interest in the 203(k) FHA loan program that lets qualifying candidates borrow a single loan with a 3.5 percent down payment to cover both the home’s selling price and the cost of licensed contract work to improve the property.Popularity in the 203(k) FHA loan program, or Rehab loan as it is often called, has nearly doubled since last year due to the large inventory of REO homes. This years, demand is on pace to double again.The main advantage of this program is it allows buyers to purchase a home that needs work and not have to come out of pocket with cash to complete the repairs. The biggest disadvantages is most lenders aren't experienced with Rehab loans and show little interest in promoting them because they can take up to 60 days to close.Even though the application process is long and it is difficult to find a lender versed in doing them, the FHA Rehab loan may the rare modern-day wild card loan that keeps the industry afloat. Helping our Buyers get the best deals, often in area they otherwise couldn’t afford, and helping us close on more deals. . . sounds like a win-win to me!FYI – I have an REO with Wells Fargo right now that is a perfect candidate for this financing. I’ll let you know how it goes.

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AB 2678 (Núñez) was passed by the Assembly on a 44-33 vote on Wednesday. The bill needed 41 votes to pass. AB 2678 would require, among other things, that ALL homes and commercial property in California have an energy audit at point-of-sale, and that mandatory energy efficiency investments be made. While C.A.R. appreciates the goal of energy conservation, C.A.R. strongly opposes the point-of-sale requirements in AB 2678 because they are not necessary to achieve the bill’s objectives and such mandates will weaken the housing market. If enacted, AB 2678 could add thousands of dollars to the cost of purchasing a home, including up to $400 just to have the home audited. AB 2678 will next be considered by the state Senate. Stay tuned for a Red Alert on the bill.Here’s how Assembly members voted:Yes Votes: Bass, Beall, Berg, Brownley, Caballero, Calderon, Carter, Coto, Davis, De La Torre, De Leon, DeSaulnier, Dymally, Eng, Evans, Feuer, Fuentes, Furutani, Hancock, Hayashi, Hernandez, Jones, Karnette, Krekorian, Laird, Leno, Levine, Lieber, Lieu, Ma, Mendoza, Mullin, Nava, Núñez, Parra, Portantino, Price, Ruskin, Salas, Saldaña, Solorio, Swanson, Torrico, and Wolk.No Votes: Adams, Aghazarian, Anderson, Arambula, Benoit, Berryhill, Blakeslee, Cook, DeVore, Duvall, Emmerson, Fuller, Gaines, Galgiani, Garcia, Garrick, Horton, Huff, Jeffries, Keene, La Malfa, Maze, Nakanishi, Niello, Plescia, Runner, Silva, Smyth, Spitzer, Strickland, Tran, Villines and Walters.Not Voting: Houston, Huffman and Soto.
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