Too Important for a Comment

I thought about posting this as a comment but knew many people would never see it. Yes I rant and rave a bit about the banks taking advantage of unknowing and naive buyers. I feel strongly about the buyers who were too intimidated to ask questions or didn't understand all the ramifications of the loan they were getting and the so called solution of a refi (namely an appraisal and value). Although I feel for these people and want to help them I also realize that many many people knew exactly what they were getting into when they took out these loans. These people I have no sympathy for. They got what they deserved. However, that does not eliminate the honest hard working people who got the shaft from a lender.

Many of you question a Realtors part in this fiasco. There is no denying we make our living helping people buy and sell homes. But there is no way we can create the kind of market we just experienced. The only reason that market came about was because of the easy money available. Anyone could get a loan and everyone did. Some got bad loans while others got good loans with down payments and fixed rates. But now even these people are suffering the consequences of falling prices and an abundance of foreclosures littering the streets. Everyone one is a victim both good and bad.

I would like to point out one very big factor that no one has hit upon yet. That is the role of the new home builder and their lender. Here in Southern California, the crux of the situation started with new home builders offering these loans along with just about every incentive imaginable to entice buyers to buy with as one person wrote "exploding ARMS" and interest only loans; No money down, a bad loan and here are your keys. New housing communities are the hardest hit here is Southern California simply because the builders and their lenders ( Countrywide) ruled the roost...everyone wanted to buy. They didn't co op with agents so we had no part of new homes, their profits and their rising prices and convenient lack of inventory...another reason home prices soared.

There is no one person to blame nor is there any one institution that can except the brunt of the responsibility. This market is the natural progression of real estate made worse by easy money. Now that the financial sector has corrected the way in which it lends, people once again must qualify, proving income and providing documentation. Anyone who buys a home now will truly be able to afford it.

Should some people get a second chance? In my opinion yes. I respect everyone's opinion and I expect respect in return. Thank you for taking the time to comment and hopefully these comments will make a difficult decision easier for many borrows facing todays very real foreclosure problems.

Buying a New Home Before Letting The Old Go Into Foreclosure

Why would anyone want to let their home go into foreclosure? Many people however are facing this situation but before they let their current home go into foreclosure they will simply go buy another home. Some view this practice as immoral. Maybe it is and maybe it isn't. I would think each person's reasons for considering this solution are very different and can range from a loss of income or relocation where the homeowner cannot hope to sell his home for what he owes to those who simply refuse to pay a mortgage payment every month on a home where the mortgage amount is drastically higher than the home is worth. Is the current real estate market their fault? Is it immoral to want the best for your family? Is it immoral for a homeowner who will most certainly face foreclosure due to unforeseen circumstances to be penalized for those unplanned events?

There are many reasons why someone would consider buying another home then letting their current home go into foreclosure and I for one do not consider myself a judge and jury of other people's decisions. I simply help people buy homes.

This practice of letting a home go into foreclosure after buying another is not new. Every major downswing in the real estate market has experienced this situation and this practice. It's not against the law to let your home go into foreclosure and the consequences are high...ruined credit and limited buying power, not to mention the stigma attached to foreclosure. Despite the pitfalls some people will choose this path. I help people navigate this complicated process.

If you are considering this as a financial solution please do not take my general advice as the the one and only truth. Consult an attorney and/or a tax specialist to determine how a foreclosure can affect your specific situation. There are many instances where my advice may not fit your circumstances. The internet is a vast and endless resource of information and can answer almost any question. If, after investigating other options you feel this is your only alternative please feel free to contact me, I may be able to help. If you are not within my service area I can refer an agent to help you locate a home.

The Wait is Over BUYERS

Many buyers have been fence sitting for a while now. Some for a year of more waiting for the market to BOTTOM OUT. The problem with this is the buyers who are waiting are the inexperienced buyers. These buyers seem to think that if they buy one second before the dreaded BOTTOM hits then they've made a huge mistake. So what happens is these inexperienced investors wait too long making an even bigger mistake. If these buyers look at all the pluses of the market right now, could digest the information, they would realize the time to start looking for that awesome investment is now. Lets look at the facts.

1. The Temecula Real Estate Market is at an all time low. Yes you've seen homes drop $100,000 or more in the last year. The fact of the matter is the homes that dropped $100,000 were the homes that were severely over priced to begin with. The sellers who priced their homes realistically from the start sold their home for a fair price. Yes, homes sold last year. And the good ones will sell this year also. By waiting you'll often be dealing with a stale and unhappy seller who has watched his imaginary equity eaten up by greedy buyers. How far do you think you'll get with this type of seller? Buyers, start looking now and when that good deal comes along pounce.


2. Interest rates on home loans are the lowest they've been in years, so why not get a great price on a home and low interest rates as well. There is nothing wrong with a Two-Fer


3. The Temecula Real Estate Market is saturated. The inventory for available homes in Temecula is many many months . Buyers, take advantage of this huge inventory and let it work for you. More homes mean more competition and buyers can name their price many times. So why not let the real estate market work for you.

By knowing the market and understanding the real estate process buyers can become millionaires in this real estate market. Don't let the fear of making a minor mistake keep you from acheiving your goals. These days a real estate mistake is hard to make.

Buying Before Foreclosure

There are many homeowners who owe more on their homes these days than that home is worth. These homeowners are often making high mortgage payments. Some may face circumstances where they need to move, but in this declining real estate market selling a home these days can be impossible. So what is a person to do? Some buyers who are faced with having to move are taking drastic steps to ensure their family will have a home. These steps involve some moral issues as well as some credit issues but these people are willing to take the risks. So what is this scenario you might ask? It’s simple and many people today are considering it. It’s buying another home and then letting the existing home go into foreclosure. Yes it’s possible and actually quite easy, with minimal if any risk. There are however, a few criteria buyers must understand and meet before attempting this plan.

1. The buyer must be current on their existing mortgage. This means no Lates what so ever or you probably won’t qualify.
2. You will have to qualify for two mortgages, the existing and the new one.
3. The buyer must have good credit and be prepared for his credit to be ruined for a while afterwards.
4. The buyer should have a down payment or buy a home through a down payment assistance program. (HART)

There are factors surrounding the foreclosure as well. In California the foreclosure laws prohibit banks and financial institutions from seeking the difference between what the owner owes and what the home actually sells for. This is called a non deficiency and is a requirement of a trustee sale as apposed to a judicial foreclosure. A trustee sale is most common in California and your mortgage contract will determine whether a trustee sale is the method of foreclosure your lender will be using. In order for a homeowner to qualify for this situation there a few criteria that must be met.

1. The buyer should still have his initial purchase money loan. This means the original loan he used to buy the home.
2. The buyer can have a first and a second as many owners do but, it’s better if the buyer does not have a HELOC as his second.
3. The buyer should be in his current home for more than 2 years. This will eliminate any IRS ramifications of capitol gains although there are other ways around this and a tax representative should be consulted.

There are more and more buyers who are faced with the dilemma of selling a home in a declining market. Some of these buyers have no choice due to circumstances and this method offers these buyers a change to own a home rather than rent for years as their credit is slowly repaired. This situation of buying another home before foreclosure often helps the buyer rebuild his credit much more quickly after the foreclosure as he has another mortgage to help boost his score.

This method may not work for many buyers as they will have to qualify for a new mortgage taking into account the existing mortgage. Other factors will need to be considered as well but all in all this may be the light at the end of the tunnel for some homeowners.

If this scenario is one you are considering please consult with a tax professional before taking any steps and get as much information regarding your personal situation before taking this drastic step.

Off Season Sales

In late November and into December the market really picked up and some homes that had been sitting on the market for a year or more were now finally in escrow. Buy why did this happen? Some say the market is finally hitting bottom and these buyers wanted to beat the rush of people this summer searching for and bidding on the best real estate deals. Others say this is a regular occurrence and despite what most people say it's always busy this time of year. I personally think it's a little of both. Many economists say the market will bottom out this year somewhere around August. So the smart buyers are starting a little earlier finding a good deal then coming in low. This makes their purchase now comparable to what they might expect to pay later in the year and they don't have the competition of other buyers to outbid them. Smart move.

Temecula Real Estate...Last Chance to Buy Before the New Year

If you're looking for a tax deduction to help alleviate your tax consequences for 2007 then time is running short. If a real estate transaction is on your shortlist of possibles then there is just enough time left to buy a great house and get a great tax deduction from the purchase. It's a double whammy and lots of investors do it. Buying at the end of the year for investors is one of the easiest ways to get a nice little bonus deduction at the end of the year.

If you are thinking of buying before the end of the year there are a couple of things to look out for. First avoid a short sale they are notoriously slow and if you want to close before the end of they year you'll need a very smooth and timely transaction not one that has you on pins and needles constantly waiting for a slow bank to respond to the simplest of requests. Also if you're going to attempt a foreclosure your agent will have to be on top of things the whole escrow period as does your lender. They will have to get their side of the transaction done quickly to compensate for a sometimes slow turn around on the part of the bank. But a foreclosure is a much safer and quicker bet and can easily have a successful 30 day close.

Buying from an owner at this time of year can be tricky. Many people don't want to be moving during Christmas, so a vacant house can be a great way to get a quick escrow. For an owner occupied home a hold over after escrow may be the determining factor. Giving the owner enough time to find a home to move to will help your situation and give the owner the added incentive to cooperate in a quick sale.

Temecula Real Estate...Online Foreclosure Auctions

The real estate market is rough everywhere...even for foreclosures and bank owned homes. In fact many bank owned properties are sitting for months. The reason they're sitting is simple. Either the bank or the listing agent has priced the home too high. SOUND FAMILIAR? well it should, owners aren't the only ones who can over price a home. The banks are more motivated to sell than owners though and if the home continues to sit at least the bank understands why and takes action. One route for many banks is online auctions.

Online real estate auctions are nothing new but these days many of them have a new twist. NO LISTING AGENT AND A HIGH BUYERS AGENT COMMISSION. The buyers agent can be referred by the Online Auction if you don't already have an agent or they can be your own agent. If you find a home listed in the MLS it could easily be an online auction. If you have your own agent he or she will simply need to register, which is only a confirmation that their license is current and they are with a broker. Once confirmation of these facts is completed (usually takes a few hours) you can then bid. Your bid reflects the price you're wiling to pay before any closing costs. For example, if a home is $400,000. and you've decided to bid that amount but need closings costs as well your agent will bid the $400,000 and once you win you'll add additional costs to the price you won the auction.

Once the auction has ended the bank wants an offer in writing reflecting the price, closing costs and terms. If you won the auction for less than the asking price the bank doesn't have to accept your offer so be prepared for a refusal if you won at a low price.

The auction I recently won for a client had been listed with another agent for 90 days at a price of about $60,000 more than the auction price. At the new low price the home was at the very bottom of the appraisal price so there was definitely room to ask for closing costs on top of the bank price. A very good candidate for my buyers. We won the auction and are just waiting for the process to be completed.

The bank is very specific as to what they'll pay as far as their own closing costs. They will pay their own escrow fees and Title for the buyer but other fees the seller usually pays ,they won't. These fees include Transfer Tax and Natural Hazards Report, both common seller fees in California. These fees are relatively low. As far as what the buyer can ask for in closing costs paid, the bank doesn't care as long as the home will appraise for the higher price and the lender will allow the costs to be paid. So if the buyer needs all their closing costs paid it's not a problem.

The bank owned home is sold as is meaning no repairs of any kind. The buyer can do a home inspection and should, but the bank won't fix anything.

The only contingency the seller will accept is a loan contingency for the normal period in California of 17 days. One thing to remember the contingency is not removed until it's removed in writing despite the period of time that's passed.

We haven't received a bank addendum yet with the normal closing penalties and because there is not listing agent the buyers agent is expected to complete all needed paperwork. The higher commission is their compensation. So really you can consider the bank owned home as a FSBO with the agent receiving single party compensation and the seller representing himself but depending on the agent to complete all the necessary paperwork.

Temecula Real Estate...Over Pricing will Eliminate Buyers

The popular concept of overpricing your home to compensate for low offers can hurt you and the sale of your home way more than it can help. First of all, many qualified buyers and their agents don't like to low ball a house. The only people that try this are the investors or the people fishing for a great deal and often these buyers aren't serious about buying unless they get a home for a minimum of $100,000 less than the VALUE, not the PRICE. There is a big difference between the two these days.


Serious buyers are looking for a nice home at a good price and most often if the house is over priced, it's telling the serious buyer t

1. The seller is out of touch with the market
2. The agent doesn't have a clue about the market
3. The agent doesn't care and is only worried about how many listings they have
4. They may both be hard to deal with.

So the serious buyer often avoids even looking at the over priced home. And the seller just lost a golden opportunity

So, what is an over priced home? Pricing your home has less to do with whats on the market and more to do with whats sold. Unfortunately, sellers look at what they're neighbors have priced their home at and except that price as legitimate when in fact that home could easily be over priced as well so now you have two homes on the same street that can easily sit for months and in this market the longer your home sits on the market the more money you've lost.

It's too bad more agents out there don't have a back bone and tell their sellers the truth about the market instead of letting them sit on the market, over priced month after month loosing money month after month.


For sellers, if you don't have to sell right now take your home off the market. In fact think about buying a few investment properties cause there are plenty of sellers who have priced their homes accordingly and are willing to sell. Or look at foreclosures, they're always priced very well. These homes can be a rental and with the amount of foreclosures and short sales the rental market is really seeing an up swing.


Try buying a new home and renting the old, especially if you've had your home for a while and the payment is reasonable. This allows you to get a great new home at an awesome price while saving the old home and potentially selling when the market recovers. There's a huge potential for profit is this scenario.


Don't make the mistake of over pricing your home. These days a mistake like that can cost you tens of thousands.

Temecula Real Estate Foreclosure Sale

Well, the foreclosure sale at the Temecula Creek Inn on Tuesday evening was well attended. About 200 people came to watch and bid. The atmosphere was charged as buyers received their bidding number and waited anxiously for their choice to come up for bid. I'm pretty sure all the homes sold; at least in the eyes of the buyer. It seems most homes sold for about $100. per sq ft on average. Unfortunately, many of these homes will not be sold to the highest bidder. Despite the fact that someone won the bid on a particular home doesn't ensure the bank will except their final bid. Many of the homes sold at pretty low prices and I'm sure many of them will have the high bid rejected by the bank. Of course the bank will give the buyer a chance to raise their price to one more acceptable to the bank but I don't thing the price the bank has in mind and the price the buyer has in mind are very often the same. Especially when the home is at auction. Every buyer there wanted a deal, while every bank there wanted the buyers to foolishly overbid. With the amount of foreclosures out there, no buyer has to overpay for any house. After all there are more than enough homes to go around right now.

Temecula Real Estate Buying Before You Walk Away

I had an interesting call yesterday regarding a situation facing many people in today's real estate market. This person has been trying to sell his home for over a year with no bites. I'm sure that sounds familiar to many. Because he needs things in a home that he didn't when he purchased his present home he wants to buy something bigger. The prices are so good in some areas he can get a bigger home for less than he spent to buy the one he's in now. So he came up with a plan. Purchase the bigger home then walk away from the old one. Now, because I have know idea of his financial situation I don't know if he'll even qualify. He is current on his present home and has excellent credit but no money down (I'm assuming).

He'll present his present home as a rental and once the new home has closed escrow he'll simply let the old one go back to the bank. But can he do this and what are the ramifications?

I hate questions like this because things are not always as they are represented to you...but in California when a home is foreclosed on the bank sells and has not recourse to approach the borrower for any differences in price between what the borrower owed and what the home sold for. This situation however, is different from many and to be honest I don't know if the situation changes the rules. One thing I do know is his credit will be ruined for years. But with the current state of many peoples finances, bad credit is going to be present everywhere and may start to be viewed differently with credit scores below 600 becoming a more acceptable score . Who knows?

Personally I think this is a moral dilemma rather than a financial one. After all, he can obviously afford his current payments, he just wants a bigger house at a better price and who doesn't? But most of us won't attempt this route in order to get what we want.

Importance of Paperwork in Temecula Real Estate

I had an incident yesterday that just confirms to me how important it is for every agent to make sure their paperwork in filled in properly. I'm an easy going and friendly agent but I learned long ago you can't rely on other agents admitting to mistakes or having the integrity to stand up and take the blame for their mistakes. Most often it turns into a big argument that both wish had never happened.

I'm the buyers agent and we are just finishing up an escrow. Since this is a bank owned property there has been a fair share of back and forth, mainly due to paperwork. In a nutshell the listing agent plainly states in the MLS... Commissions will be based on the sales price minus any closings costs paid by the seller for the buyer. This is common.

I write the purchase contract and my buyers do not ask for any closing costs. Closing costs are normally considered escrow fees, lender fees, taxes and so on. The listing agent tells us the well pump doesn't work. In order for the well to be certified the well has to work. I put that in the contract. (In California well certification and septic certification are common and regular fees the SELLER pays) I also ask for a septic cert. I decide to throw in a home warranty. Usually banks don't pay for this but it doesn't hurt to ask, after all we're going to get a counter offer anyway.

So we go back and forth with different issues in the contract and finally everything is agreed upon. For well and septic they agree to pay but put a limit to what they will pay (common) and of course it goes over by about $100. No big deal because I've explained this to my client ahead of time.

So now we're ready to close, all the repairs and certs have been done, the appraisal came in for $30,000 more than my clients are purchasing the house for (this normally doesn't happen) and my clients are thrilled. Suddenly escrow is calling me to tell me the bank won't sign the HUD (estimated closing costs figures) because the well and septic are closing costs paid by the seller for the buyer. WRONG!!! No where in the contract that I wrote did I put these items as closing costs. So, now the listing agent tries to explain that in a Bank Owned transaction these items are considered closing costs and are deducted from the purchase price WRONG AGAIN!!! If these items were considered closing costs by the bank then they should have addressed the issue and stated this plainly in the contract before they signed. Unfortunately this was never even disussed until the last minute and now it's too late. By the way, this issue has it's own section in the lenders addendum, which all banks provide to their buyers and it's suppose to tie up loose ends like these. They didn't add these items to their own addendum. So in this case the listing agent will eat the difference in commission. She didn't do her paperwork correctly and so she was penalized. Luckily, the difference wasn't much but it will serve as a lasting reminder to make sure the contract is explicit, you can't leave anything up to interpretation because everyone will interpret it differently. And by the way, my clients got the home warranty, later the agent tried to argue this too was a closing cost paid by the seller for the buyer. That didn't work either.

Temecula Real Estate Fundings Suspended

If the lending industry isn't paranoid enough already with Foreclosures and Shortsales constantly nipping at their heals, the recent fires in Southern California are sending them over the edge. Properties ready to close are experiencing funding problems as lenders are requesting last minute property verifications before the money will be wired. Of course, this request comes in the morning of the day it's suppose to fund, effectively delaying the funding until the appraiser or who ever can get out to the property to take pictures. Unfortunately they aren't accepting pictures from agents, (we obviously don't care whether the property is standing or not we only care that we get paid). So the lender requests the appraiser drop everything and in some cases drive many many miles in order to take a few pictures and forward them to the lender. This causes everyone to scramble to get things taken care of ASAP. It doesn't matter that the property may be in an area that had no fires, they still need proof. So the buyer, who by the way may be on the brink of having to pay escrow delay fee's associated with bank owned homes, (these fee's add up quickly if escrow does not close on the designated date) is facing unexpected and uncontrollable delays.

Things really start to heat up when the appraiser won't go out to verify the property. Now another appraiser has to be found who's willing to go to an unknown property and take pictures as verification that the house is not a pile of smoldering ash. He's not going to do it for free so who gets to pay? The buyer is already upset as delays loom, the lender doesn't want to pay because they don't make enough money to begin with. Why should the agent pay? They are more than willing to go take the pictures themselves but the lender won't accept these. Maybe the lender will pay for their request? NOT A CHANCE! Lets talk about who pays later lets just get someone...anyone out there.

Temecula Real Estate vs. Murrieta Real Estate

There's always a comparison between Temecula and Murrieta...Who's better? Who's nicer? Who has the best prices? And so on. So I did a little comparison of my own.

TEMECULA

In Temecula this morning there were 1,372 active listings. So far for the month of October 46 listings have sold.

• 26 Sales for Owner/Sellers


• 12 Bank Owned


• 2 Shortsales


• 6 new homes listed in MLS

The average sale in Temecula had an asking price of $559,671 and had a sold price of $528,123 This average sale was for a home with 4 bedrooms 3 baths 2400 Sq Ft built in 1996.

The foreclosures in Temecula that sold had an asking price of $344,077 with a sold price of $337,062. for a home that had 4 bedrooms 2.75 baths with 2027 Sq Ft built in 1994

If you notice the numbers, that's almost $200,000 difference with only a minimum of Sq Ft difference. I'm surprised any owners are selling their homes with a price difference like that.

MURRIETA

In Murrieta this morning there were 1,879 active listings and so far for October there have been 50 sales.

• 24 Owner/Seller


• 20 Bank Owned


• 3 Shortsales


• 3 New Homes in MLS

The ratios in Murrieta are a little different with more foreclosures sold. The average sale in Murrieta has an asking price of $419,112 with a selling price of $408,098 for a home with 4 Bedrooms 2.75 Baths has 2499 Sq Ft built in 1996.

The average foreclosure sale was $371,675 and sold for $374,455 for a home with 4 bedrooms 2.75 baths with 2301 sq ft built in 1999.

Looks like overall Murrieta is lower in price and the sellers seem to have a better handle on pricing .

Murrieta has many more homes for sale than Temecula, though only 4 more homes sold in the same time period with more foreclosures sold in Murrieta than Temecula, with Temecula getting higher prices.

Temecula is a nice town but so is Murrieta. They are very comparable in many areas, so why is Temecula selling their homes for more? Maybe November will tell a different story.

What Makes a Bad Real Estate Agent?

A bad real estate agent just like a good one, can come in many forms; from shifty devious and untruthful, just plain lazy, to uninformed or just doesn’t care. Unfortunately many people got into real estate to make a fast buck, they thought it would be quick and easy and never took the time to learn the industry. Many of these people are out there walking around representing themselves as real estate agents, giving the knowledgeable and well trained agents a bad name and reputation.

How to Spot a Bad Real Estate Agent

One important tool everyone can utilize is a thorough interview with pointed questions designed to weed out agents who don’t know what they’re doing. Ask questions that require some thought and look for answers that reflect that thought. Questions like

"How is the market doing" is a question many 5th graders can answer, but questions like "What marketing plan do you have in mind for my house and what benefits of this plan will work best for my situation?" Now that’s a question and an agent who doesn’t know what they’re doing won’t have a clue how to answer this. Make sure you know what’s going on in your neighborhood so you can ask potential agents the same thing. Every listing agent should know the area they’re working. Most good buyer’s agents have sound negotiating tactics designed to get their buyer the best deal, but not all situations will be the same so find out how they plan to approach a foreclosure or a short sale as apposed to an owner seller.

Always go to the DRE website and search agents you’re thinking of hiring. This will tell you how long they’ve been an agent and if there has been any disciplinary action against them. If they have other listings in the area talk to those people and see what they have to say about the agent. If you have a “FEELING” about the agent good or bad, trust your instincts.

The key to finding a good real estate agent is a thorough interview, coupled with good rapport and a good DRE record. Don’t leave your biggest asset in the hands of a BIG ASS. Take the time to find a good agent, get some real estate education and you’ll see what a pleasant real estate transaction is all about.

What is a Good Real Estate Agent

When you think of a good real estate agent what comes to mind?

@ Do you think of a shark? An agent that can negotiate the pants off the Pope while talking on the phone and driving on the freeway all while singing along to “I’m a Bitch I’m a lover I’m a Child I’m a Mother” OK, maybe a guy wouldn’t be singing that…or maybe some do… I don’t know.

@Maybe you think of a good agent as a kind and caring individual…someone who is nice and caring and is always calling to see if everything is OK and you’re all right.

@Maybe you consider a good agent as one who’s been in the market for years, is old as dirt and drives a Lincoln or a Cadillac like a Ferrari?

Most likely a good agent is a combination of knowledge caring truthfulness and good negotiating skills. They can be young or old and have been an agent for just a few years or 20+ years.

A good real estate agent listens to what you want, advises you but doesn’t insist; if you’re making a mistake they’ll let you know but it’s ultimately your decision. They’ll show you homes that fit your criteria, and maybe a few that don’t, but may be something you’ll consider. They will take command of situations but always respect your position and opinion. They will honestly and knowledgeably negotiate for you, their client and do the best job they can do with out lying and cheating to get an end result. In other words they will have integrity. That’s an important quality and one many agents loose as soon as the going gets tough.

When interviewing agents and you should always interview an agent whether you’re going to buy or sell a home, most people will get a feeling about the agent they are interviewing. Trust your instincts, but ask questions and make a decision based on great answers and great rapport.

Once you’ve chosen your agent, if you’re a buyer most good agents will have you sign a contract. This contract simply states that you will use this agent as your agent when you finally make a purchase. There are no monetary obligations in standard Buyer Broker agreement, but read your contract and ask questions if necessary.

A good relationship with your real estate agent will make the purchase or selling process so much easier and can actually cement a relationship that will last for years.

Smart Real Estate Investors Buy During The Holidays

Why do the smart buyers buy real estate during the Holidays? For most buyers and sellers the summer months represent the buying season. From June through the end of August buyers look and look for the perfect home and often miss the really good deals or pay more than they wanted because other buyers are out there also, looking for the perfect house. Because of the competition, buyers don't get the deal they were hoping for even in a slow market. That's why the smart buyers buy in the off season; September through February. During this time of the year sellers are frustrated because they haven't sold their home. Fewer buyers out at this time of year and sellers often view selling their home during the Holidays as hopeless. That's the perfect time for a smart buyer to swoop in and put the seller out of his misery, at a great deal of course.

With less buying competition and sellers feeling the pinch of having to wait another year for a chance to sell their home, the smart buyer has a great opportunity to get a great real estate deal during the off time of year.

Real Estate Questions

I received two very good questions yesterday so I thought I'd answer them here.

Q- If the buyer puts an offer in on a home in as is condition, then after the inspection he decides to cancel the sale can he?

A- In California, there are contingencies built into the contract that are not removed until the buyer and seller remove them. In most cases when a home is sold in "as is" condition this means the seller is not willing to do any repairs to the home. So, after the buyer performs a home inspection and realizes the repairs are just too costly he can cancel the sale with no monetary repercussions as long as the inspection contingency has not been removed or modified. Normally the inspection contingency lasts for 17 days or until the buyer has performed all necessary inspections and the contingency is removed in writing. Often a listing agent and seller will stipulate the buyer is to perform all due diligence and remove these contingencies earlier, usually 10 days. At that time a contingency removal form will be presented to the buyer. Once he signs the form that contingency no longer exists. If the cancellation happens after contingencies are removed the buyers deposit is in jeopardy.

Q-If I want to cancel my listing what should I do? Cancelling a listing can be tricky depending on why you want to cancel. If you plan on refinancing your home, this won't be able to happen while the home is listed. Real Estate agents know this and usually have no problem cancelling this listing. If you plan on taking it off the market, the same will hold true and normally the listing will be put on hold rather than cancelled. The problem arises when you decide to cancel your listing to list with another agent. When this situation arises, you should first think about why you want to cancel. Is it because the other agent has told you everything you as a seller want to hear."Yes, I can sell your home and we can get top dollar." Find out what this new agent is going to do to get your home sold that your current agent isn't doing. In California, the main reason sellers aren't selling is the listing price is too high. "Sorry, but it's True" So if you plan on listing you home for the same price with the new agent you're still very unlikely to sell.

Always put your cancellation in writing. Submit this to your agent and they will furnish you with a cancellation form. There are several items that can be checked on this form so read it carefully before you sign. If the agent isn't cooperative you may contact their broker.

I hope these questions and answers help you but if not you always have the opportunity to contact me directly from my website.

Curb Appeal and Why It's Important

Although in many area's the real estate market is slow, buyers are still out there looking. They mostly search the Internet but on the weekends they may drive around to get the feel of the area and the neighborhood. Curb appeal is critical to both Internet browsers and street browsers.

The Internet has opened a whole new world to people searching for homes. Many will sit in front of the computer searching home websites looking at pictures of homes. They'll type in their search criteria and then start looking through the homes that match their needs. But if your home doesn't have some kind of curb appeal most browsers will just pass it by without looking further. That first impression of your home can make or break a potential deal or push potential buyers to look past your home and on to the next. They'll never see the interior pictures because the outside says it all. If the seller doesn't care what the outside looks like he probably doesn't care what the inside looks like.

The same can hold true for people searching neighborhoods. They are driving up and down streets looking at homes and picking up flyer's. With so many homes on the market chances are there may be several for sale just on your street alone, so you have lots of competition. Why will someone pick up your homes flyer? Because they like the way the house looks. That's their first contact with your home. If it doesn't look good from the street then the buyers will move on to the next home.

First Impressions are Huge so help yourself, sell your home. Make that first impression a big one with WOW curb appeal. This means:

• Lush green grass, that's cut regularly


• Colorful flowers and clean beds


• An overall well manicured look


• Clean tidy and well kept.

If the outside needs paint, paint it. Don't leave clutter by the front door or side of the house where potential buyers can see it. Wash windows and make your front door is inviting. Make sure your home says "BUY ME I'M BEAUTIFUL" and you'll see just home much curb appeal matters.

Old Town Temecula's Farmers Market

Old Town Temecula is host to a weekly Farmers Market. Evey Saturday morning till noon you can find fresh fruits and vegetables, breads, crafts, some clothing, flowers and plants and more. It's a small market, just fitting in the bus station parking lot. You can walk through the thing in 5 minutes unless you find something to look at. I've been there more than a few times and really like it. Unfortunately that's not the case for everyone.

The Old Town Merchants in Temecula have a different view of the Farmers Market. It's a very popular destination for many area residents. The Merchants don't like this and see the market as competition for customers and a distraction from the store merchants. Now personally I haven't seen any of the merchants selling produce, but to be fair some do sell crafts.

Last Saturday the market was issued a $50.00 citation. It seems the merchants feel the market is oozing from it's designated boundaries. Whenever I've been to the market the vendors are nestled tightly together within the parking lot confines. I've never seen them spilled out into the streets or setting up camp somewhere other than the allotted parking lot.

The market has been in continual operation since 2000 and will need to renew their permit by 12/31. The city council has suggested a 5 year extension, merchants are against this viewing the market as customer thieves, while supporters of the market seem to be on an e-mail campaign to save their Farmers Market

Real Estate Terms

Cashtration (n.): The act of buying a house, which renders the subject financially impotent for an indefinite period.