Looking For A Producer To Do A Show On The Real Side Of Real Estate


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The Real Side Of Real Estate is not always pretty, not always glamorous…that is for sure.  The things agents have to deal with are many times very frustrating.  My partner and I always say this is not House Hunters, or This is not HGTV.  They only show real estate agents popping by writing offers and everything is honkey dory.  But, in reality, it can be a tough business.  We not only have to help buyers find the perfect home, but we have to deal with the listing agents not wanting us to sell it because they want to double end it.  Or they make is so difficult to show a home, you can see it when the sun is setting on the tree to the North of the rock that is closest to the fence.  If it does not set there, we will not show it.  I am being fesicious of course.  But, they will say everyone needs to submit an offer but you cannot come inside the house unless your offer is accepted.  WHAT?  Or they won’t put the home in the MLS and won’t deal with you as the agent because they want to double end it.  Double ending is hard, who are they going to really represent?  That is a whole issue for another blog.

But, seriously, even when I list a home, I am fair to everyone. I don’t play games, I want what is best for my client.  I think a producer should follow myself and my partner around to go on a listing appointment and see what happens when we list a home.  And, all the objections we have to get through as well.  And, how we market a home, what we do from start to finish…and they should follow us around when we are showing homes to real buyers.  It could be quite entertaining.  

I love what I do, and people know how much I care about them.  Come on producers, give me a call at 951-204-1864 and see the REAL SIDE OF REAL ESTATE!

Joan Patterson, B.A., G.R.I., Realtor, License #01431647

Keller Williams Realty

951-204-1864

http://www.inlandempirerealestate.kwrealty.com

Things You Should Not Do If You Are Buying A Home


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I always tell my buyers to not do anything after they have submitted a loan application.  I tell them not to BUY anything, not to CHANGE anything, stay current on all your credit card payments etc.  Do not change JOBS!!!!  Here is a list of things that could affect your purchase-meaning-you won’t be able to buy the home.

A. Don’t change jobs before or after applying for a home loan. B. Don’t spend money you will need for your closing costs. C. Don’t apply for any new credit cards or any new credit while buying a home. D. Don’t co-sign on any loans for anyone. E. Don’t lie on your loan application. F. Don’t be late on your credit cards etc. G. Don’t buy furniture. H. Don’t buy a new car that needs financing. I. Don’t change banks.

The bank will call to verify your employment before funding your loan.  If you are not longer employed, you won’t be able to buy your home.  Don’t change jobs, don’t get fired! Getting to closing and finding out that you can’t close because you don’t qualify for the loan because of last minute purchases that change your credit is heart breaking.

Joan Patterson, B.A., G.R.I., Realtor, License #01431647

Keller Williams Realty

951-204-1864

http://www.inlandempirerealestate.kwrealty.com

Making An Offer On A House


 

 

 

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The first step is to get pre-approved by a lender to know exactly how much you can afford or how much you want to have your mortgage payments be.  Once you have this done, it is important to find a great agent to represent you. Then you can go out looking for homes in the area you desire. 

 

If there are many buyers out looking for homes, sellers will be getting typically full priced offers and sometimes above full priced offers.  If there are not a lot of buyers, then sometimes you can offer less.  It all depends on so many factors.  Supply and demand are all part of the housing market as far as price and competition. 

When making an offer on a home, it is important to really make a good offer if you are really interested in a home.  You should make it your best offer in case others are competing against you.  You still may receive a counter offer to your offer if the seller does not like the terms of your first offer.  You could receive a counter called a multiple counter meaning the seller had received more than one offer and they are countering more than one offer.  You can either accept it or still counter that, but typically if they have a multiple counter out, someone will go for their counter offer and agree to the sellers terms.  Not always, but sometimes.  You have to decide if it is worth it to you to agree to their terms or not. 

Right now, in our market if you have a home to sell, sellers are not accepting contingencies.  You should sell your home first and then make an offer.  Every now and again you will find a seller who will accept a contingency if you are lucky.  However, not really happening at this time.

The most important thing about making an offer on a house, is to find the right agent.  The right agent can make a huge difference if they know what they are doing and have a great reputation other agents want to work with them too.

If I can be of any help to you, please call me at 951-204-1864 myself or someone from my team will be available to help you.

We look forward to helping you,

 

Joan Patterson, B.A., G.R.I., Realtor, License #01431647

Keller Williams Realty

951-204-1864

http://www.inlandempirerealestate.kwrealty.com

Test Sell Your Home Nothing More Than A Pocket Listing-Is This A True Benefit To Sellers?


Joan Patterson, B.A.,G.R.I., Realtor, License #01431647

http://www.inlandempirerealestate.kwrealty.com

951-204-1864

There are a few agents out there saying that Test Sell Your Home is a new concept-this is not a new concept here in the Inland Empire…like test drive a car, or test ride a horse, and the list could go on and on.  This blog is my take on it as a realtor. When it comes to your house, why would you want to test sell it?  Why wouldn’t you want to really market it so that you can get buyers.  Test sell your home is nothing more than an agent having what is called a “pocket listing” meaning they don’t share it with other agents.  They keep it to themselves so they can get both commissions from the selling and buying side. Then we get into other concepts when a listing agent is representing both a buyer and seller-who are they most loyal to?  There is a fine line representing both buyer and seller as far as agency is concerned.   With this concept of Test Sell Your Home-they say:

They developed this to see if it’s worth the seller’s time time to sell the house. They work around your schedule, they market to get the best price for your home, should you decide to sell, no lockbox, no open house, no broker’s open unless you want them. They have less pressure, with no gimmicks and no commitment.  But, all agents can do this for you.  All agents can test sell your home.  All agents can do the above for you. Like I mentioned before, this concept is nothing new and it basically is a “pocket listing.”

When sellers put their home on the market, many are test selling their homes anyhow. I have sellers tell me, “Let’s try to sell our home for this price, we know you said it should be this amount, but we want more.” So, that would be test selling their home.  They still can cancel selling their home if they don’t want to sell (providing that they are not in escrow or negotiating over an offer).  As far as Test Sell Your home claiming that a market analysis does not say a lot, well it does say a lot if you run the comparable homes sold in the area.  You then will know for the most part what a home is worth.  And, of course, the home has to appraise when the buyer gets their loan (and then you can still back out if the price agreed upon does not match up with the appraisal).  That is one of the buyer’s contingencies.  If they have not removed the appraisal contingency they will get their deposit back.  So, the buyer does not have to buy either.  That is another way to Test Sell Your Home.  Also, the seller can pay for an appraisal to see what the value is before listing it.  I have had sellers do that if it is hard to price.  This way the sellers can not run into snags when the house is listed regarding price. We sell homes with no gimmicks either, and we don’t need to have a lock box on your home either. We also don’t have broker’s open houses or regular open houses if you don’t want them. We also work around your schedule. This is standard practice for us.

Sellers have been Test Selling their homes for a long time, if an appraisal does not come in where the seller wants to sell, then the seller can cancel.  This would be considered test selling your home.  If the buyer does not like the physical inspection or the seller does not want to fix items that are important to the buyer, the buyer can cancel as well, so this would be considered test selling the home too.  The buyer may not like the termite report or feel uncomfortable about something about the house and back out.  This could be considered test selling the home as well.

You can still Test Sell Your Home and still put it in the MLS.  The Multiple Listing Service is here for your benefit as a seller.  It behooves you to have your home in the MLS as most buyers are going to look at Zillow, Redfin, Realtor.com, Trulia, or have an agent send them homes from the MLS.  Most buyers are going to come from the buyer’s agent and not the seller’s agent.  I have never had a client tell me that they don’t want their home the Multiple Listing Service.   In fact I have the SELM form from C.A.R. right here in front of me (Seller Instruction To Exclude Listing From the Multiple Listing Service 7/13).  This form talks about the impact of exclusion of property from the MLS. If property is excluded from the MLS, Seller understands and acknowledges that: (a) real estate agents and brokers from other real estate offices who have access to that MLS, and their buyer clients, may not be aware that Seller’s Property is offered for sale; (b) information about Seller’s Property will not be transmitted to various real estate sites used by the public to search for Property listings; and (c) real estate agents, brokers and members of the public may be unaware of the terms and conditions under which Seller is marketing the Property.

This also talks about the impact/reduction of exposure: Any reduction in exposure of the Property may lower the number of offers made and negatively impact sales price. So, not putting your home in the MLS can negatively impact your sales price.

The MLS generally requires brokers participating in the MLS to submit all exclusive right to sell and exclusive agency listings for residential real property or vacant lots to the MLS within 2 days of obtaining all necessary signatures of the seller(s) on the listing agreement unless broker submits to the MLS an instruction signed by Seller (such as the SELM form) excluding the listing from the MLS.

Listing property with the MLS exposes the property to all real estate agents and brokers who are participants or subscribers to the  MLS, or reciprocal MLS, and potential buyer clients of those agents and brokers.  The MLS may further transmit the MLS database to Internet sites that post property listings online.

It seems that there are many more “pocket listings” right now.  Agents are saying that the sellers don’t want their homes listed in the MLS and only want the listing agents to show their homes.  Interesting.  Sellers need to be counseled on not putting their homes in the MLS.  Some agents are saying it’s a matter of privacy and security for the sellers.  Okay, so this is how you solve it.  Make sure it is shown by appointment only with the listing agent (because that’s what will have to happen anyhow even if the listing agent gets a phone call they will have to set up an appointment with the seller-no different than a buyer’s agent doing it, only you have the listing agent present as well.  You also have the buyer’s agent send over the buyer’s pre-approval letter, proof of funds, FICO scores etc BEFORE you let them see the home. There are many ways to protect a seller’s privacy.  Many…if you need more information as a seller, please contact me direct at 951-204-1864.

My buyers NEVER want to write an offer just because…if a home says DRIVE BY ONLY, make your offer…sorry Charlie.  I am not having my buyers do that.  This seems like a TOTAL waste of time.  Want to know why?  This is why…because what happens if a buyer has their agent write an offer based on drive by only.  Then they get into the house to find out they really don’t like it at all and then need to cancel their contract.  This is not only a waste of time for the buyer, but the buyer’s agent, the listing agent the sellers etc.  Such a waste of EVERYONE’S Time.

I have heard things like, “My client does not want a lot of traffic coming in the home because his mother is elderly and also for security reasons.” Okay, so schedule a few open houses so everyone can come through in a few hours and have the sellers possibly take their elderly mother somewhere else for those few hours.

I have never had a seller tell me they don’t want their home in the MLS.  If there was a problem showing it, I would do it by appointment only.  I think really in most cases who benefits from it being excluded from the MLS is the listing agent.  They can double end it meaning make both commissions instead of just the listing side the also get the buyer’s agent side.  It makes it hard for agents to work together and accomplish the goal of selling homes.  This is why there is the MLS.  Remember privacy can be handled still with the home going into the MLS so buyer’s agents can show homes, the listing agent can accompany the buyer’s agent with clients into the home.  This happens a lot on many high end homes where clients are concerned about security and privacy.

One of my questions is how are these other agents marketing your home?  How are they trying to sell it when the MLS is designed to take your home to thousands of agents all over and buyers.  The internet is a fabulous thing.  It is far better than print advertising or just putting a sign up in the yard.  What does an agent do to market your home if they don’t put it in the MLS, they don’t do a broker’s open, they don’t have an open house, they don’t let buyer’s agents show your home…they don’t they don’t they don’t…that’s all I hear, and their don’ts are supposed to be beneficial to you?  I would like to understand how that is-really and truly.

I think agents are not educating sellers on what other options are out there to help them list, use the MLS and still have their privacy handled.  Agents have a fiduciary duty to do their best for their clients and not for themselves.  This is called being ethical.  This is called integrity, doing what is right for our clients and not for ourselves.

So, with all agents, you can Test Sell Your Home with any agent. If you want your agent to keep your home out of the MLS I think you should really think again.  The MLS really benefits you the most as a seller with thousands of agents having access to the MLS for their buyers. How is your agent going to find you a buyer if they don’t put it in the MLS?  A sign certainly won’t generate many buyers unless they “happen” to be driving down your street.  The internet is where home buyers look now.  This is the place to be.   When I list your home with my team, we make sure we do the best we can for our clients.  You come first.

Joan Patterson, B.A., G.R.I., Realtor, License #01431647

Keller Williams Realty

951-204-1864

http://www.inlandempirerealestate.kwrealty.com

Would You Buy A Home With An Non-permitted Room?


 

 

 

 

 

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Joan Patterson, http://www.inlandempirerealestate.kwrealty.com   951-204-1864

I tend to try to look on the bright side of things.  I try I really really do, but when things don’t go right, we have to change what we are doing, right?  Recently, my partner and I took a listing and the seller had changed a room that was a loft and converted it into a nice 4th bedroom.  However, the contractor did not get the room permitted so even though it looked like a really nice 4th bedroom, we could not call it this.  The prior listing agent who was fired before I took over the listing with my partner, called this room a 4th bedroom.  You cannot call it a 4th bedroom unless it has been permitted.  Oh, the problems that could have happened to our seller because this other agent was not looking out for his clients could have been huge.  

I noticed there was an issue when I looked at the tax records as the assessor had only 3 bedrooms on their tax rolls and that is how I caught it.  Otherwise, looking at the bedroom it looked like it was done correctly and always was a part of the house.  It is always important to check the property profile and tax records.  I don’t want my sellers to be in any trouble.

After this home was on the market and we received one offer, the buyer backed out because they did not like the fact that the room was not permitted.  They had come through at an open house and called their agent to write the offer.  I don’t think the agent even came to the house to look at it.  So, they cancelled the escrow which was frustrating as it was stated in the MLS that the room was not permitted.

So, back to square one…We originally discussed with the seller to look into getting the home permitted…but she decided not to.  She will have a contractor take down the wall and make it back into a loft.  It should only take a few days to get it back to a loft.  It’s just a shame that the seller let the contractor get away with not having the room permitted for her.

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Here is the beautiful home, the address is 6151 S. Hills Way Fontana, CA 92336

This lovely home in North Fontana in the highly sought after area of Sierra Lakes is 1805 square feet with 3 bedrooms and a loft that you can make into a bedroom if you so desire!  The lot size is 4000 square feet.  Square footages not taped, buyer to verify…price of this lovely home is $359,999.00

Give me a call today if you are looking for a home in Sierra Lakes.  Sierra Lakes is a lovely golf course community in North Fontana, California.

Joan Patterson, B.A, G.R.I., Realtor, License #01431647

Keller Williams Realty

951-204-1864

http://www.inlandempirerealestate.kwrealty.com

Give me a call today!

 

New Homeowner Tax Benefits


 

 

 

 

 

 

 

 

 

 

 

 

 

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Tax season is here and so what will you be doing with your money that you get from your tax return?  Will you possibly be buying a home so that you can get some of these tax benefits?  I hope you will.  When you own a home, you save.  

When filing your taxes you can take deductions in the Schedule A.  

1. You can take a deduction for property tax

2.  You can take a deduction for mortgage interest.

3.  You can take a deduction for the MIP (mortgage insurance premium).

4.  After you sell your home after living in it for 2 of the 5 years leading up to the sale, you can exclude up to $250,000 or $500,000 for married couples on the profits from the sale.  Check with your professional tax advisor on all of the above.  A professional can help you find other deductions as well!  Laws are always changing so I never profess to be an expert on taxes and rules of taxes as they always change.  But, the benefits of owning, versus renting are so much better!  

Give me a call today if I can help you with any of your real estate needs!

Joan Patterson, B.A., G.R.I., Realtor, License #01431647

Keller Williams Realty

951-204-1864

http://www.inlandempirerealestate.kwrealty.com

Equestrian Properties Alta Loma/Rancho Cucamonga, Ca-Buying or Selling Give Me A Call!


Joan Patterson, B.A., G.R.I., Realtor, License #01431647

Website-http://inlandempirerealestate.kwrealty.com

951-204-1864

Give me a call today if you are looking to buy or sell real estate in the Inland Empire.  I specialize in equestrian properties in the Inland Empire. You can give me a call at 951-204-1864.

Joan Patterson, B.A., G.R.I., Realtor, License #01431647

Keller Williams Realty

951-204-1864