When it comes to selling your home, whether  you’re a home seller in California or anywhere for that matter it’s important you to know some of the short sale risks, pitfalls and scams in the marketplace in today’s real estate.

 

In CA we have a statewide (if you’re using a California REALTOR) “SHORT SALE INFORMATION ADVISORY” that helps you understand several things, including some of your SHORT SALE OPTIONS on page one. Followed by some of the “POTENTIAL IMPROPRIETIES” that are identified on pages 2 and 3 of the advisory. Typically the improprieties may include promises by some who identify themselves posing as “rescuers” making promises that may include:

• Promising to let you remain in your home after escrow closes.
• Promising to protect your credit.
• Promise to provide you money (cash for keys) at closing.
• Guarantee to stop your foreclosure.
• Suggest you NOT talk with your lender.
• Suggest if you sign over your deed to them (maybe an LLC or a Trust) they will negotiate with your lender for you.

EVERY SINGLE ONE OF THESE ARE RED FLAGS!

So if you’re a home seller looking for knowledgeable competent real estate help, contact me Lynda@PreferredHomeBrokers.com or direct or text me at (714) 595-1494.

I’m a CDPE, that means I’m a Certified Distressed Property Expert working with upside down home owners. You can work with me, or any of the PREFERRED REALTORS at Preferred Home Brokers in Southern California. We’ve been in business for over 35 years working successfully with home buyer and sellers.  And if you find this 2-Minute Real Estate Video helpful, please subscribe to my YouTube Channel!  

CA DRE Broker License #00402040

If you’re looking to find a great residential REALTOR®, you want to work with a CRS, a Certified Residential Specialist. Why? Check out this quick 2-Minute Real Estate Video for home buyers and home sellers.

Fewer than 5% of REALTORS® nationally have earned the CRS designation and you might ask yourself why others wouldn’t? For some, once a personal has passed a state exam and is licensed the education stops at that point.  Not so for a CRS, as you can tell from the video  the CRS designation is earned through a process of additional classes (paid for by the individual REALTOR®) in addition to documenting the required transactions.  Therefore as a home buyer or seller you have the benefit of working with the best of the best when it comes to residential real estate.

And if you need help in looking for a REALTOR® in  your backyard, contact me, I’d be to find someone who would excell in meeting your needs. Contact me, Lynda@PreferredHomeBrokers.com Text of Direct (714) 595-1494

If you’re a home buyer or selling your home you need to know many sellers offer a “Home Buyer Home Warranty” included in the negotiated purchase of a home. In the event it’s not included, home warranties are also available for purchase from the buying side.

Home buyer home warranties are basically a one-year contract, regardless of who pays, (the buyer or the seller) for a period of time, typically written for one year from the close of escrow. Most policies are usually renewable at the end of the initial period of time at the option of home buyers, I’ve used them and renewed them myself.

Like any contract/policy, it’s important to know what’s covered…and what’s not, because not all policies are the same. Most policies cover the  the working components of a home, for example:

Normally included:

• Built-in appliances
• Plumbing
• Heating
• Air Conditioning

Optional items include:

• Roof coverage
• Pool/spa
• Refrigerator
• Washer & Dryer
• Fixtures

The items listed above are just a few things to consider when deciding on a home warranty for your sale/purchase. Your REALTOR can also provide you with information from the different companies that are available. The “customer service” side can also make a difference.

It’s also critical to know policies WILL NOT cover pre-existing conditions! Meaning if an item is identified in the property inspection report as being in-operable/defective, do not expect coverage from the policy contract. It’s similar to applying for health insurance with a “pre-existing” health issue.

While you’re here check out some of my other 2-Minute Real Estate Videos!

• Real Estate Contract Know How
• Home Buying in an Association
• Short Sale Do’s & Dont’s
• Home Buying Home Waranties
• So Cal Probate Home Sales
• Why Choose a CRS=Certified Residential Specialist?

So if you’re looking for home buying or selling help, contact me Lynda@PreferredHomeBrokers.com & be sure to subscribe to my blog and share it with a friend!

Short Sale ~ Do’s

• Be sure you understand your commitments and expenses contained within your contract.
• Are you required to submit your initital deposit to the escrow or title company even if your offer hasn’t been accepted by the seller’s lender(s)?
• Are you required (by contract) to proceed with the appraisal at this point?
• Will you be required to complete the property physical inspection?

Short Sale Don’ts

• Don’t open any new credit or make any large purchases during the home buying process.
• Don’t change jobs while buying a home.
• Don’t make any unusual or large deposits while in escrow.
• Don’t co-sign for anyone else.
• Don’t pay of any debts/close accounts during the home buying process

These are just a few do’s and don’ts while in escrow! Bottom line DON’T DO ANYTHING WITHOUT FIRST SPEAKING WITH YOUR LOAN PROFESSIONAL, your loan originator or lender, because what may seem like a good idea to you could make the difference between a failure vs. a successful closing.

So when you, or anyone you know needs help when it comes to a short sale, contact me! Lynda@PreferredHomeBrokers.com

When it comes to buying in an association in the State of California home sellers are required (by law)

SoCal home buying can be confusing at best, here’s a quick look at the CA Statewide Buyer/Seller Advisory from the California Assoc. of REALTORS, it helps  identify the process and your role in home buying.

The CA Statewide Advisory can be helpful whether your a home buyer or home seller in the State of CA. If you’re buying or selling through a REALTOR, it’s likely (yet not mandatory) you will be presented the 10 page disclosure form during your buying or selling process. It’s become the standard of the industry for most of us, yet not required by law.  Buyer and seller responsibilities are spelled out on page one along with the dutities of your REALTOR right on that first page.

As a REALTOR myself I work with with both buyers and sellers in the Southern CA market (for decades) I like to provide my clients with a copy of this in advance, that way it can be your blueprint to a successful home buying and selling experience. Having a full undertanding of the process will help you minimize suprises that all to often happen when buying a home.

So if you’re looking to buy or sell as your REALTOR of a copy of the Statewide Buyer/Seller Disclosure and READ IT thoroughly, you will be glad you did!

Thanks for stopping by HomeSelling101 today and visiting our class. If you like what you’ve learned SUBSCRIBE to future classes, you will be glad you did.

Lynda Eisenman, The Dean of Education at HomeSelling101!