I get asked this question all the time, "Will my neighbor's house affect my appraisal?" And the answer, is an emphatic YES. If your neighbors take excellent care of their home, it will help keep your value up. If their grass is like a park, their house does not have flaking paint, their house just simply has great curb appeal-kuddos to them!
However, on the ugly side...if your neighbor's grass is two feet tall, they have Christmas lights still hanging in July, oil all over their driveway, dead trees etc-well you get the picture, this can lead to your home being devalued by 5 to 10%. The appraisal industry calls this neighbor "external obsolescence" which means this is a factor that is beyond your control...but it still affects your property.
If your neighbor has a lot of cars all over the place, it may prevent your home from selling. If someone comes by to look at your home when it's on the market and there are barking dogs, that could deter someone from wanting to live there as well. The best approach is to try to talk with your neighbor first, however, this does not always work. And, when it does not, the City typically has code enforcement that can help you. It is USUALLY better to go to the neighbor first to try to resolve it. Sometimes that does not work as it is a case by case situation as we are dealing with all sorts of personalities as we know.
The biggest form of external obsolescence has been with homes that have been foreclosed on. Many of these homes have gotten so run down and the weeds are so high. Many Cities are enforcing the real estate agents that take these listings from the banks to take care of the grass (or lack thereof) and make the curb appeal much better or there will be fines.
So, yes, your neighbor's house and neighboring homes do affect the value of your home. Try to get things cleared up before putting your home on the market if you can. Many times, these things are beyond our control and unfortunately, it is what it is and we can only do what we can do. We cannot control everything.
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
951-204-1864
http://inlandempirerealestate.kwrealty.com
Tuesday, February 26, 2013
Wednesday, February 20, 2013
Do You Really Want To Be A Landlord?
I had a client ask me yesterday if it were a good idea to rent their existing home and purchase another home because the rental market was so hot right now.
I told them that there are pros and cons to renting out your home. The cons are that you don't really know how the renters will take care of your home and if you have put in a lot of upgrades, when they move out, you may be very disappointed at the damage that was done to your home. Renters are not always bad, but I have had 2 homes that I have rented out and I have had 50/50 chances as to what I would find.
Take for example a nice 3 bedroom home that I had in Moreno Valley. I had spent thousands of dollars making it into a home that I lived in for 4 years. It was an average home when I moved into it, but I put in new cabinets, new bathrooms etc. I had one tenant that treated it great, another that ruined the kitchen cabinets by hanging wet towels on the nice cabinets. I had the cabinets fixed and rented to another couple that then proceeded to not pay the rent on time. They thought since I was renting this to them that I must be rich and could carry the extra mortgage-NOT!!!! The last time I saw this couple the husband came to the door with his shirt off and had a gun in his hand. I backed up and ended up calling an eviction service. I hated having to do that, but I am not the bank and needed to pay the mortgage on this rental.
When they left, I was so sad to see the damage they had done to the house. They spilled top ramen all over the floors, put gum on the carpet along with dye and oil. Kicked holes in the walls and kitchen cabinets. Broke the glass door on the master shower. I basically had to come in and redo everything again. And, the real estate market had not come up in price still from the time that I had purchased the house, so if I sold it, I would still be at a loss.
We had another home that we rented out and those people took care of it like it was their own home. When they moved out, we sold both homes, but took a loss on my house in Moreno Valley.
Being a land lord is not fun, it can be quite challenging getting phone calls that the toilet won't flush at 10:00 p.m. and you drive out to see the problem and all it was wrong was the chain had come loose in the tank. I would get a property management company to manage any rentals to avoid this and they will also check their credit and basically do everything for you.
If I had to do it over again, I would hire a property management company. They save you a lot of time, stress and worry!
After I went over both scenarios with my client, I am not sure if they want to be land lords or not. Only time will tell if they have the desire!
If I can be of any help, give me a call at 951-204-1864 or visit my website at http://inlandempirerealestate.kwrealty.com
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
951-204-1864
I told them that there are pros and cons to renting out your home. The cons are that you don't really know how the renters will take care of your home and if you have put in a lot of upgrades, when they move out, you may be very disappointed at the damage that was done to your home. Renters are not always bad, but I have had 2 homes that I have rented out and I have had 50/50 chances as to what I would find.
Take for example a nice 3 bedroom home that I had in Moreno Valley. I had spent thousands of dollars making it into a home that I lived in for 4 years. It was an average home when I moved into it, but I put in new cabinets, new bathrooms etc. I had one tenant that treated it great, another that ruined the kitchen cabinets by hanging wet towels on the nice cabinets. I had the cabinets fixed and rented to another couple that then proceeded to not pay the rent on time. They thought since I was renting this to them that I must be rich and could carry the extra mortgage-NOT!!!! The last time I saw this couple the husband came to the door with his shirt off and had a gun in his hand. I backed up and ended up calling an eviction service. I hated having to do that, but I am not the bank and needed to pay the mortgage on this rental.
When they left, I was so sad to see the damage they had done to the house. They spilled top ramen all over the floors, put gum on the carpet along with dye and oil. Kicked holes in the walls and kitchen cabinets. Broke the glass door on the master shower. I basically had to come in and redo everything again. And, the real estate market had not come up in price still from the time that I had purchased the house, so if I sold it, I would still be at a loss.
We had another home that we rented out and those people took care of it like it was their own home. When they moved out, we sold both homes, but took a loss on my house in Moreno Valley.
Being a land lord is not fun, it can be quite challenging getting phone calls that the toilet won't flush at 10:00 p.m. and you drive out to see the problem and all it was wrong was the chain had come loose in the tank. I would get a property management company to manage any rentals to avoid this and they will also check their credit and basically do everything for you.
If I had to do it over again, I would hire a property management company. They save you a lot of time, stress and worry!
After I went over both scenarios with my client, I am not sure if they want to be land lords or not. Only time will tell if they have the desire!
If I can be of any help, give me a call at 951-204-1864 or visit my website at http://inlandempirerealestate.kwrealty.com
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
951-204-1864
Tuesday, February 19, 2013
Do The Lenders Always Consider Credit Scores?
I get asked a lot of questions being in the real estate field. The latest one was, "Do lenders always consider credit scores?" I asked why because of the simple fact, there had to be more to the story like there always is...well, I was right, I could have guessed it, they had bad credit.
The answer is YES, they always consider credit scores. Your credit score is very important in so many different areas of your life. Even getting a job sometimes your credit score can come into play. That is why it is so important to keep your scores high if at all possible.
If your credit needs repairing, I have a few lenders that actually help you resolve these issues so that you can purchase a home in the future. So, if you have bad credit, what are you waiting for? Give me a call today and I will put you in touch with some one that will help you for free. And, everything is confidential.
Give me a call today 951-204-1864 or shoot me an email at calljoan4ahome@gmail.com. You may visit my website so you can search the MLS for free as well.
Http://inlandempirerealestate.kwrealty.com
Thanks!
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
951-204-1864
The answer is YES, they always consider credit scores. Your credit score is very important in so many different areas of your life. Even getting a job sometimes your credit score can come into play. That is why it is so important to keep your scores high if at all possible.
If your credit needs repairing, I have a few lenders that actually help you resolve these issues so that you can purchase a home in the future. So, if you have bad credit, what are you waiting for? Give me a call today and I will put you in touch with some one that will help you for free. And, everything is confidential.
Give me a call today 951-204-1864 or shoot me an email at calljoan4ahome@gmail.com. You may visit my website so you can search the MLS for free as well.
Http://inlandempirerealestate.kwrealty.com
Thanks!
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
951-204-1864
When Does a Seller Move Out After Escrow Closes?
It all depends on what was agreed upon with the initial offer. Typically, I will give my sellers 3 days to move out of their home as there usually are a lot of things that need to be done.
Your agent needs to really watch when an offer is submitted and make sure they fill out the PAA form specifying the number of days that a seller can stay. This is very important as if it is not discussed, it can be a disaster for everyone!
Call me at 951-204-1864 if I can be of any help or visit my website at http://inlandempirerealestate.kwrealty.com
Thanks,
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
951-204-1864
calljoan4ahome@gmail.com
Your agent needs to really watch when an offer is submitted and make sure they fill out the PAA form specifying the number of days that a seller can stay. This is very important as if it is not discussed, it can be a disaster for everyone!
Call me at 951-204-1864 if I can be of any help or visit my website at http://inlandempirerealestate.kwrealty.com
Thanks,
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
951-204-1864
calljoan4ahome@gmail.com
Now Is Not The Time To Work With Part Time Agents
Http://inlandempirerealestate.kwrealty.com
Now is certainly not the time to work with someone who is just part time or new to the business. The reason why is we are in tough times when it comes to getting offers accepted. There are not enough homes on the market and with that in mind, there are multiple offers on homes if they are priced right etc.
You need an agent that knows what they are doing. Someone that really knows their stuff-a seasoned realtor that has been out there seeing different scenarios. You don't need a person that does not understand the different things that go on in each real estate transaction. Every deal is different, so it is better to work with a seasoned professional such as myself.
I know many people want to work with a relative that just got their license etc, but how much is this really going to cost you in the long run?
You need an agent who has been through different cycles over the years with the highs and lows in real estate, not someone who does not understand the different dynamics. If I can be of any help buying or selling, feel free to visit my website above, or call me.
If you are needing to short sale your home, or list your home, all consultations are private. Call me now at 951-204-1864 or send me an email at calljoan4ahome@gmail.com.
Thank you so much and I look forward to helping you!
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
951-204-1864
Now is certainly not the time to work with someone who is just part time or new to the business. The reason why is we are in tough times when it comes to getting offers accepted. There are not enough homes on the market and with that in mind, there are multiple offers on homes if they are priced right etc.
You need an agent that knows what they are doing. Someone that really knows their stuff-a seasoned realtor that has been out there seeing different scenarios. You don't need a person that does not understand the different things that go on in each real estate transaction. Every deal is different, so it is better to work with a seasoned professional such as myself.
I know many people want to work with a relative that just got their license etc, but how much is this really going to cost you in the long run?
You need an agent who has been through different cycles over the years with the highs and lows in real estate, not someone who does not understand the different dynamics. If I can be of any help buying or selling, feel free to visit my website above, or call me.
If you are needing to short sale your home, or list your home, all consultations are private. Call me now at 951-204-1864 or send me an email at calljoan4ahome@gmail.com.
Thank you so much and I look forward to helping you!
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
951-204-1864
Friday, February 8, 2013
Buying a Home at an Auction Can Be a Problem
Many folks think that buying a house at an auction or a foreclosure sale (Trustee Sale) will be a great deal. Sometimes it is, sometimes it's not. On the plus side, if you happen to get super lucky, you could happen to pick up a great deal if there are no problems. You see, you cannot go into the house to inspect if there is anything wrong. Typically, there is always something wrong with the house. When I go on an inspection with my clients on a normal resale home, we find things 99% of the time as there is no such thing as a perfect house.
You may find that the roof is bad and could cost a lot of money to fix or replace. You may find out that someone had passed away in the house which can totally freak out people if it was not natural causes. Some people do not even like it if the death was by natural causes. You could find that the plumbing is all messed up, or that there are no toilets, no appliances, etc. You just never know what you will find.
And, when buying at an auction or trustee sale you need CASH. That's right, CASH. So, if you don't have the cash don't even bother. People that buy homes at these trustee sales or auctions get stuck many times with unseen problems and they plan on flipping the houses after they have renovated them. Then, they end up not getting as much out of the house that they thought they would which is frustrating for them. Many times, they have to hold on to these homes and rent them out until the market comes back a bit.
One thing I would suggest is to talk with the neighbors of any home you are interested in. This also includes normal resale homes. Visit the neighborhood during all different times of day and night to see if you like that is going on.
Good luck!
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
951-204-1864
calljoan4ahome@gmail.com
http://inlandempirerealestate.kwrealty.com
You may find that the roof is bad and could cost a lot of money to fix or replace. You may find out that someone had passed away in the house which can totally freak out people if it was not natural causes. Some people do not even like it if the death was by natural causes. You could find that the plumbing is all messed up, or that there are no toilets, no appliances, etc. You just never know what you will find.
And, when buying at an auction or trustee sale you need CASH. That's right, CASH. So, if you don't have the cash don't even bother. People that buy homes at these trustee sales or auctions get stuck many times with unseen problems and they plan on flipping the houses after they have renovated them. Then, they end up not getting as much out of the house that they thought they would which is frustrating for them. Many times, they have to hold on to these homes and rent them out until the market comes back a bit.
One thing I would suggest is to talk with the neighbors of any home you are interested in. This also includes normal resale homes. Visit the neighborhood during all different times of day and night to see if you like that is going on.
Good luck!
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
951-204-1864
calljoan4ahome@gmail.com
http://inlandempirerealestate.kwrealty.com
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