Deb Espinoza's Real Estate BLOG: December 2011

Types of Listings

There are several different types of listing contracts, but very few of them are used. The "Exclusive Right to Sell" is the most common, but there is the "open listing," the "exclusive agency listing," and the "one-time show."

Open Listing

The "open listing" is mostly used by people trying to sell their home by owner who are also willing to work with real estate agents. Basically, it gives a real estate agent the right to bring buyers around to view your home. If their client buys your home, the agent earns a commission. There is nothing exclusive about an open listing and a home seller can give out such listings to every agent who comes around.

For that reason, no agent who accepts an open listing is going to market your home or put it in the Multiple Listing Service. If your home fits the criteria for one of their clients, and it is convenient, they may be willing to show it to their client.

That is all an "open listing" is good for.

One-Time Show

A "one-time show" is similar to an open listing in many respects, as it is most often used by real estate agents who are showing a FSBO

(for sale by owner) to one of their clients. The home seller signs the agreement, which identifies the potential buyer and guarantees the agent a commission should that buyer purchase the home. This prevents the buyer and seller from negotiating directly later and trying to avoid paying the agent’s commiss

ion.

As with an open listing, agents will not be spending money on marketing your home and it will not be placed in the Multiple Listing System.

For more information on the best way to list your home contact Deb Espinoza at Stage Presence Homes at 619.913.7783.

Prepping Your Home for Resale? Get Ready to Take the Stage

It may seem counterintuitive to put decorator touches on a home you've decided to sell, but "staging" your home-fixing it up and decorating it so it will appeal to the broadest range of potential buyers-pays real dividends. According to the Concord, California-based International Association of Home Staging Professionals (IAHSP), even in the 2007 market slowdown the average professionally staged home sold within 32 days, compared to 160 days for comparable non-staged homes. In fact, 93 percent sold within one month. And the best part? On average, they sold for an increase of 3 to 10 percent.

Hiring a professional stager can cost from a few hundred to thousands of dollars depending on the amount of work in question, but will save you a lot of legwork and elbow grease. I am a member of the International Association of Home Staging Professionals and a Real Estate Professional. Stage Presence Homes is a full service Agency doing all we can for our clients.

Here on some tips on things you can even do yourself:

INDOORS


Staging allows potential buyers to visualize their lifestyle within your home. Your goal is to showcase your home at its cleanest, roomiest and brightest-while avoiding adding too much of your own personality. Here are some proven winners:
    •    Paint


Freshen walls by painting them in a neutral hue.
    •    Upgrade lighting


Replace out-of-date fixtures and use 100-watt bulbs to brighten the home for showings.
    •    Renovate the kitchen and/or baths


Replace stained countertops, old faucets, unfashionable lighting and damaged floors with neutral choices. Cabinetry in an outdated finish can be inexpensively re-faced. In the kitchen, even entry-level stainless-steel appliances will give your kitchen a high-end look.
    •    Cut clutter


Don't overstuff your rooms. Pack away your knickknacks and limit furniture to the basics, storing side tables, loveseats, small bookcases and oversized toys out of sight.
    •    Upgrade flooring


Use a steam cleaner on carpets, or, if you have hardwood underneath, consider ripping broadloom out altogether. Refinish hardwood if needed, as it's a strong selling point.
 
OUTDOORS


Knowing that many potential buyers do "drive-bys" before committing to an open house or showing, exterior staging should maximize your home's curb appeal and make visitors want to come inside.

    •    Repaint


If your porch, front door or siding needs painting, take care of it ASAP.
    •    Re-roof


While it can be a big-ticket item, if you're due for re-roofing, it's better for you to have it done now than expect potential buyers to take on the hassle-many will simply pass on your house instead.
    •    Cut clutter


Get rid of any outdoor knickknacks like leftover holiday decorations, novelty yard ornaments or signs. The only outdoor accessory your front yard needs is tidy landscaping and landscape lighting.
    •    Clean the driveway and sidewalk


Use a pressure washer to clean your sidewalk and driveway.
    •    Freshen the porch


Replace an out-of-date mailbox, street number and porch light. Flank the front steps or front door with a pair of large urns with seasonal plants, for a pretty look.


For more information on getting your home ready to sell visit my website at StagePresenceHomes.com or contact me at DebSDRealEstatePro@gmail.com

For Sellers who want to get a good offer quickly on their home there are 5 things that will stand out to buyers that you will want to address BEFORE you list your home:

1. Garage door- Unfortunately builders have not figured out that this isn't the most attractive part of a home and they continue to put the garage in the center stage spot of a home. For this reason the garage door can make or break your curb appeal. If its an old wood one, or a twisted smashed in metal one, replace it. If it's just dirty then you may want to replace the top panel with the window panels and put a coat of paint on it. There are some new "faux' painters out there that can make your garage door look amazing for a few hundred bucks. Also clean the grease stains of the driveway and if there is severe cracking you may want to resurface or replace the driveway as well.
2. Windows- Most buyers want a well insulated home and this includes new vinyl windows. For less than $300 each you can put retrofit vinyl windows in, they also look much better from the exterior than the old aluminum frame windows.
3. Flooring- Carpets should be clean and stretched properly, without any lumping. Tiles and grout can be professionally cleaned by your local carpet guy with a special machine that makes the floor look brand new. After it's cleaned put a coat of sealer on to keep the grout in top condition. Buyers DO NOT want a flooring allowance, and your idea of an allowance won't be theirs. Put the new carpet in before you list your home. It will also be a benefit to replace baseboards with a new, wider style. The little details can make a difference.
4. Exterior paint- The exterior of your home should be clean and fresh. If painting or a new stucco 'fog coat' isn't affordable then get a good power wash and at least freshen up the trim with a fresh coat of paint. A new coat of paint on your front door along with new door handles and locks and porch light shows as a welcome site when prospective buyers walk up.
5. Bathrooms and kitchen- These are very important rooms to buyers. If you can't afford a full rehab to bring them up to date then give them a good, professional cleaning and replace fixtures. You may also want to replace lighting if your bathrooms have the 'hollywood' style strip of round ball lights above or around your mirrors or if your fixtures are the old gold brassy look.

If you are looking to list your San Diego home, call Deb at Stage Presence Homes to come out and give you some ideas on how to make your house stand out and sell quickly for the highest price. You only get one chance to make a first impression! Stage Presence Homes Real Estate

Pre-foreclosure Period

Court foreclosures only occur if a lender desires a deficiency judgment. This process gives a borrower up to one year to redeem the property after the foreclosure sale.

In almost all cases, foreclosures are handled out of court. The process begins when a lender file a notice of default with the county recorder identifying the default amount and the date the borrower must pay off the default. The notice is mailed to the borrower and other affected parties.

Up to five business days before the trustee sale, the borrower may pay off the default plus any applicable costs of foreclosure and stop the foreclosure process. Three months after the notice of default is filed, the lender can schedule a trustee's sale of the property.

Notice Of Sale/Auction

At least 20 days before the trustee's sale, the notice of sale must be posted on the property and in one local public location. The notice is also published once a week for three weeks in a local newspaper, starting at least 20 days before the sale date. The notice is mailed to the borrower at least 20 days before the sale and to anyone who requests the notice. The notice must contain the date, time, and location of the sale, the property address, and the trustee's contact information. In addition, the notice of sale must be recorded with the county recorder at least 14 days before the sale.

The trustee's sale is a public auction and the property is sold to the winning bidder. The trustee may require bidders to pay the full bid amount in cash or cashier's check. Anyone may bid at the sale, including the lender and any junior lien holders. A trustee's sale may be postponed by announcement at the sale. If a sale is postponed more than three times, a new notice of sale must be issued.

After the sale is complete, the trustee transfers ownership to the winning bidder. The borrower does not have the right to redeem the property after the sale.

Contact me at Stage Presence Homes for a list of homes in forclosure in your area.

Click here to see statistics on California forclosures.