Feb. 9, 2008 - Personality Home Shopping

One of the home builders here in the Las Vegas Valley came up with a personality profile people could ask themselves before they start shopping for a new home.  What is important to you?  What kind of lifestyle are you looking for?  What is important to your family? 

Every person in world has different tastes.  That is what makes the world go around.  If you have some things you have to have in a home all thought out before you start shopping for a home it will make it easier. 

Some things to think about.  What would you Dream Kitchen include?  A walk in pantry? Pull out bins for recycling? A large area for family to gather?  What would your Dream Master Bedroom include?  Separate his and hers dressing areas?  Shoe cubicles in your closet that are big enough to hold hiking boots?  A sitting area with a fireplace for some alone or intimate time?  What about a Dream Mater Bath?  Do you have to have dual sinks?  Do you have to have plenty of storage?  Large tub?  Separate shower?  Dream Laundry Room? Would you have to have storage to hold your supplies?  How about enough space for energy efficient front loading washer and dryer with hanging rods for air drying?  A sink to be able to pre-treat stains?   What about a home office?   Do you want to landscape outside or have no responsibilities in that corridor?

If you answer all of these questions and anymore you can think of, your home shopping should become easier.

Happy Hunting 

Feb. 8, 2008 - What are the Different Terms for Dwellings?

What does that mean?

In my years as a real estate agent I have been asked what the difference is between different sorts of structures.  These are the best definitions that I think answer those questions.

Condominium:  People often think of "Condo's as glorified apartments and while that may be true you have a difference here where you OWN that glorified "apartment " thus having tax breaks.  You own from the plaster in and certain elements of the community. IE: common area's, sidewalks, driveways, gates, swimming pools etc.  While most people thing of Condo's as where you live, they can also be used for office buildings and strip malls.  Some even come with one car garages .                 This site plan is usually how a condo community is laid out.  

Townhouses:  are usually two story but can be one story and are attached on one side or both, but do not have anyone either above or below.  They also usually have your own back yard and garage.  I live in a townhouse as it is attached on one side.  They have become very popular in the Las Vegas area.                                  This is some pictures of my townhouse

         My Back Yard, again with privacy.                           Front of the house we are attached by a common wall way to the left but you can see we have lots of privacy.

Other terms you might hear about a single story town home would be, patio home, carriage house, or duplex.

I suspect everyone knows what a Single Family Home is, you own your house and land and there are specific boundaries or lot lines that define your property.

In Las Vegas we have seen big growth is the High-rise, Mid-rise, Loft concepts.  Here in Las Vegas these type of units are being built around cities unto themselves.  With retail, doctors, hair dressers, dentist and a whole lot more are being incorporated with in the development.

These are a few current developments.

Curve High-rise                                                 Pinnacle Lofts                                                    

Trump Towers    

I am sure in different parts of the country different types of properties have different names but these definitions are common in the Las Vegas market. 

Jan. 27, 2008 - Tale of Two Houses Continued

Tale of Two Houses Continued

      When we last left Ms. Realtor® she was in a quandary as to what to do for her clients, Peter and Wendy.  On the one hand she had a contract all prepared that they wanted to sign.  On the other hand a brand new listing came to her attention.  Not only a new listing but a brand new townhouse in an area that is new and in the parameters that Peter and Wendy wanted to live in.  Plus it was with in the budget that Peter and Wendy had set.

      On the day that Ms. Realtor® was to meet with Peter and Wendy to get the contract signed, she left early and drove to the new listing.  Having worked with Peter and Wendy for two years she knew exactly what they were looking for.  This place was gorgeous it had everything and more that Peter and Wendy could want.

      With this knowledge she knew what she had to do.  As she headed for Peter and Wendy's place she knew she just had to convince them they needed to go and look at this place. 

      Arriving at their set time, Peter said "we are ready to sign the contract."  Ms. Realtor® advised she had the contract right here in her briefcase, but there was something she needed to talk over with them.  She handed them the new sheet and told them before they signed anything they needed to see this place.  Peter started to protest.  He reminded Ms. Realtor®that they had made their choice.

     Ms. Realtor® told Peter and Wendy that she would do what they wanted her to do, but that this was really worth their time and if they did not go to look at it they would wonder about it later.  Ms. Realtor® pointed out it would only take a few minutes.  So off they went to see this new place.

     As soon as they walked in the door both said "WOW"  as they explored the townhouse she felt the excitement rising.  Ms. Realtor® reminded them how many improvements had been made in the last ten years in the energy savings.  She also reminded them that they had a clean slate here no one else had lived in it.  They could paint their life here just as they pleased.

    So, Peter and Wendy decided they loved the new place.  They did not have time to stop and talk to the agent at the model home so Ms. Realtor®  talked with the agent to find out all this entailed.  At this time she found out that the new home builder would contribute 6% towards anything they wanted.  (Typically 3% is what a buyer needs to bring to closing for closing costs.)  So 3% is free to go towards a down payment.  Another bit of good news is he could go down to $203,895.  Peter and Wendy were ecstatic.

    Peter and Wendy were scheduled for Wednesday morning to fill out the contract.  The builders agent called Ms. Realtor® and advised her that if possible it would be to Peter and Wendy's advantage to wait until Saturday.  If they did he would be able to throw in a refrigerator as the builder was having a one day football themed kick off for all of their properties.  So even though Peter and Wendy worked late on Friday night, Ms. Realtor ® picked them up at 8:45am and they went to the property to fill out the paperwork.  The builder had another surprise for Peter and Wendy.  The special promotion took the house down another $3,000 dollars, making the townhouse to $2000,895 plus the refrigerator.

   The football themed one day sale was having a big party and the agent asked if they could all drive to another property and turn in the paperwork and the president of the company would be there acting as a referee for all contracts.  Even though Peter and Wendy were tired off they went.  As the contract was presented to the president, he looked it over, threw up his hands and said the point after is good.  He took another $1,000 dollars off their price.  It was all very exciting and Ms. Realtor® was so glad she had gone with her intuition that they would love this place.

   Peter confided yesterday that he had been angry with Ms. Realtor® because they had made up their mind, but he is now so glad that she insisted that they at least take a look.  They are full of plans and dreams to make this town house a HOME.  Ms. Realtor® is reminded again why she is a Realtor®.

"Peter and Wendy" signing their contract.

Jan. 19, 2008 - Tale of Two Houses

                                   The Tale of Two  Houses   

     This is the tale of Peter and Wendy and their Realtor®. Now Ms. Realtor® has worked with Peter and Wendy for two years.  They had a credit problem and were unable to buy two years ago.  For two years they have worked very hard and have their credit scores up and as only first time home can be, Peter and Wendy are so excited to buy NOW!!!!  The highest they wanted to go on a home is $215,000.

     Ms. Realtor® emailed them lots of properties to look at and they picked 5 they wanted to go and see.  Off they went spending the day looking at properties and finally Peter and Wendy said this is it!!!!!  This is the one we love.  Tomorrow we want to put an offer in on this house.  Meet us at 1:15PM and lets do it. 

     Now keep in mind Ms. Realtor® has not had a buyer sale since September.  She has some listings but no offers on these properties and poor showings.  Ms. Realtor® was very excited that tomorrow she was going to write a contract and start the process towards Peter and Wendy getting their hearts desire.  Also Ms. Realtor® would be getting a paycheck after two years of working with Peter and Wendy.

     Ms Realtor® did her homework, ran comparatives to check that this offer was going to be good.  This house is a short sale so she knew it would be a lot of back and forth, as the lender makes up their mind and doing their own investigation of the market. 

     Now this house they loved is ten years old in an older area and we can only hope the home inspector will find anything major that might be wrong.  This place is being sold "as is"  and the lender is not going to pay for any repairs.  The list price was $189,990 and it looks as if there was the same model sold in Nov of 07 for $225,000.  Hmm this might not be too good as the lender will have the same comparatives and this is with in the 6 months. 

   While doing the comparatives Ms. Realtor® noticed a new listing.  Just put in the MLS.  Looking at it she felt her heart get excited.  This place would be perfect for Peter and Wendy and it was $211,000 under budget still.  It was BRAND NEW.  New been lived in.  But wait, Peter and Wendy had already made their choice.  She had the contract all ready for their signature.  

   WHATEVER SHOULD SHE DO????    They had made their choice out of several of places.  They had told her they loved this place and wanted her to write a contract.  Should she just let them sign the contract and forget about this other place?

    What would you do?  Tell me and I will tell you the rest of the story.

Dec. 15, 2007 - Harmonious House Hunting

Zen House Hunting

There are many stress related events in your life marriage, divorce, death, but right at the top of the list has to be preparing to buy a home.  This is especially true if you are a first time home buyer.  Still it holds true no matter how many times you have gone through the process.  If a couple fights over the TV remote, where they want to go to dinner or what movie to see, the house buying process is going to be real nerve racking.  There are some ways you might put into play that can ease the pressure of this process. 

• The first thing is to go and visit a lender.  Let him be the guy that tells you how much you can afford in a home purchase.  He or she can be the one you are mad at not each other.  This will also take some pressure off of the main breadwinner of the house, he or she will know what financial obligation is going to fall on their shoulders.
• Sit down and really talk about what you want in this house.  Each of you write down three must have things for a home to be acceptable. 
• Discuss what geographic locations are acceptable to both of you.
• Discuss what days will be set aside for house hunting.  Or will one person go and preview all of the properties first with your lists in mind?  Then when you have a short list you both go and look to make the decision.
• NO FIGHTING while this may seem it should go without saying you don't fight in front of your agent or any involved third party, it becomes embarrassing for everyone but the comfort zone may be so shattered you can no long work with the agent or the seller.  Respect is key here.
• It is also to be as neutral as possible, you want to present a united front when it comes to negotiations.  When it comes to price you want no extra information that the sellers or sellers agent can play on.
• Pick a place where you can sit quietly and not be rushed and talk about the homes you have seen.  Make this someplace relaxing not home or at an office.  As you discuss each home you have seen, review your lists of what was acceptable to both of you.  You might find you can not have everything on your list but compromise is a beautiful thing if done kindly and with respect.
• Pick your agent carefully, Pick an agent you feel comfortable with and who you feel can represent both of your wishes.  You are going to find your agent is going to become part of the family.  You are going to be discussing very personal things with them.  If you come to an impasse you should be able to work through it if you trust your agent and any advice that can be offered.
•  Keep your eyes on the end result.  This is a very intense process but with dignity and respect you at the end will have a home you both love and a relationship still intact.

                                Happy  House Hunting  

Oct. 12, 2007 - Pros and Cons of Home Sale Auctions

There is a lot of talk about auctions to sell the plethora of homes on the market. Auctions can be a good source of homes for buyers but there are a few things to take into account before forging ahead.

First of all banked owned properties are usually sold as is, so a buyer needs to do extra due diligence. Once you identify a property you might like to purchase. Contact the agent that has it listed. The Realtor will be able to show you the property and give you comparables for you to make a wise decision about what price you offer. If you are really serious about the property after seeing it hire a home inspector to do an inspection of the property. You will get a written report. There will be a provision in the sale of the property that it is not contingent on a home inspection.

Make sure you have your financing in order. If you are going to pay cash, you will still have to put down 5% down at the time your bid is accepted. If you will be financing make sure your loan is in place and ready to go. Most of the auctioned properties do not have a financing contingency. If your loan should fail you could lose the 5% you will be required to put down.

Something else to be aware of, if you are the winning bidder, you may also be required to pay up to 5% to the company running the auction.

One last thing to you should know. There are two kinds of sales at most auctions. the absolute price acceptance which means that the price is acceptable to the seller. Then there is the reserved price acceptable, which means the seller still has the final say so on in order for the purchase price to be accepted.

Auctions can give a buyer a good deal. Just be sure to ask questions and have all of the knowledge you need going into bidding.

Sep. 25, 2007 - Six things a Home Buyer Can Do

    Six Simple Things You Can Do to Ensure a Smooth Home Purchase

Buying a home can be an emotional, time-consuming, and complex process. There are a few things that you can do to help make the process go as smooth as possible:

1.) Check your credit

Before you apply for a home loan, regardless of your credit, it's a smart idea to obtain a copy of your credit report from the three major credit bureaus and review the information. If there are errors or things that need to be addressed, it's easier to address them before you have found a house, than after you have found a house and are trying to close your loan.

If you know that there are a few blemishes on your credit, let your lender know what they are, why they are there, and why you are a still good credit risk. Lenders look at your credit to determine how likely you will pay back the loan. If you had extenuating circumstances like a loss of a job or medical bills - let them know so that they understand that it is not likely to happen again in the future.

2.) Get approved before you buy

An approval means that a lender has reviewed your credit history, verified your asset approved your loan before you have found a home to purchase. As long as the home appraises for at least the purchase price, the loan should close.firm approval makes it easier for you to negotiate on the price of a home, than a person who is not approved or is pre-qualified.

Getting approved also gives you an advantage over other buyers. Your s and employment, and has

While getting pre-qualified may sound official, it is really just getting an idea of what you can afford. Its having a person plug in a few numbers that you give them - your monthly income and your monthly debt - and getting an approximate payment calculated. From the payment, the calculator can approximate the house price range that you can afford. No information is verified. Because your assets, income or credit is not verified, a prequalification has little value when purchasing a home.

3.) Find a great buyer's agent.

Traditionally real estate agents represent the sellers in a transaction. When you are not working with a buyer's agent, they are less likely to negotiate the best price or contingencies for you.

A buyer's agent's job and fiduciary responsibility (meaning legal duty) is to you, the buyer. Before working with an agent, establish if they are a buyer's agent or a seller's agent. After spending a lot of time with a Realtor, it's natural to feel like you're a team. But if they are not negotiating for you, then they are not on your team.

4.) Learn about the neighborhood.

Often times the house you find may be in a neighborhood that you're not familiar with, which is ok. It just means that you'll have to do a little more research. If you find a house that you like, ask for a list of the neighborhood properties that sold in the last year. How does your home rank? Is it at the top of the price range? If so, it might be hard to resell. Is it average or on the low end? If so, great - as the other home prices go up in value, they will pull your home's value up as well.

Check out the schools - are they sought after? A good school district means your neighborhood will always be valued by families which is a great reassurance to purchase, not to mention the value-add if you have school-age children.

Next, contact the police station and obtain crime statistics? Are they acceptable to you? Sometimes, if they won't give them to you, it could be a cause for alarm. Talk to the neighbors. The more people you talk to, the better sense you will get of who makes up the neighborhood and how they will effect your time spent in it.

Check out the location of the shopping, police and fire stations, schools, and air traffic overhead. These are all things that might affect your property value or quality of your life.

5.) Protect Yourself.

Ask your Realtor for a copy of the documents you will be asked to sign if you decide to buy the house. Read them ahead of time so that you'll understand the questions that you will be asked, the things you need to know, and the decisions you will need to make.

6.) Have reasonable expectations.

 No house is perfect. Understanding and remembering these two statements will help diffuse the negotiation stage, the inspection stage and the closing stage.

Emotions are high for both buyers and sellers. - The seller may have loving memories and  years of sweat equity in the house. Maybe they are being relocated and don't want to go. Understanding their motivations for selling will help you appreciate their situation and predicament during these emotional times.

There is a lot of money at stake for all the parties involved (and that includes the realtors)

Just remember that market value (the value of a home) is the price that a willing buyer and a willing seller can agree to. If you can not agree on a price, ask yourself: Is there something you missed? Are there comparables that support the price that they want? Are there motivations that might factor into the price they are demanding? In the end, does it matter?

What is the house worth to you today and what do you think you can reasonably sell it for based on the amount of time you plan to spend in it? Think about the answers to those questions before you make your move.

No house is perfect - Always get an inspection. It might be a few hundred dollars, but it's worth it. It's the inspector's job to find any problems with the house that could cost you thousands to repair down the road. Some inspectors have a tendency to over play the importance of their role and the items that they find. Get objective opinions that you trust before making a decision on an inspection report. Likewise, if an inspector says a foundation is cracked but its nothing to worry about - get a second opinion. Ask a handyman for an idea of how much repairs will cost and how complicated they are. The home buying process is an emotional, complex and time-consuming process, but it is worth it. Nothing compares to owning your own home in a neighborhood that you chose.

Jul. 25, 2007 - What if I have Another Home To SELL?????

May. 15, 2007 - Protect Your Credit At All Costs

Identity theft has become a sad reality.  I am working with a client now who had her identity stolen.   Being the person she is, she went to work on it right away.  She hired a lawyer who assured her he would take care of it.  She gave him a hefty retainer and had been making monthly payments to him.  A few months later thinking that it had all been taken care of we went in search of her perfect townhouse.  We found a perfect place and we placed an offer.  Later that afternoon she called me in tears.  Her lender had informed her the lawyer had done NOTHING.  (why didn't the lender know that before?  HMMM thats another story.)  So for the last 6 months we have still been trying to get her credit reports straightened out.  Moral of the story??  Be very vigilante about watching you credit.  Get your free report once a year or there is insurance you can buy now to protect you.

May. 14, 2007 - Using a Buyers Agent