It's a Seller's Market, 3 months of home Inventory to sell off

I’m highlighting Pt. Fermin today, cuz I’m in love with Pt. Fermin and I get to doorknock all weekend. Yes, for me, it’s a blast. And there’s such good news for any homeowner thinking of selling. I’m out to declare it.

First off, Perfect Storm references the data that if you are worried you can’t sell, stats show you can blow those worries far out to sea. You surely can (and not “give it away”) and sleep soundly knowing you got the highest price possible. Now, can you accept that price? There are benefits to selling now and I bring a clear warning.

Here’s the truth: this market is incredibly price sensitive. Like if you’ve put that teeth-whitening goo on for just too long and now your spine tingles bad when anything cold is one foot away. That kind of sensitive. Over price and I promise you you’ll enjoy your home for a long time. Maybe that’s okay, and you just need to try out that price. Okay, do that, this is your special, unique home and you have your reasons. BUt if you are absolutely committed to selling, then with a careful review of your market value & if you price at or lower you will wooooooo those buyers in. AND THOSE BUYERS ARE OUT THERE.

**This last week: I wrote 2 offers for buyer clients. One property had 17 offers come in. The other 7 offers. There was a 3rd but I didn’t have time to get an offer in as they had 3 offers on the 3rd day and too bad said the listing agent. It’s a frenzy out there. Did you know that?? But not when you overprice.

Today there are only 13 homes for sale in Pt. Fermin, and what a range from mid 2’s to that very special home on the bluffs at 2mil $99,000.. It’s block by block in Pt.Fermin….so pricing is both science and art. Get those right and you can hold court to offers.

Just 13 homes means there’s 3 months of inventory, that’s a true SELLER’S MARKET. You can be in control at least of who comes to your home and the mindset they have. Do you want buyers walking thru your home picking away at your price with every tiny flaw they surmise? or thinking “what do I need to offer to win this great place?”

Then again, you need a straight talking agent who will tell you the truth and hear your truth. That’s a plug fer sure.

See you out there. enjoy this gorgeous California day.

Renee Ferjo
Propportunity Agent with Keller Williams PV Realty
310.200.4614
ReneeFErjo@KW.com
Dept of REal Estate Lic. #01422402

1. April 30th deadline dangling $8000. tax credit (if eligible) if in escrow.
2. Double Reward: if closed escrow by June 30th and additional $10,000. (if eligible.)
That’s a possible $18,000 in tax credits. Nothing to sneeze at.
3. Human Nature: you see other buyers flocking to open houses, you feel like you are missing out….and so on

In the Trenches Story:
#1.I listed a Short Sale 3/31/10. Great little house, great lot, but still a short sale which means buyers will need to wait possibly months! but in 5 days I had multiple! great offers. People competed for a SHORT SALE. Why? the sellers were savvy enough to list it at market value and the buyers came flocking in. Buyers know a great value and our Pedro market is gushing value right now. I repeat, GUSHING!!

#2. Also, last week, for my buyer I presented an offer OVER asking by $35,000….(don’t worry, was right on) WE HAD 19 OTHER OFFERS COMPETING AGAINST US. We didn’t get it. Did you catch that? 19 OFFERS!!

GLAD TIDINGS!! If you know anyone. Think now, yourself, Mom, Sister, neighbor, co-worker, fellow Elks member, family of daughter’s Girl Scout friend….who is pondering selling or needs to sell, with equity or distressed GET YOUR HOUSE ON THE MARKET NOW AND HOLD COURT!!! you can have a solid escrow open by April 30th.

I write this on April 9th. Figure an evaluation, plus spruce up house if needed, plus photos and sign up. Could be 2 days from start to on market or a week. Remember house need to debut, receive offers, and open escrow by April 30th. TODAY IS THE DAY!! TELL A FRIEND!!

Caveat: work with an agent who is straight with you about the value of your home. Don’t even think of overpricing it. You’ll kill the buzz and those buyer’s I brag about will wander thru your home picking away at your price with every undone upgrade and fleck of old paint. DON’T EVEN THINK ABOUT IT. YOU DON’T HAVE THE TIME. Get your value straight, know what you’re selling and hire someone who can negotiate. And you can walk away from your sold home feeling very satisfied that you got the highest price POSSIBLE. This isn’t 2006. If you are in today, and embrace today’s value…SELL. By the way, yes, that’s what I do. Would love to evaluate with you your situation. 310.200.4614 Renee Ferjo

Straight out, if you have presently found yourself self-stranded mid aisle in your local Trader Joe’s staring off wondering about what it would be like to really buy that home with the big Pepper tree in the yard for the dog you’d love to have, or mid-smile imagining a life free from that mortgage and kayaking the Rogue River after relocating to Oregon….

And if you’re losing sleep over wondering should I, could I really buy or sell or both?

You call Renee Ferjo to get to the truth about that question. The first step is a brisk exploration of the facts financial and the tugs of your heart. Where Math meets Poetry, the truth about your next Real Estate step is found. You work with Renee because you want a confident guide who navigates the trail based on sound facts, a skillful ability to assess what’s most important to you, her savvy referral partners and an uncanny ability to find the opportunity round each corner. You work with Renee because she understands clearly this: if you are selling you want the highest price possible in the shortest amount of time. If you are buying you want the greatest possible value for your each and every dollar and the best home suitable to those dollars. You work with Renee not just because you enjoy her partnership but because you feel the great ease that you have a savvy, confident, knowledge-wielding negotiator out in front of you clearing trail. You arrive at trailend deeply satisfied for the adventure and glad for her leadership. These are the multifaceted reasons you work with Renee. The best way to get a taste of that is to speak with her past clients. Just ask her for a list to contact.

Really.

1st answer, Short Sales are long, in terms of time. The bank is involved because the amount of money owed on the property is less than or short of the market value. A seller can’t sell with enough in the house to pay off his debt and closing costs. In lieu of the below process, a seller engages with bank and tries to sell at a lesser amount with the bank’s agreement. It takes time! 3, 6, 9 months.

2nd answer, REO is an ancronym for Real Estate Owned, in other words, Bank Owned. I’d say REAL EQUITY OPPORTUNITY. I smile. And you get what you pay for. In the REO case you don’t get something important when you pay. In a traditional real estate sale the seller is obligated to DISCLOSE THEIR FANNY OFF. They have forms to talk about everything from the skunk that visits the basement regularly to whether someone died or the tub overflowed 3 years ago. You get absolutely no disclosures re: experiences the past owner had with the property. It’s a blind date gone straight to marriage. Investigate the heck out of that property when you preview it.

RealtyTrac summarized the Fore-closure process nicely. What’s next is from them.
Get a grasp of the terms and process. Then call me if you’re interested in buying one today. 310.200.4614 Renee Ferjo

Overview

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice. The foreclosure process can end one of four ways:

1. The borrower/owner pays off the default amount to reinstate the loan during a grace period known as pre-foreclosure.
2. The borrower/owner sells the property to a third party during pre-foreclosure, allowing the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction.

Foreclosure Buying Opportunities
The foreclosure process offers three bargain-buying opportunities, represented by six different property statuses on RealtyTrac.

1. Buying during pre-foreclosure (NOD, LIS)
2. Buying at public auction (NTS, NFS)
3. Buying bank-owned properties (REO, GOV)

California Overview

Judicial Non-Judicial Process Period Sale Publication Redemption Period Sale/NTS
Yes Yes 117 Days 21 Days 365* Days Trustee

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. It is recommended that the borrower find a way to resolve it, or get some foreclosure assistance.

In almost all cases, foreclosures are handled out of court. The process begins when a lender files 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 foreclosure. 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.

* Judicial Foreclosures Only

Come see this beautiful home this SUNDAY, APRIL 26TH FROM 2-6. All the homework has been done on this property, Home Inspection, Termite, PreLim, and 2 Appraisals!!! which both came in at $700,000.
This is EVENT PRICING $599,000 which creates quite an event and opens up a great real estate conversation. We want to see you! Agents bring your most qualified and ready to buy buyers! This is by Appointment Only Sunday. This is an Appointment with Opportunity.
To make the event complete we will have LIVE ACOUSTIC MUSIC, great cheer, neighborly chat and info for you. Hosted by Renee Ferjo, Exuberant Keller Williams Realtor. Give me a call with any questions 310.200.4614. See you soon. Will be on MLS Sat. late afternoon, 4/25/09. Waivered listing.

p.s. square footage on property quoted from Tax Roll.
D.R.E. #01422402
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If you or someone you know is looking for a wonderful, quiet, evident-pride-in-home-ownership community, tucked away Victoria Knolls, Walteria neighborhood in the prized Torrance School System….

If you or someone you know want to buy an immaculate, turn-key-ready-to-come-in-and-make-it-your-own home, 1937′ sq. ft. of 3 bedrooms, 2 baths (1 a Master Bath Retreat,) a vast, open & spacious family area living room, family room, kitchen/ dining room combo with fireplace, access to Rolling Hills Estate Horse trail out the backyard gate, easy-entry pull-down ladder to attic entry with room, room , room for storage, stuff and more storage and for a straightforward escrow with a Standard Sale (no dealing with Short-Result-Long-Painful-Short/Sail-Away or Bank Owned No Disclosure Property) and a friendly, professional and welcoming Realtor, then…

Come see this beautiful home this SUNDAY, APRIL 26TH FROM 2-6. All the homework has been done on this property, Home Inspection, Termite, PreLim, and 2 Appraisals!!! which both came in at $700,000.
This is EVENT PRICING $599,000 which creates quite an event and opens up a great real estate conversation. We want to see you! Agents bring your most qualified and ready to buy buyers! This is by Appointment Only Sunday. This is an Appointment with Opportunity.

To make the event complete we will have LIVE ACOUSTIC MUSIC, great cheer, neighborly chat and info for you. Hosted by Renee Ferjo, Exuberant Keller Williams Realtor. Give me a call with any questions 310.200.4614. See you soon. Will be on MLS Sat. late afternoon, 4/25/09. Waivered listing.

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Apart from providing for her family, Renee’s life‘s passion is and will continue to be about advocating for oppressed disenfranchised animals wherever she can. Presently, she has mingled the finding of homes for people with the same for animals. Networking for local shelters and rescue groups, she connects rescued dogs and cats with new homes. Why not, everyone needs a home. Renee plans to wield all of her negotiating power gleaned from business in the fight for animal’s rights. Enjoy working with her now as your Real Estate Professional, for quite shortly she plans to me on the Senate floor pitching for the animals!

Disclaimer: when riding with her, be prepared to stop if there is a needy animal on the road. Or alternately, follow in your own car and she’ll catch up with you shortly.

Fantastic Local Non-Profits & Shelters with which I network dogs & cats new homes

www.SouthBayCats.org
www.sbacc.org (Seal Beach Animal Care Center)
www.phsspca.org Pasadena Humane Society
www.laanimalservices.com

Organizations Which Inspire & Inform Me

www.farmsanctuary.org/mediacenter
www.worldsocietyprotectionofanimals.org
www.KinshipCircle.org
www.BestFriends.org
www.sharkonline.org Showing Animals Respect And Kindness
www.hsus.org Humane Society of the United States