Do They Want To Sell Their Home?

Since I mainly work as a buyer's agent,  I have first hand experience with ways that sellers sabotage themselves in the sale of their home.  I don't know how many times I hear a buyer ask me, Do they want to sell their home?

Limited Showings
I always groan a bit when I see "appointment only" on an MLS listing.  Most of the time that means, keep calling and when we feel like showing we will show it.  It also means, we can show on our lunch hour or after work hours only.  Often it means I will keep calling and never get a response at all.  Yes, it isn't only real estate agents that don't return phone calls - their sellers do the same thing!

I understand that a seller has to work and wants to be there when the home is shown.  However, the seller needs to understand that when I am trying to show several homes it can be difficult to coordinate every one's times.  I'm trying to meet three different schedules: my buyer's, the seller's, and mine.  That can get complicated.

Redundant Paperwork
The other day - after my short sale offer had been accepted and executed by the seller - I started receiving addenda, disclosures, more addenda, more disclosures.  All basically re-stating everything that was in our contract and short sale addendum.   Additionally, I received an addendum that stated some new terms the seller wanted my buyer to agree to.  What?  My buyer said, I'm not signing any of that.

I totally agreed with him.  Yes, the seller has no control over the documents that an  agent may provide.  However, this type of behavior can cause a deal to go bad pretty quickly.  As a seller, you should be aware of what your real estate agent is doing.

Distractions, Distractions
When sellers are in the home it can be a good or bad thing.  It depends on the seller.  A brief hello is always welcome.  A brief introduction to why you love the home and area is also always welcome.  But, a tour ...  well, not necessary.  We know what we are looking for in a home.  Also, pets.  We love them, yes we do. But, not when they are slobbering all over our feet and jumping all over our legs.

I'll often leave a home with these types of distractions and the buyers will not remember any of the home.  While showing homes in these circumstances I do my best to point out positive and negative features that are relevant to the buyer.  I will also keep trying to keep their focus on the home.   Still, when faced with an overly enthusiastic seller or pet a buyer can easily lose their focus.

Call the FBI, the Seller is Missing
We submit our offer and wait, and wait, and wait.  Yes, this is customary with bank owned properties.  But, for all other sales a response should be given within 24 - 48 hours.  Alas, sellers often escape the clutches of their agents and are no where to be found.

Sellers, please, please, please, let your agents know when you are planning on going out of town.  Make sure your agent has your cell number, check your emails often, and keep in touch.  It never fails, the day you decide to leave for vacation is the day an offer comes in.  Remember, while we are waiting for your response my buyers and I are still out looking at other properties.

There is more.  But, this post is getting long enough! 

Ready to start you Las Vegas home search?  Use our Las Vegas Home Finder to receive home information via email.  It is super easy and convenient for you.  We are a full service residential real estate brokerage.

Enjoy the day.

Cindy

Related Posts:
Ways Buyers Sabotage Their Home Search

Las Vegas Short Sales

Image: jscreationzs / FreeDigitalPhotos.net

Summerlin Condos: Red Bluffs at Summerlin

A slideshow of Red Bluffs at Summerlin.  A great Las Vegas condo complex in Summerlin which is gated, has a pool, spa, and fitness room.  Very nicely landscaped with private garages available for some units.  Also, condos in this property can be financed!  Interested?  Call Cindy at 702-807-3339 or contact via email.

Las Vegas Short Sales

Buyers don't know what to do with short sales.  They have heard so many horror stories that they are often wary of writing offers on a short sale property.  However, if you dismiss short sales you are often missing out on some fantastic homes.

I have had many buyers make offers on short sale property and actually close on them. But, they are not for everyone.  Here are a few questions I often come across from buyers and my answers.  Please remember, these are general answers.  Every situation is different.

Does it really take a long time to get an offer accepted?
Once you put in an offer it is still taking up to three months to get an answer.  Often during that time there are few updates from the parties negotiating the short sale.  A buyer needs to have immense patience while waiting.  I will ask for updates from the listing office every two weeks.  However, the updates are usually - "the file is being processed."  That is often all the listing office can get from the seller's bank.

I'm very diligent and keep up with the listing office.  I have done enough of these (on both the buyer and seller side) and know the process.  I can get a very good feel from speaking to the person working on the file whether it has a chance or not.

Why does it take so long to get an answer? 
Bureaucracy - a specific set of documents need to be submitted to the seller's bank, these get checked and then there are other things that are needed to complete the file such as property valuations, etc.  Plus, there are departments for everything - one checks the files, one negotiates the file, one approves the file, one issues the approval ....

Are all short sales approved?
There are no guarantees.  Numerous things can happen during the process.  It isn't always the buyers who get tired and walk away from a short sale.  The short sale could not be approved, the property could be foreclosed upon prior to approval, the seller could get tired and decide to just let the property go, the seller could declare bankruptcy.   Also, the short sale approval could come back with terms that the seller or buyer do not agree upon.

Can I still make other offers while waiting for a short sale to be approved?
That depends upon the buyer.  Once your offer is accepted by the seller, you have a contract.  In the purchase agreement you specify how long you are willing to wait for short sale approval.  Some buyers feel comfortable to keep looking and trying to find something else during that time.  Others decide to wait the process.  The decision to wait or not is specific to each buyer.

How long do I have to agree to wait for short sale approval?
That is up to you.  It can take up to 90 days for approval.  But, you can specify as many days as you want.  The time frame can become a negotiation issue.

While I'm waiting for the approval, can another buyer come in and make an offer?
The short sale addendum we use addresses that issue. Yes, technically that could happen. A listing agent is required to show all offers that come in on a property.  But the addendum gives you the right to meet the terms of the new offer.  If you are willing to meet the new offer your offer will stay in place.  If not, then the other offer will be accepted. 

Generally, this doesn't happen because a new offer can sometimes cause the seller's lender to close the ongoing short sale file and require the seller to start all over again.  Most agents in this area will keep a new offer that comes in as a back up in case the current buyer walks away.

Are short sales better deals than bank owned properties?
Short sales generally sell at market price.  In fact, a recent Bank of America executive has stated that with short sales the goal was to get at or above market value.  Part of the short sale process involves the bank getting valuations of the property from area appraisers and real estate brokers. They have a good idea of property values.

Any other pitfalls to a short sale?
Well, the waiting time can affect your loan.  You may find your loan product could disappear or change.  You can't lock your loan rate because we don't have an approval.  Your credit report could change due to purchases and that could affect your loan as well. 

I have a friend who .....
Everyone's experience with a short sale is different.  Each file is different because there are different parties involved.  Don't take one person's experience and think that is what will happen with yours.  Your job is to be patient.  Your agent will handle the ups and downs. 

Why would anybody make an offer on a short sale?
Often there is something about the property that the buyer absolutely loves.  It could be a property with the perfect lot.  Maybe, the property has all of the upgrades a buyer wants.

I personally don't discourage my buyers from making an offer on a short sale.  I think that if the buyer is aware of the potential pitfalls and is willing to be patient then go for it.

Interested in purchasing a home in our beautiful city?  Visit my Website at SoManyHomes.com

Enjoy the weekend,

Cindy

Image: djcodrin / FreeDigitalPhotos.net

Shopping in SW Las Vegas - Zip Code 89139

Sometimes you want to see pictures of the area where you will be visiting on your day to day errands.  I'll try to keep this in mind as I wander about with my camera.

Today, I visited Blue Diamond Crossing in SW Las Vegas.  This shopping center is located in the 89139 zip code and serves Southern Highlands, Mountains Edge, and the surrounding area.  The cross streets are Blue Diamond and Valley View Blvd.

This 65 acre shopping center opened in 2007 and has a Target, Kohls, Ross, Office Depot, World Market, PETCO, Dollar Tree, Discount Tire, In-N-Out Burger, Payless Shoes, Sally's, Massage Envy, and more.  In addition a Big Lots is rumored to be on its way.


It is a very easy shopping center to visit with plenty of parking; multiple ways to enter and exit the center; and a great variety of stores and fast food places. 






There are no grocery stores in this particular center (there is one less than a mile away).  But, the Target does have a grocery area with a few items (including a frozen food section).  However, it doesn't carry
produce.  In addition, World Market and Dollar Tree have a few food items available.

Well, I hope this gave you a bit more information about this area in Las Vegas.  If you are interested in looking at the neighborhoods in this area (or have any other questions) please contact me by clicking here.   Don't forget you can always search the MLS (24/7) at my Las Vegas MLS web site.

Thanks!

Cindy

Scorching Temps!

Yesterday, Vegas hit 110 degrees.  A record.  Today we are set to hit 108 degrees as our high.  Yes, it is hot!

During these hot times it is important to keep a few things in mind.

1.  Don't forget to drink water.  Dehydration can make you sick. So, keep hydrated by drinking water or sports drinks (watch the sugar levels).   It is easy to forget and find yourself feeling nauseous or get a headache.  The heat can also fatigue you.  So, keep a water bottle with you at all times.

2.  It is a Dry Heat
Hot is hot.  Once the temps go up into the 100's it feels like you are in an oven.  Respect the heat and don't over do it when you are outside.  Stay in the shade (if you have to be outside) and keep your activity level to a minimum.  Inside, minimize the heat by running fans and keep your window coverings closed during the day. 

3.  Pets and Kids
Pets and children suffer in the heat.  Make sure their feet and paws are covered before they step on hot concrete or rock.  Have plenty of cool water available.  Watch for heat exhaustion.  Make sure your kids have plenty of sun screen on and keep re-applying. 

4.  Your Car
Keep your car in the garage to keep it cool.  When not in the garage park under a tree (yeah, I know, difficult in Vegas!).  A sun shade can help keep your car interior from becoming a scorching nightmare (but, it will still be hot).  If you have leather or vinyl seats it might be a good idea to put a towel down on the seat to avoid burning yourself.  It is also a good idea to have your cooling system checked.

5. Your Summer Garden
Increase your watering days and times.  Some plants may need additional hand watering.  Even plants that are for sunny areas will not stand up to our extreme summer heat.  Get used to losing a few plants during this season.  It is a constant experiment in Vegas trying to find the perfect plant that will withstand our summer temps. 

In Vegas we are accustomed to the heat.  Use your common sense and you will make it through these next few months of summer. 

Keep cool!

Cindy

Image: federico stevanin / FreeDigitalPhotos.net

Las Vegas is One of Trulia's Top Ten Cities to Buy Versus Rent

Trulia lists Las Vegas as tenth in the nation where it would be better to buy versus rent.  In order to compile this list, Trulia analyzed the top 50 cities (based on population) in the U.S. looking at the average list price compared to the average rent on 2 bedroom apartments, condos, and townhomes listed on Trulia. 

Take it as you will.  Trulia only used data from homes listed on its site.  In addition, only looked at two bedroom condos/townhomes/apartments. 

Sun City MacDonald Ranch - Henderson 55 Plus

Sun City MacDonald Ranch is a 55 plus, active adult community located in Henderson, Nevada. Here is a market update for this community.

Currently, there are 42 properties listed for sale in the MLS for this community.

~ 25 are priced at 200K or less.
~ 8 are short sales
~ 4 are bank owned

The list price ranges are from $115,000 - $379,000. The square footages range from 1036 - 2301. The year built ranges from 1996 - 2001.

In the last 30 days there have been 12 closings in the community and the sales prices range from $130,ooo - $370,000.

Interested in viewing properties currently for sale in Sun City MacDonald Ranch? click here.

Interested in receiving listings via email? click here.

More market updates on Las Vegas retirement communities are on their way over the next few days.

Cindy

Image: Francesco Marino / FreeDigitalPhotos.net

What Do You Want Your House to Be When It Grows Up?

In an effort to blog on a regular basis I decided to join NaBlogPoMo. Each day there is a writing prompt, today's is:

When you were little, what did you want to be when you grew up?*

However, since this is a real estate blog I will re-phrase it to something more relevant:

What do you want your house to be when it grows up?

Hmmm, some of you are saying. What???

Unless you had your home custom built there are always things about it that don't quite fit your idea of the perfect home. Maybe, it is that awkward kitchen or the non-existent back yard landscaping. Still, there was something about the home that grabbed you enough to purchase it. Maybe you had a vision of what the kitchen or backyard could look like if you put some time, effort, and money into it.

What was that vision? Have you done anything with it? I know lately I have been on a home improvement kick. I have been fixing things, adding things, and generally envisioning what it is I want my home to look like when it grows up.

Here are a few resources I turn to when looking for home improvement and design ideas and/or assistance:

Ehow - great resource for videos and tutorials

Home Depot - project guides, videos, and workshops

Lowes Creative Ideas - again videos and project guides

Apartment Therapy - I love this site. Tends to focus on design for small spaces.

Flickr - I could spend days looking at all of the house pictures posted on this site. You can search by color, style, or anything your heart desires.

I wish I could list all of my favorite sites, but there is only so much room.

Have fun and if you have decide you need a Las Vegas home to nurture into adulthood contact me.

~ Cindy

* I wanted to be a teacher or veterinarian.