TRUCKEE REAL ESTATE

Contingencies Your Realtor Should Always Plan For!

Bonnie Jessee, Realtor 530 412 3984

When you are about to write a contract with your Realtor, as you are planning on buying a home, the best plan is always to buy the home on the terms in the original contract. Secondarily the plan is to buy the home after renegotiating some of the terms. The final part of your ‘system’ is the contingency plan. Perhaps there is an insurmountable flaw in the condition of the home or the home doesn’t appraise for the purchase price, or your lender refuses to fund your loan for whatever reason, you can back out of the transaction with no penalty (other than the money you’ve spent on inspections) so long as you have the appropriate contingencies in place. Learn this, contingencies equal the right to cancel the contract and walk away.  This is where having an educated Realtor representing you is imperative!

When you’re in a hot seller’s market, or there are multiple offers on a property, you might feel pressured to make an offer with no contingencies, or one with no appraisal or loan contingency. If your agent suggests this I would definitely rethink your position. It is not a wise Realtor who would be consider having no back-out plan on a purchase in the hundreds of thousands of dollars for you, their buyer client. This is unprofessional behavior to consider a purchase of this magnitude without your contingencies in place, at least until your due diligence into the condition and other considerations of the property is completed.

The results of the home inspections (don’t forget the pest inspection) will assist in your decision making process as to whether you need to cancel a home purchase. Typically properties that appear well maintained will have no deferred maintenance.  Sellers, who tend to the basic maintenance of their homes and keep things well dusted and clean, also often maintain the items that do not appear to the eye of a buyer.

In short, don’t dismiss these sorts of properties that appear to require the ‘handyman’ either. My point is that with any property looks can be deceiving.  

The best suggestion is always write your preliminary contract with the following contingencies:

1. Financing (loan contingency) 2. Inspections (home/pest) 3. Appraisal contingency

Home buying should be a serious, yet joyful experience!  Enjoy!

SELL THAT FIXER FAST~TRUCKEE, CALIFORNIA REAL ESTATE

Bonnie Jessee, Realtor 530 412 3984

Buyers typically want to purchase a home that is in move-in condition.  And because of that, sellers often invest a great deal effort into prepping their home to place on the open market to gain the largest profit from the sale. However, is it worthwhile to fix a property up before selling if it is in a poor condition?

It can be worth your time and effort to fix up a slightly needy property in an excellent location that has potential and can be improved considerably with minor “cosmetic” improvements. The reason why it makes sense to go through the effort is that most buyers do not possess the imagination therefore they cannot envision what a house might look like with minor repairs or new paint or carpets. They basically don’t see past the surface!

For example, last year I sold a fixer in Truckee to an out of town buyer. Neighbors went came out their homes the moment the for sale sign went up to view the home.  The neighbors all had the same idea – buy, fix and market! The neighbors themselves could not see past the improvements that would bring the pricing up to level with the surrounding area and no neighbors made an offer.   The property stayed on the market for just a few months before that savvy buyer appeared, checked out the location/views and ‘bones’ of the home and purchase the property. . The transformation was stunning.  Subsequent to his renovation, he re-listed the property for sale and made a tidy profit!  He had the vision; however, those buyers might be few and far between. The property sold over the asking price.

TIPS FOR THE SELLER:  There’s a tip to be gleaned from this experience that’s relevant to all sellers. Don’t let a prospective buyer look at your home until it has been prepared for sale, unless your intention is to sell as a fixer.  Give the buyers the opportunity to note this fact and you will attract the appropriate buyers.  In other words, market it as a fixer.

We have found sellers might resist the notion of calling their property for sale a fixer-upper. However, it can make good marketing sense. A portion of the market is looking for fixer properties that can be improved to increase value. Even though you might get lucky and sell that fixer house for more than you thought was possible, don’t lose sight of the fact that you’re marketing to a smaller group of buyers.

To attract a fixer buyer, make sure you provide for extensive marketing exposure. It is always a good idea to have inspections done ~ prior to listing the property for sale. Reports should be readily available to buyers to review.   If the potential buyer is fully aware of the problems associated with the ‘fixer’ property prior to the sale, it will not become an issue that may cause the sale not to occur.

So the decision is yours, as a seller, to spend the time, money and effort to repair and correct to gain top dollar for your property or promote the property as a fixer.  The decision should be made based upon several factors:

1. LOCATION       

2. AGE OF BUILDING         

3. LOCAL REAL ESTATE TRENDS     

4. PROFESSIONAL ADVICE FROM YOUR LOCAL REALTOR

Bonnie Jessee, Dickson Realty

Truckee~North Tahoe, California

Information You Need to Succeed in Your Real Estate Investment

You are ready to purchase your dream vacation home.  It could be your first or second vacation home; and you insist on making it a wise investment property. It’s a very exciting time, but it’s also a very serious time. Given that a real estate investment will be the largest purchase most of us will ever make be certain you prepare properly.

• Do I know how to get the best property at the best price?
• Do I know a Realtor® experienced and knowledgeable in the area?
• Do I know what to look for to make a wise real estate investment?
• How do I reduce home-buying aggravation and stress?
• What do I do to avoid costly home-buying mistakes?

The Buyer’s Guide was designed specifically to make you knowledgeable and to keep you focused, so that you have the advantage when purchasing real estate. Believe it or not, the mistakes that seem negligible end up costing you significantly over time. If you buy the wrong property, you won’t be happy. 

Real World Information

One of the reasons the Buyer’s Guide is effective is because of the local expertise behind it. This Buyer’s Guide focuses primarily on Truckee and also provides valuable information on locations; inspections; insurance; and the many documents you will encounter during the buying process.

So that you can read and review at your own pace, My Buyer’s Guide empowers you with real-world skills so that you know:

• What home features are most important to you
• What neighborhoods are the best suited to you and family
• How to identify hidden traps when selecting a home
• How to identify the perfect location for you now and in the future
• The keys to identifying and evaluating specific home characteristics and qualities best suited for your requirements and future sales

My Buyer’s Guide is full of information you’ll need to succeed in your next real estate transaction. And it’s compact, so you’ll be able to acquire the information you need quickly and easily.

Give me a call today or email me at bjessee@dicksonrealty.com for your copy!

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