TeamResults

"Fixer Uppers"

Fannie Mae & Freddie Mac in conservatorship today!

Are you a real estate investor? The Basics of a 1031 exchange

Attention Long Beach Landlords & Tenants; Free Event

Southern California Houses and Condos in Default

Price Reduction or Seller Credit?

Return of 'the gold'.

Which prime are you?

A quick market overview

Upside Down!? Selling your home for less than your mortgage.

New "guidelines" for loans & lenders

Upbeat Realty:

UCLA's Anderson Report

New-Home Sales Up in Southern California

Country Club Living that won't break the bank!

Everything you ever wanted to know about real estate but were afraid to ask: Condos and Co-Ops

Everything you ever wanted to know about real estate but were afraid to ask: Home Inspection

Need Directions for international clients?

Bellflower 2 Bd. 1 3/4 Ba. 510,000

Relief for borrowers in default.

Some staging tips, and tricks to sell your home faster

Mortgage Scam: Warning

California's real estate marketplace.

Everything you ever wanted to know about real estate but were afraid to ask. Options

Missed out on your chance to own?

John Wall (CENTURY 21 Results) — Sun, 07 Sep 2008 16:49:30 -0700

When I talk to a potential home buyers, the topic of fixer uppers
comes up during the initial consultation almost everytime. It
seems everybody wants a fixer upper these days. Perhaps its the
hope that if property needs a little work, they'll be able to buy
it at bargain. Let me say that; yes sometimes you can get a bargain
if you're willing to get your hands dirty. But more often than not,
buyers don't really 'want' a fixer, especially after I show them a few.

What buyers really want is a bargain. What constitutes 'a bargain' can
vary greatly from one property to another, and also among different buyers.
Different neighborhoods can affect the perception of a bargain too. In my
Long Beach neighborhood we have quite a few homes well over the $1 million
price range. Spending a million dollars on a home might not seem like a
bargain to most buyers but if that home is surrounded by $3 million dollar
homes then suddenly that million dollar home starts looking like a steal.

I would like to take a few moments to look at some myths and facts about
fixer uppers in our marketplace. Obviously some points may not be true
100% of the time, but overall - I think they hold up. Understanding these things will
help buyers make better decisions and yield a higher satisfaction regarding
their purchase over the long run.

Myth
I can get a fixer that only needs minor repairs
Fact
A home that only needs 'minor repairs' isn't a fixer. Its every home on the
market.

Myth
If I do a little paint and landscaping I can save a lot of money
Fact
Yes you can save money by painting and lanscaping yourself. But you wont
save much on the purchase. Every home needs a little TLC, and cosmetic
changes. Thats what people do when they buy a home - They customize it
to fit their own lifestyle and design ideas.

Myth
This home needs a new roof, plumbing repairs, and new windows or doors. Its 80,000
less than the one next door. Lets buy it!
Fact
Yup! You just paid 80,000 less than everyone else on the block. You might have
also just bought a money pit. The need for extensive repair work often indicates
hidden problems that may cost so much that what you saved is now irrelevant.

You can see where this list is going, and just like the energizer bunny,
it keeps going, and going, and going...

One lesson to learn from these examples is spending more initially, may be
the best way to get a bargain in the long term.

If I've turned you off of looking for bargains or fixers, that wasn't my intent.
Lets go over some things I look for when considering a 'fixer upper'.

Outdated fixtures or appliances
updating these yields the highest return when its time to sell

Enough space to add an additional bedroom or bathroom
1. a home that grows with the family will remain useful longer
2. the value of such additions at sale time means higher sale price, and better appreciation

Outdated fascade.
yeah, that remodel job they did in the 70's sure looked great, but now people want
double pane windows, central air, stucco, siding, brick, etc. This situation requires
some consideration because it might mean a big project. But it could also mean instant
appreciation.

Deferred Maintenance.
Not necessarily in need of major repairs, but maybe the paint is peeling, the roof
has some cracked tiles, the T.V. antenna is leaning, sprinklers water the street instead of
the lawn (and speaking of lawns... Is that crabgrass?). You get the idea. This is the stuff
that is fixed with a hammer, screw driver, and a wrench, not a construction crew.

When we're talking about low level things like these, we're not really looking at
huge price reductions, but overall value and ways to help the value increase over
time. Besides a good listing agent has already taken these things into account before
setting the asking price. Getting a credit for this or that, or maybe asking the
seller to complete some repairs before escrow closes might be just as good as paying
80,000 less.

So the next time you call me to look at fixer uppers, let me know ahead of time if what you
really want is a bucket of paint, or a bulldozer. I'm only a phone call away from either!

John Wall
REALTOR(r)
CENTURY 21 Results

www.TeamResults21.com
TeamResults@CENTURY21.COM

Can you think of other 'fixer' myths? How about sharing your 'fixer' stories? Lets hear from you!

John Wall (CENTURY 21 Results) — Sun, 07 Sep 2008 14:55:18 -0700

September 7, 2008

The Office of Federal Housing Enterprise Oversight has announced
this morning, it is placing mortgage giants under conservatorship
in an effort to stabalize their ability to perform under tighter
credit restrictions and low economic growth.

OFHEO cited the importance of these organizations and their
role in residential real estate in their press release issued
Sunday morning.

James Lockhart, Director Federal Housing Finance Agency, has taken
steps over the past six months to help stabilize Fannie and Freddie
including reducing capital requirements, removing portfolio caps, and others.

"I have determined that the companies cannot continue to
operate safely and soundly and fulfill their critical public mission".
Lockhart said.

Also released was a conservatorship Q & A which defines the conservators role
as well as the actions they will take.
View the conservatorship Q&A here

John Wall
REALTOR
CENTURY 21 Results

www.TeamResults21.com
TeamResults@CENTURY21.COM

John Wall (CENTURY 21 Results) — Wed, 14 Nov 2007 17:57:21 -0800

There are generally four types of exchanges that benefit the Real Estate Investor. They are:

Delayed
Simultaneous
Build to suit
Reverse

There is also a method of exchanging personal property, which is usually the case in the sale or acquisition of a business.

The most common exchange is the Delayed exchange. In transacting a delayed exchange, an investor must identify up-to 3 replacement properties, or more if the total value of the replacements do not exceed 200% of the relinquished property. There is a time limit to do this, in order to qualify as a valid exchange. (currently 45 days after close of escrow on the sale of the relinquished property) The investor then has 180 days to close escrow on the acquired property.

The second most common exchange is the Simultaneous exchange. In this exchange, both properties are transferred concurrently. This is a complicated process, and it is wise to enlist the help of an intermediary. The simultaneous exchange is deceptively complex and is not as simple as closing escrow on the same day.

Next on the list is the Build to Suit exchange in which an investor may build new construction or modify or otherwise improve a replacement property. Again, there are time constraints and complex rules that complicate this type of exchange. It also tends to cost more, as there are fees which must be paid up front by the investor. There are many issues to consider prior to entering into this type of exchange. You should seek professional consultation and representation during all phases of this exchange.

Definitely, the most complex exchange is the Reverse Exchange, which allows an investor to acquire a replacement property prior to the sale of the relinquished property. The caveat of course is that the investor is NOT ALLOWED to hold TITLE to both properties at the same time. As with a simultaneous exchange, an intermediary is essential to ensuring a valid transaction.

Please note that; All IRC 1031 exchanges are complicated and you should consult your attorney, accountant, tax advisor, and other professionals before beginning an exchange.

For more information on this or other Real Estate topics, please use our contact form. If you would like a referral to other trusted professionals, just give us a call. Lots of free information on IRS rules can be found on its website at http://www.irs.gov/ .

John Wall (CENTURY 21 Results) — Mon, 30 Jul 2007 08:15:36 -0700

The City of Long Beach's Neighborhood Resource Center (425 Atlantic Ave., Long Beach) will be hosting a FREE workshop for local tenants and their landlords. The workshop will be Wednesday August 1st, 2007 from 6:00pm to 8:00pm and there will be refreshments available.

Presented by the Fair Housing Foundation, Dispute Resolution Services, and Legal Aid Foundation; the event will cover landlord & tenant rights (responsibilities) as well as fair housing issues.

Everyone who rents or owns a rental should attend these types of events when they come up. In the ever changing legal climate its important to stay informed of changes in the law, as well as brushing up on current trends. If you learn just one thing Wednesday evening attending this free event will be worth while.

If you would like to RSVP: E-Mail Sharron_Hinkley@LongBeach.Gov or Call (562) 570-1010.

For Map and Directions Click here.

{Serving Long Beach and surrounding communities}

TeamResults@Century21.com
www.TeamResults21.com

John Wall (CENTURY 21 Results) — Sun, 29 Jul 2007 09:59:31 -0700

County/Region	2006	2007
Los Angeles	4,586	10,393
Orange	1,255	2,984
San Diego	1,778	4,383
Riverside	2,287	6,648
San Bernardino	1,839	5,141

Here are the stats for our investor friends. If you're brave enough to enter the foreclosure market, give me a call and we'll discuss your plan. We have the pre-foreclosure lists available, and they're updated daily. For more information on default/foreclosure activity in Southern California e-mail John.Wall1@century21.com. Don't forget to have a good one!

Ta'

-John

John Wall (CENTURY 21 Results) — Sun, 29 Jul 2007 09:47:13 -0700

When buying a home, borrower's always try to find ways to save. Their first shot is usually asking the seller for a price reduction. Here's a better way;

Example:

(Traditional Sale)

Sales Price $550,000 - 20% Down Payment, $440,000 Loan Amount. 30 Year Fixed Rate at 6.25% = $2,709 payment.

(Price Reduction of $20,000)

Sales Price $530,000 - 20% Down Payment, $424,000 Loan Amount. 30 Year Fixed Rate at 6.25% = $2,610 payment.
(a savings of $99.00 per month)

(Seller Credit of $20,000)

Sales Price $550,000 (with $20k in seller credit toward closing costs) - 20% down payment, $440,000 Loan Amount. 30 Year Fixed Rate at 5.00% (seller bought down rate) = $2,362 payment.
(a savings of $248.00 per month)

for these and other tips on saving money in your next home purchase call on TeamResults. TeamResults@Century21.com or www.teamresults21.com

John Wall (CENTURY 21 Results) — Sun, 29 Jul 2007 09:28:21 -0700

Have you heard the 'gold coat' is coming back? But at least this commercial won't be. :). If you need a little gold, you can count on us. e-mail or call TeamResults for your real estate needs in Long Beach and surrounding communities. TeamResults@Century21.com or (562) 433-1914. Or visit my website www.teamresults21.com

John Wall (CENTURY 21 Results) — Sun, 29 Jul 2007 09:19:07 -0700

Are all sub-prime borrowers, no good, dirty, deadbeats? The term ‘sub-prime' applies to a huge section of borrowers, and sometimes the majority of borrowers in some markets. As Lew Sichelman (LA Times, syndicated author) puts it, a "certain number shouldn't have been approved for a mortgage at any price". Referring of course to the increased media attention placed on the sub prime market of late.

The Mortgage Banker's Association says its difficult to define a sub-prime borrower, but admits that if you (as a borrower) have trouble coming up with one of your mortgage payments this year, you're sub-prime. Though, the association has said that 78% of you sub-prim(ers) are actually making your payments on time and are staying current on your mortgage. There is no avoiding the fact that sub-prime loans have a higher default rate, which is expected to increase in the near future.

In his recent article Lew has categorized the following list of borrower types as sub-prime;

Former Primes: borrower's who have suffered a major life event that has affected their financial position.

Future Primes: Those who have had mistakes in the past, take on higher interest rates or credit repair loans and promise to make payments on time, to once again reach their ‘prime' status.

Rookies: (My favorite kind) These are people who just don't have the funds for a large down payment but, meet or exceed every other qualification necessary for obtaining good terms on a loan.

Second Homers: These are borrowers who were able to qualify for a prime market loan for their first home, but didn't have the credit to qualify for similar mortgage status on their investment or vacation homes. Its estimated that this borrower only makes up 7% of the sub-prime market.

Fraudsters: There isn't much to say about these guys, other than they're crooks.

Ne'er-do-wells: Borrowers with messy financials, rarely pay on time, their approval's were just dumb.

Should Haves: These are folks who really are in the ‘prime' market but for one reason or another have chosen a sub-prime loan. (my experience is that these are the one's whom although, that are able to... they just don't want to put down a huge down-payment..

So which sub-prime borrower are you?

John Wall (CENTURY 21 Results) — Tue, 17 Jul 2007 15:00:26 -0700

7/17/2008

Much of the market information I receive comes from the same sources that everyone else sees. Here's an overview of whats happening in California.

According to DQNews, in California 36,975 new and resale homes were sold in May. Down 31.7% last year.

As of May 2007, the median price paid for a home was 484,000, up 2.5% a year ago, and, the typical mortgage payment borrowers committed to was $2,266. Thats down $46.00 from this time last year.

Market indicators have been all over the place, but its clear that adjustable rate mortgages have become increasingly unpopular. Foreclosure activity has not yet impacted home values in most markets. Down Payment amounts are stable, but investor activity is down.

From all this we learn that changes are taking place, but prices are still going up, and My guess would be that much of the sales decline has to do with potential buyers who are 'waiting to see' whats going to happen next. If you have any questions about local real estate activity, I am always happy to provide answers and share my observations. Please feel free to contact me, john.wall1@century21.com.

John Wall (CENTURY 21 Results) — Sun, 08 Jul 2007 15:37:16 -0700

When homeowner's fall behind in their mortgage payments or foresee a future problem looming, the decision has to be made whether to sell the home or try a ‘work-out'. Failing that means the possibility for a costly, messy, and humiliating foreclosure becomes more likely.

There are a couple of things to consider when facing this or similar situations. First if, as the homeowner, you absolutely want to keep the house you'll have to be able to prove that you can afford the payments. That means doing a budget, a cash flow statement, and providing supporting documents like Tax returns and pay stubs. Also, getting in touch with your mortgage servicer should be a top priority. Getting your servicer on board early helps to ensure their cooperation with whatever options you choose to take. They won't be too helpful if you wait until the last minute.

When making the decision to sell your home; when you owe more on your mortgage than the house is worth, your lender will become involved in what is known as a "short sale". Basically, a short sale means the lender agrees to take less than what they are owed in order to sell the property. There are some requirements that must be met before a lender will agree to a short sale, and their Loss Mitigation Department will take a look at:

How far behind on payments is the borrower?
Can the borrower tap any other assets to cover any deficiencies?
What caused the deficiency? Was there a hardship?
and more...

If a short sale is agreed to by the lender, they will generally not seek any further payment from the borrower, but that doesn't mean the borrower is home free. A lender will usually submit an IRS 1099 in the amount of the difference between the sale price and the amount owed to the lender. The Internal Revenue Service considers this amount "forgiven" as earned income to the borrower, and therefore will tax that amount.

When a short sale isn't possible or undesirable; its time to begin negotiating for a loan "work out" or modification. A modification can be in the form of a rate adjustment, or change in the terms of the loan that make the house more affordable to the borrower. Or at least, make it easier to keep up on the payments. The types of modifications that a lender can do are extensive and to make a list, would make for a very boring read. Suffice it to say, that if a modification is necessary, getting in touch with the lender early and staying in touch, is the only way to encourage them to cooperate. Remember that if you don't ask... You won't receive! So if you need a lower interest rate, ask for it. If you have fallen behind on your payments because of an illness but are able to pay on time again, ask for your past due amounts be added to the end of your loan. If refinancing is a better option, ask for favorable ‘refi' terms. If you need help, ask for it! Above all, don't panic, try not to stress yourself out, and begin looking for better options. Your real estate agent, loan officer, mortgage servicer, and others are professionals who can help, all you have to do is ask.

John Wall (CENTURY 21 Results) — Sat, 30 Jun 2007 13:16:06 -0700

The Federal Reserve along with other government agencies, released new guidelines on friday meant to stop abuses in high-cost mortgage, according to the Los Angeles Times.

The new guidelines, which mirror a proposal made last march are;

Fully consider a borrower's ability to repay a loan at its fully indexed rate, including costs like taxes and insurance.
Verify a borrower's income, rely on documented information not verbal representations.
Allow borrowers to refinance without incurring prepayment penalties at least 60 days before the initial reset date of the loan payment.

Regulators apparantly believe that issuing guidelines like these will lessen the impact of higher cost adjustable rate loans, which are being blamed for increased mortgage defaults in some areas.

Please comment if you are in the loan industry. Specifically I'd be interested in seeing how these new guidlines will affect the industry (if at all) and if these guidelines are really "regulations", if not will they even be implimented?

John Wall (CENTURY 21 Results) — Fri, 22 Jun 2007 16:08:32 -0700

This sort of goes in line with other posts I do like recapping the Anderson Report. To give an idea to consumers and professionals what the market looks like, and what people are saying about real estate.

The Boston Consulting Group conducted a survey of 1,007 Americans. Here are the results.

55% Believe they could sell their house for more now than a year ago.
3/4 Believe they could sell their home within 6 months at a price they set.
63% Believe that real estate is a good or excellent investment.
69% Said they were likely to renovate or improve their home within a year.
And finally, 27% said they were likely to purchase a house in the next 5 years.

A senior partner at the cosulting group said, "Americans believe their are homes are still their best investment. They're positive about their home's value and believe in a bounce-back in residential real estate, overall,"

John Wall
www.TeamResults21.com

John Wall (CENTURY 21 Results) — Tue, 19 Jun 2007 18:31:42 -0700

UCLA released today, the quarterly "Anderson Report", an economic forecast for California's overall economic health. The key points in today's report are:

1.) Housing sales are expected to be slightly down or flat through next year, a trend we're already seeing in some markets.

2.) The impact of this real estate downturn had been and presumably continue to have little effect on the rest of California's economy.

3.) A marginal slowing of job growth has sparked the slightest increase in unemployment. Real Estate related job losses have been in the mortgage business where dozens of companies have gone out of business or filed for bankruptcy. Construction employment peaked last year along with new growth.

4.) Payroll growth is expected to slow to less than 1% though the report didn't indicate where it is now. Personal income growth will slow to under 3%.

5.) And now for the good news... The economic picture for is expected to improve by mid-year in 2008 and be back in "normal" growth levels by year's-end. The U.S. Economy will see overall growth above 3% when the Federal Reserve is expected to cut interest rates sometime after the 4^th quarter.

On a side note: I compile this information for the benefit of my clients, friends, and colleagues, who know to take it all with a grain of salt and not rely on anything in these reports. If you would like to access the "Anderson Report" yourself, you can visit http://www.uclaforecast.com/ , or do what I do and wait for someone to send you a 20 page e-mail, so you can translate it for them. Cheers and Thank you for visiting this Blog.

John Wall
CENTURY 21 Results
http://www.teamresults21.com/

John Wall (CENTURY 21 Results) — Sat, 09 Jun 2007 16:34:02 -0700

New-home sales increased this month in Los Angeles, Orange and San Diego Counties according to an industry report this Friday. According to the report, new-home prices rose year over year in Los Angles, and San Diego counties. These are also the areas in Southern California where builders are more likely to offer non-monetary incentives instead of discounts off sales price.

The new-home median in LA County rose 5.7% from this time last year, contrasted by Riverside County's 4% decline since last April. Patrick Duffy, director of a Costa Mesa research firm said to the Los Angeles Times, "In general, it's those areas located close to job centers that will negotiate the current slow down..."

New-Home Sales only make up about 15% of all real estate sales transactions, but their numbers are watched closely by real estate experts because major price swings can help assess trends in other real estate markets.

John Wall, Realtor
TeamResults@Century21.com
www.TeamResults21.com

John Wall (CENTURY 21 Results) — Mon, 04 Jun 2007 16:49:03 -0700

4443 Levelside Ave, Lakewood, CA 90712

Open House Every Saturday & Sunday, 12-5 pm.

2 Bedroom, 1 Bathroom House 1,026 Square Feet $479,000 Offered by TeamResults.

Attractive home in the Lakewood Mutuals with some unique features. There are beautiful hardwood floors and a raised dinig area. Living room has a fireplace and a view of a private enclosed, outdoor garden. Grounds have been landscaped and well maintained. There are dimmers on the recessed lighting. Inside laundry. Home is a great starter home near to schools, shopping, entertainment and transportation. All appliances included.

One of the few remaining affordable starter homes in Lakewood; Adjacent to Lakewood Country Club.

For more information or to schedule a private showing; E-Mail TeamResults@Century21.com or
call (562) 896-3886. For E-flyers or property analysis visit www.teamresults21.com.

John Wall (CENTURY 21 Results) — Thu, 31 May 2007 16:29:13 -0700

There is a difference between condominiums and co-operatives. Both are a type of multifamily properties that house multiple units. Condominium owners actually own real property, while co-op owners have shares that give the right to occupy and use the unit.

A co-op can be thought of (because it is) a corporation formed to own multifamily residential property. Residents own shares in the corporation which owns an entire group of residences - usually one or more apartment buildings. Co-op members do not own their units. Instead they make an investment in the co-op and have a voice in controlling the its activities.

In general, condo owners are subject to fewer rules than co-op apartment owners and, spend less time in internal governance. A condominium, carries with it joint ownership of common portions of the property, while other areas are owned privately.

financing a co-op can be a little tricky. A newly formed co-op takes usually takes out a single large mortgage on the entire building and then the owners buy shares of stock that entitle them to a proprietary lease to occupy a unit within the building. As the co-op ages and equity increases, the value of each unit increases, and future buyers might be required to pay in cash or finance as much as 50% or more.

John Wall (CENTURY 21 Results) — Fri, 25 May 2007 10:04:31 -0700

Hiring a home inspector before purchasing a house, condo, or newly built
home can sheild buyers from unknown problems arising from faulty, or
damaged systems. The relatively low cost of hiring a qualified home inspector pales when compared to protecting a large investment.

When considering which inspector to hire consider their experience, professionalism, and industry associations. Your inspector should be a member in good standing with organizations like CREIA, CCI, and RHI. These are trade assocations which require members to maintain a quality work ethic and engage in continuing education programs. Don't forget to ask about licensing & insurance when interviewing potential inspectors.

Your home inspector will inspect the interior and exterior areas of the home as well as attic and crawl spaces below the home. All accessible systems in the home will be inspected such as heating and air conditioning, roof, plumbing, windows & doors, foundations, and ammeneties like pools and spas.

Remember that a property inspection covers only areas that are accessible at the time of the inspection. Inspectors will not make any alterations in order to access any of these systems.

Your inspector should produce a detailed analysis and report on the condition of the home you are about to purchase, and provide copies to each party to the transaction as well as your agent. This report will likely include descriptions, age, and condition of systems in the home.

It is likely that the inspector will find problems, infact I've never heard of a perfect "everything's fine" inspection, even in new construction. Its important to understand that these problem areas are not a repair list but a disclosure of the condition of each element of the home. The reports purpose is to allow the buyer to make a fully informed decision based on information that would not otherwise be obtained. Few agents and even the homeowner's themselves are qualified to make many statements regarding a home's condition.

Finally, consider this; just because a roof leaks, or the air conditioner only works in the winter doesn't mean that this particular home isn't a great deal, a good investment, and won't provide the stability, and protection owning a home should give.

For a list of respected home inspectors in the Southern California region, please feel free to contact me at TeamResults@Century21.com.

John Wall (CENTURY 21 Results) — Tue, 22 May 2007 14:02:56 -0700

Try this... Visit http://maps.google.com.

Once the website loads, Then click on "Get Directions"

In the From section type in "New York" and in the To section, type "London".

The directions are pretty straight forward as you would expect until you scroll down to number 24. That one confused me even though it made perfect sense.

Thanks friends... Have a great day.

Regards,

John Wall
C21 Results

John Wall (CENTURY 21 Results) — Sat, 19 May 2007 20:03:23 -0700

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90706-Bellflower (East)

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Information is deemed to be correct but not guaranteed. All advertised properties are subject to prior sale. E-Mail therealestateking@Century21.com for information

John Wall (CENTURY 21 Results) — Tue, 15 May 2007 15:38:43 -0700

There may be some relief coming for homeowner's who face foreclosure action by their lender. Washington Mutual, Bank of America, Citigroup, Merrill Lynch, and Wells Fargo, received letters asking for a six month moratorium on Foreclosures and instead urging these major lenders in the California market to focus on finding ways to keep borrowers from loosing their homes.

Many thousands of borrowers in California are at risk of default because they took on risky loans, and could loose their homes. Consumer groups, legal aid groups, housing services, at least place some blame on the lenders themselves because of loose underwriting which pushed some borrowers into loans they couldn't afford.

The Los Angeles Times quoted the associate director of California Reinvestment Coalition as saying "We are asking the largest lenders in the state to take leadership so that families can keep their homes and California's economy won't suffer".

John Wall (CENTURY 21 Results) — Mon, 07 May 2007 16:06:50 -0700

Have you heard the buzz about staged homes? They're out there and they are just one more handy thing in our home-selling toolbox. Its true that a staged home often will sell faster and many times get higher premium that at least covers the cost of staging.

When staging just isn't cost effective or for one reason or another not a viable option, there are tricks you can do to get many of the benefits of a staged home. First and foremost, its imperative that as a homeowner you take a step back and detach your emotional connection to your home. I know that its easy to say and harder to do, but it really is important.

As a professional agent, here are the things I look at in a home that I have on the market.

Cleanliness
Clutter
Curb-Appeal

I call them "the Three C's". Potential buyers base their first impressions and judgments about a home on the Three C's. Once that impression is made, it is very difficult to change their mind.

In terms of repairs, cleaning is the easiest to do, and like the most effective. So get on your hands and knees and start scrubbing. Wash everything; fixtures, windows, floors, cabinets, counters, every single surface should get a thorough scrubbing. Don't neglect the hidden areas, vacuum behind furniture, in closets, under the beds. Sweep underneath kitchen appliances.

Then its time to look at clutter. Your priceless family treasures, may hold special memories for you, your collection of figurines may be a source of pride, but to potential buyers - these things cloud their imagination. If a buyer can't imagine their own personal affects scattered around your home, they won't be inclined to buy it.

Also, contrary to popular belief... Size does matter! By removing the things that you don't need, and organizing the things you do will make your home seem larger. This includes furniture. Consider taking out some furniture. That love seat, sofa, or recliner really just clutters the living room.

If you can't seem to part with things, rent storage space. The first corner cutting that sellers try is to stash away everything in the hall closet or under the sink. Trust me, that won't work. As buyer's tour your home, they will open every door, drawer, and hideaway they find. If those spaces are full of your clutter, they'll get the impression that there isn't enough space for their Hummel figurines.

It seems to me that the minor problems with a home have big impacts on potential buyers. So fix your leaky faucets, upgrade outdated and worn fixtures, make sure doors and windows open and close with ease. These things are simple and effective.

For curbappeal, nothing beats a freshly landscaped yard. Make sure lawns are mowed, and edged, and watered frequently. Bushes and shrubs should be neatly manicured. Don't forget lighting too... Yard, and walk lights should be in working order. While you're outside take a look at your paint job. Could it use a little freshening up? A coat of paint is inexpensive and covers a multitude of sins. If your custom colors don't match the rest of the neighborhood, its time to fall in line get with the program. Your paint colors should be neutral and soft. Tans, taupe, off whites seem are best. When considering pain, don't ignore architecturally accurate colors. If your home is a Victorian style, you don't want to use Craftsman colors. Also, don't use Victorian purple on your Spanish ranch house.

These things are simple to do, inexpensive and offer the most rewards. Ask your agent for help with these things. Your agent is a fantastic resource for referrals and recommendations for cleaners, painters, handypersons, gardeners, etc.

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John Wall (CENTURY 21 Results) — Wed, 02 May 2007 09:22:20 -0700

I've just been made aware of an ugly scam that is affecting a lot of people in Southern California and other places. This is an insidious scam that takes advantage of the turbulent finance environment.

Consumer advocates and Mortgage Brokers (the reputible ones) are warning of this fraud where someone, under a false company or individual comes along and claims to be the new servicer of a borrowers loan. The new party will collect as many payments as possible before being discovered and then move on. Borrowers can loose a lot of money to this scam while at the same time, may face foreclosure because their 'real' payments aren't being made.

Its easy to fall for this scam because as we all know, its not uncommon to have a loan change hands several times, over the life of a loan. The way to fight this menace is to call your current lender, using the number on your mortgage coupon or older paperwork, and ask if your loan was sold.

Legally, the old and new lender must notify you in writing when your loan is sold. Verify any documents you receive about a new servicer, and don't trust any contact details is those documents. Use your own resources to contact your lender. If you just start sending payments without checking, you'll likely end up regretting it.

Contact your local law enforcement agency if you become a victim of this scam.

Regards,

John Wall

John Wall (CENTURY 21 Results) — Mon, 30 Apr 2007 15:53:05 -0700

Some good news for the California Real Estate Market: Almost 40,000 homes were sold last month, an increase of nearly 30% over the previous month. The median price is up 3.0 from last year and the average mortgage payment was 2,230 last month.

According to DataQuick, foreclosure activity is still rising but still within the normal range. Financing with adjustable rate mortgages has fallen significantly, while absentee owner acquisition has only slowed slightly along with house flipping activity.

Overall I think the market truly is correcting and is strong. If you ask me whether it's a buyer's or seller's market really depends on the neighborhood. Its true that homes are taking longer to sell and some seller's have been inclined to provide incentives that add to the appeal of their home over the one next door but, nobody seems to be loosing out.

Its just as good a time to buy as it is to sell.

John Wall (CENTURY 21 Results) — Fri, 27 Apr 2007 10:26:57 -0700

In exchange for something of value (consideration) the right given to a party (optionee) by the owner of a property (optionor), to purchase or lease property within a specified time.

The option is a pre-arranged, written agreement between an owner and a prospective buyer that states the right to purchase a property at a fixed price and within a specified time frame.

Because the option will become the sales agreement, all terms should be clearly defined, and spelled-out. A prospective buyer generally pays an option fee in advance to the owner in exchange for the right to exercise the option. How this works locally here, in the case of a "lease-option"; a buyer who perhaps wants to "try-before-you-buy", or who needs more time to raise a down payment, will agree to lease a home for a period of 6 months to a year, while paying rent and usually an option fee. At the end of the term, the buyer then has the ‘option' to purchase the property outright at the price previously agreed.

Often times a portion of the rent paid during the lease term and the option money, are applied to the purchase price. The caveat is this; if the buyer chooses not to exercise the option, he looses the option money and rental fees.

This type of arrangement benefits both buyer and seller because it provides income for the seller, and the buyer locks in a purchase price well in advance of actually purchasing a home. There are downsides of course, such as the property value declining below the agreed upon price. It is another way to acquire real estate when conventional sales just won't do. Try it!

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John Wall (CENTURY 21 Results) — Tue, 24 Apr 2007 12:06:46 -0700

Do you think you've lost your chance to own a home in Long Beach? I'm here to tell you not to give up yet. There are programs in place for first time homebuyers that help you own your own house or condo. These programs are sponsored by the California Housing Finance Agency.

There are numerous properties that qualify and anyone who meets the qualifications can apply. In Los Angeles County a 3 person + household with up to 103,600 income can qualify for CalHFA's 40 year mortgage, a fixed rate conventional mortgage for up to 100% of the purchase price. There are down payment programs available also that can be combined with this loan program too.

The details are available at http://www.calhfa.ca.gov/. If you think you've been left out of the real estate market, take a look and see if one of these might benefit you. With the right finance and professional representation, you too can be a homeowner.