Authored December 16th, 2010 and published here December 30th, 2010
Real estate in the Central Valley area (Merced County) can be challenging but it's a challenge that I love to take head on. The results of finding buyers a new home are very rewarding. I base my business primarily on the referrals of my friends and family. Once you become a client the relationship doesn't end at finding you a home or selling your current one. I stay in touch and make sure your questions and concerns over real estate are handled well into the future. I promise that I'll be there to answer questions regarding your home. Plus I have many contacts with business professionals that provide home services from roofers and remodels to landscaping, electric and HVAC services (heating and air conditioning). My client's success is very important to me. I'll be there for you not just as your agent but as your friend.
A colleague commented today (Thursday the 16th) that earlier this week he saw more than 40 people on the court steps in Merced hoping to purchase homes. It's a big business and with a deadly combination of low inventory and affordable prices it's a business that won't let up anytime soon. Who I feel bad for is the working family that wants a home usually in the price range of $125,000 to $175,000 nearer to the UC Merced or the junior college area (North part of Merced). At times these houses can be very difficult to purchase. Having a solid offer is half the battle but one where I help put it all together. Having a buying strategy to battle the low inventory and investors is advantageous. I enjoy meeting with clients and reviewing exactly what's going on in the Merced/Atwater area.
The past few weeks I've had several questions regarding short sales, foreclosed (REO - bank owned usually real estate) and investor properties that are labeled as flips (quickly turning a profit on a home bought less than market value). I enjoy discussing the various type of ownership we find in real estate.
Just a quick summary to help those considering purchasing a home:
Short sales are when the lender(s) must decide whether to take less than what is currently owned by the owner of the property. They are tricky at times and can take months even a year plus. Your agent must ask the right questions to develop a purchase strategy for these properties something that I understand and do for my clients.
REO (foreclosed) properties have quicker response times from the banks. The owner doesn't have to approve your purchase and then submit the offer to the bank(s) like they do with the short sales. With foreclosed properties we place an offer directly to the bank for approval. These properties like short sale homes state ‘as-is' but depending on what is found in an inspection some things can indeed be negotiated.
Investor owned properties often result in flips. The home is purchased low often at the court steps and then re-listed on the market at a higher price. At times the investor will make a few cosmetic changes such as paint and carpet. Other times nothing is done just a straight re-list. On occasion more is done from new appliances to landscaping. Knowing the property history and understanding the comparables in the neighborhood will be advantageous. Financing these homes can be a challenge depending on the type of financing a buyer has selected (FHA, VA, Conventional).
Part of the value I bring my clients is in helping them understand the process, developing the plan of action and implementing the plan. Keeping clients informed and making sure they have the right information needed to succeed is what they receive.
As real estate agents our reputation is everything. Knowing the market and providing excellent highly valued services is what we do. I'm honored to represent clients throughout the process.
Hope you have merry holidays and here's to a happy and healthy 2011!
Scott Messing
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