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Home Values - Who Do You Trust?
When you are sick, you go to a doctor! When your tooth hurts, you go to a dentist! And when you are ready to buy or sell your home and move, you call Laura. Probably the biggest question on the mind of every homeowner is “how much is my home worth”. You may be surprised to know there are several different ways you can find out: Here are some of them:
Free Online Estimates: Free appraisal sites offer quick estimates of home values based on analysis of publicly available information, such as tax records. However in my professional opinion these sites are very inaccurate. I have put in addresses of properties in neighborhoods where I KNOW the values and I have never gotten a correct value! STAY CLEAR!
Fee-Based Online Appraisals: Some online sites offer property valuation reports you can download for a fee. These are computer-generated analyses based on publicly available information, so they may be useful only if you don't want to spend time looking up records yourself. But once again, you do not want someone who does not know your living area to give you a general price quote!
Real Estate Comparative Market Analyses: Comparative market analysis, or comps, are reports prepared by real estate professionals that estimate a selling price for your house. They're based on the agent's knowledge of the area as well as asking prices and recent sale prices for comparable properties in your neighborhood. Th
Home Appraisals: A full professional appraisal is a must if you're applying for a loan and is always going to be the most precise evaluation of your home's worth. Keep in mind that a good appraiser isn't in a position to profit from the appraisal, and his or her fee will be based purely on time and expertise.
What Affects Property Values
Some the features that increase property values are obvious-like a remodeled bathroom, a modern kitchen, or a sought-after neighborhood. But here are a few features and circumstances you have not have realized can affect property values.
- The neighbors: Not every neighborhood or community has an HOA that can keep the neighbors from going overboard with decorations or neglecting to care for their home. Homes adjacent to crazy neighbors can potentially be undervalued.
- Trendy groceries and coffee: Recent statistics suggest that if your home is a short walk from popular grocery stores like Whole Foods or coffee chains like Starbucks, it can actually appreciate faster than the national average.
- Mature trees: A big beautiful tree in the front yard is enviable, and it's not something that can be easily added to any home. Homes with mature trees tend to get a little boost in value.
- Parking: This isn't too much of an issue if you live in the suburbs or in a rural area, but residents in dense cities can have real problems with parking, and homeowners might need to rent a spot just to guarantee a place to park each night. That's why having guaranteed parking in urban areas will raise property values.
- The front entrance: First impressions matter to buyers-many will cross a home off their list within 10 seconds of stepping through the front door. An appealing front door, a friendly entryway, and a functioning doorbell are all necessities for getting top dollar.
What The Heck Is A Short Sale
Please note, this transcript is an abbreviated version of the video.
Hello Hello Hello my loves this is Laura Key, I am the Realty Goddess of Los Angeles California. I help "Establish the Community One House At A Time" and I have been in the business for 11 years. I started my career in Colorado and now I am in Los Angeles. I have been in Los Angeles for about six years now and I was a Realtor in Colorado for five years. I love me some Denver. Denver is actually going through a big boom right now as well as Los Angeles.
What the heck is a short-sale? You see them listed on the MLS sometimes and you hear that you can grab a bargain if you purchase one. Today we will discuss these issues and educate you on how these types of sales are processed.
The first thing to learn about a short-sale is that there is nothing short about a short-sale! What is actually short, is what the owner currently owes the bank compared to what the current market value is. If the home is upside down or less than what the current owner paid then the owner has to ask permission from the bank to sell the home at a loss. There are many different reasons that people have to do a short-sale but it's typically centered around a hardship. Maybe the owner lost a job, lost a spouse, has to relocate for a job or has become ill and can no longer afford the home.
Let's take a quick look at what a short-sale is and how it is processed so you can get a better understanding as a buyer so you can decide if you want to go for them as a purchase OR have a better understanding if you are in the seller role.
The number #1 rule is worth repeating...There is nothing short about a short-sale.
The first thing you want to do if you are the owner and have found yourself in a financial bind and you need to sell your home but you cannot pay off the full mortgage, you must contact your financial institution immediately. Let them know the situation and tell them you are interested in doing a short-sale. The majority of financial institutions have short-sale packets ready for you to fill out. The more pro-active you are the more chance you will have in selling your home as a short-sale. These packets can be very tedious and frustrating because it's a lot of paperwork and a lot of writing.
Here is typically what you are going to be asked for: two years worth of taxes, a hardship letter that explains why you need to sell, 3-6 months of pay stubs, 3-6 months of bank statements. If you don't have any of these items, you must write a note as to why you do not have theses items. Simply saying "I don't have them" will not work. Write it out and put it in the packet. Your hardship letter needs to explain exactly why you are having a hardship. Keep it simple and to the point, there is no need to write a book. My advice is to have all of these items completed BEFORE you list the home. Your real estate professional can help guide you on this.
Your home will be marketed just like a regular home for sale. We will have open houses, we will advertise, we will have showings. Once that has been completed and we have an offer or offers, we choose the best offer to accept then prepare to present it to the bank. I must stress that a COMPLETE short-sale packet must be sent to your bank or it can cause problems. It will be the ultimate decision of the bank if they will accept the offer or not. Most likely they will respond to what "their" terms will be for any potential buyer. It takes about 45 to 120 days for a short-sale to be completely processed.
To the buyer, short-sales are not always easy, you are going to have to be patient. If you like that house and you want that home then you must be patient while this process is going on. Unfortunately, an agent is not going to be able to update you daily, but a good agent knows that they must talk to the bank at least twice a week to keep the short-sale moving smoothly. I typically give all parties an update once or twice a week as I get them.
Are short-sales always a good deal?
Some are and some are not. It also depends on the market itself. We are in a seller's market (May 2017) and this means inventory is low so ALL homes are being considered by many buyers. You will find multiple offers even on distressed sales. Sometimes being a backup offer on a short-sale can benefit you because nine times out of ten the writer of the original winning offer is no longer interested.
How does a short-sale affect your credit as a seller?
Short-sales are not as bad as a foreclosure on your credit. If you keep your credit clean after your short-sale, you may be able to buy again after two years. Short-sales are reported on your credit. It will affect your credit score.
I always advise if you are in trouble with your payments, please contact your financial institution as soon as possible and inquire if a short-sale is for you. In the long run it's going to be better for you and your future home buying.
For more information about short-sales or any other real estate topic please reach out to me and I will help assist you!
What The Heck Is FIRPTA?
HOW DOES THIS WORK?
Withholding of Tax on Dispositions of United States Real Property Interests. The disposition of a U.S. real property interest by a foreign person (the transferor) is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding.
For More Info From the Experts! Contact...
Nena Mahlum
FIRPTA Supervisor
Harding Bell International, Inc.
Foreign & Domestic Investment Tax & Accounting Specialists
8687 W. Irlo Bronson Hwy. (192), Suite 206
Kissimmee, Florida. 34747, USA
113 Pontotoc Plaza
Auburndale, Florida. 33823-3439, USA
230 East Park Avenue, Suite 41
Lake Wales, Florida. 33859 USA
Tel: 001 863 968 1010
Fax: 001 863 968 1020
Personal email: nena.mahlum@HBItax.com
General email: info@HBItax.com
Website: www.HBItax.com
