A Day in the Life of a Chico Realtor
January 17th, 2008 Categories: Just for Fun!, My Opinion on Things
“Chico CA Real Estate agent“…
There are days, like today, when I feel I have the greatest job in the whole wide world. Other days I seriously have to wonder, but today was a good day, so we’ll keep our focus there. I truly enjoy the work I do when I have the opportunity to connect with people and make a real difference.
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Your Chico CA Loan Application- It’s Not THAT Hard!
January 5th, 2008 Categories: Busy Girls Guide, Chico Buyers, Chico Financing
I haven’t quite figured out the rationale, but the prospect of getting prequalified or preapproved is often an intimidating process for a Chico Buyer.
For some reason, folks will often avoid it as long as possible, and build it up in their minds to be some horrible, awful procedure. I find myself listening to every imaginable excuse, and smiling, because I know that a mountain is being made of a molehill. It’s kind of like trying to convince your kids that if they would just put the broccoli in their mouth, they will get it over with, and can then move on to the ice cream!
- First off, a buyer does not have to go to the hassle of making an appointment. No need to get dressed, leave the house, and make your way to a stuffy, intimidating office with some guy in a 3 piece suit! In this age of convenience, many lenders will accommodate your request for prequalification by phone, fax or email. In the span of a short phone call, the lender can get the basic information he needs from you to start the process.
- Second, just because you talk to a lender to get prequalified, it doesn’t mean you’re married for life! You may decide, after your initial phone call, that you don’t like the way the lender chews gum in your ear. You might also decide, after talking to your best friend, that the lender isn’t very reputable. Fine. NEXT!
- Third, finding a great Lender shouldn’t be difficult. It should be fairly easy considering you have an excellent resource for a referral in your Chico Realtor. Consider, for a moment, that you’ve already done the work to find a top producing, highly recommended, ethical Realtor that you can actually talk to. Doesn’t it stand to reason, that the Realtor, given the choice, will choose to recommend another professional that will the get the job done efficiently and effectively, thereby ensuring a happy buyer? (In case you’re wondering, there is no $ passed between the lender and the Realtor. The payoff to a referral, is a job well done for the client).
Need a recommendation for a good Chico Lender? Call me.
Related articles:
What is the Difference between Prequalification and Preapproval?
Why Should I Get Preapproved for a Chico, CA Home?
Lenders beware: How to lose a Chico, CA Realtor (and therefore buyer) in 3 days.
Like what you’re reading?
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Looking to buy or sell Chico CA Real Estate? Need a Top Producing Chico CA Realtor? Call Sandi Bauman 530-864-5407 or email [email protected]. Specializing in REO, residential, relocation, investment & ag property.
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New Year’s Resolutions: Get Yourself Ready for Your First Chico Real Estate Investment
January 1st, 2008 Categories: Anatomy of a Chico CA Real Estate Transaction, Busy Girls Guide, Chico Buyers
Hoping to purchase your first Chico CA home in 2008?
Here are a few items that should be on your New Year’s Resolution list if you want to earn that coveted title: Chico CA HOMEOWNER!!
1. Speak to a local lender. First and foremost, talk to a reputable lender. If you need a recommendation, I would be happy to provide you with a name I respect. A good lender will run a detailed credit history report right away so you know what you have to work with. If the numbers are doable, the lender can then give you an idea of what price range you might be comfortable in searching for a Chico home.
On the other hand, if opportunities to improve your score are available, the lender can offer you suggestions of what to work on, and how soon you might qualify for a more appealing loan package. Read more on the prequalification process:
What is the Difference between Prequalification and Preapproval?
Why Should I Get Preapproved for a Chico, CA Home?
2. Start considering what features in a home are most important to you. Do you need room for 5 dogs to run around? Do you love to cook? Do you need storage space for 50 pairs of shoes? How critical is a garden tub in the master bath? Do you want to be able to walk to the grocery store?
It may seem like putting the cart before the horse, but I would encourage first time home buyers to really put some thought into what home features will fill their individual needs. It’s better to save yourself time trekking in and out of tons of open houses that you won’t end up liking once your common sense kicks in. Try to narrow in on what will actually work for you.
3. Get a feel for neighborhoods and schools. Again, what sort of home will your lifestyle dictate? Do you want your children within walking distance of schools and friends? Or will a 15 minute drive each night to the seclusion of your own acreage be more fulfilling? Do you want to park yourself in between homes full of college kids, just because the house has a “vintage” feel, or would you prefer to be in a more quiet, traditional neighborhood full of working professionals? Whenever I’m researching a new neighborhood, I spend a LOT of time driving around. Consider not only the types and sizes of homes, but the vehicles in the driveway (perhaps on the lawn?), the proximity to local services and your place of business. If possible, talk to the locals! You will find out everything you ever wanted (and more), by simply approach the folks walking around the block.
4. Start packing! You will be grateful when the time comes to actually move that you put in the effort now to start organizing. Clean out those closets, box up unused items in the kitchen and the garage, and prepare yourself mentally to relocate. Get some of that physical work out of the way now and relieve yourself of some intense stress later.
5. Save for that down-payment and good faith deposit. Last, but definitely not least, start saving and planning for your down-payment and closing costs. While there are 100% financing options available, they aren’t always your best bet in the long run. If you can at least come to the table with your closing costs covered, you will be in better shape.
What is a Good Faith Deposit, and Why Do I Need One?
Getting organized, preparing financially, and gaining knowledge about where you will be living will help make choosing your Chico real estate investment as smooth as possible.
Happy house-hunting!
Subscribe to: Chico CA Real Estate Blog and MLS Listings Search!
Looking to buy or sell Chico CA Real Estate? Need a Top Producing Chico CA Realtor? Call Sandi Bauman 530-864-5407 or email [email protected]. Specializing in REO, residential, relocation, investment & ag property.
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What to expect from your Chico CA Realtor.
December 5th, 2007 Categories: Chico CA Real Estate News
A Chico CA Realtor (or any Realtor, for that matter) owes specific duties to his or client, as well as other parties that may be involved in a Chico CA real estate transaction.
If you are a buyer or seller, it’s important that you know what you are entitled to from your Realtor. After all, your relationship is going to be a very important one, considering that a home is probably the largest investment you will ever make in your lifetime!
Your Realtor will be your “fiduciary.” A fiduciary is a person who holds a special position of trust and confidence, and one who is held by law to high standards of conduct. It is the job of your Realtor to work with your best interests in mind.
Specifically, your Chico Realtor owes you these fiduciary duties:
1. Reasonable care and skill
2. Obedience and utmost good faith
3. Accounting
4. Loyalty
5. Disclosure of material facts
What does all this mean in a Chico CA real estate transaction?
1. Reasonable care and skill. If a broker or salesperson causes his client harm due to carelessness or incompetence, the broker will be held liable to that client. A Realtor should not overstep his experience or ability at the expense his client.
2. Obedience and utmost good faith. A Realtor must follow the instructions of his client, in accordance with the intent of the clients wishes. (Just for the record… please don’t ask THIS Chico Realtor to do anything illegal or immoral on your behalf- we would have to investigate terminating our relationship!)
3. Accounting. A Realtor needs to account for any funds that he receives on behalf of his client, and avoid mixing them with his own money. That good faith deposit check does NOT belong in the Realtor’s checkbook! It should be deposited into escrow according to the broker’s standards.
4. Loyalty. A real estate agency relationship is based on confidence that the Realtor will remain loyal to the client. The Realtor needs to keep his clients interests first and foremost. Most commonly we see this violated when a Realtor reveals confidential information to a third party, such as how low of an offer a seller might be willing to accept on his home.
5. Disclosure of material facts. A Realtor needs to inform his client of any facts that might influence the clients decisions. Communication is a BIG factor here, particularly with a seller. The agent must present ALL offers, inform the seller of the TRUE value of the property, disclose any relationship between the agent and the buyer, and reveal a dual agency, should it exist.
In addition, your Chico CA Real estate professional owes the OTHER party a duty of reasonable care and skill, a duty of good faith and fair dealing, and a duty to inspect the property!
Although it sort of sounds like a conflict of interest of their fiduciary duty, your Realtor is also held responsible if his negligence of incompetence harms the buyer or seller on the other side of the deal. A Realtor must disclose all known material facts about a property, and avoid mistakes in their presentation of facts. Lastly, the Realtor must perform a reasonably competent visual inspection of the property and disclose his findings to the buyer.
Looking forward to more posts like this?
Subscribe to: Chico CA Real Estate Blog and MLS Listings Search!
Looking to buy or sell Chico CA Real Estate? Need a Top Producing Chico Realtor? Call Sandi Bauman 530-864-5407 or email [email protected]. Specializing in REO, residential, relocation, investment & ag property.
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What’s All This Talk About Short Sales on Chico Homes?
November 10th, 2007 Categories: Anatomy of a Chico CA Real Estate Transaction, Chico CA Real Estate News, Chico Financing
By guest author Mike Wiegert, Broker, Chico Homes
For Chico, CA homeowners that can’t afford to pay their mortgage, there is an alternative to bankruptcy or foreclosure proceedings – it is called the short sale.
The short sale really begins when you finally realize that your house just isn’t worth what it was just a few short years ago.
The next realization is that if you sell your house for what it’s really worth, you’re not going to actually get any proceeds back from the sale. That’s a big pill to swallow, but after you do, you might have the final realization that you’re really just starting from scratch like you did a few years ago. Back then, you’re credit was pretty good, you had your health, all your kids were fairly normal and you had a job. So rather than losing your home in foreclosure AND ending up with a terrible credit report, you think “I wish we could just be back to where we were back then.”
It’s at this point that a “short sale” might be the answer.
A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs such as property taxes, transfer taxes and commission.
In other words, what a buyer might be willing to pay for your home isn’t going to cover what you owe on it and what it’s going to cost you to sell it. Unlike a foreclosure, a short sale can keep the homeowners credit intact. The first step is to do some research a find a Chico, CA Realtor that knows the Chico real estate market and has had experience and success in the short sale process. Your Realtor will need special skills and a persistent attitude in dealing and negotiating with your lender.
Banks are not in the business of owning and marketing homes and many would much rather discount the current amount of their loans than have to go through the process of marketing and holding a property in a slower market. This lender attitude will certainly grow as the number of foreclosures and repossessions increase. Conversely, the popularity of buying in the short sale market appears to be spreading rapidly.
Be advised, before you contract with any Realtor to market your home utilizing a short sale concept, you should consult a real estate attorney for the legal implications of the short sale and an accountant about the tax liabilities involved in the short sale.
You must understand everything upfront before the short sale process begins- look to your Chico CA Realtor for assistance.
1. You must prove to your lender that you are unable to afford to pay your mortgage.
If your lender is aware that you possess certain assets such as stocks or bonds, or you have a high paying job, your lender may require you to sign a note promising to repay at a future time any discount of what you owe that they make in the short sale. If you do not possess these types of assets or your job clearly indicates that you would not be able to repay such a debt, it is possible it may be forgiven.
2. Next the lender will appraise the current market value of your home.
The lender, with the help of your Chico, CA Realtor will calculate the amount of the outstanding debt and the customary costs of selling. If the proposed short sale will bring them more money than they would get during auction, the lender will mostly likely agree to it. End result, you didn’t pull the equity out of your home that you might have thought you had, but your credit is still intact, you’re out of a mortgage payment you can’t afford and the dream of once again owning a little corner of this world still burns brightly!
If you find yourself in a situation where your payments are are becoming too much to handle, please contact us at Chico Homes! We may be able to assist you in selling your home and avoiding a credit-destroying foreclosure.
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Looking to buy or sell Chico CA Real Estate? Need a Top Producing Chico CA Realtor? Call Sandi Bauman 530-864-5407 or email [email protected]. Specializing in REO, residential, relocation, investment & ag property.
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