Straight Talk About Real Estate

“Why are my condo association fees going up?”
“The gardeners for my condo common areas are doing a lousy job. Who hired them anyway?”
“I don’t like the way my homeowners association is setting up all these rules that we have to abide by.”

If you have complaints or questions about how your homeowners association is running the condo complex, it is your right and privilege to get involved with the association.

Homeowners associations are comprised of owners of the complex. It is run by a Board elected by the owners. Bylaws for the association includes how owners are to be notified of Board meetings. As an owner, you should get involved so you have a say in how things are managed in your condo complex.

Renters of a unit do not have any rights. If they have any complaints, they need to talk to the owner of the unit they are renting. Absentee owners do have voting rights.

Perhaps the tenant of your rental property moved out and you decide to sell it. Or you moved out of your home before putting it on the market to avoid the hassles of selling. Or maybe your escrow was delayed and you moved out before the buyers moved in. In all those cases, your house is left vacant.

Here are a few things to keep in mind:
1. Have a neighbor keep an eye on things for you and give him your contact number.
2. Give the key to a friend close by so that in case of emergency, he can go into the house. Ask him to go into the house at least once a week to make sure everything is in place.
3. Keep your utilities on until after the final walk-through. The buyers will need to verify the condition of the house prior to closing.
4. If the house is vacant for an extended period of time, notify your homeowner’s insurance company. It may affect your coverage and provide for vandalism damages.
5. Make sure there are no dripping faucets or running toilets or you will be hit with a big water bill.
6. Arrange for maintenance of the landscape. The curb appeal is extremely important in selling a house. It will be more costly to have to replace the landscaping.
7. After asking the post office to forward your mail, ask your neighbor to pick up the junk mail and throw-aways on the driveway.
8. Set a few timers with lights in a couple of rooms to turn on at various times in the evening.
9. Give the police department your contact number, just in case.
10. Make sure you choose a local real estate agent to represent you in the sale so he is in the area to keep an eye on the house as well.

In the last few years, we have seen such a strong seller’s market that all it took to sell a house was to put a sign on the lawn. Actually, some houses sold even before that!

But in today’s market, the number of homes on the market has increased. Buyers have more choices. They want to get the most for their money.

In order to attract qualified buyers, sellers would be wise to prepare their house for sale. Here are a few inexpensive ways to spruce up your home without emptying your pockets.

*Make sure your kitchen looks clean and reasonably updated. Consider adding new cabinet door handles, replacing the kitchen faucet set and updating old lighting fixtures with brighter, more energy-efficient ones.

*Coordinate your appliances. Order new doors or face panels for your kitchen appliances if they don’t match. Big secret: Many dishwasher panels are white on one side and black on the other. Simply unscrew it and flip it around!

*Update your bathrooms. A new toilet seat and faucet set can make a big difference. Consider re-grouting the tile and replacing any chipped tiles if your tub and shower are looking dingy.

*Revamp storage space. Adding do-it-yourself wire and laminate closet systems to bedrooms, pantries and entry closets will make storage spaces more accessible, functional and appealing.

*Clean your carpet. Professional cleaning can be an inexpensive investment for the aesthetic of your home. Don’t worry about replacing wall-to-wall carpeting for more worn carpet; use rugs to cover areas.

*Consider replacing lights with attractive fixtures or inexpensive chandeliers. For ceiling fans, you can replace fan blades while leaving the body in place.

*Make sure your entryway is appealing. A good-looking handle and lock set indicates a dependable home. Painting the door can also make a big difference.

*Brush up your front yard. Mowing the lawn, sweeping the walkway, and a few nicely placed plants can make a great first impression to the buyer.

The procedures for closing the sale of a house varies in different parts of the country. Here in Southern California it is customary to use an escrow company to handle the paperwork in the transfer from seller to buyer.

Sellers often asssume they have to be present on the day the house changes hands. They actually do not have to be there at all. If they executed all the paperwork in advance, the escrow company and their real estate agent will handle the closing, so that they can be anywhere in the world. They can arrange ahead of time to have the proceeds of the sale wired into their account or the check sent to them.

Potential buyers are worried that the market will drop. Should they hold off buying for now? Here’s the outlook:

The housing market has entered a down cycle, but is not expected to continue on this trend to any devastating level. The market is facing a moderate slump due to risks such as interest rates, expanding inventories, and decreasing affordability. However, aside from the natural population increase, several factors suggest that the future of housing will be strong. Changes in demographics and population growth will contribute to maintaining the health of housing demand and prices.

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By Nicole Reyes

Today is Donut Day!

The first Friday of the month is designated as the day to celebrate the donut, or doughnut, whichever spelling you prefer.

Walk into any Krispy Kreme and they will give you a FREE doughnut of your choice!

In following up with yesterday’s post, if you are in the market to buy a house, here are some things to consider:

If a house is definitely priced below market, don’t be afraid to make a full price offer. I saw two occasions of multiple offers in two weeks.

If a seller will not lower the price, consider asking for concessions such as closing costs, prepaying homeowner’s association fees, throw in the washer/dryer, etc.

If you want to buy a new construction, and if many units are available, you can definitely ask for more goodies. The developer will not want to lower the price because it will affect the next sale, and anger the previous buyers who bought at a higher price. But you can negotiate free upgrades, closing costs, landscaping, window coverings, and even prepay mortgage payments.