Irvine- Make Your Move Today!!

MAKE YOUR MOVE

You know that it takes planning and preparation to sell your home, and the same applies to making a purchase.  But whether buying or selling, you’ll also have to put a lot of thought into Moving Day.  When thinking of buying or selling a home please be sure to visit  new homes for sale in Irvine for the latest news an information on the Orange County real estate market.

After you’ve gotten three in-home estimates from professional moving companies and made your choice, start packing!

By starting your packing well in advance, you’re actually less likely to pack things you no longer need.  Sort those items separately as you go, and then have a yard sale or get receipts and deduct your donations.

When it comes to packing materials, you can save both money and the environment by using what you’ve already got.  Instead of bubble wrap or paper, use towels, sheets, and other soft items to wrap your breakables and save space.

Label each box by number and room, and keep an inventory of its contents.  Save a couple “load last” boxes for easy access on moving day and your arrival (towels, sheets, toiletries, medications, etc.).

When you do arrive, try not to be overwhelmed by all the piles of boxes.  It’s a lot more fun to unpack and rearrange in your new home than it is to load everything up.  If you’re properly organized, you can quickly get settled.  Just work on one room at a time and be sure to start in the kitchen!

Larry Weichman is President and Broker of Orange County-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Irvine  since 1976.  For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com.

Irvine Sellers- Fom “Less” to “Yes”

FROM “LESS” TO “YES”

The painful truth: Sellers who do not price their property competitively are the most likely targets of lowball offers.  When selling your property in Irvine please be sure to visit new homes for sale  in Irvine for the latest news and information on the Orange County real estate market.

In soft markets, buyers are more prone to make low offers on listings seen to be priced too high.  Listings that don’t sell usually require price reductions, which in turn often mean ultimately accepting an offer lower than you could have received by pricing aggressively from Day One.

Since selling your home can be such an emotional and subjective experience, it’s easy to understand why you’d be reluctant to counter an offer below your asking price.  But rather than feel insulted, try to see it as the beginning of a dialogue that could ultimately produce a sale.

If you feel any of the terms or conditions of the offer are unacceptable, ask your agent to present a counter-offer.  Sometimes buyers and sellers don’t really know beforehand what price they’ll accept until they’ve begun the negotiations.  For example, a buyer might agree to a higher price than planned if interest rates suddenly drop.

If you’ve received a lower than expected offer, but the buyers have proven their qualifications and commitment by securing loan pre-approval, you have grounds for serious consideration.  The process of counter-offering can be swiftly settled or carry on ad nauseam.  Be prepared to explore all options and act quickly before letting your negotiations fail.

Larry Weichman is President and Broker of Orange County -based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Irvine since 1976.  For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com.

Irvine Home Sellers! Why advertising wont work!

WHY ADVERTISING WON’T WORK!

As you prepare to sell your home, you’ll probably consider the best way to advertise it.  Surprisingly, advertising doesn’t work.  But marketing does, and there is a big difference.  An agent will be more involved in “marketing” your home, and here’s why.

 While ads focus on a “product,” marketing involves targeting consumers based on their lifestyle and the opportunities provided by what you are offering.  Real estate agents have a list of ready and willing buyers with whom they have already been working, and they understand the needs and qualifications of those buyers.  Chances are that an agent can “market” your home to many of them without ever placing an ad or holding an open house.

A photo and description of your home’s features, in a newspaper or magazine or online, is simply “advertising,” and is not going to generate much interest.  A recent consumer survey conducted by the National Association of REALTORS® revealed that fewer than 5 percent of buyers found these ads helpful in selecting homes.

Buyers want to purchase a version of a “dream,” not the bricks, windows, and siding that the dream is made of.  Ask your agent about how they plan to “market” that dream to the buyers they already know and to other agents and their buyers.  You’ll be surprised how much more effective marketing can be than advertising.

 Larry Weichman is President and Broker of Orange County based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served  Irvine  since 1976.  For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit new homes for sale in  Irvine, Ca for the latest news and information on the Orange County real estate market.

Irvine, CA ! Have an empowering relationship with a real estate agent!

Sports agent.  Talent agent.  Insurance agent.  Real estate agent.  What significance does the label “agent” hold, and why is it important when buying or selling a home?

 Webster’s dictionary defines an agent as “a person, firm, etc. empowered to act for another.”  For an “agency” relationship to exist, there must be a “principal” and an “agent.”  The principal is the person who empowers another to act as his representative, while the agent is the person empowered to act.

In real estate, an agency relationship is created when a seller signs a “listing agreement.”  The seller gives the broker authority to act on his behalf to locate a purchaser. The agent must be loyal to his principal, exercise competence, and when negotiating a sale, the agent must protect the principal’s financial interests. The agent must also treat all third parties honestly and fairly.

It is also possible for an agency relationship to exist between a buyer and a broker.  When this occurs, the broker’s fiduciary loyalty is to the buyer, and all sellers must be treated honestly and fairly.  In that case, the agent attempts to secure the lowest price and most favorable terms for the buyer, his principal.

Whether buying or selling, it is critical to understand which parties make up the agency relationships.  If in doubt, ask the real estate agent for a clarification.

Larry Weichman is President and Broker of Orange County-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Irvine since 1976.  For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit scenic property in Irvine CA for the latest news and information on the Orange County real estate market.

Look Before You Leap Irvine Sellers!

Many retirees are facing dwindling incomes from their battered investments, which explains why applications for “reverse mortgages” have risen nearly 50% in the last two years.  It sounds like a great option: a lender essentially gives you a cash advance on your home’s equity, which doesn’t have to be paid back until you either move or “move on.”

There are drawbacks hidden in the details, however.  Although recent legislation has raised maximum allowable home values, the formula for determining how much you’ll get includes other factors like your age and current interest rates.  Your current mortgage balance and the loan’s fees are then subtracted from that number.

Although loan origination fees have been capped at $6,000, the monthly mortgage insurance premiums and service charges could push the total cost of the loan up to twice that much.  If you think you might move anytime soon, this just doesn’t make sense.

While anyone 62 or older may qualify, it’s the youngest who run the biggest risk with a reverse mortgage, because you may very well outlive the life of your payments.  When that happens, the equity you would have fallen back on has disappeared.

It’s best to seek other alternatives first, with your best option being to make your move now and downsize to a smaller home, pocketing the equity from your sale for the future.

Larry Weichman is President and Broker of Orange County-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Irvine since 1976.  For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit private homes for sale in Irvine CA for the latest news and information on the Orange County real estate market.

Give them a hand in Irvine Real Estate!

With all of the changes enacted in Irvine real estate and related industries, the appraisal process has not been immune. Because lenders were found to be pressuring the appraisers they hired, banks now must largely work with independent appraisers, and they’re finding themselves buried in a backlog of jobs.

Because of their workloads, appraisers will gladly consider any information you can provide about your property, and will hopefully generate a more accurate report. As a seller, list the best features of your home, including recent improvements, professional landscaping, or even benefits of your location (like access to public transportation and schools).

While you won’t necessarily be graded for your housekeeping skills, appraisers do pay attention to the very appearance and cleanliness of your home. You can positively affect your appraisal’s outcome if your lawn is mowed or raked, your windows sparkle, and your closets look spacious. Appraisers are practically looking through the buyer’s eyes, so pretend you’re preparing for an open house before their arrival.

Finally, be sure to request a copy of the report, because lenders are required to provide it, but you’ve got to ask. If you find any errors in important features like square footage or property description, contact the appraiser directly. Let the lender and your agent know, too, but understand that they cannot take any direct action under the new rules.

Larry Weichman is President and Broker of Orange County-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Irvine since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit affordable homes for sale in Irvine CA for the latest news and information on the Orange County real estate market.

The Devil Can Be In The Details for Irvine Sellers!

Sellers in Irvine, when you receive an Offer To Purchase, you are likely to focus on the price.  You might be ecstatic over a full price offer, but you should be aware how “contingencies” could affect the likelihood of success.

Almost every offer has a mortgage contingency, stating that the buyer will secure financing at a certain rate and for a certain term.  Make sure these factors are realistic.  Unrealistic terms can allow the buyer to back out if they get cold feet or find another property they prefer. A buyer seeking a 30-year loan at 4% with no points may be hedging their bets if your agent advises that these loans are typically written at 7% with 1.5 points. 

Another sticky contingency more common these days is when a buyer states that they must sell their home before they can finalize the purchase of yours.  There has to be a realistic time limit, so the buyer doesn’t tie up your listing.

It’s wise to respond with a “kick-out” clause that allows you to keep your home on the market while the buyers promote theirs, offering them a 72-hour period to fulfill the contract if you should receive another offer in the interim.

These two examples are just the tip of the iceberg, so sit and discuss each line of the offer with your agent before making your decision.

Larry Weichman is President and Broker of Orange County-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Irvine since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit Scenic Property in Irvine CA  for the latest news and information on the Irvine real estate market.

Rent that builds equity in the Irvine Real Estate market

Applying for a home loan today in Irvine CA Realty sure isn’t what it used to be. Buyers who would have qualified just a year or two ago are now facing rejection, but all hope is not yet lost. If you find a home you love offered by motivated sellers, your real estate representative may be able to negotiate a lease-to-own option.

Simply paying rent is like throwing your money away, but a rent-to-own option actually helps you build equity while you’re making your monthly payments (like a mortgage!). Many sellers find this arrangement attractive too, because it generates regular income for them in a still recovering housing market.

Usually, a portion of the monthly rent paid goes into escrow, where it accumulates for the eventual downpayment. It’s a fairly painless way to save up money so you can get the home you want now, even if you can’t put enough down to qualify for financing. Within an agreed amount of time, usually three to five years, you will have then saved enough to secure a loan and complete your purchase.

You might be wondering why a real estate agent would even bother to offer a lease-to-own option instead of an outright purchase, but in these cases, the agent is often paid a rental commission, and then a sales commission once the transaction has completely closed with a purchase.

Larry Weichman is President and Broker of Orange County based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Orange County since 1976. Be sure to visit cheap houses for sale in Irvine CA for all your real estate needs or email your questions to Larry@TeamWeichman.com.