by CRESTICO | Feb 28, 2009 | CRESTICO
Once you’ve decided that you want to sell your home, you want to make sure that it does not sit on the market for too long. Getting a good agent will definitely help you with that, but before you talk to an agent, here are a few pointers regarding things YOU can do that will help you sell your home quickly and efficiently.
The squeaky back door. Fix it! While you may find the squeaky door reminds you of holidays past and family gatherings, potential buyers see that as one more thing that “needs work.” Take a slow, long, deliberate look at every room in your house and address all small repairs that need to be done. We’re not saying reface the kitchen, we’re saying fix squeaky doors and screens, maybe touch up the paint where it’s been scratched, fix the “little” things that may send a signal to a buyer that maintenance may be an issue.
Your grandpa’s stuffed deer head. Pack it! Family heirlooms and knick knacks and things that cause clutter must be eliminated. You’re trying to sell your house to move, so start packing early. Get rid of things that fill up the living space in the house. You want to make your potential buyers feel like they are in a big, open, airy home; not YOUR home. Make it easy for buyer to walk around and see all the beautiful parts of your home. They don’t need to see your silver Tiffany spoon collection in its display case. Besides, always hide valuables before an open house!
Along with Grandpa’s deer should go the life-size family portrait from the reunion at Disneyworld! Everyone has a family, and we’re sure yours is beautiful; but your open house is NOT the place to show off your extended family photos. When Buyers are viewing your home, they are trying to picture their OWN family photos and artwork on your walls. Help them see their belongings in your home, by giving them more to work with. Limit your decorations to isolated and bold objects and let your buyer’s imagination do the rest.
Bust out the gloves and cleaning supplies. Now that you have taken down some of the art and cleared away the knick knacks, you’ve revealed a lot more of your home’s inner beauty. And some of it, has been hidden for a while, so it may be dusty! We suggest you get your home as close to immaculately clean as possible. The cleaner and more fresh-smelling your home, the more pleasant emotions you evoke in your potential buyers. No buyer wants to buy the “doggy breath” house. Make sure to pay extra attention to pet-worn areas. Your buyer may not have the same love of canines as you, and that’s ok! So make your home shine!
Don’t forget to look down! Flooring is one of the first things a potential buyer will notice about your home. Don’t spend lots of money installing new flooring, but make the best of what you’ve got. Pack up area rugs and mats, and make sure the floor is definitely clean.
All the world’s a stage, and your home is NO exception! Staging has become a key factor in home sales. Staging allows the best features of each room in your house to stand out. You can get help from a decorator or try to do it yourself. Maximize views and play up focal points in each room.
Roll out the red carpet. Your home is going to be listed on a listing service (if your agent is any good) but the first thing potential buyers will see is a picture of your home, from the outside. So, we suggest you roll out the red carpet, and pay some attention to your landscaping and the exterior appearance of your home. This is what is going to make a young couple on a weekend house hunt yell “STOP!” to their agent when they drive by; and it’s also what is going to get a person searching the internet and seeing the picture want to make an appointment for a showing.
With this advice, and the help of a good agent, you will surely be able to sell your home faster and easier than you ever thought possible.
Mitra Karimi-Paydar
Crestico Realty
(310) 362 – 0828 (TEL)
(877) 881-2929 (FAX)
mitra.karimi@crestico.com
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by CRESTICO | Feb 28, 2009 | CRESTICO
What is a Loan Modification?
Loan Modifications are something you have been hearing much about lately. Often, the people advertising these modifications do not explain the process clearly before they gather your information. Here is an easy to understand explanation of what a Loan Modification is.
Basically, a Loan Modification (called Loan Mod, for short) is a process that an attorney or other Real Estate professional will use to “modify” the terms and conditions of an existing loan. Currently, most of these modifications are being applied to mortgages, but could potentially be applied to any type of loan. This modification in terms generally only takes place AFTER the issuer of the loan (the lender) has granted approval to do so. Approvals are generally based on comprehensive review and consideration of all material factors.
A common reason for the request and subsequent approval of a modification arises from some sort of financial hardship that affects the borrower’s ability to repay the loan. In the current economy, where layoffs are becoming more prevalent and more and more borrowers are entering the many stages of foreclosure, many borrowers are facing very real and legitimate hardships that severely impact their ability to repay their loan obligations.
When lenders are considering granting modification approvals, they will often consider the borrower’s payment history and standing with respect to the subject loan. Most borrowers are diligent and make the appropriate payments in an appropriate manner. This will often help the lender to choose to allow a modification rather than institute a foreclosure. The foreclosure process is a timely and expensive method for recovering the property. Also, it should be considered that in the current market, lenders have many properties that are non-performing, which is to say that they have been foreclosed or abandoned, and modification may be the lender’s only option to keep a borrower paying.
Another factor lenders consider in granting approvals is, should such approval be granted, will the borrower be able to begin and continue making payments in a timely fashion under the new terms. Generally, to secure a modification, a borrower must be able to demonstrate some ability to overcome the current financial hardship and ensure that he/she will be able to pay back the loan in an acceptable manner.
Modifications may take shape in different forms. Once a lender has decided to grant approval, this approval may be either to lower the monthly payment amount, thereby making it easier for the borrower to stay current. In this case, the difference in the amount of the payments will be added to the “back end” of the loan, thereby extending the term of the loan. Also, a lender may decide to lower the interest rate on the loan, thereby reducing the payment with no addition to the total loan amount, lowering only the amount of interest paid.
Mitra Karimi-Paydar
Crestico Realty
(310) 362 – 0828 (TEL)
(877) 881-2929 (FAX)
mitra.karimi@crestico.com
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by CRESTICO | Feb 28, 2009 | CRESTICO
Before someone can hold him or herself out as a “Real Estate Agent,” he/she must be licensed by the state in which he/she plans to work, either as an agent/salesperson or as a broker. Before a license is issued, minimum standards for education, examinations and experience, which are determined on a state by state basis, must be met. After receiving a real estate license, most agents go on to join their local board or association of REALTORS® and the NATIONAL ASSOCIATION OF REALTORS®, the world’s largest professional trade association. They can then call themselves REALTORS®. An agent may still practice Real Estate without being a REALTOR®, however this means that the agent has not completed the steps in becoming a REALTOR®.
As a consumer, you are not bound to choosing only REALTORS® or Agents, you may work with either. There are many excellent agents that are not REALTORS®, however read on to discover some strategies in choosing the best REALTOR® or Agent for you. Real Estate Agents, whether REALTORS® or not, are bound by certain legal obligations. Traditionally, Agents must consider and weigh your interests ahead of anyone else’s; maintain the confidentiality of your information; obey your lawful instructions; be responsible for reporting anything that may be useful or of consequence to you; and account for any money involved in your transaction.
A REALTOR® is held to an even higher standard of conduct under the NAR’s Code of Ethics. In recent years, state laws have been passed setting up various duties for different types of agents. As you start working with a REALTOR®, ask for a clear explanation of your state’s current regulations, so that you will know where you stand on these important matters. The term "REALTOR®" is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics (which in many cases goes beyond state law). In most areas, it is the REALTOR® who shares information on the homes he or she is marketing, through a Multiple Listing Service (MLS). Working with a REALTOR® who belongs to an MLS will give you access to the greatest number of homes.
Mitra Karimi-Paydar
Crestico Realty
(310) 362 – 0828 (TEL)
(877) 881-2929 (FAX)
mitra.karimi@crestico.com
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by CRESTICO | Jan 31, 2009 | CRESTICO
You’ve been hearing a lot lately about foreclosures, REOs and short sales. There are conflicting reports about whether or not they can be good investments. At Crestico Realty, we pride ourselves on giving you the most up-to-date information on making the best Real Estate decisions for yourself and your family’s future. Buying a foreclosed home may not be for everybody, but keep reading and find out if it’s right for you.
Sometimes, foreclosed homes can be good investments, because often, they sell for less than market value. For a first-time homebuyer, the process may seem more complex and time-consuming but that’s why we, at Crestico Realty, are here to help! A foreclosure is a property that is being “foreclosed” upon by a bank or some other lending institution. It is a legal process through which the homeowner's rights are terminated, generally as a result of his/her failure to pay the mortgage.
One thing that is important when considering the purchase of a foreclosure, is where and how the home is being sold. Often, real estate auctions are where foreclosures are sold because the lender is generally trying to sell the property as soon as possible. At auctions, buyers are generally expected to pay for the house at the end of the auction, which means the financing must already be in place. At Crestico, we work with a preferred lender to make sure that if you want to purchase your home from an auction, we have your financing ready to go.
However, in today’s market, auctions are not the only way to purchase foreclosures. Many REO (real estate owned) companies purchase these foreclosures and list them for sale, essentially performing the function of a “homeowner” who does not live in the house. When making an offer on such a home, it is still a great idea to have your financing in place, so that your offer (which will most likely NOT be the only one) will be easier to accept.
Buyers often ask, regarding foreclosures, “Will I be able to gain equity in an REO?” The answer to this question is generally dependent on (1) the current value and (2) the sales price of the property. If a buyer purchases a property for less than it is worth, there is automatic equity. With foreclosures, and an experienced Crestico agent, you can have the peace of mind that we will find you the right foreclosure to purchase.
If you are interesting in purchasing a foreclosed property, your Crestico agent will work to find you the best home! Your Crestico agent has access to many services that track foreclosures in and neighborhood you are looking to move to, in California. We stay on top of your search. With foreclosures, you have to move quickly because the lucrative investments get snatched up quickly. Call today and speak with one of our REO Buyer Specialists!
by CRESTICO | Jan 31, 2009 | CRESTICO
Crestico Realty –
Speaking farsi isn’t enough! There is more to being the Iranian Community’s #1 Real Estate services firm than speaking the language. Not only do we speak your language, but we understand your needs. Crestico Realty was founded by an Iranian-American to help serve Iranian community in the Southern California area. At Crestico, your Iranian agent will be the difference between a pleasant, satisfying, and stress-free home buying or selling experience and an unhappy, stressful, dissatisfying one. Many agents hold themselves out to be specialists in the Iranian community, but they are not.
At Crestico, our agents spend time understanding and discovering your needs. Many Iranian families are larger and more expanded than the typical “American Nuclear” family. We understand you may have special needs when searching for a home. We also understand the culture. We know Iranians are warm hospitable and generous, which makes for wanting homes that are designed with entertaining lifestyles in mind. We cut straight to the point to get you what you need.
Crestico Realty has helped numerous Iranians achieve the American dream of home ownership. We get the job done and we do it smoothly with no hassles and stress. We understand Iranian tradition and culture, ways of life and working, financial management strategies, faith, concerns, goals, needs, and dreams. We look forward to adding you to growing family of happy homeowners.
For more information please visit www.crestico.com or call (818) 784-2929
