Seller- Termite Report Information

Termite Report Information

The purpose of performing a termite inspection at the time of listing is to prepare the seller for any termite work that may be necessary in order to close an escrow. Based on the report, you can factor any repair work into your expected net from a sale. There are fewer “surprises” during the course of an escrow, which only adds to frustrations that mount during a sale. This report also prepares the sales team to better negotiate an offer, allowing them to protect your best interests with the termite report in mind.

You, as the seller, are responsible for all “Section 1” work, which is any existing damage caused by wood destroying pests, excessive moisture, and/or dry rot situations. Throughout the report, we have highlighted those section 1 items for your review. There is a “work authorization” page in the report that we will need you to sign and return, if there is any section 1 work that needs done. We will not forward the authorization page of the report to the termite company until the last weeks of an open escrow.

Any questions you have on this topic will be handled in a timely manner by our Administrative Staff.

What Every Buyer Should Know

Buying a home is one of the largest financial commitments a person can make in his or her lifetime.

It's especially critical for first-time buyers to make informed decisions about the investment that they are about to make.

My advice to you...

Define your wants versus your needs. Making a list of wants and needs before beginning the search for a home can make the entire process less overwhelming.

Check your credit rating. Make improvements to strengthen your score.

Investigate the neighborhood. Where are the schools and places of worship? How far is the nearest hospital or grocery store? How are the utilities handled?

Insist on a home inspection. Attend property inspections, be aware of environmental concerns and ask questions. Read the NHD Report with your agent and ask questions.

Get help with the details. Coordinating these and the many details of a move can be overwhelming for even the most experienced homebuyer.

Make use of our Concierge Program to assist you with your move, painting, roofing, winterizing and other necessities.

Don't rush.

ADVICE TO SELLERS

Setting the Stage to Sell Your Home
How can you ensure that your home will make the best impression possible? Here are some tips for savvy home sellers:

Curb appeal . The outside of your house can be the source of a very good first impression. Most buyers do “judge a book by its cover”. Make certain the trees and bushes are trimmed. Have the grass mowed, trimmed and edged. Walkways should be swept. Clean away any debris and store toys, bicycles, gardening equipment and the like out of sight. Keep garage door closed and remove parked cars. During spring and summer months consider adding a few showy annuals, perhaps in pots, near your front entrance. This all adds to curb appeal. If it’s wintertime, make sure all walks and driveways are clear of snow and ice.


Interior appeal . Most people are turned off by even the smallest amount of uncleanness or odor when buying a home. Sellers lose thousands of dollars because they do not adequately clean. If your home is squeaky clean, you will be able to sell faster and net hundreds, if not thousands of dollars more. Potential buyers dislike a home that has too much furniture, overflowing closets, crowded kitchen and bathroom countertops or lots of family photos or collectibles on display.

Many people are extremely sensitive to offensive odors. Odors MUST be eliminated especially if you are a smoker, have pets or young children in diapers. There are a number of ways you can make your home smell great. Here are a few tips to eliminate bad odors: shampoo carpets; empty trash cans and ash trays; bathe your pets; freshen the cat litter box frequently; and place open boxes of baking soda in smell-prone areas. Introduce pleasing smells by placing flowers or potpourri in your home and by using air fresheners.

We realize that most owners are part-time residents of Big Bear and may need some assistance with accomplishing some of the items listed above. Please feel free to contact our Concierge Service Agent, who will be happy to assist you. 800-757-2210.

Pricing
You may have an idea of how much you want or need from the sale of your home. But what is a buyer willing to pay?

Please call for a FREE CMA. This is a comparative market analysis of homes, currently on the market and homes that have sold in the last 6 months that are most like your home in style, size, neighborhood and features. Your agent will explain how to come up with the most likely sale price based on the competition.

Your Role as the Seller
Keep the house in model condition - clean, neat and like nobody lives there.
Make agent access as convenient as possible. Allow a lockbox, signage with info box and make arrangements to be out of the house during showings.
For showings: have all lights on, do not use fragrant sprays, have trash empty, pay special attention to pets (inside or out) and their food, odors, etc. You agent will assist you with this.
Prepare all Disclosures requested of you by your agent to ensure a smooth escrow when a buyer has been accepted.
Have Fun!

Market Stats

2007 Statistics as of 7/5/2007

1888 Total Active Listings. ( + 50 last 7 days)

92 Price Reductions in the past 7 days.

102 New Listings in the past 7 days.

There is more than a 20 MONTH SUPPLY of available inventory.




Year to Date Sold Information.

77 Sold in January.

98 Sold in February.

96 Sold in March.

88 Sold in April.

106 Sold in May

78 sold in June

There is an average of 91 properties selling each month

Leave the lights on!

When selling a house be sure all utilities on so agents can show your property at night, test the water pressure and gas range. Your home inspector will need all utiliites to be on for your physical inspection as well. Also, the buyer will need all utilities on for the final walk through. Without lights, gas and water, the buyer may not agree to sign the Contingency Removal and your escrow will be delayed. Just a little advice from someone who knows.

BUYERS - READ THIS!

Questions to expect from mortgage lenders
By Bankrate.com

Your mortgage lender will want to know a lot about you before approving your loan application, and justifiably so; they and their underwriters want to be assured that you meet their minimum level of creditworthiness before lending you money.

Areas of questioning

Here are the general areas of questioning you can expect from a lender:

1. Employment and income
2. Outstanding debts
3. Cash reserves and assets
4. Down payment
5. Loan purpose
6. Property use
7. Property type

Employment and income • Where do you work?
• How much do you make?
• How long have you been at your job?
• How is your income derived -- steady salary or irregular income?
• If it's the latter, you may need to provide more details to obtain a favorable interest rate.

Outstanding debts • What recurring debts do you have?
• How much do you pay a month for auto loans?

• Credit cards?
• How much of your monthly pretax income do these debts consume?

Cash reserves and assets • How much money do you have in the bank?
• How much will be left after you pay your down payment and closing costs?

Down payment • How much money are you putting down?
• Is this your own money?
• If not, is it a gift from your parents?
• A nonprofit agency grant?

Loan purpose • Is this mortgage for a home buy or refinance?
• If it's a refinance, do you want to take cash out at closing to pay off other debts?
• If so, how much?

Property use • Do you plan to live in the house?
• Is it investment property?

Property type • A condominium?
• A duplex?

The following responses tend to work in your favor: • Steady employment (two or more years) with the same employer or in same line of work.
• Low debt: no recent major buys (such as automobiles) and a debt-to-income ratio of 36 percent or less.
• Loan is for straight home purchase (or rate-and-term refinance).
• Property is detached single-family home to be used as primary residence.
• Down payment of at least 5 percent of sales price with your own money.
• You'll have at least two months' worth of mortgage payments in the bank after closing.

These responses tend to work against you: • Self-employed or contract worker.
• High debt: credit cards maxed out, total debt-to-income ratio more than 36 percent.
• Property is a duplex or condominium, to be used as a vacation home or rental.
• No cash left after home buy and closing costs.
• Down payment is 3 percent or less of buy price and money is borrowed.

Recreational Residences

Recreation Residences were established by the Forest Service in the 1920's. These unique properties have beautiful lake views and tucked-away secluded locations. These homes sit on government-owned property, however you can acquire the cabin and received a Special Use Permit to use the cabin anytime you like. You pay annual fees for a 20 year permit.

These cabins offer a unique experience in Big Bear and many have been upgraded recently. There are currently 7 of these properties for sale between $150 and $399k. There is no financing available, so cash is the norm. These homes are perfect for families who plan to vacation all summer long beside the lake. These cabins are inexpensive and the owner maintains the interior.

For more info, ask for Michele Holloway at 909-584-2202. These homes otherwise would be million dollar properties.

Summer stats 2007 Big Bear Valley real estate market

Hello there and welcome to the Big Bear Valley real estate forum. We will be discussing a variety of topics pertaining to the sale and purchase of property here in Big Bear. Please feel free to email me any questions or comments at any time about anything at all.

At the time of this writing - there are currently 1,234 residential listings active on the market; and 288 vacant parcels for sale.

It always a good time to buy or sell in Big Bear. As long as you have a strong agent on your side who knows what they are doing, you cannot go wrong.

For more information please visit my website at big-bear-real-estate.net or email me direct at Michele@MicheleHolloway.com

I am happy to provide free listings for buyers and free CMAs for sellers. Whatever your needs, I can handle them. So, get in touch.