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Why Zillow, Trulia, and Realtor.com Suck for Home Buyers!

Wednesday, May 15, 2013
by Carol or Jim Chamberlain

Home Buyers love Zillow, Trulia, and Realtor.com. These sites have all the homes for sale! They also have a lot of old information.  That is wherein the problem lies. Carol loves working with buyers and has for 27 years. She is just as excited about finding the “right home” for her buyers now as she was when she first started selling real estate in 1986. The single biggest waste of time for her is looking up properties that buyers have found on one of three mentioned websites above, just to find out that they are either in escrow or have closed escrow, and some of them even months ago.

 I looked up properties for sale in Brea on Zillow this morning (May 14, 2013, 6:20 AM) and it said there were 220 properties (results). Now when I go on our local MLS board (CRMLS) we have 33 properties that show as active listings for sale (May 14, 2013, 6:23 AM).  Zillow shows 7 times more properties for sale and 7 times more the disappointment for buyers when they call on a property and find out it’s either in escrow or has sold months ago.

No wonder buyers are confused and don’t know who to trust when looking for a home.  The buyer calls an agent about a property or properties only to find out it’s sold. I know I would begin to wonder who’s telling the truth, or why an agent doesn’t want to show me these homes. Sit down with the agent you are working with and have them look up properties for you on the websites above and then on his or her local MLS provider.  You will be shocked at the discrepancy; I guarantee it will be an eye opener.

Buyers, don’t give up hope, most agents have links to their local MLS providers where the information is up to date. On our website (NOCRES.com) all property searches will have a listing status:  Active, Taking Back Ups, Pending, or Hold do not show.  If the listing status is active the odds are pretty darn good you can make an offer on the property.  A listing status of “Taking Back Up” and “Pending” means that an offer has been accepted by the seller and it is under contract and in escrow. A “Hold Do Not Show” status means that the property is effectively off the market for any of a number of reasons and thus, not available for an offer.

If you are looking for a great agent in Brea or North Orange County CA I highly recommend my wife Carol Chamberlain at Carol@carolandjim.com or 714-726-3166/text

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Common Closing Costs for Buyers

Tuesday, April 8, 2008
by Carol or Jim Chamberlain

The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for:
Downpayment
    • Loan origination fees
    • Points, or loan discount fees, you pay to receive a lower interest rate
  • Credit report
  • Private mortgage insurance premium
  •  Deed recording fees
  • Title insurance policy premiums
  • Survey
  • Inspection fees—building inspection, termites, etc.
  • Notary fees
  • Prorations for your share of costs, such as utility bills and property taxes

    A Note About Prorations

    : Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.
    • Insurance escrow for homeowners insurance, if being paid as part of the mortgage Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
    Appraisal fee
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    The Pros and Cons of Condos

    Monday, April 7, 2008
    by Carol or Jim Chamberlain

    Condominiums and townhouses offer an affordable option to single-family homes in most areas. But consider these facts before you buy.

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    Storage. Some condos have storage lockers, but usually there are no attics or basements to store belongings.Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you hate yard work, this may be the perfect option for you.Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home.Security. Many condos have keyed entries and or even door attendants. Plus, you’ll be closer to other people in case of an emergency.Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees agreed to by the condo board, whether or not you’re interested in the amenity or not.Resale. The ease of selling your unit is more dependent on what else is for sale in your building, since units are usually fairly similar. Single-family homes usually are more individual.Freedom. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.Proximity. You’re much closer to your neighbors in a condo or townhome. If possible, try to meet your closest prospective neighbors before making a decision.
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    What Your Home Inspection Should Cover

    Friday, April 4, 2008
    by Carol or Jim Chamberlain

    Siding: Look for dents or buckling

     

    Foundations: Look for cracks or water seepage

     

    Exterior Brick: Look for cracked bricks or mortar pulling away from bricks

     

    Insulation: Look for condition, adequate rating for climate

     

    Doors and Windows: Look for loose or tight fits, condition of locks, condition of weatherstripping

     

    Roof: Look for age, conditions of flashing, pooling water, buckled shingles, or loose gutters and downspouts

     

    Ceilings, walls, and moldings: Look for loose pieces, drywall that is pulling away

     

     

    Furnace/Air Conditioning: Look for age, energy rating; Furnaces are rated by annual fuel utilization efficiency; the higher the rating, the lower your fuel costs. However, other factors such as payback period and other operating costs, such as electricity to operate motors.

     

    Garage: Look for exterior in good repair; condition of floor—cracks, stains, etc.; condition of door mechanism

     

    Basement: Look for water leakage, musty smell

     

    Attic: Look for adequate ventilation, water leaks from roof

     

    Septic Tanks (if applicable): Adequate absorption field capacity for the percolation rate in your area and the size of your family  (Yes we do have Septic Tanks in OC)

     

    Driveways/Sidewalks: Look for cracks, heaving pavement, crumbling near edges, stains

     

    Electrical: Look for condition of fuse box/circuit breakers, number of outlets in each room

     

    Plumbing: Look for poor water pressure, banging pipes, rust spots or corrosion that indicate leaks, sufficient insulation

     

    Water Heater: Look for age, size adequate for house, speed of recovery, energy rating    Porch/Deck: Loose railings or step, rot
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    Choices That Will Affect Your Loan

    Friday, April 4, 2008
    by Carol or Jim Chamberlain

    Mortgage term. Mortgages are generally available at 15-, 20-, or 30-year terms. The longer the term, the lower the monthly payment if the same amount is borrowed. However, you pay more interest overall if you borrow for a longer term.

    Government-backed loans. Government-backed loans, sponsored by agencies such as the Federal Housing Administration (www.fha.gov) or the U.S. Department of Veterans Affairs (www.va.gov), offer special terms, including lower downpayments or reduced interest rates—to qualified buyers.

    Fixed or adjustable interest rates. A fixed rate allows you to lock in a low rate for as long as you hold the mortgage and is usually a good choice if interest rates are low. An adjustable-rate mortgage (ARM) is designed so that interest rates will rise as interest rates increase; however they usually offer a lower rate in the first years of the mortgage. ARMs also usually have a limit as to how much the interest rate can be increased and how frequently they can be raised. ARMs are a good choice when interest rates are high or when you expect your income to grow significantly in the coming years.

    Balloon mortgages. Balloon mortgages offer very low interest rates for a short period of time—often three to seven years. Payments usually cover only the interest, so the principal owed is not reduced. However, this type of loan may be a good choice if you think you will sell your home in a few years.

    Slight variations in interest rates, loan amounts, and terms can significantly affect your monthly payment. For help in determining how much your monthly payment will be for various loan amounts, use Fannie Mae’s  online mortgage calculators.

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    10 Questions to Ask Your Condo Board

    Friday, April 4, 2008
    by Carol or Jim Chamberlain

    Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive—and organized—its members are.

    1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.

    2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.

    3. How much does the association keep in reserve? How is that money being invested?

    4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.

    5. What does and doesn’t the assessment cover—common area maintenance, recreational facilities, trash collection, snow removal?

    6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.

    7. How much turnover occurs in the building?

    8. Is the project in litigation? If the builders or homeowners are involved in a lawsuit, reserves can be depleted quickly.

    9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy.

    10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments.

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    Displaying blog entries 1-6 of 6

    Contact Information

    Photo of Carol and Jim Real Estate
    Carol and Jim
    Preferred Home Brokers
    3230 E Imperial Hwy, Ste 125
    Brea CA 92821
    714-726-3144
    714-726-3144
    Send an Email

    Carol & Jim Chamberlain 714-726-3166 or 714-726-3144                  "Yes, We Can Be In Two Places At Once!"                                              BRE Lic Numbers: 00912962, 01015143