Real Estate Information Archive

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Displaying blog entries 21-30 of 35

10 Ways to Make Your House More Salable

Thursday, April 24, 2008
by Carol or Jim Chamberlain

1. Get rid of clutter. Throw out or file stacks of newspapers and magazines. Pack away most of your small decorative items. Store out-of-season clothing to make closets seem roomier. Clean out the garage.

2. Wash your windows and screens to let more light into the interior.

3. Keep everything extra clean. Wash fingerprints from light switch plates. Mop and wax floors. Clean the stove and refrigerator. A clean house makes a better first impression and convinces buyers that the home has been well cared for.

4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows.

5. Put higher wattage bulbs in light sockets to make rooms seem brighter, especially in dark rooms. Replace any burnt-out bulbs.

6. Make minor repairs that can create a bad impression. Small problems, such as sticky doors, torn screens, cracked caulking, or a dripping faucet, may seem trivial, but they’ll give buyers the impression that the house isn’t well maintained.

7. Tidy your yard. Cut the grass, rake the leaves, trim the bushes, and edge the walks. Put a pot or two of bright flowers near the entryway.

8. Patch holes in your driveway and reapply sealant, if applicable.

9. Clean your gutters.

10. Polish your front doorknob and door numbers.

 

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Retirement Expo 2008--Back by Popular Demand

Monday, April 14, 2008
by Carol or Jim Chamberlain

Baby Boomers are putting their mark on yet another one of life's milestones—their retirement years. Increasingly, retirees are looking for part-time work, interesting experiences and learning opportunities. Boomers can network with employers and non-profit organizations offering such prospects at Brea's Retirement Expo 2008 set for 9:00 a.m.-1:00 p.m. on April 19 at Pioneer Hall. For more information click here

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5 Things to Do Before You Sell

Monday, April 14, 2008
by Carol or Jim Chamberlain

1. Get estimates from a reliable repairperson on items that need to be replaced soon, such as a roof or worn carpeting, for example. In this way, buyers will have a better sense of how much these needed repairs will affect their costs.

2. Have a termite inspection to prove to buyers that the property is not infested.

3. Get a pre-sale home inspection so you’ll be able to make repairs before buyers become concerned and cancel a contract.

4. Gather together warranties and guarantees on the furnace, appliances, and other items that will remain with the house.

5. Fill out a disclosure forms provided by your sales associate. Take the time to be sure that you don’t forget problems, however minor, that might create liability for you after the sale.

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How Big a Mortgage Can I Afford?

Monday, April 14, 2008
by Carol or Jim Chamberlain

Not only does owning a home give you a haven for yourself and your family, it makes great financial sense, too.

This calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will be, too.

Rent: _________________________

Multiplier: X 1.32

Mortgage payment: __________________

Because of tax deductions, you can make a mortgage payment—including taxes and insurance—

that is approximately one-third larger than your current rent payment and end up with the sameamount of income.

For more help, use Fannie Mae’s

online mortgage calculators
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Do I have to re-register for the Do Not Call List?

Wednesday, April 9, 2008
by Carol or Jim Chamberlain
No. Your number will stay on the Do Not Call list unless you direct the Federal Trade Commission to remove it. The FTC no longer requires people to sign up every 5 years. (It is not necessary to register cellphone numbers, since telemarketing to them is illegal.) Sign up at the FTC website, www.donotcall.gov or call 1-800-382-1222. Check, too, to see if your state has a no-call list. Despite the lists, it's impossible to stop all telemarketing call. The best thing to do is hang up and report the offender's number to the FTC. To file a complaint go to www.donotcall.gov and click on the "File A Complaint" button and follow the instructions. 
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Do You Qualify For A Property Tax Reduction

Wednesday, April 9, 2008
by Carol or Jim Chamberlain

Due to recent housing market conditions within the County of Orange, Los Angeles, Riverside and San Bernardino the Assessor ‘s offices has begun to review the value of properties purchased within the last year in an effort to determine if value reductions are warranted under Proposition 8 (Prop. 8).
 
If you believe the assessed value of your home is greater than its current market value, you may request a review by filling out and returning a Decline-in-Value Reassessment Application (Prop. 8) form. The Assessors staff will review your request and provide written notification regarding their findings.

For Information and forms for your county click on the appropriate link below.

Orange County
Los Angeles   
Riverside 
San Bernardino

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10 Steps to Prepare for Homeownership

Monday, April 7, 2008
by Carol or Jim Chamberlain

1. Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop a wish list of what you’d like your home to have. Then prioritize the features on your list.

3. Select three or four neighborhoods you’d like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.

4. Determine if you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, escrow fee, and transfer fees average between 2 percent and 5 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report.

6. Determine how large a mortgage you can qualify for. Also explore different

7. Organize all the documentation a lender will need to preapprove you for a loan.

8. Do research to determine if you qualify for any special mortgage or downpaymentassistance programs.

9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.

10. Find an experienced REALTOR

loans options and decide what’s best for you.who can help you through the process.
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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 ratingPorch/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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Displaying blog entries 21-30 of 35

Contact Information

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Carol and Jim
Preferred Home Brokers
3230 E Imperial Hwy, Ste 125
Brea CA 92821
714-726-3144
714-726-3144
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Carol & Jim Chamberlain 714-726-3166 or 714-726-3144                  "Yes, We Can Be In Two Places At Once!"                                              BRE Lic Numbers: 00912962, 01015143