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Loan mod may be better than selling

By Bernice Ross, Tuesday, August 11, 2009.

DEAR BERNICE: I need some advice to know what to price my home at when we do sell. We got an appraisal on our property and it said we lost more than $100,000 in value. Is there any way to sell it for what we paid for it? My husband thinks if we refinance our home we could sell it for what we paid for it originally. Is that true? --Rachel D.

DEAR RACHEL: The price you paid for your property has no bearing on what it is worth right now. A good analogy is the stock market. If I paid $100 for IBM stock and today it's selling at $60, I would have to settle for $60 a share if I wanted to sell today. more...

Finding the right loan mod company

By Bernice Ross, Monday, August 10, 2009.

If your clients are facing foreclosure and ask for help in obtaining a loan modification, how would you advise them? Can you legally assist them or do you have to refer them elsewhere?

Last week's column looked at how loan modifications work. The next question to address is whether working with loan modifications makes sense for your business. more...

Don't break the bank with remodel

By Bernice Ross, Friday, August 7, 2009.

Whether you're thinking about building or perhaps just remodeling your current property, there's one mistake almost everyone makes -- and it's a costly one.

Back in the mid-1980s, I was one of three listing agents on an 83-lot subdivision called "The Summit Above Beverly Hills." (You might have seen it in the tabloids -- it's where Britney Spears lives currently.) I decided to build a home there, and lived in it for 11 years. Recently, we just finished building our current home plus doing a major remodel on another property we own. more...

Feds wise to homebuyer fraud plot

By Bernice Ross, Tuesday, August 4, 2009.

DEAR BERNICE: My husband and I would like to purchase an investment property in the suburbs where we grew up. We are currently renting a great loft condo downtown and love the city lifestyle. Our mortgage broker is telling us that if we do not occupy the property, we will have to pay a much higher interest rate. Can't we tell the lender that we're going to move into the property and then change our minds and rent the house instead? How's the lender going to know? --Michelle B.

DEAR MICHELLE: The answer to your question is that "yes," you could defraud the lender. Plenty of people have tried doing this in the past and a large number of them have been caught. more...

Loan modifications: salvation or scam?

By Bernice Ross, Monday, August 3, 2009.

Flickr photo by <a href="http://www.flickr.com/photos/thetruthabout/3190643332/">TheTruthAbout...</a>.

Financially challenged property owners have become a huge target for scam artists. Loan modifications can be especially risky. As a responsible Realtor, what can you do to protect your clients?

I recently interviewed Julie Harris who trains Realtors on how to assist homeowners with the loan modification process. At the National Association of Realtors' midyear conference, the speakers on risk management insisted that Realtors who do loan modifications are illegally practicing law. It was a practice to be avoided. more...

Common areas pose repair quandary

By Bernice Ross, Thursday, July 30, 2009.

Are you considering buying a condominium? This week's column looks at three additional pitfalls that can trap an unsuspecting buyer as well as how to avoid them.

The first two parts of this series provided three important questions you must ask before purchasing a condominium or planned unit development (PUD). Those three questions are: more...

How healthy is your HOA?

By Bernice Ross, Tuesday, July 28, 2009.

Before buying a condominium, one of the most important areas to investigate is the financial health of the Homeowners Association (HOA). It's important to know the financial health of the HOA.

Part 1 of this series looked at two important questions to ask if you are purchasing a condominium: "What type of ownership are you purchasing?" and "What obligations and restrictions do the CC&Rs (covenants, codes and restrictions) place on you?" A third equally important issue deals with your HOA Dues. more...

Does your Web site make the grade?

By Bernice Ross, Monday, July 27, 2009.

Have you ever wondered how your Web site stacks up against those of your competitors? More importantly, have you ever wondered what additional steps you can take to improve your Web site standing?

No matter how good your Web site is, there’s always room for improvement. Last week’s column looked at how to improve the layout and the content of your site. The next step is to determine how to make your Web site stand out from those of competitors. more...

Condo rules a deal-breaker for some

By Bernice Ross, Thursday, July 23, 2009.

If you're thinking about buying a condominium, investigate carefully before you purchase. Failure to do so can cost you plenty.

Condominium living can be a great lifestyle choice. For some first-time buyers it's the only choice. Condos also make great second homes or retirement properties. They are also great for those who don't want to cope with exterior maintenance. Before you purchase a condo it's important to know the benefits as well as the potential pitfalls. more...

Rid rodents with the sound of music

By Bernice Ross, Tuesday, July 21, 2009.

DEAR BERNICE: We have our house on the market. We currently live on a greenbelt and love the sense of being away from the hustle of the city, but still being reasonably close to all the services in town. Recently, we have started hearing noises in the wall at night. I'm afraid that we have some rats or mice that are living in our walls. One of our neighbors tried putting out traps, but that didn't work. The rats just grabbed the bait out of the trap. We don't want to put out any poison since we have young children. We understand we may have to tent the house for termites, so that would take care of the problem then. We don't want to have to tent the house, however, unless we have to. Is there another way to get rid of these pests? --Denise D.

DEAR DENISE: Being on a greenbelt is great. It can also pose a host of problems caused by being next to natural habitat. One of the most common issues is that rats, mice, squirrels and even raccoons may decide to take up residence in your home. more...

Make Web site facelift a success

By Bernice Ross, Monday, July 20, 2009.

Flickr photo by <a href="http://www.flickr.com/photos/fotograaf/1382791173/" target=blank>Яков</a>.

How long has it been since you updated your Web site? If you're still running with the same old site that you've had forever, it may be time for a facelift.

Your Web site is your professional face online. It's the place where people can go to learn about who you are as a real estate professional. The information on your Web site also determines your search-engine placement. If you are ready to attract and convert more leads from your Web site, this list of tips can help you do it. more...

Dos and don'ts of seller disclosures

By Bernice Ross, Thursday, July 16, 2009.

Flickr photo by <a href="http://www.flickr.com/photos/canoafurada/86499719/" target=blank>marcusrg</a>.

Almost every state in the U.S. requires both sellers and their agents to make disclosures about the condition of the for-sale home. How you make these disclosures can move your transaction forward or land you in a lawsuit.

The company I worked for in California once did a study to determine the factors that were most likely to result in litigation. There were three primary predictors: attorney clients, new construction, and hillside properties. They also found that the closer the property was to Century City (where there was a high concentration of attorneys), the more likely we were to be sued. more...

Can online home-pricing tools get it right?

By Bernice Ross, Tuesday, July 14, 2009.

Overpricing your listing can cause your property to sit on the market for months. How can you tell what the correct listing price is for your property?

Last week's column looked at four of the most common mistakes that can cause sellers to overprice their property. Today's column provides a case study that illustrates the steps you and/or your listing agent must take to properly set the correct price for your property.

If you're like most sellers, you want to obtain the highest possible amount from your real estate sale. more...

Dust off 'old-school' sales techniques

By Bernice Ross, Monday, July 13, 2009.

When it comes to marketing your business, are you still relying on the old tried-and-true strategies? Do these old-fashioned approaches still have relevance in today's twittering Facebook world?

I recently spoke at three different seminars for a brokerage in New York on how to use social media. At each event, Henry Weber, the president of the franchise, opened the meeting. Weber told a powerful story that illustrates the tremendous need for agents to have social media expertise and some plain old-fashioned real estate basics as well. more...

Most common seller mistakes

By Bernice Ross, Thursday, July 9, 2009.

With the credit crunch and huge amount of competition from distressed properties, "normal sellers" have had a tough time getting their properties sold. If you must sell in this market, it's absolutely critical that you price your property right.

Pinpointing the best possible price for your home can be a challenge. If you overprice your property in today's market, it can stay on the market for months. If values in your area are declining, the longer you take to sell, the less money you will net. If you want to net the most from your real estate sale, avoid these common seller pitfalls: more...

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