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Elizabeth Weintraub

Elizabeth's Home Buying / Selling Blog

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Why Would Any Seller Want to Do a Short Sale Today?

Wednesday April 23, 2014
Short sales are still happening around the country today, even though most people might wonder why would any seller want to do a short sale, especially if there was some other way to sell a home.

Sellers have all kinds of reasons why they waited so long to short sale. Many have enough equity so a short sale is no longer the only answer. But for those whose homes are still underwater, a short might begin to look like a viable option. The problem is some of these sellers do not qualify. They might not qualify because they bought another home in their own name, and most of the major banks will refuse to short sale for these sellers. They also might not qualify because they might be able to afford the payments, they're just tired of doing so, and that's not a reason that most banks will accept, either.

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At the time of writing, Elizabeth Weintraub, BRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

About Making an Offer Before Viewing the Home

Monday April 21, 2014
Don't laugh, there are buyers today who think it's all right to make an offer before viewing the home.

They are probably not aware of the risks because their agent has not informed them of any risks. It's not that agents are withholding information, it's that they don't know any better, either. Agents think they're doing the right thing because they've that heard that other agents practice real estate this way or because their client asked them to do it. Lots of agents just want to make their buyers happy and close the transaction. But it's pretty risky when a buyer writes an offer on a home that the buyer has not personally toured, and it compounds if the agent doesn't tell the truth about it.

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At the time of writing, Elizabeth Weintraub, BRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

The Many Types of Real Estate Agents

Friday April 18, 2014
There are so many types of real estate agents that it's almost impossible to keep them all straight.

Where I work as an agent in California, we have about 80 or so agents in my office alone, and about 17 offices. Just looking through the titles of agents in my office is enough to make my head spin. If I were a buyer, I wouldn't have the first idea what kind of agent they were and whether I should care. Some of the titles they bestow upon themselves are confusing, as they are probably trying to set themselves apart from all of the others. But when it comes right down to it, we are all just real estate agents, regardless of what we call ourselves.

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At the time of writing, Elizabeth Weintraub, BRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

How Clean to Leave the House Upon Sale

Wednesday April 16, 2014
Sellers often ask me how clean they have to clean the house upon sale.

I don't try to analyze why a seller would ask the question because that would be a waste of time. The fact is they ask it. They are worried, I guess, that they might not make the buyers happy or maybe they just don't want to do any extra work? While it's not necessary to scrub the house from top to bottom, there are common courtesy things a seller should do while cleaning the house for the new owners upon sale. Leaving a bottle of champagne in the refrigerator is a nice touch, too, but not required.

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At the time of writing, Elizabeth Weintraub, BRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

Most Home Buyers Take Out a Home Mortgage

Monday April 14, 2014
Until you decide to buy a home, you probably have not thought much about a home loan nor wondered why it is called a mortgage.

Many people might not even consider a home loan to be a mortgage because it's an unfamiliar term. You get a loan to buy a car but you get a mortgage to buy a home. Is there a difference between the loans? Yes, there is a big difference, especially how the interest rate is calculated. Mortgages are generally amortized using a different set of rules. If you paid off a 30-year mortgage over the full 30 years, you will probably pay 3 times as much as you initially paid for the home. Maybe more.

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At the time of writing, Elizabeth Weintraub, BRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

It's Best to Limit Home Feature Requirements for a Search

Friday April 11, 2014
Setting up home features that operate as restrictive search parameters to find a home work best when there are a lot of homes for sale on the market.

It doesn't seem to work so well when the features are so precise that none of the homes will match exactly. If you don't get an exact match, then you won't get any homes to look at. It's much better to give yourself broad search parameters and look for common features such as 3 bedrooms and 2 baths, and then consider whether you're willing to buy a home that doesn't have all of the features you might prefer.

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At the time of writing, Elizabeth Weintraub, BRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

Should Sellers and Buyers Meet While Showing the Home?

Wednesday April 9, 2014
Some agents don't see any harm in letting sellers meet buyers while showing the home, but these agents are taking a chance that both parties will not judge each other nor discriminate nor otherwise talk themselves out of a transaction. There are plenty of sellers who want to talk to buyers. Not only do they want to talk to buyers, but some sellers believe they can do a better job by talking directly to buyers than their agent can do. They could be right, but they could also say something that could be very detrimental without realizing it. It makes me want to shake people by the shoulders, look them squarely in the eye and say, "Repeat after me, everything you say can and will be used against you." But they would just look at me like I'm nuts and laugh, "I'm not under arrest."

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At the time of writing, Elizabeth Weintraub, BRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

Tips for Identifying a Replacement Property for a 1031

Monday April 7, 2014
It's easy to be confused about the correct procedure for identifying a replacement property for a 1031 exchange.

That's because we're dealing with the I.R.S., which means following federal guidelines. If you don't identify the replacement property correctly, you could invalidate the 1031 exchange and not receive that preferential tax deferred treatment. Besides, you've only got 45 days to identify the property and another 180 days to close after closing your initial exchange, and that in itself can make investors uneasy.

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At the time of writing, Elizabeth Weintraub, BRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

It's Getting Easier to Get a Condo Loan

Friday April 4, 2014
Home buyers who want the convenience of condo living have found it more difficult over the past few years to get a condo loan, but that hurdle has been easing.

It's true that some lenders, no matter what, do not want to make loans in some complexes if the vast majority of the units are not owner occupied. There might be restrictions against the number of units in a complex that can be rented out. But at least the other major hurdle, that of litigation, has begun to soften. It's still wise to check with your lender before pursuing a condo loan to make sure you can actually get a loan in your targeted condo community.

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At the time of writing, Elizabeth Weintraub, BRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

Why Should Buyers Care About Comparable Sales?

Wednesday April 2, 2014
No matter how many times I try to drum it into home buyer's heads that they should never make an offer on a home without reviewing the comparable sales, they don't always want to take the time to do it.

They figure that they've looked at enough homes to have a good feel for the sales price that they need to offer. This is wrong on so many levels. For starters, they are seeing only the homes for sale and how much sellers are asking, which doesn't mean anything. The only numbers that matter are how much homes have sold for, and those are the numbers the buyers' appraiser will use as well. You can't ignore the comparable sales and not invite trouble.

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At the time of writing, Elizabeth Weintraub, BRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

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