Real Estate Jargon…What Do All of These Terms Mean?
We Realtors often bandy about tons of real estate jargon. We talk to our clients and friends about short sales, REO’s, contingency periods, etc. I have come to realize, however, that just because we know what all of this stuff means, not everyone does, so I thought it would be helpful to describe some of the terms we use. Hopefully, this will give you some idea of what we’re talking about as we rattle on and on and your eyes are going bleary! Here goes:
Contingency Periods: We, generally, refer to these when doing our contracts. As an example, we tell you that you will have a 10 day period to “remove your property condition contingency” or 20 days to remove loan and appraisal contingencies. What this really boils down to, is that these are the time frames during which you will have the right to get your deposit back if you cancel the contract. Once you “remove these contingencies,” you are no longer entitled to get your deposit back, unless you can prove some sort of fraud. Read more
The “Runaway Buyer”…
Just a quick post on a funny note… I have encountered a “runaway” buyer at two of my open houses in South San Francisco, two months apart from each other in two different neighborhoods. The first time I met her; she was so nice and friendly and seemed genuinely interested in the home. She said she liked it so much she wanted her husband to see it (he was waiting in the car). I didn’t think anything of it at the time, but once she went out to the car the husband slammed on the accelerator and took off down the street. I thought it was strange, but in this business nothing fazes me. It was about two months later Read more
What lays behind the front door?
Have you ever wondered how people live? I have always been fascinated by the interior of homes, what lies inside and how people live. Perhaps its my education and background in interior design/art history or maybe curiosity.
Well, boy was I taken aback and surprised to see what I found in this one particular home in Daly City. It was new on the market, a short sale so I previewed it for my clients prior to showing it on Sunday. The listing agent did forewarn me that the home was in shambles. And Yes it was a mess, however I did not make it down to the garage/basement that day because it was dark and the electricity was shut off and boy was I in for a big surprise. Read more
There is no “I” in Real Estate Team!
You’ve decided to buy or sell a house so you gather all the players you’re going to need around you. You have your lender, your Realtor ®, escrow officers and any inspectors needed. You’ve gathered them around with the intention of meeting your goal of buying or selling that home. You’re all on the same page so how hard will it be to get along. That depends. Read more
Sellers looking at Contract Terms
Buyers and their agents need to be very careful about not only the offer price, but also the terms of the contract. Sellers do not always just accept the highest offer, as one might think.They want to SELL the property and the only way that would happen is Read more
Judging a Book by it’s Cover….Always a Mistake
At our office meeting this morning we discussed the fact that a large chain restaurant plans to offer free breakfasts to anyone who comes to their restaurant tomorrow. I won’t be going, because I have been boycotting them for more years than I can remember, after reading (on many occasions and in several locations) that their corporate culture allowed employees to discriminate again African Americans. I’ve never gone back since.
This made me think about how important our public image is and how one wrong move can cost us a customer for life. We need to be extremely conscious all the time about what we say and how we say it, both with our voices our physical gestures, and our written words. A silly joke that someone finds offensive or the way we discuss a neighborhood at an open house…almost anything can have the potential to lose a client or hurt someone’s feelings. Read more
Benefits of staging!
After writing my blog on “What is staging?” I am following up with the benefits of staging and the return in dollars to the seller. After some thought, I called a friend, Yvette Thoma, who was a San Bruno Prudential Realtor and who has gone on to successfully open “Let’s Stage it” a local staging company.
She was kind to provide me with some real numbers and facts. Per Yvette Thoma “Out of the last 25 homes staged in 2008, “Let’s Stage it” clients in San Francisco recieved 3% above average market asking price and in some cases 8% above asking. The homes also sold in half the time.” Per Yvette “the cost of staging is much less than your first price reduction!” Lastly “Staging is not a expense it is an investment and is tax deductible.” Read more
Buyers…are You Commitment Phobic?
You’ve made the commitment to buy a house. You’ve committed to a lender and gotten your pre-approval letter and now it’s time to go looking. When it comes to choosing your Realtor(R), you’ve decided to take a different approach…find as many Realtors willing to work on your behalf. You’ll give the business to the one that actually finds the specific house you want. Sounds like a good plan, but is it? Are you hurting yourself instead? Read more
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