Where Should You Turn for Selling Help in the Event of a Divorce?

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Divorce is an unfortunate life event, but it's certainly not uncommon. Because of this, I've received many questions about how to sell a house while going through divorce proceedings.

The house is usually the last thing dealt with in a divorce, and it is typically the most emotionally charged aspect of it as well. If one of the parties involved can afford to, they can buy out the other party with cash or by refinancing. The second option is to sell the property, and it's up to the owners, and possibly the court, to determine how the proceeds of that transaction will be divided among the parties. 

If the property is under water and there is more owed on the property than it is actually worth, a short sale can be conducted with the cooperation of both parties.  

Regardless of what you choose to do, we recommend finding an experienced agent to guide the process. Open and transparent communication between the agent and both parties involved with the property is absolutely crucial in this situation.

If anyone you know is going through a divorce and needs help buying or selling a property please don't hesitate to reach out to us. We have been through this process many times before and would love to help!

Selling Your Tenant-Occupied Southern California Property

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Recently, I talked with a past client and they asked an important question: "How do you sell a property occupied by tenants?" Today, I'll share a few tips on selling a tenant-occupied property for a premium price.

Identify if you need to disturb the tenant at all. If the property is a single-family home, condo, or townhouse, and you expect that the buyers will want to live in the property, then yes, you will need to work with the tenants.

My team and I make this process a win-win situation for you and your tenants. We don't want to hassle the tenants, but we want to we show the property to all interested buyers in order to get the highest price.

For example, we recently listed a condo where both tenants worked during the day. We had showings on Wednesdays and Thursdays, and then for a two-hour block on Saturdays. The tenants didn't have to keep the house ready for showings every day, and we still showed the property to all interested buyers. In fact, we got three offers that Wednesday, and another three on Thursday. Even though we had limited showings, this property will be the highest sale in its building. Being tenant occupied did not affect our ability to sell the property for the highest price.

If the property is a multi-unit property, such as a duplex, and we expect the buyer to be an investor, we may not need to disturb the tenant at all. We price the property on the market and let potential buyers know that the property is being offered subject to inspection. Once we receive an offer, we will open up the property for a showing.

This is a common way to sell multi-unit properties. Once all the offers are in, we schedule a time for the buyers to walk through the property. You still need to communicate with the tenants, but it's only to set up one showing.

We recently sold a five unit property with multiple offers. We only disturbed the tenants once, and ultimately, the property sold above asking price.

As you can see, selling a tenant-occupied property is not as difficult as it may seem. If you have any questions, give me a call or send me an email. I would be happy to help you!

Hire a True Professional Real Estate Agent

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Every day here in Los Angeles and Orange County, there are hundreds of homes that exit the market because they just didn't sell. I recently met with someone who had listed with an agent. The agent was a friend of theirs, and the home did not sell.
 

 

All real estate agents differ. Just because someone has a real estate license doesn't mean they are a true professional! It's crucial to work with a professional real estate agent in order to sell your property. Here's why.

1. Ask for testimonials. When hiring an agent, you should see proof of their success.
 

2. Ask for their marketing plan. Are they just going to put your house up on the MLS and run an open house or two? Your agent should have a cohesive marketing strategy to get your home in front of as many buyers as possible.

3. Are they using technology to target buyers? Make sure your agent is up to date on the latest technological trends. They should be able to track results and show you how your home is being advertised online.
 

4. Are they an expert on the local market? Do they know the average number of days a home spends on the market? Are they up to date on supply and demand? Market conditions majorly impact the price of a property, so you need an agent who knows what's going on.
 

5. Do they give you the ability to fire them? A good agent should allow you to stop working with them at no cost or penalty to you.
 

6. Do they use a professional photographer? The quality of your home photos is critical to how your property shows online.
 

7. What is their strategy to maximize how well your home shows? In other words, do they have a stager or stylist to prepare your home for buyers? Statistics prove that staged homes sell for 6% to 8% more than non-staged homes.

If you have any questions about today's video, give us a call or send us an email. We would be happy to help you!

Southern California Real Estate Market Review

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2015 has come and gone, so let's go over the housing market forecast for the market in 2016.

In LA County, the average price for a single family home was $540,000, which is a 4% increase for the year. Homes in LA County are selling for 98.8% of the asking price.

In Orange County, the average price for single family homes was $695,000, which is a 2% increase. Homes in Orange County are selling for 97% of the original asking price.

We have particularly low inventory in Orange County and LA County currently. In fact, both counties have 2.6 months of inventory, which is the lowest inventory we've seen in the past ten years. We expect this to set us up for a very strong 2016.

We are currently experiencing interest rates between 3.75% and 4%. In mid December, the Fed increased interest rates by 0.25%. Although this seems like a slight increase, it profoundly affects your mortgage payments. Additionally, we might experience rate hikes again in 2016.

We expect that the market in Southern California will go up 3% to 5% for 2016. Keep a lookout for affordability. Right now, only 30% of the population in LA County can afford the median sales price. In the OC, only 22% can afford to pay the median sales price. That's why we're not seeing the major increases in price that we saw in 2012 and 2013. Affordability has hit a bit of a plateau.

If you have any questions about today's video, give us a call or send us an email. We would be happy to help you!