Flood Insurance in a Drought? Yup! You pay even on Sun Shiny Days!

Jan Loewen--Insurance Agent Superstar! And all around NICE person.
Jan Loewen–Insurance Agent Superstar! And all around NICE person.

And you pay BIG BUCKS for Flood Insurance even in drought conditions. The flood maps NEVER go away. Join us this Sunday as we discuss home owner’s insurance and WHAT to watch out for when buying a home. How much, on what? Tune us in this Sunday!

Alli and I are delighted to have insurance agent super-star, Jan Loewen on the show this coming Sunday. You may have heard much ballyhoo about the recent “Flood Insurance” legislation and how congress FINALLY passed new rules and regulations on this subject. Sure we’re in a drought, but your flood insurance bill is paid yearly and it can be VERY expensive. We will be discussing all of the following topics. Give us a call anytime during the show: 707-636-1350.

  • Flood insurance—Whatever you now KNOW –elevation certs, etc. Flood maps—how does ONE KNOW they reside in this zone?
  • Earthquake Insurance—two moderate ones in the north and south remind us this is EARTHQUAKE country. Is it a sucker bet? Huge deductibles?
  • What does FIRE insurance cover? How about personal property? Should one make a log or video of the homes interior? Special jewelry, paintings, prized antiques-separate appraisals?
  • What about auxiliary buildings—barns, shops, pump houses? Covered or need to be modified?

What about crop insurance? Water’s getting tight! This and YOUR QUESTIONS on the longest running real estate talk show in the North Bay!

CA License Number: 0B96725
Sherzer and Associates Insurance

CA License Number:  0814729

110 Stony Point Road  Ste. 120
Santa Rosa, CA  95401
Phone:  707-528-8483
Fax: 707-570-8942

 

The latest in Lending for Sonoma County and beyond! Sunday on the Real Estate Hour

Our "Loan Guy" Pete Phillippe
Our “Loan Guy” Pete Phillippe

We are pleased to have show favorite, “That Lender Guy”,  Peter Phillippe of Princeton Capital. Pete will be discussing the latest and BEST Interest rates, VA/FHA, lending requirements plus YOUR CALLS! Join us for what will surely be a “don’t miss” hour. Pete can be reached at: 707-481-2737 Cell  1-888-305-2473 eFax or peterphillippe@princetoncap.com

Buy…Sell…Sell…Buy? … or, What came first…the Chicken or the Egg?

As the percentage of “Equity Sellers” increases, and Homeowners can finally move around, many, including The Kelly Norman Team, are predicting that this will be “The year of the Contingent Buyer/Seller”….those who have a home to sell before they can buy. A very hard offer to get accepted in Sonoma County, Ca., as we remain in a very competitive “seller’s market”.  The alternative might be to sell and THEN buy…..leading to the age old question;

chicken-or-the-egg_7Here’s a great article we found that spells it out very nicely. We’ll be discussing this on today’s show; The Real Estate Hour with Mike Kelly and Allison Norman. 1350 AM KSRO, or streaming live on www.ksro.com.

How to Buy and Sell a Home at the Same Time

By Zillow   | Posted May 6th 2013 2:50PM

BuySell

By Brendan Desimone

Now that the real estate market is picking up again, many people are looking to sell their homes at last. But when you sell, you have to move somewhere — which usually means buying another home. Buying and selling at the same time brings up a whole new set of challenges, but those who plan well in advance can make it happen smoothly. Here are five ways to successfully buy and sell a home at the same time.

1. Prepare to be stressed. Buying a home is stressful. Selling a home is stressful. When you do both at the same time, the experience is super stressful, not to mention emotional and difficult on many levels. You’re potentially carrying two mortgages or trying to time the purchase with the sale. There will be a lot of sleepless nights, worrying over finances and pressure to make a decision. It’s enough to ignite a family war.

Accepting upfront that this process will be extremely stressful will help in the long run. Know that most homeowners go through this, and there is success at the end of the long, dark tunnel. Plan everything as much as possible in advance. Do your homework. And take care of yourself. You’re going to be busier than usual.

2. Meet with your agent early on. Owners often believe their home is worth less than what the current market will bear. That’s why it’s important to meet with your real estate agent early on, even months before you plan to buy or sell. Researching online valuation tools or doing basic research will help to guide you. But a local agent will help you understand your home’s true current market value and marketability. A good agent is in the trenches daily and knows your neighborhood and market inside and out.

3. Learn the market where you want to purchase. After getting some hard numbers for your home’s sale you need to do the same on the purchase side. What’s on your wish list? What are your priorities? Determine your needs and understand what you will get for your money on the purchase side. You need to know this to factor in how financing will work with the buy/sell. Also, understand that market. Is it more or less competitive than where you live now? How long can you expect to search for a home? This will factor into your sale timing. If you’re moving within the city or town where you live, your listing agent will likely serve as your buying agent. If you’re moving just outside your area, you may need to ask your agent to refer you to an agent knowledgeable about that area.

4. Know your numbers. Once you understand the numbers on both the purchase and the sale, you need to know your financing options. Many people today don’t have a strong-enough financial foundation to purchase another home before selling their own, so knowing this upfront can help you plan more appropriately.

Engage a local mortgage broker or lender and understand what kind of down payment you’ll need to make a purchase, given the price point and type of home you seek to buy. How much equity do you have in your current home, and is the equity available? Do you have enough of a down payment liquid and would a lender allow you to make the purchase before selling the home? Find out by going through the loan pre-approval process. A good, local mortgage professional is as valuable as a good real estate agent.

5. Make a plan. Now that you know your numbers, it’s time to come up with a plan and execute. The plan can vary greatly, depending upon any number of conditions. Some examples: Buying in a competitive market? Adding a contingency that your current home must sell before you buy probably won’t work.

• Selling in a competitive market? You may be able to negotiate with the buyer for a longer escrow or even a rent back. This would buy you time on the purchase side.
• Selling in a slow market and buying in a competitive market? Need the sales proceeds in order to do the purchase? Unfortunately, you’re in the worst-case scenario. Consider the option of selling your home first and moving into temporary housing. While not the most physically convenient, it could be less stressful.
• Need temporary housing? Start researching those options now well in advance

Understanding the variables: There are so many variables that can come into play when buying or selling. Each one may affect your decision-making process. Identifying and planning for the variables as much as possible early on will help you avoid sleepless nights, stressful days, or fights with your spouse or partner.

 

Buyer Top Tips on Dealing with Multiple-Offer Competition

Buyer Tips on Multiple offersHere in Sonoma County, California the real estate market is dealing with Homes attracting Multiple Offers from Buyers.  Here are Buyer techniques you might wish to try to standout from the other offers.

My last column addressed recommendations and a method of dealing with multiple offers from the homeowner’s perspective. Many of the buyers we are currently assisting asked, “Hey, what about us?” The big difference between the Seller and Buyer is the SELLER will reach their goals in quick order. Buyers, however, may be making an offer on their 5th property and getting a trifle disgusted with the process. Let us explore those strategies and tips we use with Buyers.

In my last column we discussed HOW to deal with multiple-offers are happening across the price spectrum but more importantly in the “hot” price points associated with various areas in the county. Any of the “entry-level” price points are STILL facing tight inventory with big demand. Many Realtors are advising Sellers to place the property on the market, have a general “Open House”, a “Broker’s Open House” and then set a date in the near future to “review all offers”. This is usually done 7 to 10 days AFTER a property hits the market. The question is how a BUYER submits an offer which will not only secure the HOME but stand-out and appeal to the Seller. Continue reading Buyer Top Tips on Dealing with Multiple-Offer Competition