<br /><img src=”/wp-content/uploads/2015/09/8-27-real-estate-news.jpg” alt=”8-27-real estate news” width=”238″ height=”212″ class=”alignright size-full wp-image-484″ />Last week was a head-swiveling version of a follow-the-dots puzzle for those who keep tabs national news related to on Moreno Valley real estate. Children like following the numbered dots to reveal a picture. You can’t be sure what it will turn out to look like until the end. The week was a lot like that:<br /> <br />Monday led off with the release of housing-builder sentiment: its best reading in 10 years! It was given credit for reversing an early-day 100+ point stock market drop. When the Dow closed up 68 points for the day, real estate performance got the kudos.<br /><br />Monday’s dot connected to the next one, which appeared as USA Today’s early Tuesday dispatch pointing out that the previous day’s market rescue was hardly a flash in the pan. The Money section’s lead story, “Housing Provides Much-Needed Lift to Wall Street” drew a broader picture. In a ho-hum year for the broader stock market, housing-related stocks were uniformly “among the best-performing shares.” The S&P 500 may have been up less than 2% for the year, but homebuilders’ shares were up 13%; home-improvement retailers, 11.1%; home furnishings stocks, a blistering 26.1%! The reason was “the power of the resurgent real estate market to generate positive action in the stock market.”<br /><br />Then, on Wednesday, CoreLogic provided the next dot with its release of the August MarketPulse roundup, pointing to a 6.5% increase in its national home price index. This was the logical next dot—one that was hardly unexpected. The predicted continuation of price increases was again explained by lean inventories, continuing low mortgage rates, and consumer confidence rated “the most optimistic in eight years.” <br /><br />Thursday’s dots had been anticipated, too: the morning announcement of July existing-home sales marked the 41st consecutive month of year-over-year price gains. Volume was up, too, as sales topped an annual level of 5.5 million for the first time since early 2007. TheStreet took that as “just the latest confirmation that the housing nightmare is mostly over.”<br /><br />By Friday, the last dots appeared in calm contrast to the frenetic news from Wall Street, which completed its worst week in five years. Even the real estate industry stocks which had rescued the day on Monday couldn’t buck the outrushing tide of equity losses. But the last dot for Moreno Valley real estate watchers was found in the analysts’ post mortems after the market’s close, as speculation increased that the carnage on Wall Street might well be sufficient to nudge Federal Reserve decision makers away from raising interest rates in September. Real estate trackers were able to put their pencils down and relax for the weekend. <br /><br />So, what was the picture the follow-the-dots puzzle revealed? The real estate industry dots seemed to trace a simple circle…with a curved line near the bottom that looked a lot like a smile.<br /><br /><em><strong>Whether or not this fall’s Moreno Valley real estate offerings continue to benefit from historically low mortgage interest rates (they dropped again last week!), there are definitely great opportunities for buyers and sellers. Give me a call whenever you feel the time is right to take advantage of today’s market!</strong></em>
A Skilled Moreno Valley Appraiser Works in Everyone’s Favor
A skilled Moreno Valley appraiser provides a service that should help make the buying and selling of a residence a smooth transaction.
‘Should’ is the operative word.
Going back to ancient times, homes have always been ‘real’ when it comes to establishing the amount of money that they are worth. The home’s role as the center of family and community groupings guarantees that it will change hands carefully. When something is so important, its ownership does not come about haphazardly—doubly so because of its typically hefty price tag, arrived at after deliberation and scrutiny from buyer and seller alike.
Every home that is sold in Moreno Valley today should be a shining example of the efficiency (and fairness) of our free market. As a mechanism for determining the value of a good, the system is without equal, since buyer and seller have to agree on a price.
That’s where having a skilled Moreno Valley appraiser comes in. An appraiser (not to be confused with a home inspector, who reports on the soundness of a property) performs an important function in the transition from a Moreno Valley house for sale into a house that’s sold. The appraiser’s report provides an outsider’s unbiased opinion of a home’s current market value. Having a professional who knows how to analyze the property as it stacks up against comparables in the area—then determining its value in the lively Moreno Valley market is intended to provide peace of mind to all parties in the transaction.
That it doesn’t always work that way is because in addition to the buyer and seller, another party may be involved—the mortgage lender. The National Association of Realtors® puts it this way: as “the increasingly common scenario [that]…even when both sides agree on a price, the deal could fall apart thanks to an under-appraisal.”
The situation where buyer and seller agree on a fair price—but the bank’s appraiser determines a value that falls short—usually means that a sufficient loan won’t be offered. Bankers are required to protect the bank, and if they aren’t reassured that the equity in the loan’s underlying collateral supports the mortgage amount, okaying it would expose the bank to a loss.
Bankers would rather not.
But Moreno Valley homeowners on the verge of a sale can head off the problem. The solution is to address deferred maintenance and significant repairs or, per the NAR, “any condition that affects safety, soundness or structural integrity.” It’s a cinch that the best comparable sale figures reflect homes where those issues were addressed.
There are also some less-obvious actions Moreno Valley homeowners can take. For instance, some experts advise removing sensitive or religious pictures before an appraiser’s visit. The reason isn’t because of any prejudice from the appraiser. Rather, since rules prevent an appraiser from violating a homeowner’s privacy, some photographs of rooms might not be allowable—resulting in a report that lacks sufficient photographic documentation!
An accomplished Moreno Valley Realtor will advise you on how to best prepare for an appraiser’s visit, as well as make sure the appraiser has all the details needed to prepare the kind of comprehensive report that lets bankers sleep at night. This is part of my service—and another good reason to give me a call!
Moreno Valley Homeowners Easily Conquer Bad Home Habits
Moreno Valley homeowners take note:
Neglecting your filters!
That was only one of many “bad home habits” blogger Annie Stevens admitted to in last week’s confessional outpouring on the Aussie web site Domain. “Bad home habits” may not be a phrase Moreno Valley homeowners are accustomed to thinking about, but it’s an idea worth mulling—especially if selling your Moreno Valley home is something that could be in your immediate (or even middling) future.
In its mildest form, a Stevens bad home habit would be one that needs to be straightened out before John and Jane Q. Public come to look your house over after it’s listed. In the extreme, a bad home habit can lead to escalating maintenance issues. Neglecting your filters is one of those.
Filters you neglect can be the thin, washable, plastic-and-foam panels you slide in and out of your window air conditioner. If you have one, you are among the many Moreno Valley homeowners who was grateful to have it last week. Filters you neglect can also be one of the larger, paper-foil-and-mesh replaceable thingies that you are supposed to replace in the workings of your central air unit. They can also be the cottony stuff you wad into your tropical fish aquarium, but that’s not the kind that’s a big homeowner concern. That one is strictly between you and the fish.
In all but that last example, neglecting your filters can lead to an air circulation problem, or even to a burnt-out blower motor. This bad home habit can be blamed on the location of the filters. Being out of sight, it’s hard to remember they are even in there, much less that they require your tender ministration.
Another of blogger Stevens’ bad home habits is “buying exercise equipment you will never use.” It’s easy to see why this is a bad budgeting habit, but not really a bad home habit. After all, if you turn the garage into a home gym, it could be a selling point when you’re ready to sell. And if you don’t ever use the exercise equipment, it will be appealingly shiny and new (even if you are more out of shape than you want to be). Potential home buyers won’t care about that.
Stevens actually described eight bad home habits, but some of them don’t really apply to Moreno Valley homeowners (she writes from Australia). For instance, leaving half-drunk cups of tea around the place is not a common Moreno Valley homeowner failing. And sleeping with your phone is more of a bad lifestyle habit, since constantly checking an iPhone in the middle of the night disrupts a normal sleep cycle.
Much more applicable is Bad Home Habit #6: letting dirt build up on the things you forget to clean. It’s easy to forget to clean areas and things that are in dim, out-of-the-way corners, but when it comes to getting your home into shape for open houses and showings, it’s amazing how prospective buyers somehow seem to make a beeline for them. Fortunately, a few serious deep cleaning sessions will cure any vestige of bad home habit #6.
It’s a Murphy’s Law kind of rule that any neglected maintenance feature will tend to go completely kaput just when you least want it to. As you get your home ready to put on the Moreno Valley market, that’s why catching it in advance is definitely to your advantage. Also to your advantage: giving me a timely call!
Moreno Valley For Sale by Owner Signs may be an Endangered Species
They may be getting rarer, but you still see some Moreno Valley “For Sale by Owner” signs from time to time. Sometimes they signify an owner who, truth be told, simply doesn’t mind letting it be known that he or she isn’t in much of a hurry to sell the place. This can be true if it’s an extraordinary example of its architectural style, or beautifully landscaped and maintained, or in other ways, from curb to chimney-top, obviously a prime piece of local property. This is a For Sale by Owner anomaly though; you don’t see many of them.
A far greater number of them (‘FSBOs,’ for short) are average, run-of-the-mill homes—or even clearly neglected ones (in the latter case, the For Sale by Owner designation invites passersby to assume the sign really means “Fire Sale!!!”).
But for the everyday-looking Moreno Valley For Sale by Owner properties, that sign out front has to make you wonder. Currently, 88% of homes are sold through a real estate agent or broker—a percentage that’s been steadily rising for more than a decade. What would impel the owner to take a route that the vast majority of sellers avoid?
There’s often a history behind the sign: a major experience that prompted the go-it-alone venture. That story usually falls into one of two general categories—and they’re polar opposites!
HAPPY STORY!
This camp had a pleasure cruise the last time they sold their home. Their agent put together a listing, and BANG! That was it! Showings by the end of the week, and SOLD in days! For the full asking price! A dream closing with no unexpected details, gifts to and from the excited buyers, and nice notes still exchanged at the holidays…
The Happy Story takeaway: selling a house is so simple, why in the world would you gift a commission to a third party? It’s so easy, why not save thousands of dollars? Up goes the ‘For Sale by Owner’ sign…
UNHAPPY STORY!
These folks found themselves all but victimized by a previous home sale. Everything went haywire from the get-go. They may have started on the wrong foot, assuming that every licensed agent is equally qualified and offers the same level of service. From there, it was all downhill. Bad communication, missed appointments, showings to loud-mouthed prospects who made it clear they were not about to pay anything like that asking price. Maybe a change of agents, but the eventual sale, after those lengthy missteps (and perhaps a technical hitch or two at closing) resulted in a disappointing sale price.
The Unhappy Story takeaway: I bet I can do this better, myself! Up goes the Moreno Valley For Sale by Owner sign…
The current national statistics seem to indicate that the FSBO sign itself is a lot more likely to engender an Unhappy Story result. A typical For Sale by Owner home, if it sold at all, yielded just 80% of what agent-assisted sales brought. Not to mention the hassle of foregoing all the technical and marketing help a good agent brings. The first key to your own Happy Story is to find the right agent—one with a history of Happy Story endings.
This takeaway: call me!
Moreno Valley Readers find Sweet Real Estate Reports
Moreno Valley’s real estate picture usually differs little from that of the nation as a whole. The latest rumblings from the mass media and web continue to bolster the picture of rising values and quickening activity—a sweet story with nary a sour note. In fact the unanimity of voices from almost every corner of the country is a story in itself. There was just one exception.
Some samplings Moreno Valley readers would have found in the past week’s real estate news and opinion—
- From the Associated Press, we learned that “prices are soaring” in some cities, and that they rose in all 20 cities polled. The pace of existing home sales rose to the “fastest pace since February 2007.”—roughly what might be expected in a healthy housing market. The AP attributed at least some of the reason for the real estate price rises to widespread predictions that the Federal Reserve may start raising short-term interests rates sooner rather than later.
- From Dan Green’s Mortgage Reports, the home value increase was illustrated in a multi-colored chart, which showed sample cities’ rises at anywhere from 1%-11%—with most clumped between the 4%-6% lines. Freddie Mac was quoted as pegging the average 30-year mortgage rate at below 4%, with VA and FHA mortgage rates even lower. Their opinion was straightforward: “It’s an inexpensive time to finance a home.” Since historically “mortgage rates average nearer to 8:25%,” that opinion is hardly a stretch!
- Headlines from CoreLogic’s latest Home Price Index Report were “Home Prices Rose by 6.5% Year Over in June 2015” and “HPI Forecast Projects 4.5%” rise for the coming 12 months. CoreLogic’s nationwide real estate numbers are among the most reliable—whereas some of the government numbers sometimes have to admit regular later revisions, it’s not usually the case for them.
- Surprisingly, town observers would have had to go to the National Association of Realtors® site to find what at first sounded like the only sour note to be heard—yet it, too, had a sweet finish. “Pending Home Sales Dip in June” headed the last week’s news release. You had to read the fine print to learn that the pending sales were 8.2% higher than a year before, and that although they dipped slightly from May’s number, they were still the third highest reading in 2015…and marked the tenth consecutive monthly year-over-year increase!
Strengthening real estate prices have continued to bolster a solid summer selling season. If you are interested in exploring the Moreno Valley market as a prospective buyer (or as a seller), the climate continues to be inviting. Good reason to give me a call!
Moreno Valley MLS Listings: Good Place to Start a Class on Real Estate
Wouldn’t it be great if high schools started a Driver’s Education kind of class for real estate? At some point—I think it was in the 1930s—Americans realized that it would be a good idea for the public schools to offer Driver’s Ed, just as a matter of public safety. If you’ve ever tried to deal with a clutch and stick shift built before the mid-50s, you’ll understand the need. Too bad the damage that can result from lack of real estate knowledge isn’t as obvious as a dented garage door.
The first Realty Ed class session could deal with the history of MLS listings. Even given the void in the school system, a teenager wouldn’t need much real estate exposure to have at least heard of “the listings.” “The Multiples” is more obscure, as is “MLS” (when you Google that, you get a lot of major league soccer sites).
They are all jargon that refer to the information published by “the” Multiple Listing Service. “The” is in quotes because there isn’t just one Multiple Listing Service in the United States; there are many different ones, run by different companies. Our Moreno Valley MLS Listings are produced by our Moreno Valley MLS Listing publisher, who cooperates with others across the country to come up with the not-quite-exactly-uniform format you see when you go searching online for Moreno Valley homes for sale.
If the high school kids’ first homework assignment is to go online to check out the Moreno Valley MLS listings (like the ones I provide), what they find looks quite straightforward and self-explanatory. They see pictures and descriptions of each property for sale, an asking price, and details that a future owner would want to know. Square footage, lot size, the year built, number and types of rooms are all there, making it easy to compare properties. There may be more details in some of the listings than in others, but the real estate agent who prepares the MLS listing makes sure the most important elements are covered.
What will not be obvious to the students (but what will make excellent Friday quiz material) is how the Moreno Valley MLS listings embody other elements that are commercial and legal. Behind each of the listings (under the hood, in Driver’s Ed terms) is the fact that an MLS listing ordinarily represents a contractual offer by the listing brokerage to compensate other real estate professionals who represent potential buyers…which means it also is ordinarily evidences that the owner of the listed property has made a separate “listing agreement” with the listing broker.
Later on in the semester, there will need to be a discussion of FSBOs and the whole “For Sale by Owner” situation. It’s likely that one of the more troublesome ‘A’ students will then certainly raise her hand to ask something like, “Well then what happens when there is a Moreno Valley MLS listing for a FSBO property? Doesn’t that mean there isn’t a listing broker to make the offer to compensate other real estate professionals who represent potential buyers?”
That will be the moment when it is again demonstrated why teachers need three months off every year.
Our Moreno Valley MLS listings are a superb way to organize today’s active real estate offerings—but they are only one of many elements. Call me for expert assistance in getting all those elements fall into place!
Moreno Valley Man Cave Story Reaches Back into Pre-History…
Without risking a theological debate, it’s clear that something Darwinian is taking place when it comes to some recent developments in Moreno Valley home refurbishment.
We’re talking about today’s Moreno Valley man caves.
As one Fort Myers, Florida newspaper writer put it last week (without the slightest hint of irony), “the concept of the man cave is evolving.”
Today’s Moreno Valley man cave has progressed far beyond the original prehistoric versions—which were little more than saber-tooth tiger-proof grottos. Millennia passed before they developed into the 20th century versions, which were actually indistinguishable from garages. They usually had greasy tool benches, half-empty cans of paint, and dusty jam jars filled with nails and screws that the man-inhabitant couldn’t bear to throw out (even though they were destined to spend eternity in those jars). The luxury versions of these early man caves might have been adorned with splintered skis and some out-of-state license plates nailed to the walls—but that would have been the extent of the décor.
Merriam Webster defines these early man caves as “places women hated to go into.” (All right, maybe MW didn’t actually print that entry, but that was the defining feature in the 50s). Boy have things changed since then! Today’s modern woman isn’t deterred by the modern man cave, which is no longer dominated by tool benches and paint cans. Those are still in the garage, but the man cave has moved into the house. Today’s modern woman doesn’t even call the Moreno Valley’s man caves ‘man caves’ at all. She calls them ‘family rooms’ or ‘TV rooms’ or, in extreme circumstances, ‘sewing rooms.’ Today’s modern woman got rid of the jam jars long ago.
The Fort Myers newspaper article had a terrifically evocative headline: “Modern Man Caves Focus on Solace, Sports and Luxury.” It’s the truth: today’s man caves can have so many gadgets and goodies, women and children frequently elbow the men out of the way. When that happens, the intended ‘solace’ is elbowed out, too. As the article put it, “…they are so cool, everyone wants to use them—kids, wives, in-laws, buddies…”
There may be no way to prevent that, because whole Design Groups are coming into being to maximize the appeal of the man cave. In one of them, the Weber Design Group came up with a “built-in wet bar and zero-corner glass sliders combined with gender-neutral furnishings…” Gender neutrality aside, it is almost universally agreed that a proper man cave must have a massive television screen (the “no tv, no man cave” principal). Without the screen, the man cave becomes “a living room” —and a throwback living room, at that.
If you are thinking of selling your Moreno Valley home (but it doesn’t have a proper man cave), being that the man caves of today are such expressions of individual imaginations and taste, it’s probably wise to leave that feature undeveloped. Let the new owners decide how to design their own. Just give me a call—and then after we’ve made the sale (and found you your new Moreno Valley home), you’ll will have plenty of fun turning it into your dream man cave. Of course, then you should be prepared to be elbowed out by the kids and the in-laws…
Path Cleared for Moreno Valley Home Buying Geniuses
One of CNN’s most popular sites is called CNNMoney. Dollars and cents are its singular focus—no film reviews, fashion statements, or political insights. For Moreno Valley readers minding their bank accounts, it makes consistently interesting reading.
The other day, an eye-catching ad for CNNMoney appeared on the screens of real estate sites. If you’d been browsing the Moreno Valley listings, there it was, with this challenge: “Are you a home buying genius?” For anyone who couldn’t be absolutely sure of the answer, the ad led to an online quiz. A simple mouse click brought up the first question.
It was a good thing CNNMoney isn’t called CNNGrammar, because the first question was “How will a bad credit score effect (sic) your ability to buy a home?” The choices were four, starting with “I may not qualify for a mortgage.” Then came, “I may need a bigger down payment;” “I’ll have to pay a higher mortgage rate;” and the last, “All of the above.” They all looked possible, so Moreno Valley home buying geniuses had an easy time with that one.
But others could have tested the neurons of any home buying Einstein.
“What’s the most surefire way to get the financing you need?” was one. “Play the Powerball” was clearly not the right answer, but the difference between “Get pre-approved for a mortgage” (choice #2) or “Have the mortgage pre-underwritten” (#3) might depend on the Moreno Valley mortgage broker’s office terminology. If you went for #3, you got it right.
If you knew that Moreno Valley closing costs usually run between 2%-5% of the selling price, you had another right answer. Likewise, if you chose the standard “28% of your gross monthly income” as the most you should budget for a mortgage payment. By now, it had become clear that this quiz had been put together by someone with an interest in promoting mortgage loans. All the questions were dealing with mortgages, and now ads for national mortgage outfits were beginning to appear at the bottom of the screen. Since this is nothing new when it comes to web quizzes, most readers would have kept at it.
They would have run into one question about how much savings you “should have left” after you buy a home—the kind of question that could start a debate. This one could challenge any genius. For instance, if you are The Donald, you really wouldn’t need the “at least six months’ worth of savings” that was ruled the right answer. The explanation sounded reasonable (“you’re probably spending freely to furnish or update the place”), but what if you had just bought a new home or one of the spotlessly renovated Moreno Valley listings that are now on the market? The amount it would cost to move in could just as easily be next to nothing!
Such quibbling in internet quizzes isn’t allowed. If you got all the answers right, you were pronounced a home buying genius (with an exclamations point)…and an offer to tell the world via Facebook or Twitter. If not, you could retake the test before you told anyone anything, which does seem a little bit like an offer to peek at the teacher’s answer sheet…
In my opinion, you don’t have to be a Moreno Valley home buying genius to score a spectacular home in this summer’s offerings. The properties are there, and the financing numbers are still historically terrific! It won’t hurt to have a knowledgeable professional clearing the way, either. Just call, anytime!
Novel Solution in the U.S.’s Most Expensive Housing Market
Moreno Valley residents been hearing about unbelievably tight housing situations in some U.S. cities for many years, but last week there was one report that would have challenged any imagination. This was about a Wharton School graduate who is spawning a new way to afford rents in the San Francisco Bay area. His solution: live in a shipping container.
The article appeared (with pictures) in BloombergBusiness. The photos weren’t exactly flattering of Luke Iseman’s 160-square-foot “box”—in fact, the bright blue painted walls seemed definitely in need of a decorator’s input (not to mention the cords and ducts strapped from ceiling to floor). With a shower constructed from discarded boat hulls and a camp stove set atop what appears to be a deconstructed wooden crate, the overall look might be described as post post post modern urban chic.
But Mr. Iseman is making progress turning his container housing option into a business. In fact, he is already presiding over 11 of the “miniature residences,” where his tenants live inside a warehouse he leases across the Bay from San Francisco.
In case Moreno Valley real estate watchers suspect this is a less-than-serious attempt to forge a new kind of rentable living arrangement, a quick review of housing costs in the City by the Bay will have them thinking twice. According to Bloomberg, the median rents in June jumped 16% from a year earlier (15% in the wider metro area). Median sales price is over $1.1 million in the City.
The chief market analyst for one S.F. real estate outfit put the housing situation in perspective. “People have to get creative,” he said. Bloomberg put its perspective another way: “The market…is crazy…”
Iseman’s “new model for urban development” does have some serious hurdles to clear before the “more sustainable, affordable and enjoyable” urban development model gets much further. One of the hurdles is that it’s illegal—he’s already been rousted from two other sites. But with Bay Area building inspectors busy dealing with converted garages, offices, living room conversions and other unlicensed structures (like rental tents), his startup concept may last a while longer.
What seems somewhat comical to Moreno Valley observers is actually a creative answer to a very real problem. Iseman had been paying $4,200 a month for a badly maintained two-bedroom apartment before he thought up the container idea. He bought his first container, which had been classified as industrial waste, for $2,300 (delivered), spent $12,000 converting it, and voila!—suddenly he had himself some affordable East Bay housing. In and around and area where 10 jobs are added for every new residence, who’s to say this stop-gap solution might not prove to have some staying power?
One thing is for certain—our Moreno Valley real estate scene is going to continue to offer a choice variety of affordable housing offerings, even without the benefit of shipping containers. Give me a call whenever you’d like to go over the wide range of opportunities today’s market is providing.
One Solution for Selling a Tenant-Occupied Moreno Valley Property
In a perfect world, before you set about selling your Moreno Valley property you would have emptied it of all evidence of human habitation, called in the best staging pros on the planet, and set off to vacation in a Caribbean island spa-hotel so you could sift through the dozens of offers in comfort.
“Let’s see,” you would soon be musing to no one in particular, sipping your first mimosa of the afternoon as you thumbed through the sheaf of faxes from your Moreno Valley agent; “should I accept this all-cash offer for 150% of comparable value—or hold out for this one for 200% of comp that came in with only 50% earnest money…?”
It is here where we might best depart from this reverie to point out that in this less than perfect world—the one that we actually live in—the more probable situation is one where your Moreno Valley property is fully occupied, either by your own family or a tenant.
How do you make the most of that mimosaless situation? If you and your family are the occupants, your Moreno Valley property fits the most common profile, so the standard to-do’s apply: you will want to clear the clutter and store any non-essential furnishings; de-personalize as much as practical; deep clean; and work with your agent to make showings as routine as possible.
But what if you have a tenant? It’s going to be a true balancing act that affects four parties: seller, listing agent, tenant, and buyer. Of these, the one with the least to gain is the tenant, who is paying for the privilege of tenancy while being asked to keep the property clean and showable on the others’ schedules.
Let’s face it: this could be a minefield. Almost any tenant’s interests lie elsewhere. In fact, they may very well like your Moreno Valley property so much they would just as soon discourage prospective buyers—and there are subtle (and less-subtle) ways to go about that!
One solution that is sometimes offered involves this creative procedure:
Compensate the tenant for their cooperation by offering a significant bounty (say, 20% of the monthly rent) to be placed in an escrow account. It’s a meaningful award for the tenant’s full cooperation—one that will grow with the payment of each month’s rent. It will be turned over upon the completion of the sale. This ingenious plan has the effect of reversing the natural order of things. Since the amount in escrow grows with each passing month, rather than becoming increasingly annoyed with each ensuing showing, the tenant is increasingly incentivized to make the property ever more appealing. There’s cash on the line! In fact, as the escrow account builds, who’s to say the tenant won’t start doing some arithmetic…and start considering becoming the buyer himself…???
In any case, the best results for selling your Moreno Valley property happen when there is rock-solid communication between the listing agent and owner—and when a tenant is involved, that’s another party who should be included as well. It’s the best way to insure that everyone can go about their business with a minimum of disruption and inconvenience.
If you are sizing up the coming fall market, whether your Moreno Valley property is occupied by a tenant or your own tribe, I hope you will give me a call to discuss how I can get the results you’re after!
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