This is the case for both of us.  Greg was born in New Jersey and his family moved to Ventura County (specifically Thousand Oaks – the Conejo Oaks tract before it was a tract) when he was a small child.  So he really did not know what it was like to live any where else.  He did do approximately a five year stint in  Washington, D. C. ‘in another life’ when he worked in the environmental field. 

I, on the other hand, have now officially lived half of my life in Ventura County being transplanted from Louisville, Kentucky. 

This past week I travelled back east to the Washington, D. C. area where my son and his family lives.  

Did I ever forget what it is like to live back there in the summer! 

• Humidity -  yuck is the best word to describe
• Air conditioning – blasts of cold air
• Thunderstorms – nearly every day
• Lighting – my son’s house was hit by lighting
• Mosquitoes – don’t forget to spray Off
• Traffic – you think the 101 is bad – nope.

We always inform new ‘transplants’ to Ventura County that we might pay alot for our blue skies here but it is so worth it. 

It’s good to travel.  In my case it was great seeing my son and his family.  Traveling also makes you aware of the little things that many of us take for granted at home. 

We are happy to call Ventura County home.  There’s no place like home….especially a Ventura County home.

Are you ready to purchase a Ventura County home?  Let us help you make Ventura County your home, too.  Email us at info@805Local.com or call us at (805) 340-5811. 

One year ago, May 2008, closed sales of detached homes in the Conejo Valley totaled 112 with a median sales price of $677,450.

Currently the Conejo Valley had 525 detached homes listed for sale with a median list price of $1,080,000. 

May 2009 closed sales of attached homesin the Conejo Valley totaled 46 units with a median sales price of $300,000.  The previous month, April 2009, had 35 units close escrow with a median sales price of $337,000.

One year ago, May 2008, closed sales of attached homesin the Conejo Valley totaled 45 with a median sales price of $410,000.

Currently in the Conejo Valley there are 137 attached homes listed for sale with a median list price of $424,900.

The median price is the point where half of the units sold (or listed) for more and half for less.  This information is formulated from the Ventura County Regional Data Share.  All information is deemed reliable, but not guaranteed.

The most active price range tier this month in the Conejo Valley is tied between homes that sold $550,000 thru $599,999 and homes that sold  $750,000 thru $799,999.  Each of those price tiers accounted for approximately 10% of the closed sales in May 2009.

Check out the following:

• Camarillo Housing Market report May 2009
• $8,000 Tax Credit explained
• Multiple offer are back….
• FHA/VA appraisals

One year ago, April 2008, closed sales of detached homes in the Conejo Valley totaled 116 with a median sales price of $647,000. 

Currently the  Conejo Valley has 526 detached homes listed for sale with a median list price of $1,096,500.  Last month there were 549 detached homes for sale in the Conejo Valley.

April 2009 closed sales of attached homes in the Conejo Valley totaled 35 with a median sales price of $337,000.  The previous month, March 2009, had 38 attached homes close escrow in the Conejo Valley with a median sales price of $307,500.

One year ago, April 2008, closed sales of attached Conejo Valley properties totaled 44 with a median sales price of $396,000. 

Currently in the Conejo Valley there are 153 attached homes listed for sale with a median list price of $419,500.  Last month there were 157 listings in this category.

The median price is the point where half of the unit sold (or listed) for more and half for less.  This information was formulated with data from Ventura County Regional Data Share.  All information deemed reliable, but not guaranteed.

What does this mean?  Sales of single family homes have increased over the previous month but the number of detached homes on the market has dropped.  Sales of attached homes has remained steady from the previous month. 

If you are a home owner who has been waiting to sell, this could be the right time.  Demand is up and supply is down.  Also remember the ‘hottest’ home selling season is April through August.  Please give us a call to schedule a time to see if this is the right time for you.

Other related posts:

• Physical inspection prior to listing
• Short sale ‘crash’ course
• Camarillo Housing Market Report  April 2009

In comparison to a year ago in March 2008, closed sales of detached homes in the Conejo Valley totaled 67 with a median sales price of $650,000.

Currently in the Conejo Valley there are 549 detached homes listed for sale with a median list price of $999,000.

March 2009 closed sales of attached homes in the Conejo Valley totaled 36 with a median sales price of $307,500.  The previous month, February 2009, a total of 21 properties closed escrow with a median sales price of $259,000.  

In comparison to a year ago in March 2008, Conejo Valley totaled 28 detached homes to close escrow with a median sales price of $418,250. 

Currently in the Conejo Valley there 157 attached properties listed for sale with a median list price of $379,900.

The median price is the point where half of the units sold (or listed) for more and half for less.  This information was formulated from data from the Ventura County Regional Data Share.  All information deemed reliable, but not guaranteed. 

The Conejo Valley includes all areas of the Conejo Valley — Thousand Oaks, Newbury Park, Westlake, Agoura and Oak Park. 

What great positive information!!!

Do you find this information helpful?  Would you like a detailed report of your individual neighborhood?  Let us know.  We will email you one.

Check out related posts:

• Appraisal before listing a house?
• Conejo Valley housing market report Feb 2009
• Must-Dos for Ventura County home sellers

In today’s buyers’ market, we think it is wise to take a proactive approach to disclosure. 

Here are a few reasons:

1.  Providing an inspection report to the buyer promotes an atmosphere of trust.  It shows that the seller has nothing to hide and is willing to disclose everything.

2.  An upfront inspection report allows the seller to know the items that could come up on a buyer’s inspection.  This would give the seller time to repair/replace items and disclose the repairs to the buyer.

3.  A pre-sale inspection allows the seller to meet disclosure obligations and at the same time inform a buyer the present condition of the property.  The seller simply states that they are not intending to make repairs but are providing a list of conditions that could warrant repair/replacement.

4.  If an undisclosed defect is found after the sale, the seller is less likely to be suspected of having concealed the problem. 

5.  A seller knows that a buyer is going to be doing a physical inspection – right?  Get it done upfront and be informed what the issues could be.  Be pro-active.  A thorough inspection by your own inspector reduces the likelihood of new findings by the buyer’s inspector. 

People get accustom to problems with their house and think that the problem is just normal.  Prime example  – the door between and house and the garage does not self-close.   The door needs to self-close due to fire safety.  It can be an easy fix.  Take care of these items before they become an issue.

For smooth sailing — think like a buyer!!

Related Posts to check out:

• Appraisal before listing
• “How much will the seller take?”
• Seller Mistakes

“Charming“ means wallpaper, lots of wallpaper plus matching drapes.

“Cozy“ screams small, very small.

“Lush, tropical garden” means overgrown with palm trees.

“Compact kitchen” instantly says just enough room for one person.

“Maintenance-free yard’” shouts all concrete yard.

“Motivated seller” means the price is too high but they hope someone will buy their house.

“Sold as-is” translates to ‘what you see is what you get’ – (to fix and repair).

“Freeway close” means close your windows and maybe you won’t hear the freeway traffic noise.

“Blank canvas” denotes nothing has been done to the house.

“No HOA” suggests sorry about the neighbor’s pink house but there’s nobody to complain to.

“Handyman special” says you better be a general contractor to buy this house.

“Cream puff” suggests that the seller has made improvements and expects to recoup their cost.

“Retro” brings up visions of harvest gold appliances, avocado shag carpet and the sellers throwing in a carpet rake.  Groovy.

Our all-time favorite is –”great potential.”  This screams to us there nothing that a lot of time and plenty of money can’t fix.  Well, maybe…..

Do you need help sorting through these real estate ads?  Wonder which lender is on the level?  We understand.  Give us a call or email.  We have lots to share.  We will be your guide. 

Better check the MLS to see how many properties suit this buyer’s criteria.  Wow!  There is a total of 46 just in Camarillo plus there is an additional 55 homes that meets the criteria in Thousand Oaks.  That’s a lot of ground to cover.  We better get out there and start doing previews of homes to eliminate what not to show and create a list of what to show on Saturday morning.

Thursday afternoon: with appointments made and armed with Multiple Listing print outs, Supra programmers, maps, tank full of gasoline, cell phones and water, we head out to  find the ‘cream’ to show on Saturday morning.

Several we could eliminate quickly based on location, neighborhood and number of cars on the street.  Ooops, the next house the listing broker forgot to install a key safe, the next house has an alarm but the code is not in the listing, the next has a day sleeper but no warning noted on the print out, the next house has two inside barking dogs. And the list goes on.  We enter a vacant house and both of us start itching — the house has fleas. Yikes and both of us are allergic to fleas (note to self – remember to spray yourself for fleas before showing property).  Six of the following houses required that we have a time specific appointments with the listing agent to show — that is difficult to do when actually showing property due to the fact that we never know how long a potential buyer will want to spend in a house).  Enough, to be continued…..

Friday morning: We filter back through the lists of homes that we previewed the previous day and decide to show ten of the properties.  Next step – route the houses from the office.  Start making appointments to show the ten houses.  Backtrack – we cannot show two of the houses on Saturday but Sunday would be okay with sellers; that won’t work.  Another house was not available to show because the seller was making cookies and another seller could not decide if they really wanted to sell or to stay put.  Wow, we are down to six houses to show on Saturday.  Better go preview a few more houses this morning.  With more MLS print outs in hand, we head back out to preview more houses.

Friday afternoon:After previewing several more homes, we come up with another list of ten homes to show on Saturday morning.  Before calling it a day, it is time to get the car washed.  You don’t want to show property in a dirty car!  Plus, we need another full tank of gasoline.

Friday night: Back to routing the houses that we are going to be showing the next morning — so we start calling to make appointments.  Instead of the typical time range to show, three of the houses require an exact time appointment.  Better figure those times in the routing.  Next, print out information about each house for the clients; people like a program for a play and they like MLS print outs when they look at property.  One more thing – better check the alarm code for one property and secure the gate code for another.  That’s it – we are ready.

Friday night later: One more thing – do a ‘radius search’ in the MLS for each of the homes that are scheduled to be shown.  Buyers always ask about nearby homes whether the houses are on the market or not.  We need to be ready to answer any of their questions regarding recent sales and neighborhood activity.  Okay start searching ten different neighborhoods and print out two copies.  Ready to report for duty in the morning.

Saturday morning: We arrive at the office early (armed for fleas – see Thursday afternoon) and check the MLS to discover if there are any changes in the status of the homes we will be showing.  Perhaps one went ‘pending’ or maybe a new listing came on the market.  We get a call from one of the listing agents of a property we will be showing.  She needs to change the appointment showing time.  (Well, that phone call changed the routing of all showings!)  Not a problem – as we juggle to rearrange the routing order and make the appropriate calls to inform the sellers.

Saturday morning 10:30 a.m.: We get the phone call.  The buyers cancelled……

Ah, the GLAMOROUS life of a REALTOR! But, we wouldn’t change it for the world! The upside of the week is, we were there for someone in need that we never would have met otherwise; we were able to find solutions for newlyweds who’s dreams were becoming a nightmare; and the other stuff…well, we’ll work it all out.

In an under appreciated industry, we’d like to declare this week, Realtor appreciation week. It’s been a rough couple of years for many of us and a little bit of appreciation would sure go along way.

Here’s to you our colleagues! We applaud you all! We are sure you all can relate!

Two weeks ago Camarillo had 23 properties currently on the market that were bank owned.  This week that total now registers 20 REOs for sale in Camarillo.

Click here to get the list of bank-owned properties for sale in Camarillo,  These properties range from a one-bedroom condo to a $1.3 million estate.  Preview them here.

Two weeks ago the Conejo Valley (Thousand Oaks, Newbury Park, Westlake and Oak Park) had fifty properties on the market that were lender owned.  This week that total now registers 75 REOs for sale in the Conejo Valley.  Click here to get the list of bank-owned properties for sale in the Conejo valley. There is even one in Lake Sherwood priced at over $1.8M!  Take a look.

For even more help, we wrote a post this week titled “Lessons learned about buying a bank-owned house.”  Check it out.  We share with you the guidelines we have learned by dealing with many lenders and buyers of bank-owned properties. 

If you would like more help in securing a bank-owned property (or any other type of property), we are here to help with a combined four decades of real estate marketing and sales in Ventura County.  Call or email us.   (805) 340-5811 or Greg@805Local.com

You are thinking about buying a bank-owned house which are also known as a REO or a foreclosed house.   Buying from a bank demands guidelines which are different than buying from a traditional homeowner.  Each bank/lender differs but there are similarities to each transaction.  

Here are lessons that we have learned by writing offers on bank-owned homes with our buyers:

1. Get your loan fully approved from a direct endorsement lender.  You may still have to get pre-qualified through a loan rep of the lender who currently owns the house.  Example: if the house is currently owned by Countrywide, you might need to get pre-qualified through Countrywide but you will not be required to use Countrywide as your lender.  The owner/lender wants to make certain that you, as the new buyer, really qualifies.  Some lenders are satisfied if your approval is through a direct endorsement lender.
2. The property will be sold ‘as-is.’  Most lenders will not do any repairs.  What you see (or don’t see) is what you get. 
3. Since the lender will not do repairs, it is important for you to get your inspections completed in the proper time frame.   Typically lenders do not do wood-destroying pest inspections (termite inspections) so you might want to order one; the lender will not do the repairs.
4. Contingent sale - don’t even try.  The lender will not accept a purchase agreement contingent on the sale of another house.  You are wasting your time!
5. Complete the entire purchase agreement.   Sounds odd but you would be amazed how many people do not sign and/or initial the correct places on a purchase agreement.  Leave nothing to chance.   Double check; there’s lots of places to sign/initial.
6. Expect multiple offers on the property.  Lenders put low list prices on houses to attract attention both from buyers as well as from Realtors.  Lenders realize the market will push the price up through multiple offers.  Again, this does not happen with all REOs but a good number.
7. Find out before the purchase offer is written the name of the title and escrow companies that the lender uses on a regular basis.  Put these companies names in the purchase agreement. 
8. Disclosures from the lender are limited.  The lender never lived in the property.  It is up to the buyer to discover the condition of the property.
9. The contingency period may be reduced from the default of 17 days.  The lender/owner will require that you release your contingencies timely.
10. Banks do not negotiate like a traditional seller.  You might receive a ‘verbal’ counter offer, be told to give your ‘best and final’ or be told to re-write several pages of the purchase offer.  Each lender seems to operate a bit differently. 
11. Penalty clause – lenders have been known to impose a daily penalty ($$) on buyers if the escrow does not close within the specified time.  Keep your lender informed on this date!
12. Each lender has their own addedum or addedums.  So expect to receive these a few days after your offer is accepted.
13. The lender does not work on weekends or holidays.  It could five or more day to get some type of an answer.
14. Be patient.  It might be your home but it is a business decision to the lender.  Good luck!

Would you like our combined 4+ decades of working for you?  Please email us at(Greg@805Local.com or Joyce@805Local.com).  We can also be reached at (805) 340-5811 or 377-7172.  We will guide you through the maze of buying a bank-owned home.

You could get pre-qualified, where you talk to a loan officer and he just “crunches” the numbers and takes your word for the income, assets, debts, and credit OR you could get pre-approved, where your credit is pulled and all of the pertinent information is actually run through an automated underwriting system.  That’s right, artificial intelligence (AI) is making these decisions.  Nowadays, underwriters don’t generally give an approval unless the AI of automated underwriting says APPROVED first.  The underwriter’s job now is usually just checking to be sure that what you told the system matches the documentation and then you’re final approved.

When a seller is choosing between two offers, do you think he’d prefer the one where the numbers were just “crunched” (pre-qualification) or do you think that he’d prefer the one where the credit has been run and the automated system said YES based on actual documentation (pre-approval)?  That was a rhetorical question.  The answer is obvious and that’s the reason to get pre-approved.  All that’s needed for the final approval at that point is an appraisal!

There is power in the pre-approval and Real Estate agents know it!  Get yourself pre-approved and have the power of a strong lender behind you.  You can’t afford not to!  Now go out there and make me proud!

Let me know if you have any questions about getting pre-approved.  Jay Friedman, senior loan consultant at jay.b.friedman@chase.com or (805) 585-2326.  Happy house hunting!