About: Ilona Bray

Ilona Bray is a former attorney and the author of several Nolo immigration books. Her working background includes both solo immigration practice and working or volunteering as an immigration attorney with nonprofit organizations in Seattle and California.

Recent Posts by Ilona Bray

Mortgage Crisis May Be Over, But Look How Many Consumers Still Have Complaints!

telephoneBig thanks to real estate journalist Ken Harney for digging into some of the numbers put out by the Consumer Financial Protection Bureau (CFPB) — that is, the federal agency tasked with enforcing financial laws concerning banks, credit unions, and other financial companies, and dealing with consumer complaints.

Harney found that the CFPB received 60,000 complaints from homeowners in 2013 alone. Major issues included “messed-up escrow accounts, botched transfers of accounts, payment amount disputes, short-sale foulups, loan modifications and foreclosures,” and more.

I’m no numbers maven, but the number of zeros in that analysis can’t help but remind us that plenty of homeowners are still living with rotten mortgages that they or their bank rushed into during the heady days of rocketing real estate prices.

As for whether complaining to the CFPB gets you anywhere, don’t miss Harney’s account of how at least one homeowner succeeded in avoiding foreclosure by providing evidence of unethical behavior by the broker of a reverse mortgage.

And if you’re a homeowner at risk of foreclosure, be sure to see the relevant section of Nolo’s online encyclopedia.

 

Will a “Premiere Party” Help Sell Your Home?

mimosa iStock_000012039452XSmallThe trend-spotters at Oakland Magazine have been at work, with a recent article titled, “To Sell a Property, They Throw a Party.”

And not just any party: It’s a “premiere party” (usually for a luxury home in an affluent neighborhood), to which the real estate agent invites hundred of neighbors and other prospects.

They might serve champagne and hors d’oeuvres (will I ever be able to spell that without looking it up?) or perhaps chocolate chip cookies. They might create an art show with work from a local artist. One agent even commissioned a bagpipe player.

The odd thing is, most of the article discussed not what benefits parties like these offer the home seller, but what they can do for the selling agents, who — in the hot, hot, and already hotter Oakland market — find they’ve got to work hard to set themselves apart and attract clients. As one agent told writer Mike Rosen-Molina, “Listing agents are looking for tools that every agent might not have and ways to convince sellers to list their home with them.”

Okay, so do such parties really help sell your home? Especially given one agent’s acknowledgment that, “Buyers will see the home anyway; anyone looking won’t miss the property.”

The answer seems to be that such parties create a “buzz.” They get people talking, and create a sense that the property itself is an object of desire. And, while no agent quoted in the article came out and said this, buzz like this can lead to every seller’s dream: Offers over asking price, and possibly a bidding war.

 

 

Will This Year’s Real Estate April Fools’ Joke Be Tomorrow’s Listing Reality?

applesAnyone who didn’t read the “April 1″ dateline on Midwest Real Estate Data’s article called “MRED Makes Scents,” might have been shocked by this Illinois provider of multiple listing services’ announcement that it had “added a revolutionary new “Scent” field to all MRED property listings. The “Scent” field allows MRED agents to indicate the aromatic smell that prospective clients can anticipate when visiting their property.”

Meanwhile, just a couple of week’s ago — and not on April 1 — CNN came out with an article by Kieron Monk called, “Forget text messaging, the ‘oPhone’ lets you send smells.” That’s right, a new device (to be beta tested in July) will allow users to “mix and match aromas and then send their composition as a message, which will be recreated on a fellow user’s device.”

Just think, your real estate agent may someday send you a message saying, “You’ll love this house, just the place to bake a hot apple pie,” and then send you the corresponding aroma!

But is the oPhone going to be ready for the other most likely message? “It’s a fixer upper, but if we can pull up the cat-pee soaked carpets and give it a fresh coat of paint, I think you may have a bargain!”

Of course it will. The future is here.

They’re Tweeting About This House!

IMG_4987Well, it looks like a charming young couple was intrigued by the open house, and is moving into our “cottage.”

(When selling a house with less-than-impressive square footage, it’s important to use appealing words like “cottage” rather than “matchbox” or, God forbid, “birdhouse.”)

Like any smart homebuyers, they’ve done their looking around (two other places within sight of my kitchen window were visited and rejected) and conducted a thorough home inspection.

I believe they were then convinced by the following home features:

  • Room for a growing family. (The Oak Titmouse lays from three to nine eggs.)
  • Solid construction. This one was built by Berkeley Rustic Birdhouses, known for complying with the International Standards of Ornithology.
  • Security. Try as you might, Mr. Squirrel, you’re not getting your head in that front door.
  • Quiet neighbors. (Well, the neighbor’s dog does have it in for the postal carrier. Let’s say “relatively quiet.”)
  • Sunny location. But not too sunny.
  • Cleanliness. As is recommended, I removed the old nest last year and cleaned the inside with boiling water. Every responsible home seller should behave similarly. (With perhaps a little less of the boiling water.)
  • Proximity of restaurants, bars, and other amenities. The water in the nearby birdbath gets changed daily, and there’s an all-you-can-eat buffet of seeds on a nearby ledge. How’s that for a Walk Score?

I do notice, however, as the moving in progresses, that they occasionally have trouble getting their furniture in the front door. Next time I trust they’ll wise up and carry a tape measure.

 

 

Should Your First Home Be an Old One, or Newly Built?

Brick entryIf you’re thinking of buying your first  home. chances are you’re a member of Generation Y (born between 1977 and 1994), had a median income of around $73,600 in 2012, and are looking to buy an 1,800-square-foot home that will cost you about $180,000.

How’s the crystal ball doing so far? (Actually, those figures are based on a recent “Home Buyer and Seller Generational Trends” study by the National Association of Realtors.)

If those demographic descriptors describe you, you’ve probably already noticed that they are not, for the most part, within your control. The amount you’ll spend on a home, for example, probably depends largely on what you can afford and what’s available in your area.

But now we come to an important matter that IS within your control: Will you buy an older, previously lived-in home, or a brand-spanking new one, most likely in a development?

The differences may be larger than you realize: Older homes tend to be more solidly built, more affordable (though not always), and in established neighborhoods with grown trees and neighborhood character. Newer ones, however, offer the advantages of customizable finishes and features, adaptations to modern building codes and energy efficiency standards, and, because they’re often in communities run by a homeowners’ association, reduced maintenance responsibilities for the homeowner.

So, would you like to know what the other Gen Y homebuyers are choosing? (The drum roll, please.) The answer is: OLDER HOMES! Apparently for all the reasons just described. So if you have confidence that your fellow Gen-Yers know what they’re about, the decision has just been made for you.

But should it give you pause that the Boomers, just two generations up the line from you — who have already owned a home or two — are now mostly choosing to buy newly built homes? Apparently they got tired of all the maintenance as an older home starts to fall apart.

The real test would be, however, to ask these Boomer-buyers how they feel about their new home in a year or so. By then, they may be kvetching about how newer homes have thinner walls (“I can hear the neighbors’ TV!”), they can’t get a dog of the size they’d wish (because of homeowners’ association restrictions) and the hot tub leaks (hasty building with unqualified labor is epidemic in the new home world).

There’s just no perfect, obvious selection. To help you make that choice intelligently, see the articles on the “Choosing a House” page of Nolo’s website.

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