Tag Archives: first time buyer

Over the past few years we have seen a tremendous increase in Los Angeles area Real Estate prices.  Over the past few months, we have seen less of an increase.  Properties are now sitting on the market for well over 50 days, whereas in previous times, it would not be unusual for a property to go into escrow in under 14 Days on Market.  We are seeing sellers who are banking on the same past market acceleration and are pricing their properties in anticipation of that increase.  It is the exact opposite of the issues we were having in a quickly growing market where appraiser data was not catching up fast enough with prices.  In some cases, this leads to difficulty in getting properties appraised for their sale price.  We have the inverse happening now, where sellers are OVER pricing their properties.  The result of overpricing your property is twofold.  One is that it will sit on the market for longer and today’s savvy buyers look at Days on Market (DOM) when shopping online for Real Estate.  Two is related to #1, in that when a property has over 30 DOM, buyers start to ask “What’s wrong with it?” and the property can acquire a stigma which repels certain buyers.

So what should you do if you a buyer?  What about if you are a seller?

Talk to me.

I work with my clients individually and we consult together to come up with a customized plan suited specifically to their needs and Real Estate goals.  There is no “one size fits all” answer when it comes to Real Estate Acquisition and Sale.

I look forward to hearing from you.

Revi Mendelsohn, Realtor 310-963-7384

The Mendelsohn Group | Rodeo Realty Beverly Hills

Top Ten Legal Mistakes Home Buyers Make

If you are working with a qualified Realtor, you should be receiving the guidance you need to make smart Real Estate decisions when you buy or sell.  At the same time, you should educate yourself about the Real Estate process so that you understand the steps required.  I truly love what I do and I enjoy teaching my clients about what I do and why I do it, and of course, how it benefits them.  Some of the things that I handle by way of closing the deal are: 

  • Taking the time to assess the buyer or seller at the other end of the deal.  This helps us with making the right decisions with regard to how we market our offer, counter offer, and deal points.
  • Meeting with inspectors at your property to determine condition of the home.  My extensive remodeling and construction experience allow me to provide you with realistic costs and timelines for repairs.
  • Meeting with the appraiser to provide the most appropriate comparables for the property you are buying or selling
  • Acting as a project manager with all of the players involved in the transaction.  This includes, escrow officers, title officers, loan officers, multiple inspectors, retrofitters, contractors, etc.
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I’m so pleased to report that we just opened up our 4th escrow for our latest buyers, after showing them just one property!  I’m sure you are scratching your head and wondering, “How is that even possible?, it takes me 3 days of shopping just to find the right fit in jeans!”
Since 2004, I have been honing my skills so that I can help my clients determine what THEY want in their next home.  Before we start shopping, I ask my clients to come up with a “TOP 5 dealbreaker list”.
We do that by using the following guidelines.  The rules are the same for everyone, regardless of budget.
  • List no more than 5 things, in order of importance that are a MUST for your next home. (See examples below).  It is possible that you will have more than 5 things that are important to you, but if we focus on the top 5 on the list, we will be more likely to find you your home in the most efficient manner. Feel free to list #6 and #7, as it’s always good for me to know as much about you as possible.  Typically, we are able to get at least 3-4 of the top 5 deal breaker list items in your next home, assuming there is a limit to your budget and price range.
  • The list is NOT set in stone.  It is a starting point, and it MAY change over time.  By visiting properties both in person and online, you start to realize what you want and what you don’t want in your next home.  For example, you may not even realize that having a spanish style home was even important to you when you first called me.
  • Keep me posted if your needs change during our search. It’s important that we are all on the same page so that I don’t show you properties that no longer meet your Top 5 needs.
TOP 5 dealbreaker examples:
Ricky and Janet                                                                                               
  1.  Under $2M
  2.  Three+ bedrooms, 2.5+ baths
  3. West of the 405
  4. Guest House or office space separate from main house
  5. NOT on a busy street
Rachel and Jeff
  1. Within 7 miles of work
  2. Two+ bedrooms, 1.75+ baths
  3. 1400+ sq ft
  4. up to $1M
  5. Open concept living room/kitchen

Jonathan

  1. Must be in Santa Monica
  2. The biggest place I can get for under $700,000
  3. Prefer HOA dues under $500 per month
  4. Must have bathtub in bathroom (or place to put one)
  5. 1 bedroom is ok. (can we get two bedrooms?)
If you want to know more about how to work through and prioritize your “Top 5 dealbreaker list”, contact me and we can set up a time to discuss and work through it together.
I look forward to hearing from you!
Revi Mendelsohn, Realtor, The Mendelsohn Group
310-963-7384 cell/txt  [email protected]
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WhatBuyersdontwant
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Today’s buyers have access to so much more information than they had just 10-20 years ago.  Did you know that once upon a time if you wanted to know what was on the market, you had to actually KNOW a Real Estate agent in order to get access to the PRINTED BOOK of listings?

Today, that is no longer the case. If I put a listing on the MLS (Multiple Listing Service), I can get it in front of thousands of potential buyers in a matter of minutes.  Give me a few days, and I can get in front of tens of thousands of buyers.

When buyers look up listings, they almost always check Days On Market (DOM).  They are looking to see how long a property has been sitting on the market before they consider the property as an option.  As a Realtor, I do the same thing.

Why?

DOM can provide us with a tremendous amount of information when preparing our strategy to help our clients buy a property.  The shorter the DOM, the less likely the seller will be willing to look at a lower price offer.  The longer DOM, the higher the chance we have an opportunity.  When I say opportunity, what I mean is that, the seller is likely tired of having their home invaded by visitor coming to take a look. They have to keep it clean as well as find a place to house the family pets during the showing or open house. They are likely ready to have an offer placed in front of them and move on with their lives.

The problem is…

When  property has more than 14 DOM here in the Los Angeles/Beverly Hills area, people start to wonder, “WHAT’S WRONG WITH IT?”.  Every other listing has sold in the first 2 weeks, why is this one sitting?

There could be many things wrong with the house, but I would make a bet that it has to do with PRICE and PRESENTATION.  If the house was priced right based on how it shows and its other attributes like size, location, surroundings, etc, it would have sold by now.

So what should you do?

Listen to your agent when they show you a listing that has high DOM.  Before you ask, “What’s wrong with it?”, go in with an open mind, and see if you might like the house.  With the right agent on your side, you might just be amazed at what can be accomplished.  I have come across some incredible deals for my clients in a tight market.  With the right approach, style and demeanor, lots can be accomplished in a tight Real Estate.

Would you like a customized strategy formulated for your home search?  Would you like to learn how to WIN that next multiple offer situation?  Give me a call at 310-963-7384 and let’s talk, or click here to set up an appointment directly in my calendar.

Regards,

Revi Mendelsohn, Realtor

 

Top 5 Tips for Opening a New Escrow!


Opening escrow, especially for the first time, can be a bit like navigating uncharted waters. Based on our experience opening multiple escrows for over 12 years, The Mendelsohn Group has compiled a list of useful tips to help homebuyers through escrow with ease!

  1. Read through all paperwork and stay on top of all signatures. If you were to print out every single piece of paper involved in the purchase or sale of a home, the file would easily be three inches thick! As you can imagine, it can be a bit overwhelming to deal with all of that paper. Do your best to stay on top of it and READ and sign as it is sent to you. Don’t hesitate to call your agent with any questions before you sign.
  2. If you are currently renting, DO NOT GIVE NOTICE of your intended move-out date until ALL CONTINGENCIES are removed on your sale. This is incredibly important because if something falls through, you could potentially be out of a place to live! As Revi always says, “I’d rather you have two places to live than none!”
  3. Avoid posting anything on social media regarding the sale. This helps protect you against your landlord finding out of your plans to move prematurely. Posting on social media during negotiations could also affect you negatively because you never know which friends buyers/sellers have in common. When Revi is representing you, she is always planning strategically to get you the best possible deal! As Revi says, she keeps things “in her back pocket” to benefit you in the deal.
  4. Do not discuss any repair or inspection matters with your lender under any circumstances. This is key to ensuring a smooth lending process. If you are unsure of any matters, consult your real estate agent. Bringing inspection matters to the lender’s attention can complicate the loan, and potentially cause the deal to fall apart.
  5. While in escrow, do not make any large purchases such as a new car, furniture, or anything that can affect your credit score and ability to get the loan. The lender repeatedly checks your credit ratios during and up to the close of the loan. Before making any changes such as employment, opening or closing bank accounts, or making large deposits, speak to your realtor and your lender to confirm it has been set up properly. Revi and The Mendelsohn Group team are here to help you every step of the way — no question is too big or too small!

If you have any questions regarding the escrow process, or real estate in general, do not hesitate to contact Revi Mendelsohn at 310-963-7384!

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TOP 8 reasons Why Home Buyers Want The Mendelsohn Group on Their Side

Are you thinking of buying property? Maybe you are looking for investment opportunities. Or maybe you are ready to take the big leap into owning your first home. The thought can be overwhelming if you don’t have the guidance of an experienced team on your side. The Mendelsohn Group has over 12 years of residential purchase experience. We specialize in the following to ensure a positive home-buying experience, and get the best possible outcome for our clients:

  • We help our clients pay an average of 3% UNDER asking price
  • We offer a proprietary “Top Five Deal Breaker System” to help clients determine what is most important in their next home
  • We make our clients feel like they are our only clients through award-winning* customer service and sales experience
  • We provide outstanding project management skills. We have an excellent reputation amongst our peers, as evidenced by listing agents preferring to work with The Mendelsohn Group
  • We regularly secure property from multiple offer situation through successful packaging buyers to listing agent
  • We have excellent negotiation of repair credits due to experience and understanding of home repair
  • We practice solution-oriented strategies to bring all parties of the sale together
  • We present top notch service providers for any repairs after the sale, as well as follow-up with clients to ensure they are settled in their new home

*Rodeo Realty’s Vice-President’s, President’s, and Executive Circle awards 2010-2015  and Coldwell Banker’s Prestigious President’s Circle 2007

Another happy family in front of their first home!

Another happy family in front of their new home!

Last week we closed escrow for a family on a wonderful home in West LA. After several months of searching, we were able to secure 2nd backup position on a home (2nd backup means that 1st backup is in front of us, but 1st backup is behind the buyers in escrow). It was a bit of a challenge for our buyers, as they had access to a special loan program for Military Veterans. This Veterans Administration loan is unfamiliar to most agents in LA.  We had to educate the listing agent and sell her on our buyers. In a matter of 4 days, the 2 other buyers both in escrow and 1st backup dropped out and we won the house! Now our clients’ kids have a yard to play in and to plant a vegetable garden in. They never imagined that they would have two extra bedrooms, one for a home office and the other, a playroom.

For more stories of The Mendelsohn Group’s successful purchase negotiations, click here! If you are looking for these types of results in this highly competitive Real Estate market, call Revi at 310-963-7384.

 

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Why Home Sellers Want The Mendelsohn Group On Their Side

Are you thinking of selling your home? The thought can be overwhelming if you don’t have the guidance of an experienced team on your side. The Mendelsohn Group has over 12 years of property sales and listing experience. We specialize in the following to ensure a stress-free transaction, and get the best possible outcome for our clients:

  • An average of 108% of percent of asking price
  • Full preparation of the home, and assistance with all renovations ranging from painting to complete kitchen refacing. Click here to see our unique approach.
  • Complete consultation on property condition to determine which repairs are most cost effective prior to listing, preventing and reducing buyer credit requests while in escrow.
  • Access to and referrals of top notch service providers for any repairs
  • Marketing the listing on multiple platforms, to ensure it is reaching the biggest audience
  • Under 4 days* on market to receive first offer (*average based on 4 most recent sales) Click here to see the outcome of all of our most recent sales.

The Mendelsohn Group strives to get the most for our clients, through our unique approach in preparation for launch, to our negotiation skills during the escrow process, all the way to staying in touch long after the close of the sale. Take it from our clients below, who sold their home for 18% OVER asking price working with The Mendelsohn Group, and click here to read more of what people have to say about us!

She was patient, professional, and extremely knowledgable…

“We recently sold our Mar Vista home and realtor Revi Mendelsohn worked with us from day one to put together a successful sale. She worked closely with us months before our home sale to determine what sort of improvements we might decide to make. She helped guide us through so many complicated decisions about the best ways to prepare our house to go on the market. Every step of the way, she was patient, professional, and extremely knowledgable. In fact, every piece of her advice paid off. We sold our house for way over our asking price and I’m certain the amazing result we achieved was due to her smart, sensitive, and forward-thinking approach. I had seen her recommended so many times online and wondered if she was really as good as everyone said. And I can tell you that she absolutely is the real deal. She is so easy to work with and will go to bat for you no matter what. You will not be disappointed. If you or anyone you know needs some real estate assistance, talk to Revi. You’ll be so happy you did!” – Cindy and Trent Jones, Home Sellers in Mar Vista 2015

If you have any questions or inquiries, feel free to call Revi at 310-963-7384. We look forward to hearing from you soon!

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5 Tips To Help You KEEP Your New Year’s Resolutions

We all want to start the new year off on the right foot, so we set goals for ourselves to accomplish in the bright year ahead. We’ve all been there – life starts to get in the way of those goals, and the task of re-starting begins to feel daunting and almost impossible. In hopes of creating our best year yet, we’ve created a list of the top five ways to help stay on track and achieve those resolutions we’ve made for ourselves. We hope this list helps all of our readers.

 

  1. Be realistic and specific.

By saying you want to win the lottery in the new year, you are setting yourself up for disappointment. It is important to set achievable goals that are detail oriented. For example, if your hope is to lose 50 pounds, it is very realistic to say you plan to lose 1 to 2 pounds per week by focusing daily on better food choices and consistent exercise!

2. Make your resolutions a few things you really want.

It is so much easier to stay motivated when you really want something. Take the time to clearly focus on how each goal will improve your life, and how much of each day you would like to devote to making those improvements. If it is something you really do want, it won’t seem like such a chore. Keep the positivity and motivation alive by remembering the reward once you achieve said goal.

3. Make a plan and write down your progress!

It is key to not only make the plan, but to continue writing down each step you are taking to get there. This goes back to being specific – making a plan that has a schedule (say, going to the gym at 5:30 PM on Monday, Wednesday, and Friday) will improve your chances tenfold of you actually committing. Once you have figured out the specifics, keeping track of what you are doing to make it happen helps keep you accountable and makes the finish line seem much closer. It is also very self-motivating to take a moment to remind yourself that you are in fact doing what you have set out to do!

4. Automate.

According to BankRate.com, if you have financial goals, the best way to help keep you on track is to automate your transactions. Set up your bank accounts to take “X” amount from you checking and put it into a savings account, depending on how much you wish to save at the end of the year. This applies to many other goals as well, as with new technologies you can now automate many different services and reminders.

5. Remember you are in charge, and don’t give up!

It is easy to let distractions get in the way of the changes you want to make, but making sure to remember you are in control of your life can help combat those distractions. Of course there will be slip-ups and set backs, but make an effort to not let those moments overwhelm and defeat you. Don’t be too hard on yourself either – we are all human and we deserve self-love and praise! Be confident and vigilant, and your New Year’s resolutions will become a reality!

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Top 5 Tips for Hosting a Stress-Free Thanksgiving!

Thanksgiving can sometimes feel like a holiday for everyone but the host. This year, why not make it fun for everyone? Just follow these helpful tips to prepare you for your most successful, worry free feast!

 

  1. Make a timeline and master list of everything that needs to get done.

Avoid last-minute overload by counting backwards from the time dinner is served and scheduling out prep time and oven time. Map out the timing for what can share the oven, and what can be served at room temperature. Stick to your plans to ensure everything runs smoothly. It may help to set alarms on your phone for really key moments, like putting the turkey in the oven

2.  Make as much ahead as possible.

When you’re planning your menu, look for dishes that can be made the night before. Desserts can easily be made ahead and re-heated. Even if you can’t make a full dish ahead, look for ways to prep the big stuff as much as you can, like toasting nuts or breadcrumbs.

3.  Set the table the night before — and embrace the kids’ table idea!

Set the table the night before, and think through who will sit where. Save yourself from rooting around in your messiest cupboard for the turkey platter in front of guests. And don’t fuss too much over decorations for the table … click here for quick and simple ways to make household items into perfect turkey day centerpieces. Keeping the kids at their own table can give you the opportunity to dress the table with the nice china and not worry about an accident.

4.  Never turn down help.

Most Thanksgiving parties embrace some sort of potluck rule, and that’s the beauty of it. Let friends and family bring appetizers, side dishes, or desserts. You can even buy pre-made items from the grocery store. This will free up your oven a bit and take some of your plate. Also, don’t be ashamed to ask for a hand in the kitchen, and gather a crew to help carry the dishes to the table.

 

5.  Don’t bite.

There may be someone in your family or in your circle that wants to start a heated discussion. Don’t take the bait just because that someone brings a hot topic up at the dinner table. The best way to keep everyone happy is to keep the conversation light and neutral. You can’t pick your family as they say, so take every opportunity to enjoy their company and your time together!

We hope you have fun in your preparations for your Thanksgiving party. Remember to relax and enjoy it! Maybe even find a moment in the chaos to remind yourself to be grateful for the opportunity to host your loved ones on this special day.

We wish you a Happy Thanksgiving!

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Will Your Will Be Enough?

Congratulations, you have taken the big leap and have purchased a home! Now that you own a home, have you thought about protecting your assets? Is having a WILL good enough?

When one dies with assets to his/her name over $150,000, his/her estate goes through Probate Court – and that happens whether or not he/she left a Will. The only instance when a decedent’s estate (that exceeds the probate threshold of $150,000) stays out of Probate Court is if the assets are titled in a Trust. For purposes of meeting the $150,000 threshold, the probate court looks at GROSS, and not NET value of the Estate.

For that reason, your new home–which you just added to your estate–most definitely pushed your assets above the probate threshold of $150,000. Therefore it would be wise to set up a Trust and transfer your home into Trust to prevent it from undergoing probate.

Even if spouses take title to their home jointly, that only protects the surviving spouse from probate at the first death. At the second death the home (which is now only in the survivor’s name alone) will most likely need to be probated.

Unlike the costs for setting up and administering a Trust, probate costs are much higher. Few people know that the probate fees are set in the Probate Code as a percentage of the gross value of the estate. It costs $46,000 to probate a $1 million dollar estate, $56,000 to probate a $1.5 million dollar estate, $66,000 $2 million dollar estate, and so on. Half of these go to the attorney for the estate, and the other half go to the estate representative. Those should be assets going to your heirs instead.

Protect your assets and your family – save your money for your beneficiaries and consult with an Estate Planner to convey your new home and your other assets in a living Trust.

 

 

 

Disclaimer:  This post is not intended to replace legal advice. It was put together with the assistance and guidance of attorney Maria N. Jonsson. We personally use Maria for our estate planning.

Maria N. Jonsson, Esq. (310) 802-9961, [email protected], www.mariajonssonlaw.com

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