Long Beach Home Auction, Part 2

So are you ready for an auction? In the last post we spoke about the upcoming auction here in Long Beach. In today's most I want to cover 4 things that you absolutely must to prior to walking into that auction.

4 MUST DO Items that you need to do prior to attending an auction

1. Pre-approve with a lender you know - I know that the auction company conveniently allows you to pre-approve through their lender. While that is all well and good you want to pre-approve through someone whom you have used in the past or been referred to.
2. Inspect the property ahead of time - That's right most auction companies don't allow you to inspect after you bought it but they do allow you to take a look prior to the auction. The one coming up in Long Beach,CA has a day where you can get into the properties through various open houses.
3. Consult Your Real Estate Professional - Now I am not saying this because I happen to be a real estate broker but you should consult an expert in the area you are buying and preferably one you have used in the past or one that has been referred to you. Remember the auction company wants the most for the property not what is in YOUR best interest. Some Realtors will work as a consultant for you for auctions as most auction houses do not pay commissions to Realtors. Some Realtors charge a flat hourly rate for the time at the auction while others charge a flat fee. Make sure they help you analyze the properties you want to bid on ahead of time.
4. Know the Rules - This is very important. Some auction company's have a buyer premium that is 5% or more on top of your final bid. Make sure you factor this in to what you will pay and make sure you know if you have financing contingencies or any other real estate protections. Not knowing the rules could cost you big $$$$.

Remember the auction is coming up on April 5th. To see more details on this auction refer to part 1 of Long Beach Home Auction.

Home Auction in Long Beach, CA Part 1

Have you ever attended an auction? If you haven't attended you are truly missing out on an adventure. There is a home auction taking place in Long Beach, CA where around 220 homes will be sold to the highest bidder. Does this sound interesting or scary now? Well it should be a little of both. This is part 1 of posts that will be doing as a series leading up to the home auction in Long Beach on April 5th 2008. Make sure to check back in for details about the auction process, what to watch out for, and how best to protect yourself.

Here are some items to consider:

• No one represents you! - You have to look out for yourself. No one is going to make sure that things are done right for you. They are interested in getting the highest bid possible and getting rid of what they consider a problem.
• Read the fine print - We will speak more about this later but make sure you know what is
• Don't get caught up with emotion - Buying a property at auction can be exciting and entertaining. You need to make a business decision ahead of time before getting caught up in the moment.

So where is this auction in Long Beach taking place? Details of the event and a link to the auction company website are below:

When: April 5th 2008
Where: Long Beach Convention Center
Number of properties to be sold: 220+
Auction Company: Real Estate Disposition Company
Website: http://www.ushomeauction.com

6 Items You Never Thought Would Cause a Buyer to Panic

In today's market, and really any market, there are things that every seller should do for their home prior to listing it for sale. Now before you stop reading believing that this is one of those lists that have been seen every where keep reading as I am going to cover some things that maybe you hadn't thought of. These items are more important then you think and may make the difference between a home completing its escrow or a buyer cancelling and moving on to another home.

1. Strap your water heater appropriately - Water heaters must be strapped by code in order to pass a home inspection performed by a buyers home inspector. A seller would be wise to make sure a licensed contractor comes out to make sure that the water heater is strapped and the exhaust for the water heater is appropriate.
2. Your electrical box is up to code - electricity scares buyers as they believe it is very expensive to fix electrical boxes. Now it can be but often times it is as simple as a new breaker or a new cover for your box. Avoid this item being called out in an inspection and make sure that an electrician takes a look at your electrical box prior to listing it for sale or at least prior to the buyers inspection.
3. Make sure the vents that block access to your foundation are repaired - in a raised foundation home there are vents (sometimes) that allow access to the home. Make sure they all look presentable and repaired.
4. Fix all broken glass - this may sound obvious but sometimes their is a small window in a closet (especially in old craftsman homes) that has a cracked pane of glass that you hadn't got around to fixing. Make sure that you get it fixed prior to any showings.
5. Leaking faucets - This may seem small but when a buyer can be picky they often will and you want to make sure the least amount of items show up on a physical inspection report as possible and this is one that is easy to spot.
6. Make sure you have replaced all outlet covers if missing - this is another one that scares buyers that is quite small. Make sure that you have all outlets covered and new ones if possible. It is a small detail that is very much appreciated.

Many people when they sell a car make sure to get it all cleaned up and even take it for a tune up. This is exactly what you want to do for your home. You want to make sure that all the details are done and it is in its best condition possible. You don't need to go overboard with upgrading items but make sure that you and your real estate professional go through your home and take time to look at what things might scare buyers and do your best to address those prior to it coming up in any report.

Bixby Knolls Real Estate October Update

Long Beach has many different areas of the city and truly each area is unique and has it's own character. Every Friday we will be doing an update not only in writing but a video update of either an area of the city or the entire real estate market in the city of Long Beach so make sure to tune in every Friday to see what area has been highlighted. This Friday we are highlighting the area of Bixby Knolls and the Virginia Country club.

October 2007 for Bixby Knolls and the Virginia Country Club

1. New Listings - 35 (22 single family homes, 13 condos)
2. In Escrow - 5 - (Pending 4, 1 Backup)
3. Total Active Properties as of Today - 190

Our Video Update highlights the area of the Virginia Country Club.

Don't Miss the Long Beach Blues Festival

If you don't live near or in the Los Altos area of Long Beach then you might have missed the fact that this weekend is the Long Beach Blues Festival. Students who are ready to go back to school at CSULB have an up close view of a wonderful event.

The campus is the center piece for this event that will be taking place all Labor Day weekend. In fact KJazz 88.1 FM has a schedule on their website so you can check out what is going on all weekend.

After you leave the festival take a look at the surrounding area homes of Los Altos or College Park Estates which are close by.

Enjoy the Labor Day weekend and let us know what you thought of the Long Beach Blues Festival.