Oct 26
0

Purchase Real Estate with Bitcoin

By | Buyers, Economy, Sellers, Sonoma County info | No Comments
Bitcoin

Image source https://www.flickr.com/photos/100239928@N08/

An article on August 8 in WSJ online caught my eye: Lake Tahoe Property Sells for $1.6 Million in Bitcoins. Bitcoin is a software-based online payment system, a digital currency. Here is other article about this transaction in Martis Camp’s Lodge Estates. The transaction was paid using the bitpay service. 

At first it looks unusual but from a transaction perspective it is  more like a cash transaction. Instead of dollars, euros or yens, bitcoins are used. Similar to when paying with ‘foreign’ currency, an exchange rate is used. The property in Lake Tahoe sold for 2,739 BTC which was at the time appr $1,6 million.Dutch Euro

What currency or method is used to pay for property is something to agree upon between the buyer and the seller. Whether a buyer uses a mortgage, pays cash, uses a digital currency, or even an exchange -for instance an other property of equal value- doesn’t matter as long as the  parties involved agree and the method of payment is legally acceptable. Of utmost importance is to check with a CPA/financial advisor for tax consequences and an attorney as to possible legal consequences.

Bottom line: whether or not paying in bitcoin does not make a whole lot of difference to a transition as a whole. Buyers do their due diligence – the standard time for inspections etc in our local contracts is 17 days-, sellers do their due diligence -in this case whether the method of payment is acceptable – and upon agreement the deal closes.

Mirjam

Sep 21
0

Location – disclosures : Mold…

By | Buyers, Sellers, Sonoma County info | No Comments

GiethoornGrowing up in the Netherlands and living in older homes, mold was something we didn’t think to much about, clean the area thoroughly every so often and that was it… Now I am involved in selling property, I do look a little different at the subject.

Disclosures: when buying or renting in California, it feels like the amount of disclosures are never ending. One of them is the Residential Environmental Hazards booklet. It informs about hazards in and around the home. One of them is mold.

Blue cheeseRealize that mold is a hazard but also a friend… How so? Think about that delicious blue cheese… the blue stuff is… mold. And penicillin is made from mold. It is a fungus, in the same family as mushrooms.

But mold can also be an environmental hazard. There are several different types of mold. Black mold is toxic and an environmental hazard. Realize that mold can grow on virtually any organic substance, as long as moisture and oxygen are present. This means if the cause is remedied – lack of ventilation, moisture – and affected area is cleaned, mold will not come back.  

When selling property, sellers are recommended to have a “Pest Inspection” done prior to putting the home on the market. At that time items that need correction can be addressed prior to putting the property on the market. Buyers are recommended to also have an inspection done as part of their due diligence. The inspector will always have solutions when problems arise, or will recommend preventive maintenance as needed.

Mirjam

 

Mar 23
0

Making that move into your dream home

By | Buyers, Sellers, Sonoma County info | No Comments

There are quite a few people who’s situation has changed and their current life style does not match the home they are living in. It’s either to small, too big, the yard is to small or too big, to name just a few.

YardRight now there is not a lot of inventory in the wine country. Homes sell fast and quite often with multiple offers, sellers have a choice when offers come in.

So how about moving into your dream home?  Option 1:  Selling and moving into a rental means you have to move twice. Not so desirable.

Option 2: Making an offer contingent upon the sale of a home. This might not get your offer accepted. Why would a seller choose a more difficult transaction when there is the option of a sale without this contingency.

Option 3: A better option is this market is to sell your home contingent upon you finding a new home. This means that you might have to go with a little lower asking price to make sure that you have found a committed buyer who is willing to wait.  Then, when you find your dream home, finalize the sale of your current home and rent back for a week or 2. The money received from the sale of your home can be used to purchase your new home.

There are many options to consider when buying and selling real estate, your local Realtor will be able to help you sell your home and  move into your dream home, taking the local market conditions into account.

Mirjam

 

Feb 02
0

Staging a home works and sets expectations.

By | Buyers, Sellers | No Comments

Millbrook frontWhen showing homes to prospective buyers, I always love to show homes that are Staged. These homes are free of clutter and show well. It is easy for a buyer to see whether it would be a good match for their needs. Staged homes tend to sell faster and quite often for more money.

The initial decision to purchase a property is an emotional one and  driven by the sub conscious. It’s a great house, feels good, has lovely colors, great yard etc etc. This decision is justified afterwards by reason: the house is well maintained, no major flaws, great neighborhood etc etc. The different property inspections confirm the condition of the house, major appliances plumbing, electrical etc etc.

There is a flip side:

Staged KitchenWhen a home shows well it sets the expectation that it is well maintained and there are maybe only a few items that need attention. Imagine the response of a buyer who totally falls in love with a house and the inspections show a list of major and minor problems that need attention: plumbing leaks, improper drainage, ducts laying in the mud, a patched roof at the end of it’s life etc etc. The response more often than not is: what else is not maintained/taken care of/do we not know?Staged family room

While it is always wise to do at least a pest inspection prior to putting a home on the market, it is a must for homes that staged to perfection. I also highly recommend a general home inspection. The reason being the incredible first impression might turn into a incredibly low one. Neither of these are true to reality yet it is what is very likely to happen.

Especially in the higher priced areas -Sonoma County, Napa County- it’s worth spending the $350-$400 on a pest inspection to avoid cumbersome negotiations while in escrow. Preparing for a smooth sales process is beneficial for all parties involved.

Mirjam