Deb Tebbs Group

Cascade Sotheby's International Realty

Monthly Archives: May 2017

Cascade Sotheby’s CEO predicts biggest brokerages will survive next downturn

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Deb Tebbs – CEO of Deb Tebbs Group

BEND, Ore. – What’s the key to success when it comes to selling your home, ranch or land in Central Oregon? It all comes down to choosing the right broker who is not only experienced but also has an attention to detail so that you can have confidence that your best interests are represented during every phase of the Real Estate transaction.

Thankfully, the Deb Tebbs Group continues to be a leader in the Central Oregon Real Estate market and has thrived following the last economic downturn.

In a recent interview with the Bend Bulletin, CEO Deb Tebbs discussed how she got started in Real Estate and how her attention to detail and commitment to excellence has paid off in here career.

Get To Know Deb Tebbs

Deb Tebbs built her career as a real estate broker by listing high-end homes in the Bend area, but her most memorable transaction involved a ranch in Eastern Oregon.

In 2009, a man looking to buy land contacted her from out of state, and she agreed to show him around. Tebbs didn’t know much about ranch land, but she didn’t let go of the opportunity, even after the search extended to Joseph.

“I go tour all the ranches there,” she recalled. “Learn about ranches; learn about cows; learn about hay; learn about everything.”

The client ended up buying a ranch in Colorado, but that wasn’t the end for Tebbs.

One of the ranch owners was so impressed with her work on behalf of the potential buyer, she said, that he decided to list his property with her.

“So, that was a $30 million transaction,” Tebbs said. “And the reason why I got it is that I just was not afraid to go learn about it, was not afraid to go do it. Fear is a thing that holds back most people.”

The ranch owner also saw the marketing value of listing with a nationally branded franchise, Tebbs said, and that’s why she’d brought the Sotheby’s International Realty franchise to Bend in 2006. Tebbs said recognition of the Sotheby’s brand among California buyers helped build her brokerage, Cascade Sotheby’s International Realty, into Central Oregon’s largest by annual transaction volume.

Cascade Sotheby’s brokers handled more than $1 billion in transactions last year, and about $700 million of that was in Central Oregon, the firm said. The next-largest local firm, Coldwell Banker Morris, had $363.6 million in transactions last year, according to Central Oregon Association of Realtors.

Source – Bend Bulletin

Sell Your Home 

To get started with selling your home in Bend, or elsewhere in Central Oregon, contact the Deb Tebbs Group today by calling us at (541) 323-4823 or click here.

 

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Confused About Homeowners Insurance? Don’t Fall For The Myths

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Homeowners insurance is typically one of the most important costs that many home buyers forget to budget for when they are buying a home.

Besides forgetting to budget for homeowners insurance many home buyers also fall for common home buying “myths” which include the following:

Myth No. 1: Home insurance is a rip-off

While home insurance costs vary by state—as well as factors like the square footage of the house, building costs in the area, and the location’s likelihood of damage from natural disasters—the average annual premium runs about $952 nationwide. But when broken down, that’s only an extra $79 that you need to add to your monthly housing budget (i.e., mortgage premium, property taxes, and interest).

Also, “considering the financial protection that you’re getting, it’s well worth the cost,” says Jeanne Salvatore, chief communications officer at the Insurance Information Institute.

For example, let’s say the average home insurance claim was $9,779 in 2014, with the average fire damage claim clocking in at a whopping $39,791. Many consumers don’t have anywhere close to that kind of cash lying around. (Indeed, 69% of Americans have less than $1,000 in savings, a recent survey by GOBankingRates.com found.) So if you’re in that group, experiencing a loss without home insurance could force you to rack up massive credit card debt in order to repair your house.

Myth No. 2: All of a home’s belongings are covered

Like car or health insurance, home insurance has limitations.

“A homeowners insurance policy is not designed to cover everything,” says Salvatore. “Each policy clearly states what’s covered and what’s not.”

While most standard home insurance policies cover damage caused by a natural disaster such as a fire, hurricane, or snowstorm, some types of personal belongings aren’t covered under basic insurance.

“If you have valuable art or fine jewelry inside your house, you might need a scheduled personal property policy to cover those items,” says Laurie Pellouchoud, a vice president at Allstate.

Myth No. 3: All injuries within a home are covered

If a visitor gets hurt at your house or on your property, your home insurance policy’s liability coverage will typically kick in to cover any claim that’s filed. But that’s not the case if you or a family member gets injured in your own home. If you slip in the kitchen or fall down the stairs, for instance, “your health insurance is what protects you from injuries, not your homeowners insurance,” Pellouchoud says. Got that?

Myth No. 4: I should base my coverage on the market value of my house

More than half (52%) of home buyers mistakenly think they should buy insurance coverage based on their home’s market value, a recent survey by Insure.com found. But for most home insurance policies, rates are based on the cost to rebuild the home—not the value of the house. In fact, “in most cases you need less coverage than the market value of your house,” says Salvatore.

Search For Homes In Bend

Interested in searching for homes in Bend Oregon? Contact the Deb Tebbs Group today by calling us at 541-323-4823 or click here to connect with us online. 

 

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Earnest Money Vs. Deposit – What’s The Difference?

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Is there a difference between earnest money and the deposit? The answer to this question is yes.

In this article we will break down the difference between the two so you will be fully prepared to purchase your next home in Bend or elsewhere in Central Oregon.

What is an earnest money deposit?

Earnest money—also known as an escrow deposit—is a dollar amount buyers put into an escrow account after a seller accepts their offer.

Another way to think of earnest money is as a “good-faith” deposit that will compensate the seller if the buyer breaches the contract and fails to close.

Earnest money deposits usually range from 1% to 2% of the purchase price of a home—depending on your state and the current real estate market—but can go as high as 10%. If a home costs $300,000, a 1% earnest money deposit would be $3,000.

The buyer’s financing can also dictate the amount of an earnest money deposit. For example, if a buyer makes a cash offer, the seller may request more earnest money to show a true “buy-in” from the purchaser, says Matthews. In that instance, the seller of a $300,000 home might want a 3% deposit (or $9,000) versus the 1% deposit for an offer financed through a mortgage.

In any case, the seller can either accept, reject, or counter the buyer’s suggested earnest money deposit amount, says Realtor® Bruce Ailion, of Re/Max in Atlanta.

Earnest money deposits are delivered when the sales contract or purchase agreement is first signed. They are often in the form of the buyer’s personal check. The check is held by the buyer’s agent (never given directly to the seller) and is sometimes never even cashed, says Brian Davis, co-founder of SparkRental.com. If the check is cashed, the funds are held in an escrow deposit account. The money will be shown as a credit to the buyer at closing and will offset part of the down payment amount or closing costs.

So here’s the real crux of the matter: If a prospective buyer backs out of the deal, the seller might be able to keep the earnest money deposit.

Matthews advises sellers to comb through the contract to see if they can take legal action. But keep in mind that if the buyers back out for any reason allowed by the contract or purchase agreement, they are legally entitled to get their earnest money back.

What is a down payment?

A down payment is an amount of money a home buyer pays directly to a seller. Despite a common misconception, the down payment is not paid to a lender. The rest of the home’s purchase price comes from your mortgage.

The down payment money can come from the seller’s personal savings, the profit from the sale of a previous home, or a gift from a family member or benefactor.

Down payments are usually made in the form of a cashier’s check and are brought to the closing of a home sale.

Typical down payment amount

The exact amount of a down payment is often determined by the lender in relation to the overall loan amount. The minimum down payment required by mortgage lenders is 3% of the house’s price, and a 20% down payment is recommended by the real estate industry. But that’s not to say you have to put down 20%. After all, that’s a large chunk of change to have on hand, especially for first-time home buyers.

Search For Homes

To get started with searching for a home in Bend Oregon contact us today by calling (541) 323-4823 or click here to connect with us online. 

 

 

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