If I'm understanding your question, some sort of claim was made by the HOA on the building. The HOA should be able to provide you with any financial info you request within a reasonable time period.... more
Many use the word Broker and Agent synonymously. There are additional courses to obtain a Broker's license, but in terms of ability to help you with the home buying process, I would say you want to find an agent, whether they are a broker or not, that is knowledgeable, honest and advocates for you in the home buying process.
The great thing when you buy is you do not have to pay commission! In the state of CA the seller typically pays the commission of both sides, so when you buy you get the professional expertise, but do not have to pay directly for it.
Many when starting the process will ask friends, colleges and relatives who they used when they buy. You can also check online resources like Yelp, Trulia, etc. You may want to reach out to a couple of agents to get a good feel for who you think can best represent you.
I find when working with first time home buyers, having an initial consultation to review the home buying process is imperative. Having an understanding of the current market and how to best prepare yourself for the home buying process is imperative. It can be a complicated and often bumpy process, so as much education and advice prior to diving into looking at homes is a great way to prepare yourself so there are not as many surprises along with way.
Below are links to the CA state requirements for both agents and brokers for a broad highlight of the two types of licenses.
Keep in mind, passing the exam does not necessitate a good agent per se.
Hope this helps!
Alain Pinel Realtors
Real Estate is local; saying that, you can be a 1st time buyer only once...if you buy using any government or local assistance program, you most likely will have to prove you did not own real estate in the past 3-5 years....
Please contact me, and I'll put you in touch with 3 TOP local pros, who can guide you, locally.
Meir Aloni & Team
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
RECS (Real Estate Cyberspace Society)
Successfully selling Broward County since 1986!
Direct phone# 954-338-5220 http://www.WeSellBroward.com
All Star Realty Inc.... more
First, are you looking to buy in Florida or in San Francisco?
Second, do you have a lender that you are currently working with? If not, I have a great team from almost all of the major lending institutions and will refer you to some or all by request. A person trained and licensed in finance would most definitely be the person you'd want to speak to about your options.
Good luck and write me directly if I can assist you further.
I wonder if anyone keeps stats on the number of owner occupied sublets, or renter occupied sublets?
I heard some legal discussion on the subject of evicting a roomer from the owner's home, and while many professionals think it's the same as a standard rental/lease, the attorney's say no.
The advantage of using a formal rental agreement is that if it's good, and addresses all the items
that may be in dispute, then it will help settle the claims fairly. Whether a person should rent rooms
or not, or use a written agreement or not, may be better to ask your attorney.
If it were me, I'd start with the most comprehensive Rental Agreement specific to the local (S.F.) to
address all of the appropriate local and state laws, then modify it as needed to make it reflect the
specifics of my particular case.
Inviting strangers to share your home is always high risk. It's high reward if they are great people,
and no reward if they wreck your home and disturb your life.... more
I believe you are correct. The condo insurance (assuming it is covered in your condo fee, something you'll need to ensure) will cover the building exterior, and your renter's insurance will cover your contents (that part should be optional, I've never heard of a lender MAKING you take renters insurance to protect your personal property, they generally don't care about your property, just theirs!). Discuss it with your loan officer. Best of luck...Jim... more
Depending on the phase of the condo development, you should expect to see the public records on the buyer names and purchase prices in about 45-60 days after the close. If you would like to withhold that information, you can choose not to record the transaction within public records. But, you would need to pay all cash to have that option.... more
San Francisco is full of variety. This extends down to neighborhoods and within blocks of each neighborhood. Therefore, it would behoove you to speak with a local expert. Let us and use our professional expertise and are listening skills to fine tune your expectations and excees them!
Please feel free to reach out and contact me.
And, remember if you work with the buyer's agent in San Francisco you will pay the agent nothing to us directly. as Our commissions come only from closed escrows and only from the seller.... more
In general, your HOA insurance covers replacing the building and what was inside the units prior to your moving in... the floor plan, the kitchen cabinets, bathroom sink et al. Your refrigerator and washer & dryer are considered personal property.
Your furniture, window coverings, clothing and the like need to be covered by what I like to call "Renter's Insurance." The policy would also include stuff like furs, jewelry and cameras under what is known as a "Floater." This insurance covers most things except earthquakes which are considered an act of God. It is often best to use the same company as your HOA insurance. This way if someone falls halfway in and out of your door and breaks his/her leg, you do not have 2 different companies fighting over who has to pay.
HOA Insurance covers the buidling - period. Individuals do not have to pay to separately. One always needs to read the Condo documents to make sure.
Since you are currently renting, I would suggest you start calling about Renter's Insurance right away. You can go to my website - www.sallyrosenman.com - hit the links for Resources and look up insurance companies for a start. Or ask your friends for names. If the building burned down, it would be the responsibility of the owner and you would need to check with him/her to find out what type of policy is in place for the building. But that policy would probably not cover your belongings or furniture.
Hope that helps!
Here are some charts to help answer your question:
The price per sqft has actually increase in the area for the past 2 quarters (the 3rd chart). Please let me know if you have any questions.
Paragon Real Estate Group
CA DRE 01844627
Good question. From what I've seen, they cover stuff like "electricity for the common areas, common area maintenance, etc." Each property will differ, you'd have to read what each place you're considering includes in their HOAs. Sometimes they include earthquake insurance, sometimes they don't. Sometimes it covers most utilities, sometimes it doesn't.
From what I've seen, the general cost is about $400 - $600/month on any of the newer places, and of course they can be much higher than that depending on the area.
I haven't seen any instances where HOAs cover taxes, and although it may cover some insurance costs, you'd still need personal property insurance at a bare minimum.
Wish I had a better answer for you, but from all my research the bottom line is "it depends".
Good luck!... more
Hi Hendry, I work for bank of america, and I just had a refinance denied there because of the litigation. There is currently litigation between the hoa and the developer due to structural repairs that have not yet been made. This raises a red flag with most lenders. It is not known how the lawsuit will be settled, if the hoa may have to do a special assessment to pay for any lawsuit expenses, and most importantly, some structural repairs have still not been made. Apparently now they are conducting tests on select units for the next few months to see if the ventilation is up to code or if it allows units to get too hot. I have also heard that there was recent friction between the beacon commercial association and the residential hoa, but I am not sure if that has been resolved. However, making housing affordable refinances are still possible, as you don't need the project to get re-approved. For purchases, some are probably being made cash, and there are a couple of smaller lenders that I have heard are willing to make loans in that building. I believe one is a mortgage broker named pinnacle mortgage, however a few weeks ago, they said that the bank that they were using to fund those loans was not lending due to some unrelated compliance issues. Anybody else getting any loans done there?... more
I do know a fair amount about the building as we have represented buyers for that property. If you have specific information requests my contact info is below, but in the meanwhile:
It has the same drawbacks of other large unit buildings - higher HOA's, more difficulty on resale, and the units in this building definitely run on the small size. Also, depending on the location of the unit there can be a lot of bridge noise.
On the up side, it has concierge service, a pool, a small gym, a racquetball court, parking, and is in a great location.
If you want a list of available properties at this location (or others):
Lance King/Managing Broker
Best of Luck...... more