Steven Ornellas

Hello again Sonal. Real quick response about this house and then a comment on REOs for you:

If you can live with the freeway noise (hopefully you can only hear it when you are outside), and if in fact its placed on market for the $643K is doesn’t sound that bad. A 3bd/2bth@ 1821sf property just went up for sale today for $849,500.

However, a word of caution on REOs. Yes, some can be great deals but you really need to be aware of the fact that one of the worst things you can do to a house is button it up and not have anyone living in it. Make sure to get an inspector who can do some limited environmental testing. A thorough standard property inspection is the cheapest insurance you will ever pay when buying a home. However, an environmental inspection takes the guesswork out of wondering what’s behind the walls using basic science.

Here’s how it works: A base air sample is taken on the outside of the home to get a reading of what allergens, fungus, molds, and bacteria are present. These are compared to interior air samples. If there are any red flags they show up in the lab results (i.e. a mold count significantly higher than outside). In addition, various "gadgets" are used to identify issues, such as moisture meters that provide the moisture content of different materials within the house.

Now, some Realtors would never suggest this level of inspection for fear of the deal breaking up (and I have had some that did – for material issues found! A client of mine just recently had to walk away from an REO purchase due to the environmental coming back with 5 identified molds, one of them toxic. ). The purchase of a home is one of the biggest financial transactions that one can make, so it pays to know as much as you can about the house's condition.

Have you been Pre-Approved yet? Make sure you understand the difference between a pre-qualification and pre-approval: http://www.steven-anthony.com/default.aspx?pp=39377 This is VERY important right now, provided you are serious about buying. The credit markets have gone through quite a change.

FYI, the FHA minimum deposit requirement changes from 3% with a max conforming loan limit of $729,750 to 3.5% and $625,500 effective 1/1/08. Also note that FHA allows for a max seller credit of 6%, which I have continually been able to secure for my clients, in addition to a reduced sales price.

Let's work together! You will be glad we did.

Client testimonials: http://www.steven-anthony.com/default.aspx?pp=35479


Best Regards,

Steven A. Ornellas, GRI, ABR, e-PRO, CMPS, RE Masters, MBA
REALTOR® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist

Steven Anthony Real Estate & Financial Services
Expect Excellence. Get What You Expect.™
Cell: 510.461.6011
http://www.Steven-Anthony.com SteveO@Steven-Anthony.com - Sun Oct 5 2008, 18:14

Hi Free2teatime, Talk about opening a can of worms! Short story, science shows that there may, or may not be health effects. From an investment perspective, that dual-argument will take a percentage of possible buyers out of the picture, reducing the demand for the home. In my opinion you should avoid buying next to power lines as I believe most agree there is generally a negative association with them.


Best Regards,

Steven A. Ornellas, GRI, ABR, e-PRO, CMPS, RE Masters, MBA
REALTOR® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist

Steven Anthony Real Estate & Financial Services
Expect Excellence. Get What You Expect.™
Cell: 510.461.6011
http://www.Steven-Anthony.com SteveO@Steven-Anthony.com - Sat Oct 4 2008, 08:56

Hi Wendy,

The San Ramon city permit department should have plans for your home. Note that architectural plans are copyright protected, but will be available for viewing.


Best Regards,

Steven A. Ornellas, GRI, ABR, e-PRO, CMPS, RE Masters, MBA
REALTOR® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist

Steven Anthony Real Estate & Financial Services
Expect Excellence. Get What You Expect.™
Cell: 510.461.6011
http://www.Steven-Anthony.com SteveO@Steven-Anthony.com - Fri Oct 3 2008, 08:04

Hangzhou, it may be time to involve an outside private inspector to give his opinion on what, if any, issue there is. Backing out of the contract at this stage may cost you some money, depending on your contract. Problem could be any of the issues suggested, and it might also be "hot concrete" pour that's the issue, hard to tell.

If you need a referral for an outside inspector contact me offline. I'm also in the 94539 area code, you could also email some photos that I could forward to my inspector for comment....

Best Regards,

Steven A. Ornellas, GRI, ABR, e-PRO, CMPS, RE Masters, MBA
REALTOR® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist

Steven Anthony Real Estate & Financial Services
Expect Excellence. Get What You Expect.™
Cell: 510.461.6011
http://www.Steven-Anthony.com SteveO@Steven-Anthony.com
Web Reference: http://www.Steven-Anthony.com - Wed Oct 1 2008, 17:54

On new home construction a 1/4" crack would slightly concern me. When you use the term "inspector" is this the Builder's employee or did you hire an inspector that is working for YOU? Best to do the latter.

Perhaps you can negotiate right now that if the crack(s) reach a certain given width the Builder will re-pour the garage floor - worth a try .... You might want to call a cement contractor to determine what would be considered as an above-normal width that would justify pouring a new garage floor.

-SteveO - Wed Oct 1 2008, 15:27

Handzhou, its not unusual to have cracks in cement, the real question is how large they are. Once you start getting beyond a 1/16 of an inch and they keep getting bigger you just might have an issue regarding the work performed. Monitor the situation, and remember that you have a 10-year builder warranty to fall back on if the situation gets noticeably worse.

-Steve - Fri Sep 26 2008, 15:13

Vinit, I'm not seeing anything available based on your search criteria from above; however, if you stretch to an asking price of $750K there are three Short-Sale listings (see link below).

Have you been pre-approved? If you are serious, team up with a professional, get pre-approved (extremely important in these times), review your needs and target market, and then monitor for the right time to act. Yes, I did say monitor. Right now might not be the best time for you to act. Contact me offline to discuss, if desired.

-Steve - Tue Sep 30 2008, 18:32

Hi Vinit, the first thing I’ll say is that I would highly advise that you commit to working with a licensed Real Estate professional right now if you are serious about buying. I would be happy to help. Would you like to meet today? If so, contact me offline.


Best Regards,

Steven A. Ornellas, GRI, ABR, e-PRO, CMPS, RE Masters, MBA
REALTOR® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist

Steven Anthony Real Estate & Financial Services
Expect Excellence. Get What You Expect.™
Cell: 510.461.6011
http://www.Steven-Anthony.com SteveO@Steven-Anthony.com - Tue Sep 30 2008, 15:52