Jeanne

Bill gives a great, concise answer to this question. The bank will be most interested in what is your income and debt situation, as long as the loan amount is less than $729,000. However, the legislation which created the new $729,000 limit establishes the limit only through the end of December, 2008. So, consider acting soon while your financing options are better. I am available at 650-380-5141, if you would like to discuss market conditions further.

Jeanne - Wed Aug 13 2008, 14:39

Realize that an offer can come in any time, up until the minute that you submit your offer. For that matter, even if you submit your offer in the morning and another offer comes in the afternoon, if the banker hasn't looked at your offer because they are working on a dozen other properties then it makes no difference that there was no offer when you submitted your offer because the banker will look at all offers at the time that s/he works on the property. If the property is a good deal and meets your needs then go for it! I love to work with buyers who have been shut out of the market and now finally have a genuine possibility so please call me if you would like my assistance. In this market, we can find something if you have sufficient income to afford a home. Also, I can help you to understand home buyer assistance programs. There are programs in every city, including San Jose. Good luck! 650-380-5141 Jeanne - Wed Aug 13 2008, 14:31

Banks list their properties at what they believe is market price. If the market is higher now than what it was in 2005 for that particular home then the bank will list the home at that amount. Yes, banks are usually more aggressive at pricing since they know that their asset is empty and vulnerable to all kinds of potential problems which you have probably heard about in the news - people breaking in and stealing fixtures, maintenance costs, etc. Because of these sorts of problems, and other cost issues, banks will usually list their home for less than homes for sale by homeowners in order to sell the properties quickly. However, the bank owner of this property may believe that this particular house is worth more than it is actually worth. In other words, the bank may be wrong about where the market price is for this house. Banks made that mistake many times in the past. Find a knowledgable and dedicated real estate professional who truly is committed to fiduciary responsiblity to their clients. Then, you will purchase a property at a fair price. If you would like help getting started, call me and I will be able to assist you in offering the appropriate price for this property. The listed price isn't always the right price. 650-380-5141 Jeanne - Wed Aug 13 2008, 14:13

Hello Alana,
You certainly can buy if you make 150K per year. However, the loan will be much higher if you don't have a down payment. You are on the right track with thinking that a down payment assistance program will help you to obtain a much better loan. I can explain home ownership assistance programs and develop a strategy with you to achieve home ownership. There are many different down payment assistance programs available from government agencies and non-profit agencies. Please contact me and I will help you get started. 650.380.5141 Jeanne - Wed Aug 13 2008, 13:27

The title insurance company issues you a standard policy. What it covers is listed on the first page and is very short. There are several more pages - all of this is what it DOESN'T cover. The very first thing that it lists that it doesn't cover are any problems with the property according to the local government agencies that aren't recorded against the property. Title insurance is required by the lender and it mostly covers things that a lender wants to know in order that it doesn't make a loan for a property that already has claims against the property or that doesn't belong to you.

There are a lot of laws which protect consumers/buyers against fraud in real estate transactions since they are the biggest financial transactions in the lives of most people. One of these laws in California states that the owner must tell you everything that they know about the house when they sell it. If the previous owner knew about these violations and didn't disclose them to you then they are liable. - Wed Aug 13 2008, 12:59