Yu Lam (Eddie)

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  • Real Estate Professional
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  • Century 21 Realty Alliance
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  • (650) 801-4718
Yu Lam (Eddie), in San Mateo
  • 4 Answers
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Yu Lam (Eddi…'s Answers (4)
Jkpang, Home Buyer in San Jose

Room addition or room conversion without permit

Asked Thu Sep 4 2008, 11:04 by Jkpang  -  95122  -  Home Buying  -  5 answers
Yu Lam (Eddie) answered:
70~80% of the REO in 95122 and 95127 are like that, with the garage converted into living area. This is typical in that region. Most of the occupants are Hispanic and they have big family, usually 5~7 person live in a 3/2 or 3/1 single family, that's why most of the properties have the garage converted.

If you are planning to rent it out, more room would give you more income, lots of my investors client actually prefer to buy properties with converted garage.

The converted garage is a well known fact in that area, the fact is that 70~80% of the properties are like that but it doesn't mean it is legal though. - Fri Sep 5 2008, 00:30
Amber, Home Buyer in San Mateo

I asked zillow.com for mortgage lender info, the closing fees on some are less than $2k based on a $575k loan,

Asked Wed Aug 20 2008, 22:48 by Amber  -  San Mateo  -  Financing  -  5 answers
Yu Lam (Eddie) answered:
Typical closing fee should be around 2.5% of the sale price of the property. This 2.5% includes the fee charge by the loan agent, lender and title company. You can use 3% to be more conservative. - Thu Aug 21 2008, 00:26
Tom Ng, Home Buyer in San Jose

if I buy a foreclosure house then how do I know if any liens on the property ?

Asked Sun Aug 17 2008, 08:56 by Tom Ng  -  San Jose  -  Foreclosure  -  7 answers
Yu Lam (Eddie) answered:
Depending on what you mean by foreclosure house. It can be before it is a bank owned property or after it is a bank owned property. I don't recommend you to buy it before it becomes bank owned, 'coz it is easier after it becomes a bank owned property.

The lender will provide you a title that's FREE and clear. Since you are in San Jose, the lenders will use a Special Warranty Deed to transfer the property to you. That Special Warranty Deed guarantees you that the title has no problem - Sun Aug 17 2008, 23:17
Lisa, Home Buyer in San Jose

Thinking of submiiting an offer on a REO- is it a good move to underbid by 10k , there are no current offers.

Asked Wed Jul 30 2008, 11:03 by Lisa  -  San Jose  -  Home Buying  -  15 answers
Yu Lam (Eddie) answered:
The DOM (days on market) of the property is the key here. If it is a new listing, the lender is going to stick with that price, on the other hand, if it is close to or more than 30 days old, the lender is willing to accept offer less than the listing price. The lenders know what's going on in the market. San Jose is still a place where people wants to live. Check out this article:
http://news.yahoo.com/s/nm/20080801/us_nm/california_housing…

Base on my experience, the most discount the lender would take is 10%. There are some
exceptions, recently I helped my client to purchase a property at $245k, which was originally listed at $436k. Knowing the rules in the REO world is the key. - Sun Aug 17 2008, 02:44
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Specialties
I specialize in buying / selling SFR in Redwood City, San Mateo, Foster City, Burlingame, Millbrae and South San Francisco.

I also specialize in helping investors to find investment properties in the Bay Area. Lately there are tons of REO in the Bay Area, price ranges from $250k~$350k. All these SFR with at least 3 bedroom / 1 bath, 1000 sq ft. All these investment properties WILL CASH FLOW with only 20~30% down.
Interests
Jogging, listen to audio books.
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