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the answer is no...need a Broker to list your home for a low commission? contact me
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I'm not sure there is a straight forward answer here, without understanding more detail. I'd like to understand a little more about your situation and why you think a short sale is a good solution for you. There may be other options to explore, but without having interactive dialog, it is a little difficult. Really, there may be other options and I would explore all options prior to making any decision on direction.... more
Good question. The properties in Burlingame tend to run a but higher then Millbrae; however, the question is a little tricky, as I would think you are interested in net profit or appreciation over some period of time, and that would determined by your original purchase price.
All things being equal, a 10% gain on a $2,000,000 homes is greater then a 10% gain on a $1,000,000, right?
The catch; however, is how and what you do with the gain. If you were just selling, and walking away with your profit, great.
Millbrae and Burlingame are both great.... more
If your question is as Brad suggested below, his answer is correct. Additionally, I would advise you to offer a price reduction or credits rather than make repairs as that relieves you of any liability for repairs.
Have you not asked your agent about this or are you selling yourself? If you are selling yourself you would be well-advised to get some professional assistance to make sure you are providing all necessary disclosures and not doing anything/omitting anything that will be likely to lead to a lawsuit. That said, if you want legal advice you need to speak with an attorney.
Lance King/Owner-Managing Broker
DRE# 01384425... more
Virtual opinion DOES not work on our behalf. Refer to a contractor. It will require city approval and permits.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
One consideration is lot size. Is the lot - taking into consideration all the zoning and setback regs for your particular city/county - large enough to add onto. Or, are you allowed to go up; adding another floor? Also, many lenders want a permitted, legal addition constructed by a licensed contractor. Are you intending to hire someone or do the work yourself? Cost. What is the cost to add on? Another consideration is whether or not the addition adds to the functionality of the home. If the only place to add on is thru the master BR that might not be the best route cutting down on the overall funciton of the house. Finally, what are you adding on? A second bath adds true value to the home. You shouldn't lose $$ when you sell. But enclosing a carport (I'm in AZ) to make more living space when covered parking is coveted due to the burning sun in June-July-August may not make sense. Anyway those are just some random thoughts for you to consider. Hope this helps!... more
I write on my blog www.frontdoorblog.com about Burlingame neighborhoods all the time and should probably focus on these two neighborhoods more. Lyon-Hoag is close to Washington Park, Washington School, the train station but potentially also closer to 101 and you might compromise on traffic noise. Burlingame Terrace is in good walking distance to the shops and restaurants on Broadway, andMc Kinley Elementary School. Every neighborhood has a different feel and it depends what kind of house at which price point you are looking.I live and work in Burlingame. Let me know if I can anser specific questions.
I specialize in investment purchases in the Las Vegas area! Here, you can get a condo for $36k-40k, which will NET you (that's after taxes, property management fees, taxes, etc) $500+ when rented. Also, I find properties like this with year lease terms in place.
The properties will be less than 20 years old, often in great condition (I wouldn't let you get something that isn't), and since it's a condo, you get a home warranty for $355/year, which covers all appliances ($50 repair/replace), and since it's a condo with an HOA, you are not personally responisble for anything outside the unit, uncluding the roof, common grounds, pool, hot tub, gym, etc).
Oh, and we did have the biggest drop in prices, and those prices will go back up, even if it takes 7 years... this price range was previously going for $150k-180k.
Other than being close to home, I don't think you'll find a better deal in the United States!
Thanks for reading, good luck!
I can help with any of your Las Vegas Real Estate needs or questions; feel free to contact me direct.
Mark D Fleysher, MBA, Broker, REALTOR
The Jack Conley Realty Group
C. 702-291-8186 F. 702-946-0843... more
Whether or not your offer is confidential, that is pretty upsetting. Your offer is not confidential unless you get them to sign a Non-Disclosure Agreement; however, I believe that the use of the that info is meant to allow the listing agent to negotiate the sale of the home rather than disclose the offer terms as a background check.
This seems borderline illegal to me and I would at least spend the time filing a formal complaint to the DRE. I'm not sure how that would work in terms of the laws regulating Landlords either. If the complaint doesn't work out, contact the local Board of Realtors and make your complaint there. After that, call some consumer watchdogs. To me, this is an abuse of power and extremely unethical.... more
Great question. Try calling Holly Brand with Wells Fargo/First Peninsula Mortgage. If Holly can't help you she can tell you who can. Holly's cell is 650-270-4800 or Holly.Brand@firstpenmtg.com. You can also call Gilbert Richards 925-351-8985. Gilbert workds with numerous lenders.
The choice is yours, unfortunately it is harder and there are more stipulations/contingencies on an FHA loan than a conventional loan which is probably why they took the other offer. If you were madly in love with the home wait it out and see what happens, if you were not, keep looking... you will find someone that will accept your FHA financing, as it is a huge part of most markets today. I hope this helps best of luck. Always consult your own Realtor for the best advice, or a licensed lawyer for legal advice.
Best regards... more
That's a tough question...and I think you're asking the wrong people. Agents aren't experts in market prediction or macro economics. Realtors work on data from the recent past to accomplish the task of correctly pricing a home for either a buyer or seller - so you would be better off not to rely on the opinions in this thread.
Your best best might be to seek advice from sources that heavily invest time seeking the same answer. The California Association of Realtor's website has some extensive research and commentary on this exact topic:
That's just a start - there are many more sources out there. I hope that helps.... more
Hello H and thanks for your question.
To prevent further confusion, let's take these questions in order:
1. 3% Fee to be Paid by Buyer for Lender Assistance Fee - Is this normal? In most cases, "no." Typically, the lender assistance cost or short sale coordinator fees, which is an advocate hired by the listing agent to be the intermediary between the selling and buying parties and the bank, is hired by the listing agent and paid for by the listing agent. There are occasions when both the buyer's and seller's agents will pay for the coordination fee, but it's pretty unusual to foist this fee upon the buyer.
Further, coordinators do NOT make 3 percent on the sale price of the home. Typically, the coordinator makes a percentage of the commission paid to the selling agent--sometimes as high as 25-30 percent of the commission earned by the selling agent, but it is not usually 3 percent of the sales price of the home--that's an extraordinary amount of money for the work done by the coordinator.
2. Do Banks Normally Agree to pay for that? If you are speaking of the 3.5 percent contribution toward closing costs, in our area, the answer is, "it depends." If the loss to be sustained by the bank is too great, or you are dealing with a bank that does not negotiate on such issues, then the likelihood of obtaining a 3.5 percent contribution toward closing cost is slim to none. There are banks out there that will contribute to the closing costs (Wachovia, for example), however, you will not definitively know the answer to this question until the bank responds with their letter of approval or denial for the sale. Keep in mind, too, that the more loans or liens against the property, the less likely such contributions will be granted.
If, you are speaking of the bank's reimbursing you for the coordinator's cost or ultimately agreeing to pay for this fee at the close of escrow, the answer is "no." The choice to use or not use a coordinator rests with the agent, and is not a fee or service paid for by the bank.
3. Does a coordinator really help speed up the process? To be frank, I cannot say with any authority that the process went faster due to the presence of a coordinator in any short sale. In some cases, the coordinator helps move the file to the right desk, but in other situations, such as in working with Bank of America, for example, there are so many mitigators working on short sale files that the coordinator was unable to use her "influence" on anyone within the bank to speed up the short sale approval process. There are upcoming changes in the industry, however, and those with the specialty in this business (look for the initials CDPE or Certified Distressed Property Expert) will have access to some startlingly cool database and bank contacts that can shorten the short sale process from 6 months to, in some cases, less than 3 weeks!
Bottom line, H, the success or failure of a short sale depends largely upon four things, and they are, in order of importance: 1) Price offered for home and loss to be incurred by bank; 2) Experience and resources (including contacts with top notch negotiators) of the listing agent (look for agents with the CDPE certification); 3) tenacity of the buyer's agent and the buyer's agent's ability to answer questions of the client and to "handle" the frustration often felt in a short sale; and 4) comparable pricing of homes sold in the area. Since you are the buyer, your agent should be able to answer all of the above questions for you and provide you with examples of what has happened to him/her in similar situations in other short sales. Although it is often said that the listing agent controls the short sale, after having represented quite a few buyers in short sales, I can say, with confidence, that it was my ability to communicate the process and the steps to the buyer that led to successful closings of ALL of my short sales and not just my tenacity in working with the listing agents.
Good luck to you and talk with your agent about the expenses to be charged to you. If they seem unreasonable, move on to another home. Remember short sales are not necessarily "bargain" homes as banks want "comparable" pricing for the properties, and it certainly doesn't make the home more attractive with added costs above and beyond what would be expected in a normal home sale.
Grace Morioka, SRES
Area Pro Realty
San Jose, CA
P. S. Talk to my sales partner, Dave Jessup (CDPE) if you have any questions about the CDPE certification, training and experience.... more
Mind you I am not an attorney and this information is deemed reliable but not guaranteed. Realtors and Sellers are required to disclose any material fact that affects the desirability and/or value of the property. They are limited by statute, to just defects on the property.
However, on the Peninsula most major brokerages use a disclosure statement specifically regarding California's upcoming High Speed Rail System.
To my understanding, there is not time factor for disclosure.
One of the benefits to using an experienced Realtor at a respected brokerage is that he/she would help you better understand the disclosure documents as they are presented.
Brendan Aiello – Cashin Company Realtors
DRE # 01860602
Another avenue to research is the banks. Many banks have not released all of their bank owned properties. Go to your local Citi Bank, Wells Fargo, Chase, and Bank of America. Ask them for their list of bank owned homes.
As Dave mentioned, make sure you are pre approved, you need to be in a position to get you own financing, these banks are not going to provide that, they want the homes off their books.
There are so many opportunities out there now, there is no need to just focus on foreclosures. Look at all the current inventory in the neighborhoods where you want to live. Great buying possibilities If you are not already working with a agent, feel free to give me a call.
Good luck to you.
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