Banks are not to discriminate, we have fair housing laws which prohibit such practices.
East Palo Alto is the low end of the market for Palo Alto. Each city has a low end in price point. The areas where first time buyers and investors (low end) were the hardest hit by the housing and mortgage crises. In order for the bank to refinance the house and the home owner have to pass the guidelines.
The $3,000, as I understand, is for relocation in a short sale and doesn't have anything to do with refinance.
Is your question a concern to you because you are buying or selling?... more
You are the one in control essentially you can counter offer. Your Realtor regardless of where they are located should look out for your best interest. There is no standard practice. Each and every transaction is customized to each client and each situation.
You have the right to refuse any of the request. I would give on some of them or you can have your Realtor put in contingencies or stipulations on how much you are willing to pay toward anything. If you are against paying for the home inspection or repeated inspections say so. We are only Realtors after all we do as we are told and if you don't voice your concerns to them then we are none the wiser. So tell your Realtor what's on your mind. God Bless and happy selling.... more
The situation above might also require the co-signer to live at the residence and not just sign for it. The eviction would be the reason for this as typically someone living in the apartment has to have no recent evictions on their record in order to lease it out.... more
I’m having trouble understanding your question so I will assume that the $5k is referring to a “bid” price on a foreclosure property.
If my assumption is correct, then the “bid” foreclosure property must be listed on a third party information website such as Yahoo homes, HUD homes, or even foreclosure radar possibly. I have found plenty a property on these websites that advertise foreclosures at incredibly low prices, such as the $5k bid price you may be referring to. The problem is that these prices are wrong, the $5k is referring to the total amount of past due payments owed the foreclosing lender (which may be being reported by the first or even second lien holder).
The point is that a third party information system, whether online or not, is just that, a third party and not a party to the foreclosure. This means that they may not have accurate or updated information.
The most accurate foreclosure prices, or starting bids, will come directly from the banks themselves and passed through their third party trustee who will take the property to auction. The only way to get this information is either to attend the foreclosure auctions, happens daily at the county court steps, or subscribe to a third party service that gets the information directly from the trustees and banks themselves.
If you are seeking the most accurate foreclosure information then you may wish to contact a real estate professional in your area who may be able to guide you to a local resource.
And when it comes to purchasing foreclosures, not doing your research on the property, whether it is title related or property condition related, can end up costing the investor a substantial amount. This is why it is so important to always be represented by a real estate professional with the knowledge and ability to assist you with your real estate goals.
Brad Gill, Realtor (#01385310)
Eagle Properties Group, Your San Jose Real Estate Solution
Brad@EagleHomeGroup.com http://www.EagleHomeGroup.com... more
Hello Jmark and thanks for your question.
To better assist you, a Realtor will need to know your housing budget--what are you qualified to purchase--and what you would like to see in a home, condo or planned development. There are many cities that are within "easy commute" from Palo Alto including sections of West San Jose, Cupertino, Sunnyvale, Santa Clara (to the south) and Redwood City, San Carlos and sections of Mountain View to the north and east that might suit your needs.
However, if you can provide to your trusted Realtors more information, they can greatly narrow your search parameters and quickly find for you a great home. Also, this is a wonderful time of year to look since there are less buyers in the market right now. Give us a call if you have questions.
Grace Morioka, SRES, e-Pro
Area Pro Realty
Sunnyvale, Cupertino, Los Altos, Santa Clara
Email: GraceAreaProRealty@att.net... more
Hi Melissa - In most cases foreclosures are not available for rent as the lender is looking to sell and be done with the property. If you need a referral for an agent who can help you find a rental, please let me know. The company I work for in Charleston, SC has the ability to match people up with great agents throughout the country. Thanks, Randall... more
New listings usually take a few days to show up on the various internet sites. Ask your agent if their listings are automatically sent to Trulia. If they aren't, your agent can set-up a free account and manually add your listing to this site.
I hope this helps!... more
What price range are you looking to buy? What area? Have you been pre-approved or will this be an all cash purchase? The reason why I asked is b/c you have to be pre-approved when submitting an offer for short sale or REO/bank owned properties. Cash is king in this market, so if you have the money to make an all cash purchase, then even better.
I have a list of all the REO, NOT, and NOD homes currently on the market in Santa Clara County. Let me know if you would like a copy of this list.
Vicky Le, Realtor
Intero Real Estate
Email: firstname.lastname@example.org... more
Please note that the 94303 zip code covers all of East Palo Alto and some of Palo Alto.
Your question is a good one.
At the present time, the East Palo Alto market is very soft. Inventory is up and property values are down.
This market has been hit hard by the sub-prime mortgage problems and there is a high level of foreclosure activity. 2 years ago the average price was over $600K and now homes can be purchased at or below $400K.
It should also be noted that over the past 10 years, the average price in East Palo Alto has almost tripled while in Palo Alto during the same time period; the average price doubled.
My suggestion would be to buy the best location and home you can afford.
If your price limit is $400,000 and you want a single family home, East Palo Alto presents a good long-term potential.
PS I purchased my first home in 1980 and it was located in East Palo Alto. That purchase gave me a start and a foothold in this market, it might do the same for yo.... more