I think the foundational question is "Do you have reliable information on the builder?" Can't say too much myself due to liability issues, but you might check out the following links:
Note, a somewhat common practice this industry is for some of the more serious complaints about quality and reliability to be paid off in trade for signing a non-disclosure agreement. Basically, paying for silence. This is one way you can achieve high customer satisfaction ratings while still having a questionable product, since those that would complain and be vocal, have been silenced.
Research, research, research...
The area around Japan town is an excellent area. Most of the condos are new and represent an excellent value for the features offered. Most are within walking distance to great restaurants and a few more blocks to the light rail. Easy access to freeways. All in all a great place for a first home that is focused on urban living.
Intero Real Estate Services
Buying in downtown San Jose is definitely more of a risky investment. One of the best ways to hedge against a volatile market is to buy in a good school district, even if you don't have children. However, the area that you are looking into is a very nice area with easy access to freeways and shopping. The best advice we can give you is to have your agent show you the property's history and the comparable sales for the neighborhood in the last three months. If the house is priced right and you are not planning on flipping this property, are in it for the long haul, you should be fine.
Jake, I have never heard that. Did you receive a signed acceptance when they accepted the offer? Do any of the documents state they have the right to auction this off?
I don't see how the bank could have the right to auction the house off before they foreclose on the property. Do you have a Realtor representing you? This doesn't sound right at all!... more
Thats a tough question, that has no real right answer. Just do what makes you feel comfortable. There are arguments for both rationales but, i dont think it would be enough to sway someone either way. The best bet is to just talk to or through email get to know some agents. Get more detailed reasons. San Jose is a very diverse area, and to buy a condo there are many many deals. Not sure if the general help you receive will really benefit you. Try to come down once or twice before the move, and feel things out a bit. Who knows where values will be up or down same goes for rates.
There are tremendous new developments downtown san jose, and the developers are sweetening the deal to meet quota's but make sure with any new development that you use a realtor. You dont want to walk in a purchase alone.
email me if you have area specific quesions and good luck.... more
First and foremost, you may have trouble getting your loan approved.
I recently worked with a buyer who was buying a townhouse whose association was in litigation with an ex-employee. The HOA was not cooperative in releasing any information (even though, FYI, most litigation details are public). The other agent and I worked tirelessly to obtain documentation since Fannie Mae refused to underwrite the loan until we received specifics.
My client's closing was delayed 2 months! We were finally able to close, but only once we were able to provide all of the required documentation to the lender for Fannie Mae -- which we finally were able to get only once we were in contact with the HOA's attorney, who finally agreed to cooperate.
Before you even concern yourself with the details of the actual litigation, I would check with your lender to find out if a litigation will affect your ability to get a loan. Find out precisely what will be necessary in order to have your loan approved.
After that, your Realtor can work with the other Realtor to get the association to cooperate. Perhaps using the same route we did (contacting the attorneys) will help. If the HOA refuses to cooperate, they can be charged with hindering a sale -- I'm sure it's not something they wish to have on your plate in addition to a litigation.
Good luck.... more