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94587 : Real Estate Advice

  • All63
  • Local Info6
  • Home Buying32
  • Home Selling5
  • Market Conditions8

Activity 55
Mon Jun 27, 2011
Steven Fong answered:
The buyer can pay for the county transfer tax if it is agreed to in writing. Although it is customary for the seller to pay, it can be negotiated.

Steven Fong
REALTOR
Sunil Sethi Real Estate ... more
0 votes 11 answers Share Flag
Tue May 10, 2011
Gregg answered:
Thanks for all the responses!

The property had originally been approved for short sale, but the previous potential buyer was declined due to DTI issues. Based on the previous appraisal, the negotiator had no issues with offer price. BPO is fine, but the bank has requested a 2nd appraisal, since it has been 6 weeks since the last. There is enough equity in the home for the bank to recuperate all of their expenses, allow $3000 to the sellers, and still have additional proceeds from the transaction. Assuming that the appraised value has not decreased by more than 7% in the past 6 weeks, these figures should still be applicable.

There IS now a purchase agreement signed by both parties; we are now awaiting only the short sale approval, which is expected to take up to another week. According to the listing agent, the sellers' lender will extend the date for COE, and we have already taken steps to amend the purchase agreement to further extend contingencies, inspections, and loan closing date.

It seems that things are now progressing satisfactorily, but there is still a slight concern that the lender will not approve the short sale. There is also a little bit of suspicion, as the listing agent has not been cooperative at all.

Having already obtained a Right of First Refusal, my next question would be:

IF the listing agent hypothetically received a higher offer, could they be working on another transaction without telling us, then present it to the bank and complete that transaction, at which point, there would be no legal recourse to obtain the property? THIS question goes back to my prior inquiry about specific performance. Lis Pendens would not be valid after reconveyance of title.

Should this occur, then I'm guessing there would only be rights to sue for damages and, perhaps, file a complaint to have the agent's licensure suspended or revoked. Is a mortgage processor and underwriter, I had seen many questionable transactions in the early 2000's; During the latter part of the decade, as a Title Clearance specialist, I also saw many anomolies from people trying to get "creative" in transferring title. These occured after properties became REO. I had never had a case disputed after petitioning to have a Lis Pendens expunged. I've also never had a case such as this, or one that I was aware of, that had similar issues withn a short sale.

I don't want to appear to be too paranoid, but I have a vested interest in this property that I don't want to lose. One might suggest that I'm jumping the gun, but timing is everything. The idea to initiate litigation and file Lis Pendens was intended to protect that interest.

As it stands, I am pretty much at the mercy of the listing agent and must hope that they act in good faith. Otherwise, all parties will lose.

Again, thank you to everybody who has contributed with answers. I guess it's difficult to give a specific answer when one doesn't have the complete details. As every case is different, I hope that the responses are applicable to other situations and can at least provide leads for prospective borrowers to follow. As I had faith that everything would transpire according to agreement, I opted against taking action while the window of opportunity was open. Now, I can just hope for the best. Pardon my French, but "Wish in one hand, $hit in the other, then see which one fills up first."

After many hours of legal research and a lot of good feedback, I still followed my heart and the advice of my agent. To sustain control of a situation, one must pull out all of the stops to secure their interests. I think the best action for people to take is to consult an attorney if their puchase is important enough to warrant it.
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0 votes 6 answers Share Flag
Sat Apr 9, 2011
The Medford Team answered:
Mono:

At $360,000, the LIST price was right on target for the area comps. Contrary to some of the suggestions below, it is very possible to get credits from the seller when buying a short sale – we do it all the time. HOWEVER, this is a fairly active area and it’s very likely that the property garnered multiple offers. We had a short sale on the next block and we received numerous offers on our listing. By asking for a credit, your net to the seller was more than likely lower than other offers. It is normal practice to only submit one offer to the bank – and the sellers take the best price, best loan and best terms.

All too often, buyers fail to understand basic market fundamentals when making an offer. Frequently buyers come up with their own calculations of what they think a property is worth and then offer only that amount … thinking that the sellers will agree with your computations. In reality, you have to offer what the market will bear AND what the seller is looking for. And, just as frequently, buyer’s agents don’t do the necessary footwork to determine whether or not there are other offers and exactly what the seller might be looking for. A rule of thumb in that neighborhood for multiple offers: list price PLUS $5,000 for every offer submitted including yours.

My opinion? You should have increased your offering price so that the net to the seller was more in line with what they were asking for and factored in a higher price to account for multiple offers …
.
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0 votes 8 answers Share Flag
Sun Jan 23, 2011
Kamal Randhawa answered:
John,

Having a teenage son of my own, a good school was my greatest concern when I purchased when he was born...I found a great elementary school with the highest API scores but having spent K - 6 through at this elementary school, we have become a part of this community. Just the mention of moving sends shivers down my sons back. He will have to leave everything he has known and start all over. I think if your only concern is schools, buy in the area where they have the best schools K - 12, trust me it will be the best decision you make. I 'm telling you from experience. ... more
0 votes 4 answers Share Flag
Thu Aug 12, 2010
charo bhatt answered:
Hi Alan,

I like to thank trulia team for such a wonderful platform for consumers, Real Estate professionals, mortgage brokers and lenders to express their opinion and such Q & A


It's good that you are coming here from Belmont to Union City, Bay Area to find a home for your clients. Your clients will appreciate the work/search you are doing for them, even on line like trulia.

INNOVATIONS HOA community in Union City is a gated community. They have a guard on duty to watch for who is entering the complex. They had some parking issues, so now, if a car is parked at a wrong spot they are towing it away in less than 30 minutes. In my opinion it's safe to raise family there. It's close to RXR so there is noise factor but not known any environment issues. It's conveniently located close to BART, Union Landing and Century 25 theater. To find our if they have recent lawsuits or not here is the number for you to call INNOVATIONS HOA 510-490-7314

Good to you and your clients,

Charo Bhatt
CharoBhatt@gmail.com
510-381-2105
www.HomesByCharo.com
... more
0 votes 3 answers Share Flag
Tue Aug 3, 2010
Steven Fong answered:
Talk to a Union City Police officer to see if they get a lot of calls in that area. I'd also recommend talking to neighbors and people in the area to see if they have any concerns lately.

-Steven Fong
... more
1 vote 7 answers Share Flag
Wed Jul 14, 2010
Bob Georgiou answered:
Jennifer,

As an agent with 10+ years experience I would suggest that there is a proper point to hire an escrow co-ordinator. Most co-ordinators regardless of skill charge between $300-$400 per escrow. Buying business by going lower is a viable strategy but expect to lose clients as you try to increase price later.

Maybe what you could do is promote your business initially by reducing price via temporary discount. "My rate is $400 per escrow but I will charge $300 for the first year..." That way the price is already set higher and understood at the onset.

This is a business decision.
... more
0 votes 3 answers Share Flag
Tue Apr 27, 2010
Steven Fong answered:
Everything is negotiable. It is customary for sellers to pay County Transfer Tax and provide a Natural Hazards Report. There is no city transfer tax in Union City. As a buyers agent, I usually ask the seller to provide a standard 1 yr home warranty. When it comes to HOAs, I usually ask the seller to pay the doc prep fees and have the buyer pay for transfer fees.

-Steven Michael Fong
REALTOR
Sunil Sethi Real Estate
Fremont, CA
... more
0 votes 8 answers Share Flag
Tue Apr 27, 2010
Steven Fong answered:
From just the information provided the offers are all under asking. Sometimes sellers see offers significantly under asking as low ball offers and don't take them serious. (Some even take insult to them offer) Also, like others have addressed, strength of your offer consists of not only price, but also down payment and terms. Therefore, the sellers may reject your offer or if it is something they feel they can work with they will counter. Are your bidding amounts based on recent comps?

-Steven Michael Fong
REALTOR
Sunil Sethi Real Estate
Fremont, CA
... more
1 vote 29 answers Share Flag
Sun Apr 25, 2010
Steven Fong answered:
Get in touch with your bank and talk to them. You have options, such as a loan mod or short sale. Both are not automatic, as home buyers must qualify for both. For example: there must be a hardship. Do your homework ahead of time and find out if a short sale is your best option. Find out your options as well as the pros and cons of each. This will help prevent you from wasting your time and energy. To answer your question, when a bank approves a short sale they are the ones who determine the commissions paid to both the buying and selling agents and the ones taking the short, including the cost to sell the property. Any Realtor who is knowledgeable about short sales and is willing to take the listing can list it. Many of the local Realtors posting on this site are well known within the industry and very credible. Contacting one of them would be a good place to start.

-Steven Michael Fong
REALTOR
Sunil Sethi Real Estate
Fremont, CA
... more
1 vote 15 answers Share Flag
Sun Apr 25, 2010
Steven Fong answered:
If you are looking to the East of Alvarado Blvd between Lowry and Dyer, the residential portion is Fremont. The West side is Union City. Union City and Fremont police officers will be able to give you an accurate idea of what has been happening in those areas lately. I would also recommend going through those areas during the day and night to see what you think. Pay attention to what you see and hear. If you are considering living there, the best way to see if it fits you will be to physically be there. Your gut will tell you how the area makes you feel.

-Steven Michael Fong
REALTOR
Sunil Sethi Real Estate
Fremont, CA
... more
1 vote 3 answers Share Flag
Sat Nov 21, 2009
Keeping It Real answered:
Union City is Mexican gang central. If you don't mind shootings, stabbings, robberies or unsolved crime then this is your home. Decoto in particular is the East Palo Alto of the East Bay. 1 Square mile of trouble, especially Mexican gangs, remember not to wear red or blue clothing and not make eye contact because apparently that is justification for the the classy residents to start "representin'"

Just an honest opinion. Before I forget there were 2 shootings resulting in death in a 4 day period.
... more
0 votes 5 answers Share Flag
Sun Oct 11, 2009
Brian Ripp answered:
Hi Megrdh,

You should contact your agent, and/or the listing agent of the home - and ask them to remove the photos from internet. Although there are so many websites that we put homes for sale. I assume this agent will be able to remove from some of these sites.

Our MLS system will retain the photos, however if it is a major concern the agent could remove the interior only and leave the exterior.

Brian Ripp, CRS, GRI
Broker, Notary
Check my web site: www.BrianRipp.com
Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp
510-710-4905 cell
510-794-9006 wk
Realtor since 1985
DRE Lic. 00886348
... more
1 vote 2 answers Share Flag
Sat Sep 12, 2009
Barry Ripp answered:
Hi,
Based on my experience, the rental rate for a home like that should be around $2200 - $2300.

~ Barry Ripp

Broker / Property Manager
1 vote 4 answers Share Flag
Tue Jul 21, 2009
John Petrocelli answered:
Hello Fang: John here again after more review I realize you are referring to Kensington Village that was built out by Ryland Homes between 1994 up to 2001. Located on the west side of the 880 and very close to the hwy 84 Dumbarton Bridge as well as Union Landing. Homes in that neighborhood over the years have sold in the high market for 860K to a low of 379K. The average home sale is 579,806 with the most recent "sold" in May of 09 listing for 688K but sold for 615K. Their is currently one home pending and only 1 "new" that is listed at 648K it appears that the closest pre school is Kidango that gets a 5 star rating there number is 510-475-1140.

Windermere Properties of the East Bay
John Petrocelli, REALTOR®, CRS
Green, EcoBroker®
510-750-3797 (CELL)
510-489-7473 (OFFICE)
john@petrocellihomes.com (email)
www.petrocellihomes.com (web)
... more
0 votes 3 answers Share Flag
Wed Jul 8, 2009
Dawn Rivera answered:
Hi Stephanie, If you are planning on buying a home to rent out, then you wouod be better off buying i an area where the homes are less expensive so you would have a better chance of the rent being equal to or more then the mortgage, home owners Insurance and property taxes. If you are planning to live in the house and sell it laterther homes in the bay area increase in value faster they the homes in the valley.....Hope this was helpful.....Dawn ... more
1 vote 5 answers Share Flag
Tue Jun 16, 2009
charo bhatt answered:
Hi Keroy,

You have got great answers from Real Estate pros. for buying foreclosure house before it’s on the market.

By following Todd’s formula, which is a great way to acquire a property even before it’s listed with an agent for short sale. Yes, you have no competitions by following that method, but, you have to do through research, make lots of phone calls, meet several home owners in trouble, talking to them with sympathy and listing to their stories, seeing their condition and witness their emotions, especially when they are loosing their homes is not easy. What I meant by that is, not every one can perform such task. It requires expert dialogues and special approach.

If you are an investor and want to buy several properties before it’s foreclosed you may want to hire a team to co-operate and co-ordinate this task. If you want just bargains and not go through the hassle and time of researching, calling and meeting people around, you may want to buy REOs in bulk.

You can reach out to some asset managers through some connections and acquire properties prior to they are listed or assigned to agents. It depends how big of a portfolio you wish to hold and how soon you want it.
Bulk REOs are sold in millions.

Good luck to you on your endeavor.

BTW, for REO listed properties you may want to check my
website at www.HomesByCharo.com

Charo Bhatt
510-381-2105
CharoBhatt@gmail.com
www.HomesByCharo.com
... more
0 votes 3 answers Share Flag
Mon Jun 15, 2009
Dawn Rivera answered:
Hi Jackie, I will call and find out for you but the school is closed now so I will not get an answer until tomorrow...Dawn
2 votes 1 answer Share Flag
Sat May 2, 2009
Bay Area Bloke answered:
Don't you agents and brokers think that with all that development, new homes, apartments, etc, around BART, that will make traffic even worse and reduce the property values of those folks in Union City living along Mission south of Decoto? IF you ask me, usually the more apts, and condos you add to an area, the worse the living conditions. ... more
0 votes 5 answers Share Flag
Thu Mar 26, 2009
Pacita Dimacali answered:
Hardship comes in several forms. One of them is drop in market value.

My nephew and his wife bought property iin Hayward just three years ago. Since then, the market values of property in their area dipped by 30%. They wanted to keep their house, but wanted to take advantage of a more manageable mortgage. So they applied for loan modification to convert their adjustable rate.

Although their credit took a dip (for applying for the loan modification) and their mortgage period was extended to 40 years (they don't plan on living there that long), they were able to get a below 5% fixed rate.

They had two loans from Wells Fargo: first loan and equity loan. They actually applied on their own. It took some time, but they got it done. By the time I got involved to help, they were granted the modification.

If you have more than one loan, and it's with two separate lenders, you're going to need some help to get this done. I know, I know, I know....a lot of people try to do this on their own, but it's not that easy, and it will take some time.

Good luck!
... more
0 votes 4 answers Share Flag
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