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Home Buying in 94610 : Real Estate Advice

  • All37
  • Local Info1
  • Home Buying17
  • Home Selling4
  • Market Conditions1

Activity 14
Sun Jun 28, 2015
Walter Rock answered:
0 votes 26 answers Share Flag
Mon Oct 13, 2014
Brenda Marie asked:
I entered the contest along with my daughter and we are so excited to find out if either of us won this house?
0 votes 0 Answers Share Flag
Wed Nov 21, 2012
Ernest Villafranca answered:
There is not a single official MLS for Alameda county. The county has the unique situation of having three independent, competing MLS’s in Alameda and Contra Costa counties, that is, EBRD, CCAR, and Bay East. All three MLS’s contribute to and share the Paragon database so that everyone’s customers (agents) have access to full listing coverage no matter which MLS they belong to.

A little confusing, ain't it?
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0 votes 9 answers Share Flag
Thu Nov 1, 2012
Steven Ornellas answered:
Hi monstertaco,

Wow, this is like "crossing the border" into a state of confusion!

Clearly, there are details not being shared; and as such, I'll pass on adding to the "clarification question count" and defer to the advice already proposed - talk to your Agent and if you cannot get a clear answer from them ask to speak with their Broker!

CA SB 221 (law as of 1/1/12) increased the Small Claims Court jurisdictional limit from $7,500 to $10,000 with two caveats: A) The jurisdictional limit of the Small Claims Court will remain $7,500 for claims of bodily injury resulting from a car accident if the defendant in the action is insured and the insured’s policy includes a duty to defend, and B) The Small Claims jurisdictional limit will remain $5,000 for suits brought by entities such as corporations, limited liability companies, partnerships and the like.

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0 votes 10 answers Share Flag
Fri Jul 13, 2012
Cheryl Berger answered:
We are seeing areas in both Berkeley and Oakland go through a transformation in the last couple of years. In Berkeley around the San Pablo Park area and in Oakland I would say that a big draw is for North Oakland and parts of West Oakland/ Emeryville border. A lot of investors have been coming in and fixing up houses and selling them to new buyers. From my experience I am also seeing a lot of buyers from San Francisco move to these more affordable neighborhoods in Berkeley and Oakland. ... more
0 votes 6 answers Share Flag
Mon Feb 6, 2012
Tomi Thomas answered:
As agents, we are prohibited from taking a position as to whether something is a good neighborhood or bad. This is called redlining, and we just can't do it.

There are great folks in all neighborhoods. Some areas are more prone to crime. The good folks in all neighborhoods are working to make them better. The VERY BEST way to approach this research is to start with the crime stats on the city website, then do the following:

1) call the police department and ask for the name of the policeman who acts as the beat captain for that address. Ask to be contacted by this person, and have a full conversation about the neighborhood. Ask what are the known problems, has it been getting worse or better, is the neighborhood organized for crime watch and emergency preparedness. Has there been a history at that particular address?

2) Ask the beat captain for the name and contact number of the crime watch and emergency prep group and call them.

3) Take the time to knock on a few doors on the block, and talk to the actual neighbors. Their experiences and the sense of connection you feel with your neighborhood is going to make all the difference. Remember, an organized neighborhood is a safer neighborhood.
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0 votes 10 answers Share Flag
Mon Feb 6, 2012
Tomi Thomas answered:
I'm with Liz (below) on this. The first thing you and your agent (you did use an outside agent, I hope) should do is review the appraisal. Did your appraiser live withing 20 miles of the subject property? If not, they may not be familiar with the micromarkets, may have used poor comps. If so, you may have grounds to contest the appraisal. Your agent should have shown you actual comps that the appraiser could use to validate the purchase price, before you wrote the offer. Those comps give you the ammunition to contest. If you provide the comps, a good lending agent will give it their best shot to get the lender to reconsider the appraisal. An experienced buyers agent will know how to take you through this process.

You did not mention in your formula above how much of a down payment you were contributing, in addition to the incentives. FHA suggests a low down payment, but some FHA buyers also have compromised credit, so I don't want to assume.

The lender initially approves your loan based on a price and fixed amount down. As mentioned below, if the appraisal comes in below market value, the lender wants someone to make up that difference or they will not make the loan. So, you have to make a choice about how you want to proceed. If you still want the property, you can try to renegotiate based on the appraiser. Ask for the full amount as a price reduction, and use the fall-back position, if you ahve the available cash, to meet them in the middle. I HOPE you have written a contract that granted you an appraisal and loan contingency, if so, your fall back position, if you can't get the loan, is to cancel the contract and look for another property.

If it is new construction, then the sellers were very likely aware of the possibility of problems with the appraisal, OR they are going to contest it to you. If there are valid comps to support the price you offered, they may not want to sell it to you for less, because your sale becomes a new comp, and that drives the price of the next properties they can sell down even further. If there are better, valid comps, you can feel comfortable knowing that the price you pay helps maintain the values of the community you are buying in to. Good luck.
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0 votes 9 answers Share Flag
Thu Nov 18, 2010
Chimere Washington answered:
Hi Bunnyin,

NACA is an awesome program. I have 4 clients who are currently going through the process of purchasing a home through NACA who are very pleased thus so far. If you have any questions please feel free to give me a call directly.

Best of Luck

Chimere Washington
510.469.8351 cell
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0 votes 3 answers Share Flag
Thu Jan 28, 2010
Contest8 answered:
Cash is king from the standpoint that a sale can be closed very quickly. A property that has been foreclosed on or a bank is allowing a short sale for is already costing them money on the loss. Many times their goal is going to be to move that property from their asset column to a loss entry that they can write off of their taxes. If you can't come in with cash, do all of the preparatory work that you can to make a sale close quickly. Oxymoronically, it may take a several calendar pages of time to get a bank to accept your offer. ... more
0 votes 16 answers Share Flag
Sun May 3, 2009
Vicky Chrisner answered:
Yes, you can find your own lender for a bank owned property.
The issue with the owner only being willing to do a 203K for that property sounds odd, unless it is the only renovation loan that bank offers.
You're going to have trouble finding any bank that will finance you with a credit score lower than 650 - especially if it is much lower. (I think for most 620 is the bottom rung).
What you will have if you can sell your current home is irrevelant, unless it is under contract and even then anyone in this market knows not to count your chicken before they are hatched (in other words - HOPEFULLY the sale goes through).
Your offer of particular unique terms are irrevelvant, banks are unable to make very personalized deals... you must fit into a box they have.

So, shop around for lenders. Your real estate agent will be able to refer you - or you can go to my web site (look under service providers). I have fabulous lenders.
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0 votes 2 answers Share Flag
Fri Feb 20, 2009
Jessica DeLaney answered:
Are you trying to get financing from a bank who already owns the property (REO)? Or is it a problem that your lender is having with the condition of the property you wish to purchase?

Hard Money loans are tricky, the interest is high and there may not be any guarantee that you can immediately re-fi out. Definatley do some more homework with your lender and your realtor before you go the hard money route.
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0 votes 11 answers Share Flag
Sat Feb 14, 2009
HappyHome answered:
And Rob wrote a full explanation on his blog. Awesome dude! Thanks
0 votes 7 answers Share Flag
Wed Nov 26, 2008
Krista Miller answered:
Hi Chris,

I like your thinking! Generally an offer price is determined by local sales history, the condition of the unit, how many offers are on the property, how long it has been on the market, how badly you want it...etc. But you probably know this. In most cases the offer price is not gauged by not market rents. If that were the case, more renters might be able to afford a mortgage. Sometimes it works out that rent would cover your mortgage, but in our area, unless you have a large downpayment, you don't see it much.

A few things come to mind:

1) I assume you factored in the HOA payments on top of the mortgage - renters generally don't pay this.

2) Can you make a larger downpayment to bring your payments down?

3) You need to make sure that the HOA is not at capacity for rentals. If it is a smaller complex, HOA's sometimes have restrictions on the number of rentals they will allow. These restrictions may have been put in place by the insurance company, or by the HOA. In addition, some lenders will not lend money if there is a high rental rate in the complex. If there is a restriction in place, and the HOA is at rental capacity, then find out if there is a waiting list and what is involved with that.

4) Think about future rentability: is there a high turnover rate of sales or renters? Is the complex in a desirable location? There are so many condos out there that you need to be sure the complex and the unit is even rent-worthy.

Good luck and Happy Thanksgiving!

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0 votes 3 answers Share Flag
Wed Jul 9, 2008
Benjamin Sykes answered:
Hi Bogash,
Please call me at your conveinience to discuss your goals. I already have some properties in mind that will fit your criteria. But I need to know more to give you specific details...such as your preferences for neighborhoods, size (squarefootage), parking, etc...Benjamin ... more
0 votes 8 answers Share Flag
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