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Home Buying in 94952 : Real Estate Advice

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  • Local Info1
  • Home Buying4
  • Home Selling2
  • Market Conditions0

Activity 4
Wed Oct 2, 2013
Lynn Bowen answered:
If you are represented by a Realtor they need to stay in constant contact with the listing agent for status re: written confirmation of the accepted offer. It can take some time to get the written documentation and often times we will get a verbal but we don't open up escrow until we have the written. Considering the time of year i.e. holidays etc I bet you will be seeing something soon but until you have it in writing you can't count on anything. It can be frustrating working with banks but they do end up closing escrow just not alway on time so you may need to be a bit flexible on timing.

All the best.

Lynn Bowen
Artisan Sotheby's Int'l Realty
Sebastopol CA
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Sun Sep 8, 2013
Jen Birmingham answered:
The MLS search criteria would be "2-4 family". It is difficult for you to find comps for this type of property on public home search sites because 1.) their interface is geared more towards the single family buyer and 2.) properties such as this are few and far between in Petaluma.

There are many factors which impact appraised value and a comp does not necessarily need to be an exact replica of the property in question in order to be usable. This is where a Realtor is very useful in the pricing process. We can look at a 2- unit comp in the neighborhood, evaluate the many differences and come up with a number that makes sense based on the market. In a rudimentary search, I have found 2 great comps in that neighborhood to give me a really good idea of value. Appraisers will usually look back up to 6 months but in a dramatically shifting market, the timeframe can be much shorter.

Please keep in mind that this one just came back on the market and had a price reduction. With all three units currently occupied and generating income, I can say that it will be scooped up rather quickly, so whatever you choose to do, I recommend getting pre-approved today and writing as soon as you can.

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Mon Aug 5, 2013
Michael Salser answered:
Congratulations to your Aunt for entering into a contract to buy a new home. It is not the easiest thing to do in Petaluma these days! The conversion would not be included in the "official" square footage if it was not permitted. Be aware that if it is unpermitted and your aunt wants to get it permitted, it must meet CURRENT building codes, even though it may have met code when built. That would include electrical work, (outlets, lights, etc.) heating and cooling, and any plumbing that may be there. Sellers are required to disclose what they KNOW. Perhaps they don't know when it was built, by whom, when or how. I have seen older homes in certain neighborhoods with houses that appear to have been built with many interior configuration options, without affecting the exterior look. What neighborhood is your aunt's soon to be home located?

And why isn't her agent answering this question for you?
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Tue Jan 8, 2013
Michael Salser answered:
Hi Dirk,

If you define "on the market" as the time between listing and accepted offer, then less than two weeks is the norm, if: the home is in good condition; the home is in a desireable neighborhood and does not have any adverse, outside influences; it is a normal sale, not a short sale or REO (bank-owned); it is priced correctly. If you have a home you want to sell I would love to sit down and talk with you about your options. There is a ready, willing, and able buyer for your home, no matter what the circumstances. Also, there is a huge demand for single level homes, so if your home is single level, you should have no trouble selling it.

Michael Salser
707 953-2992
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