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Home Buying in 95110 : Real Estate Advice

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  • Home Buying11
  • Home Selling0
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Activity 8
Sat May 9, 2015
Terri Vellios answered:
In today's low inventory high demand market you may have to write several offers to get one accepted. Sometimes buyers get worried they overpaid. Your appraiser will determine if you overpaid.

You have an agent who can help you process your thoughts on this. Your contract is your friend. If you have timelines in the contract, understand them and what they mean to you. If the seller provided inspections, disclosures, etc. and you signed those up front, it could be difficult to get out on inspection unless you found something new that is a property condition.

If you have contingencies and have not removed any of them in writing, then you should be entitled to return of your earnest money based on the conditions of the contract. Regret and/or remorse is not a valid condition.

What you are feeling is normal. If you like the house, can afford the house, I would put my focus on that and not that I didn't compete with anyone else. I would be thankful I got my offer accepted. That's just me and all of my buyers right now.

All the best to you.
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0 votes 5 answers Share Flag
Wed Jan 30, 2013
Grace Hanamoto answered:
Hi Frank and thanks for your post.

First, you might want to repost this in the proper zip code so that Florida agents will respond rather than California real estate agents and professionals. California laws and real estate practices differ quite greatly from Florida. In fact, only California, New York and Florida are usually the states with vastly different practices and laws than the other states--so reposting in Florida will get you much more accurate information.

Second, I suspect you have a Realtor with whom you're working presently to help you with the home purchase. Before you become worried over any issue regarding the listing agent and the escrow officer, start with your agent to get more information. Although real estate businesses are often a "family affair" (brothers and sisters, mothers and daughters, husbands and wives all working together and often as "teams"), simply having relatives working on a transaction does not "equal" theft of fraud--and I suspect your agent may already have told you this. I do agree with Charles that any "close relationship" should have been disclosed to you in advance, but, again, as California agents, we're telling you what we'd expect here in Cal, and not what may be practice in the south.

More importantly, escrow company operations are overseen by state authorities, so it is seldom that anything of the magnitude to which you're alluding should take place. But I have to ask, why you would automatically be so worried about your deposit just because the listing agent and title company have some relationship? Perhaps there is more to your distress than simply the deposit--perchance you may possibly be having second thoughts on buying the home? If the latter is the situation, immediately talk with your Realtor about the deal. You can get out of the purchase within reason, and if you are suffering buyer's remorse, it's better to work with your agent to address that concern rather than deflect with concerns about a deposit. In all things, work with your agent--he or she is there to help you.

Good luck!!
Grace Morioka
Allison James Estates & Homes
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1 vote 3 answers Share Flag
Mon Feb 13, 2012
Ruth and Perry Mistry answered:
Hi Cuong

You are getting a great deal. Congrats.

Yes when you go to sell it, there will be some impact for being close to a rail road.

If you sell in an up market you will be just fine.

Good luck.
Perry
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Tue Apr 12, 2011
Lamson Dang Broker/Listing answered:
I'm just wondering if you could find a very old or unlivable house, less than $250,000 and then demolish and rebuild as a brand new house. Good luck Michael.
1 vote 3 answers Share Flag
Fri Apr 2, 2010
Terri Vellios answered:
You are paying for location. Each floor you go up the higher the price. Also, there are only a limited number of penthouses so often times a seller can get their price. The value will be determined by what you (or another) is willing to pay.

I've sold in that building and buyer's like the location to downtown. A Penthouse on the 20th floor closed in March, it was listed just shy of $1.3 and closed at $1.5. So the price of the one on the 21st floor is in line. It also has the large patio and upgrades.

The 88 is the first choice. However, the lower floors in the 88 can be noisy and the certainty of the future views on some units may be in question.
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Mon Nov 10, 2008
April Tavares answered:
Hi Scott,

I looked at sales in the 95110 area code of San Jose for the last six months. I then determined the average price per square foot for homes that were Victorian. The low range was $212 per square foot for a bank owned property. The high-end of the scale was $295 square foot for what was described to be a remodeled Victorian. I did not personally preview any of these properties so I cannot speak to their condition or which would be best to be considered a comparable property.

When trying to determine a fair price for a home, comparable sales are your best measurement. Your comparable properties should be of similar style, lot size, ideally within a ½ mile radius, and have similar features. Once you have found some comparable properties to use, you may have to add and subtract value when comparing these properties. For instance, two homes are very similar in interior square footage and age, but one sits on a busier street or might have a much smaller lot size.

Hopefully, this provides you with some basic information to help you make a fair and reasonable offer. I also found the following link regarding the Lake House District which you may find interesting to read in the process of doing your research:
http://www.sanjoseca.gov/planning/historic/pdf/Lake%20House%20DistrictEvaluation_rev070606a.pdf

Good Luck!
April Tavares
Realtor
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Fri Aug 22, 2008
Loooney answered:
hi kp, we just bought at one east julian for the 3br3ba for 535,000. we bliv its an awesome deal. we have been searching for 1+ year now and so far this is the best that we have seen for the all the features we are getting. the only downside is that hoa is high for no ammenities. we looked at axis and the only we could afford was facing the parking lot at a low level. not really what we want. plus 1EJulian has better finishes. we may be neighbors... btw, they have just received their fha approval so you may get an fha loan :) ... more
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Sat Aug 2, 2008
Lisa Huse answered:
My suggestion is to have your agent do a full (CMA) report on the property so you can see what they have been selling for and the history of what they used to sell for , how long it has been on the market along with considering the current conditon etc. There are many things that you look at when coming up with the value of a property and its potential growth in your investment. This protects you from paying too much and/or getting surprises later when in the middle of a transaction.

This will help you determine a price that makes sense. The beautiful thing about being the buyer is that the service of a professional Realtor is of no cost to you and is one of the best ways of getting an idea of the value of the home and its history. If you don't have a Realtor I honestly think that should be your first step. I promise you, its not just because thats what I do for a living but its the best way of protecting yourself. Think of it as if you were going to court you would want someone who knows the law to represent you, so you hire a lawyer. We are specialists in Real Estate so we are educated in protecting people in the purchase or sale of their home.
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