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Home Buying in 95122 : Real Estate Advice

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  • Home Buying17
  • Home Selling3
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Activity 14
Thu Aug 11, 2016
Sally Grenier answered:
Ask your lender what options there are in your area. Some states have down payment assistance programs -- usually in the form of a 2nd loan or even a grant. Some people get gift money from family. Or, better yet... just start saving! You'll need at least 3.5% for an FHA loan. Plus you need $ for closing costs, inspection, appraisal, etc. Also, what happens after you buy a house and the furnace dies or you get a roof leak. It's good to have some $$ in savings to cover maintenance and repairs on the house.

Home ownership is a fantastic thing, but it costs money. And you have to be prepared to pay for things that renters don't.
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Sun Apr 24, 2016
Susie Kay answered:
If you don't have the enough money then I would suggest that you save up first. Have you talked to a lender yet?
0 votes 5 answers Share Flag
Thu Aug 30, 2012
Michael C. Angeles answered:
That is very unusual, how can your lender draw docs if they don't have all the short sale approval from all liens? Your lender should have reviewed the preliminary title report and so your agent, so they should expect 2 short sale approval instead of two. ... more
0 votes 17 answers Share Flag
Thu Aug 30, 2012
Michael C. Angeles answered:
First of all.. Get the disclosures, understand how this unwarranted attic was converted. Most sellers do the work without permit because they don't want to pay more tax and the hassle of dealing with the city. If the work was done by a license contractor and it shows it's up to code, now it's your decision to accept it and buy it as a rental.
Now if the conversion was done by a non-license handyman, then it might not be a good investment to buy.
Also if you are investing, I recommend for you not to buy a condo or townhouse that has rules and regulation in occupancy. Meaning, in a condo or townhouse development they have restriction on the number of owner occupied and non-owner occupied. So, my advice, get a single family house or duplex, tri-plex, etc
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Sun Jul 15, 2012
Stevenl answered:
In zip code 95122, I see $250,000 to $450,000.
0 votes 6 answers Share Flag
Wed Feb 8, 2012
charles butterfield answered:
The good news is that the seller cannot take your deposit unless you agree in writing to release your deposit to the seller, an arbitrator orders the party holding your deposit to release your deposit to the seller, or a court orders the party that is holding your deposit to release your deposit to the seller.

I recommend that you hire a good Real Estate Attorney. If the facts are exactly as you state, I expect that your Attorney will have some very good news for you. I expect that based on the facts as you have stated them, that you wil really like what your Attorney will have to say to you.
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Wed Apr 14, 2010
Holder Real Estate Team answered:
Hi Toni.

First thing you need to do is read the purchase contract. If you have questions, start asking your agent. Your agent should be on your side on this one and doing their best to represent your interests - to close escrow and move in.

If that route doesn't work, contact a real estate attorney.

As someone previously said, it is usually easier for a buyer to cancel than the seller - usually because they have contingencies (several days to inspect and approve the condition of the home or to confirm loan approval) or there is discovery of an undisclosed defect.

The seller should be bound to the contract, especially if you have removed all of your contingencies and it is the boiler plate purchase contract used in California or on the Peninsula. Your agent should be in contact with their agent and their agent's office manager to apply pressure on them. There is specific documentation you can sign that serves notice that they are to close escrow on your specific close date.

Serve them the notice, close escrow, and let them find an apartment to live in.
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Wed Apr 14, 2010
Anna M Brocco answered:
Totally agree with Bill , you need to consult with an attorney sooner rather than later and don't agree to do anything until doing so--liability issues do come to play--have your attorney review all paperwork and go from there. ... more
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Fri Feb 26, 2010
Gilbert Richards answered:
Did they sign off the loan contingency for one. The second question is was the denial due to a guideline change? I had a file kicked back because the secondary market changed the guidelines and eliminated the 10-month rule on installment debt.

From the sounds of it, it could be they never had an approval but on the other hand thy could have been victims of the three major changes in the last 3 months.
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Sat Sep 6, 2008
Ute Ferdig - Atty. Negotiator answered:
Hello Jkpang. You are wise to ask this question now. I know of areas where the inspectors randomly pick up for sale flyers looking for wording that mentions code violations. Santa Clara County also has a form that can be used to report potential code violations confidentially, which means to me that Santa Clara County is more agressive in dealing with violations than other counties.

For the sellers, mentioning unpermitted work is mainly a disclosure issue to alert you to potential problems. One problem is that the addition or conversion may not be up to code and a buyer who knows that there is unpermitted work, needs to make sure that the additions/conversions are safe.

You also have to remember that the conversion/addition remains unpermitted even if it is technically up to code and the county can still cause you problems down the road if they find out that there are unpermitted modifications. If you wanted to get work done later that requires a permit, you'd always be afraid that the inspector will inquire about the unpermitted work that was previously done. If I were you, I'd contact the Santa Clara County planning department and ask what a buyer can do after the purchase to get the necessary permits after the fact. Some counties have a procedure for that and are more willing to work with property owners than others. Please keep in mind, just because unpermitted additions and modifications may be common does not mean that the county will just grandfather them in. If they find out, they can redtag you and make you remove them and/or bring them up to code, which can be costly. Good luck to you.
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Wed May 7, 2008
CJ Brasiel answered:
Another great way to learn about the neighborhood is to simply walk it and talk with neighbors. They will give lots of information. Try a Saturday morning or afternoon. Many times, the neighbors have the inside scoop. The crime reports are a great resource but can also be a little scary for no reason. Willow Glen is one the "best" neighborhoods but check out the crime report and you will be surprised. Sometimes a very alert neighborhood will report crime faster, more often than a less involved neighborhood. I always recommend going to neighborhoods at different times of day to see the true "element".

CJ
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Fri Jan 11, 2008
Terri Vellios answered:
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Sat Sep 29, 2007
Trisha Lee answered:
Bryan - Since you are asking this question before the actual dates occur your agent and the sellers agent should be able to add an addendum to your origional contract, signed by all parties, that extends the escrow period beyond the origional 45 days. This would take all breech of contract issues off the table and all other terms of the origional contract would still stand. This should not be a problem if you are only talking a few days. I am also assuming this is a scenario where the seller actually WANTS to close and is just being stubborn or fearful or doesn't have an agent that has explained the situation to him fully. In this market I would think they want you to close, not keep your earnest money and be hung with the property. ... more
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