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Market Conditions in Alameda : Real Estate Advice

  • All131
  • Local Info10
  • Home Buying55
  • Home Selling0
  • Market Conditions10

Activity 12
Wed Sep 17, 2014
Sheryl Arndt answered:
Hello tberkley, how much are you currently paying in rent and what is the maximum payment you are looking to achieve? Do you have down payment and closing cost or do you need down payment and closing cost assistance?

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

If you are buying a primary residence you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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0 votes 9 answers Share Flag
Fri Jan 10, 2014
Valerie Ruma answered:
Suzy,
As school district boundaries are subject to change without notice, your best bet is to contact the Alameda School District directly. Their phone is (510) 337-7000
Valerie



Valerie Ruma
Alain Pinel Realtors
6211 La Salle Ave.
Oakland, CA 94611
BRE #01887220
Cell 510-579-3614
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0 votes 2 answers Share Flag
Mon Dec 16, 2013
Pacita Dimacali answered:
What is your question? The link you provided is about a property on 3011 Fernside in Alameda.

This property was sold earlier this year.

There's another property for sale on this street, same block. 2 Bedrooms/1 bath, 1246 sq ft, listed at $635K. It also has hardwood floors, but the kitchen is not modernized like the one you inquired about.

The other Fernside property is a duplex, listed at $839K.

How may I help you?
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0 votes 1 answer Share Flag
Thu Oct 31, 2013
Robert Spinosa answered:
I agree with Jan, and would add that there are distinctions between the financing options of even duplex and triplex. Generally you will find that obtaining a loan on a triplex or quad is more qualification intensive and more expensive than SFR's or duplexes.

If you have any questions, please let me know.

Rob Spinosa
rspinosa@rpm-mtg.com
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0 votes 3 answers Share Flag
Sun May 19, 2013
Guy Blume answered:
I'd have to agree with Jean. 45 minutes is a pretty safe estimate via the Bay Bridge if you're coming from Bay Farm or the South East End. It will be longer during commute hours since one fender bender adds significant delays. If you're on the West End and taking the Posey Tube then you just saved 10 minutes right there compared to the South East End. Feel free to search on Facebook "I love Alameda real estate" for real estate information. ... more
0 votes 5 answers Share Flag
Sun Nov 7, 2010
Kamal Randhawa answered:
Hello Ken,

Most important thing you should do first is see how much you qualify for. Once you have that information, you should meet with a real estate professional to discuss your options and take your time in deciding..don't rush into anything.

Please make sure you are working with a knowledgable professional..we are all here to assist you. Feel free to call or email me anytime should you need further assistance :)
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0 votes 8 answers Share Flag
Wed Oct 21, 2009
Troystaten answered:
Lots of good advise here, you did not say if this was still your primary residence if it is you have a 250,000 capital gains exclusion if your single or 500,000 if your married. If you convert this to rental property you could loose that. Before you decide anything get to your tax attorney, enrolled agent or CPA and get this clarified. I usually find that a person is going to spend a lot more than they think for managing a piece of rental property especially if they are doing it long distance. Good luck and feel free to contact me if you have any questions.

Troy
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0 votes 12 answers Share Flag
Thu Nov 13, 2008
Ms. K answered:
Also do NOT allow comps to be used that are six (6) months old. Comps that are 3 to 6 months old are absolutely useless because they reflect OLD prices that don't represent reality.

Comps should only be considered if they are a month or a month and a half old.
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0 votes 4 answers Share Flag
Wed Apr 16, 2008
Andy Gustafson answered:
Hello Ed,

Independent of when you elect to list your investment property I suggest talking with your accountant to determine it makes sense to initiate a 1031 tax deferred exchange. Given the answer is yes, an exchange makes sense, then call me to discuss.

I have completed over 500 hundred exchanges personally and hold the Certified Exchange Specialist designation from the Federation of Exchange Accommodators www.1031.org or visit my web site at www.atlas1031.com.

Regards,

Andrew Gustafson
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0 votes 9 answers Share Flag
Mon Mar 10, 2008
Annie Nguyen answered:
What kind of your present loan is? You can call John Dutra at Executive Metro Mortgagefor more information.
510 578-0503 Good luck
0 votes 6 answers Share Flag
Sun Mar 9, 2008
Annie Nguyen answered:
Natalie,

As far as I know San Francisco in the next 2 years will have around 2.1% job increase. So that means the renting market will be good. The market will have a good chance in early 2009. We don't have the crystal ball to see all the unseen future but according to National Realtor Association, we believe that there will be more positive sights in 2009 ... more
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