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Boulder Creek : Real Estate Advice

  • All21
  • Local Info1
  • Home Buying4
  • Home Selling1
  • Market Conditions2

Activity 19
Sun Feb 19, 2017
Sheryl Arndt answered:
Yes 20% down hard money lenders are available now. You may qualify for better rates and terms with other financing so the hard money is a last resort.

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.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
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Fri Jan 8, 2016
Arpad Racz answered:

Is it a level lot or hillside? I can put you in touch with a builder if you like.
You can email me directly from my profile.

Kind regards,

0 votes 1 answer Share Flag
Mon May 18, 2015
1mattressman asked:
2003 homes built in Phase 2 of neighborhood. House next to us has had 3 different owners. The last was foreclosed. They are listing house at 100k / "as is" (avg. ranging from 115k - 134k).…
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Mon May 11, 2015
Sally Grenier answered:
Not sure how often Trulia's information gets updated. But honestly...I wouldn't worry about what Trulia says. It's just a marketing site that pulls info from different sources. Your county records is the most important one you should be worrying about. that you brought to their attention that your house has more BR/BA than previously recorded...they're now likely going to increase your taxes! I would have just kept my mouth shut. :-) ... more
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Sun Apr 5, 2015
Randall Ortiz answered:
In Santa Cruz County? Contact me if you still need help with this, I can run a report for you.
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Wed Jan 28, 2015
Cindy Davis answered:
I know it's hard for folks to remember that Trulia is a web site...not law enforcement. You can report a scam to local housing officials...but Trulia is just a website company...
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Fri Nov 14, 2014
Elva Wormley answered:
Hi A Holen,

If you have found a lot, and you wish to use a “single close” construction loan to acquire that lot, you need to have a long enough “close of escrow” written into the purchase contract on the lot so that you can obtain plans and select a builder in that time period. A construction loan can only close with architectural plans, a signed contract, and a cost breakdown with a builder based on those plans. From a practical standpoint, if you enter into a contract to purchase a lot, and you haven’t yet begun the process of developing plans with an architect, you’re probably going to have to obtain a lot loan or pay cash for that lot.

How much you can borrower is based on two sets of criteria. There will be an amount for which you can qualify using full income and asset documentation and a maximum 43% debt ratio. The maximum loan amount will also be limited to 80% loan-to-value (to $1,000,000 loan amount) of the lesser of two numbers representing the value of the home to be built. One of those values is based on what the property would be worth in today’s market, if finished already as planned. The other number is a cost number based on the current value of the property plus new construction costs.

Best regards,

Elva A. Wormley
Mortgage Consultant
33+ Years Experience!
Office (408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / CA BRE #01274093
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Thu Jan 10, 2013
Lance King answered:
Steve has given a great answer. I would say it's waste of money. And if you are planning to buy a foreclosure at auction be forewarned:

1. you will need all cash
2. you will be going up against veteran investors
3. you won't be able to do inspections
4. you could have issues with clear title

this process is not for the faint of heart or wallet

Best Regards,

Lance King/Owner-Managing Broker
DRE# 01384425
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Mon Jun 14, 2010
Molly Thompson answered:
The deposit in Santa Cruz County varies from 1% to 3%- IF you want your offer to be seen as stronger, it should be on the high end. With REO's it should be on the high end. With Short Sales, it should be on the low end BUt it should go in when seller accepts and NOT wait until bank approves, so it looks stronger to the bank. You could also have initial 1%, increasing to 3% after you finish inspections and remove contingencies...And, that should have been spelled out in the offer that was accepted. IF it was an REO, the bank Addendum may have included the requirement. A good agent should be able to explain their strategy for helping your offer get a positive response.
Molly Thompson, Broker Associate, APR
(former Broker/Owner at Network Alliance, BC)
... more
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Fri Jun 4, 2010
Molly Thompson answered:
I'm a Broker who used to own a Real estate office in BC and I've done REO sales for years- I live in one now! You need your own agent to protect you, however, it is common for bank to require that they pick the title company and to require "proof of funds"- but just enough to close escrow. I assume it's cash only because of a county issue: talk to the county so you really understand what they expect to resolve the problem! Yes, it is in the standard contract that you give them a copy of your inspections. IF you want an opportunity to renegotiate the price when you know all the facts about the property, you do it as part of giving them the reports when you Release your contingencies.
Best of luck! It's a process that's risky and could entail great rewards if properly handled!

Molly Thompson, Broker Associate, APR
... more
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Tue May 18, 2010
Arturo Shivers answered:
Banks don't insure loans. GSE's insure loans for securitization as the other agent indicated (FHA, Fannie Mae or Freddie). Are you trying to short sale? If you are wondering about HAFA and whether your 1st lien is eligible for short sale preapproval, you should check with your lender. To my knowledge, the GSE's haven't implemented any HAFA short sale program. Essentially, that would mean to sell, you would have to jump through the nightmarish hoops that home sellers jumped through a year ago or so; the hurry up and wait treatment.

If you would like to give me a call, I would be have to meet with you to discuss getting your home sold.

Arturo C. Shivers, REALTOR, SFR
CA Lic. #01779941
760 Camino Ramon, Suite 200
Danville, CA 94526
Office: (925) 855-8333 Ext. 272
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Tue May 18, 2010
Sandy Carroll answered:
If escrow doesn't have your deposit check, then in most cases the seller will not pursue damages.

If you have not yet had the physical inspection, usually you can find enough things to make the seller decide they won't make repairs, and you can stop the contract by not accepting the physical condition. ... more
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Fri Aug 14, 2009
Mindy Greenberg, M.S. answered:
Dear Anchor 411,

I would be more than happy to estimate the value of your home if you send me a bit more information to or call me at (831) 297-2255.

Take Care,

Mindy Greenberg
... more
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Wed Jun 3, 2009
Pensue answered:
I don't think that the square footage has affected the value of your home. When a property sells the appraiser has to use comparable sales and listing to come up with the value. Square footage is one of the main factors that is used. Adjustments can be made for square footage. If the add ons where made to the home without building permits then the auditors site has no record of them. the main thing that has affected a drop in price is the amount of foreclosures in the area. If a property sells under market value and is in the neighborhood and is used as a comparable it is going to bring your property value down. ... more
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Sat Apr 19, 2008
M.C. Dwyer answered:
Hi Michele,
Here's what the Boulder Creek market looks like right now. There are about 60 homes listed on the MLS for sale in the Boulder Creek area; with another 15 or so homes pending sale. Of those pending homes (in escrow right now), 2 are distressed sales (REO, foreclosures and the like). So far this year, about 17 homes listed on the MLS have sold; about 4 of those were distress sales. Sales prices for 3 bedroom homes on large lots range between $350,000 and $880,000 so far this year. Depending on location, appeal and quality, some homes this year have sold for anywhere between a 10% discount off initial asking price to just over asking price.

Whether or not it is worthwhile to sell now is so dependent on your individual circumstances, that I don't have enough information to give you advice. You mentioned you own homes in both Boulder Creek and San Jose, but you didn't mention where you are living now, whether either home is bringing in rental income, or if you must cut expenses quickly due to personal financial distress.

As much as the internet is a wonderful tool, internet-generated market value estimates can be far off the mark. So much of a property's value depends on factors that must be seen and experienced first hand, that all I can say based on the information you provided is that your property could be worth anywhere between $400,000 and a million dollars. Giving you a market value based on just what you've written would be like a tax person telling you how much taxes you owe based only on household income. I'd recommend inviting a couple of local REALTORs to your property to get a better sense of your property's market value. At the same time, you can ask them how they feel about prices; my opinion is at best a leveling off in prices, for this year at least. This is one time when I'd like to be wrong! Even in this market, there is buyer demand for value priced properties that are more appealing than their similarly priced competition.
... more
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Wed Apr 16, 2008
M.C. Dwyer answered:
Hi Eileen,
Great question! Currently, some of the best bargains are bank-owned homes, but my advice is to also consider regular sellers who must sell for some reason (job relocation, financial distres, divorce, death...). The quality homes in the under $400,000 price range sell quickly, because right now many people are looking for a bargain. The last such home got multiple offers within days, so you would do well to work with an agent who is aware of upcoming listings in this area and who can help you recognize value and quality. I live and work here in Boulder Creek, and agree with Curt that you'll want to work with someone familiar with the complexities of rural properties (septic systems, water sources, property boundaries, etc.) as well as the variety of construction quality in our housing, not to mention the subtle differences in neighborhoods. Feel free to contact me with any questions! Best wishes, M.C. ... more
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