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Home Buying in Cupertino : Real Estate Advice

  • All199
  • Local Info26
  • Home Buying100
  • Home Selling16
  • Market Conditions11

Activity 111
Tue Nov 2, 2010
Michael Mullin answered:
Sebastian, lowering the price seems the easiest and most common way I've seen this situation handled. As others have said I can't explain why the seller would care.

From a lending perspective I can confirm you are not going to be able to use your commission either as a down payment or towards your closing costs. The only way to effect the same outcome is to remove your commission and have the seller pay an equal amount towards your loan closing costs. Maybe they'd be more agreeable to this arrangement than lowering the sales price. ... more
0 votes 6 answers Share Flag
Thu Sep 30, 2010
Ruth and Perry Mistry answered:
No issue, either a town home but definitely many homes in East Palo Alto.
In time, iff East Palo Alto schools were to merge with West Palo Alto you should be
Sitting great.

0 votes 9 answers Share Flag
Wed Sep 1, 2010
Teresa Sellers answered:
I got an email from the negotiator after we got approval saying that the selling agent forgot to put wording in that we would split the negotiator fee ($1500) I am the buying agent and asked if I wouldnt mind splitting it. She asked me to keep in mind she got us 6% rather than the 5% the bank wanted to pay. Original listing showed 3 to each. I'm a little put off by the request but don't want to be a prude either. Is this typical that listing asks buying agent to split the fee when they hire their own negotiator? What would you do? ... more
1 vote 16 answers Share Flag
Fri Jul 9, 2010
Joseph Chen - (650) 776-1997 answered:
Hi Ar

I just recently sold a home in the Cupertino School District with elementary and high school API 900+ and middle school API 850+ for 848,000. The demand for homes in this school district is REALLY high in your price range. There is not that many inventory for us to shop around. (about 6-7 homes on the MLS) Usually the homes will receive multiple offers as soon as it hits the market.

I can help you make a offer and help you get the home you need.

Joseph Chen
Keller Williams Realty
Palo Alto
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0 votes 3 answers Share Flag
Wed Jun 16, 2010
Dan Chase answered:
Will questions like this ever actually become unnecessary? I hope so.
0 votes 4 answers Share Flag
Wed May 26, 2010
Sam Shueh answered:
Banks get annoyed but normally will order a desk review(not interior) and the borrower needs to pay for it.
If the subject property is in Cupertino the comp valuation may often come lower than offered.

In this market the banks are rejecting many high income, high fico score applicanta. If your case is already marginal you risk getting mortgage rejected faster. As stated by others you should have spelled out terms earlier.
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0 votes 7 answers Share Flag
Sat May 8, 2010
Holder Real Estate Team answered:
Hi Kat.

Short Sale: a property available for sale which has a current market value less than the amount of the liens (loans) levied against it. When a seller receives an offer to purchase, they must get approval from all lien holders (lenders/banks) before title can be transferred to the buyer. A short sale is pre-foreclosure and approval can take many months.

REO (Real Estate Owned or Bank-Owned): a property that has been foreclosed on and taken ownership of by a lien holder (lender/bank). When the seller, in this case the lender/bank, receives an offer to purchase they do not require any other approval from anyone else before transferring title to the buyer. You can purchase the home and close escrow just as quickly as a normal sale.

The discouragement from your Realtor comes from several issues in regard to Short Sales:

1. It can be a very lengthy process. This is due to the fact that many people who are trying to sell their home in a short sale situation originally purchased their home with two loans. When there are two loans on a property, the seller, the first lien holder (first lender), and the second lien holder (second lender & generally called the "Junior Lien Holder") all must approve the sale. One very likely problem that may exist is that the Junior Lien Holder might not get any of their money back, yet they still have the right to approve or reject the sale. They can be bullies and reject the sale unless the buyer or seller pay extra to them.

2. Because it's a lengthy process, you are locking in a purchase price for months. Seeing that the market over the past two years has dropped on average about 4% per quarter (every 90 days), the value of the home you offered on 6 months ago has dropped 8% already. You can try an renegotiate the purchase price; however, you run a substantial risk of starting the process all over.

With those two major pitfalls, it is easy to see why they aren't everyone's first choice. If you find a short sale that is in every way the perfect home for you - go for it. Otherwise, they are a huge risk.
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0 votes 8 answers Share Flag
Sun Apr 11, 2010
The Medford Team answered:

Good answers below.

Here is a post that may be helpful:

It’s Too Good To Be True: REALLY – Top 4 Buyer Myths
0 votes 9 answers Share Flag
Sat Apr 10, 2010
Norman Alessandrini answered:
That depends on the seller being able to show a hardship, if they can then depending on the lender and how many there are, your agent should check to see if the seller has been approved to sell short, how many loans there are and who they are with. The time frame may be a bit shorter, but it depends on the lender. Be aware of a couple of points, the price the home is listed at may sound like a great deal, but the bank has to OK that price so if the comps are higher don't be surpised to receive a counter offer from the bank at the higher price. One other point, if there is a second loan you may have to come up with some extra cash to pay off what the second needs to close the deal, this may be fine if you got an approved price and it is still a good price. Just make sure you do this in escrow as it is illegal to do it out side of escrow.
Hope this helps, feel free to contact me with any questions.
DRE# 01397256
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0 votes 2 answers Share Flag
Thu Mar 11, 2010
Sam Shueh answered:
The lot you made referenced to is a steep lot. I am not surprised you spent closed to the asked figure to get the plans, permit etc and have it graded and paved. Flood zone needs to be determined as well.
How about utility services and I don't think there is sewage or you need to have septic tank....
We have not covered the structure floor plans.

There are a couple of properties going for around 500-600K...
For 300K-400k+ once in a great while one way out of 95014 or 95129 will show up and quickly snatched up.
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0 votes 7 answers Share Flag
Tue Feb 9, 2010
Norman Alessandrini answered:
Hi karen,
I was hopeful that the banks were going to speed up on Short Sales also, but I have not seen this they are still taking way to long and be prepared to offer the second or third lender some money in order to close.
See one of the many problems that is going on is that the 1st will only pay a certain % but the 2nd wants a higher % now you have a 3rd and they want there % usually that will stop the transaction right there, and unless your agent stays on top of the listing agent you won't find out where it is stalled and then the property goes into forclosure and your still waiting and you lose out. What you need to do is have your agent a least once a week find out from the listing agent what is happening if anything is, if it is stalled find out where and
( it is usually figuring out how much each lender is willing to take) if it is worth it offer to pay the difference, just make sure it is done in escrow and not out side of it as that would be illegal. This will speed it up for you otherwise forget it and look for another home, they will most usually not resolve this on there own.
I have successfully closed short sales this way so there is hope, it is just not EASY or quick.
I hope this helps, feel free to contact me with any questions.
DRE# 01397256
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0 votes 11 answers Share Flag
Tue Feb 2, 2010
Nina Daruwalla answered:
Hi Buymeone,

The is ONE Single Family home in 1/2 mile of the Library, walkable in 10-15mins...Are you interested? If Yes, move fast, as it will not last long! Here are a few Details, Please CALL me, asap to go see it...
I work at Coldwell Banker Across the street from Cypress Hotel on De Anza & Stevens Creek Corner, I am also a Public Safety Commissioner with the City, I know my City very well!
Status: Active
ZIP: 95014
Area: 18 Cupertino
City: Cupertino
Beds: 4
Class: Single Family Residential
Type: Detached Single Family
List Price: $975,000
Original Price: $975,000
List Date: 1/27/2010
DOM1: 6
Expiration Date: 6/5/2010
Lot Size: 6600.00 SF
SqFt (source): 1412 (Assessor)
Age: 51
Year Built: 1959
Zoning: R1
School District: Fremont Union High-Monta Vista, Lawson & Lincoln Elementary.

Status: Active
ZIP: 95014
Area: 18 Cupertino
City: Cupertino
Cross Street: S. De Anza Blvd
Beds: 3
Baths: 2 Class: Condos
Type: Condominium
List Price: $818,000
Original Price: $828,000
List Date: 8/8/2009
DOM1: 178
CDOM2: 178
Lot Size: 435.00 SF
SqFt (source): 1521 (Assessor)
Age: 6
Year Built: 2004
Zoning: APD
School District: Fremont Union High

Take care,
Nina Daruwalla
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0 votes 7 answers Share Flag
Fri Jan 22, 2010
Grace Hanamoto answered:
Hello Andy:

Okay, you wanted the (almost) impossible, and I can do that for you. Look at 678 Picasso Terrace in Sunnyvale, California. This beautiful 1355 square foot home is 3 bedrooms and 2 baths with an open floor plan, hardwood floors, new appliances, convenient location near the community center, and--best of all--features quality schools (Stocklemeier Elementary and Cupertino Middle School--according to the MLS). The property has been on the market for a bit, and is listed at $607,000. The home is also located in this years "Happiest City in the US" --Sunnyvale. With a great community feel, excellent schools and convenient commute to anywhere in the South Bay, this home is worth a look.

If you're still looking for a great home in the Cupertino School Distirict, give me a call and I'll be happy to show this lovely home to you at any time. This is a vacant unit, so you can see it at any time. Talk to me about facilitation services which can provide you with a comission rebate or reduction in the home sales price.

Looking forward to talking with you!

Grace Morioka, SRES
Area Pro Realty
Tel 408-426-1616
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0 votes 6 answers Share Flag
Wed Jan 6, 2010
Amol Heda answered:
Hi Sebekhoteph,

Each of these areas have specific features. Even the properties are very different. I will highlight how you should evaluate these properties based on your position, preferences and needs and prioritize your selections.

You should see how much of a freeway noise is acceptable to you.
You should see how convenient it will be for you to live in a multi-storied building.
The schools in these two communities are totally different, you might want to compare these based on your needs.
Everyday living and convenience is a huge factor while buying a home, at the same time you would also like to have price protection and appreciation.

Given the way these factors play, Realtors have a very good understanding of Real Estate and they also help you by guiding you through the maze of such questions. It will be a good idea to work with a professional. It will cut down on your time to identify the right property and reduce the effort, time while guaranteeing a transaction with least risk.

I hope that helps!

Amol Heda, MBA
DRE #: 01330948
Century 21 El Camino,
761, E. El Camino Real,
Sunnyvale, CA, 94087.
Cell: 408-307-9465
Fax: 408-228-8985
... more
0 votes 2 answers Share Flag
Tue Nov 17, 2009
Cheryl Bray answered:
Zillow zestimates are most reliable when you are ltrying to determine market values in a very conforming neighborhood such as track subdivisions or condomiminium complex. IZestimates are extremely unreliable in non conforming neighborhoods with a lot of custom homes or along the coasts of the US where values can vary dramatically depending on precise location and view. These qualitative factors are very difficult to quantify in a zestimate. ... more
0 votes 7 answers Share Flag
Thu Nov 12, 2009
James Peterson answered:
Having personally owned a 'Fakeler' (Fake Eichler) home in the Ranch Rinconada as well as an Uncle that owned an original back when they were slapped together in the 50's for the baby boomers I know of this area very well. This neighborhood has gone through a heavy transition over the last decade and is still transitioning into a more desireable, high-end neighborhood. There is still a good mix of large and small, older homes yet every year more and more of the 'Fakeler' homes are being torn down and rebuilt.

There are a few 'GIANTS' in the Rancho area that were built previously to the newer more restrictive building code. A typical lot in the Rancho is around 6000 sq. ft. which would now restrict you to a maximum total square footage of 2700 s.f. And the 2nd floor is restricted to 45% of the ground level floor.

The pros: an improving neighborhood, schools, and a great community to invest in.

Cons: Mix and match and minor crime still relevant.

"I turn your first-time home dreams into reality!"
James Peterson..........................................................Phn: 408.836.9653
Keller Williams SV .......................................................Fax: 408.540.1781
2110 S. Bascom
Campbell, CA 95008........................
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0 votes 8 answers Share Flag
Wed Oct 21, 2009
Norman Alessandrini answered:
Hi Ryan,
Wow, you got some good answers from knowledgeable agents. I can't see any down side for you not having an agent with you to help negotiate for you. One point I would like to make is I would use an EXPERIENCED agent in new home buying as they can usually get you a better deal, if not on the price then on the amenities.
I would check out a few of the agents here on trulia ( myself included ) who seem experienced in purchasing a new home. In my experience the only person who makes money in a discount brokerage is the Broker, NOT his agents so the level of expertise might be lacking there. See if you can work out a deal with one the experienced agents here that way you can have the best of both worlds.
As always if you have any questions please feel free to contact me.

DRE# 01397256
... more
0 votes 7 answers Share Flag
Mon Oct 19, 2009
Sam Shueh answered:
There is no data to support the premise that there is EMI radiation. Homes typically take a bit longer to sell. But someone got to live there.... Not sure the price is lower though..... ... more
0 votes 1 answer Share Flag
Thu Oct 8, 2009
Jorge E. Gosalvez answered:
Rancho Riconada has gone a long way from being a county section adjacent to Cupertino. A few years back it was officially anex to Cupertino and is no longer county. Location is great. there are still some good buys on the old homes. and as most investors or homeowners buy these to updgrade to the $Million dollar homes, there is no way but to go up. ... more
0 votes 11 answers Share Flag
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