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Emeryville : Real Estate Advice

  • All43
  • Local Info5
  • Home Buying12
  • Home Selling2
  • Market Conditions4

Activity 50
Tue Aug 7, 2012
Cindy Davis answered:
Actually yes....your first step would be to issue a notice to perform. If the buyer does not respond to that, then you have the option to cancel.

That said, I would like to add the lenders holding up sales is very common. Have you or your agent spoken with the lender to determine what is really going on? If it's something that is small and fixable, you would still sell your home faster (most likely) by waiting it out with this buyer than starting all over...where the same thing could happen.

Since the late close is not the fault of the buyer, I encourage you to investigate the loan situation just a bit before making the final decision.

All the best.
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Mon Jun 18, 2012
Kamal Randhawa answered:
hello,

I have worked on several short sales, and the time always differs depending on the bank and seller response. I find that if your loan is with a credit union, it can close as fast a regular sale, but if its with major banks..it may take up to 6 months. Chase is notorious for being very very slow in these types of transactions.

If you like, I would be happy to discuss your particular situation with you at no cost. I also provide free loan modification assistance as well if that is an option you would like to explore.

Kamal
510 932 1066
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Wed Jun 13, 2012
Cindy Davis answered:
Absolutely. Hoping that you have a Realtor, ask the agent to complete a cancellation form. Both parties have to sign it and sent it to escrow.

If you don't have an agent, call escrow, and they will generate a form for you. Unless there is something unusual in your contract, you should have 17 days to cancel. If you cancel within that time framne, you should get your money back. ... more
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Wed May 16, 2012
Jess asked:
Wondering if anyone has any insight into whether or not property values will increase here.
0 votes 0 Answers Share Flag
Sat Feb 18, 2012
Adrienne Calomino asked:
Sat Feb 4, 2012
Kamal Randhawa answered:
Hello rps,

I work with a lot investors....A 1/1 won't be difficult to find....I just closed a transaction on a 2/1 in Oakland and the monthly mortgage payment was less then $800 including taxes and insurance. The home can easily be rented out for more then a $1000+.

If you like, I can send you some listings to help you get started.
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0 votes 2 answers Share Flag
Tue Jan 24, 2012
answered:
Being that stated income is a thing of the past. We are going to look at your tax return. If your income is rising we will average it, if it is going down we will take the lower number.

There are many items that can be added back into your income. The problem is that most loan officers do not know how to do that. So they will often turn down self employed borrowers who could get a loan. I know how to find the deductions on your tax return that we can add back into your income and help you qualify.

I would need to look at your tax returns to advise you better on this.
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0 votes 6 answers Share Flag
Mon Jan 23, 2012
Tomi Thomas answered:
Kate, there is a lot to know when pursuing foreclosure properties. (Foreclosed properties are different than short sales.) Banks who take the title to a property in the foreclosure process are using a wide variety of approaches to the properties they own. Many are sold through agents through the local MLS. Typically, in Bay area, these homes are marketed very differently that homes that are being sold by private sellers. The listing agents are often working on "volume", at a discounted commission. The banks won't provide inspections up front, so expect to pay for all your own inspections, unless a buyer has offered and then walked away. The houses are often in poor condition and need work, because homeowners who can't pay their mortgage, often can't afford to maintain the property.

There are also properties that are auctioned through a variety of different sources...some at the courthouse, some on the steps of the property, some at large scale auctions. These typcially require all cash buyers, no inspections are allowed, and there is no title insurance. I recommend to any first time home buyer to STAY away from these scenarios. They are very high risk, and you are competing typically with professionals. IF you make a mistake, and end up with a property that requires hidden structural repairs, it can become very expensive, very fast.

Expect competition, and expect the time frames to be long. Short sales tend to take much longer, often many months to get answers. With bank-owned (foreclosed), the timeframes are shorter, but it varies by bank. The fastest response time these days seems to be with Homepath approved properties, owned by Fannie Mae. Their system is much more efficient than many of the others.

My recommendation is: work with an agent local to the area you want to live, who understands the micromarkets. I would recommend an agent with one of the major agencies or a strong boutique local agency. Good luck!
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0 votes 7 answers Share Flag
Tue Dec 13, 2011
Kamal Randhawa answered:
Hello Sher,

I grew up in Emeryville...seen it go from an industrial city to what it is now. While it is against our code of ethics to comment on the crime and safety of neighborhoods, this site might be able to help you figure out which area would suit you best. Please let me know if you would like to view any properties in person.
Thank you

http://www.crimemapping.com/map.aspx
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0 votes 2 answers Share Flag
Sat Nov 19, 2011
Barbara Brodrick answered:
Contessa,

There are disclosures and REO agents and banks are limited to the amount of material facts they can disclose as they did not occupy the property. However your agent has the fiduciary responsibility to you as your buyers agent to advise and protect you by obtaining all the necessary property inspections at your cost of course. Your purchase contract that you signed if it is a California purchase contract will probably have all parties go through the process of arbitration. I advise you to obtain legal advise from a real estate attorney and start your buyer's agents broker first to try to resolve the issue. You should have a copy of all the disclosures from the REO agent and additional disclosures such as YOUR agent's visual inspection and disclosure advising you to get inspections and waiver signed by you not to obtain inspections if that is what you have chosen to do. I hope this helps. Let me know if you have any questions or need a referral to a real estate attorney who can better advise you.

Best Regards,



Barbara Brodrick
415-722-1569
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0 votes 4 answers Share Flag
Fri Jan 21, 2011
Lee Goade answered:
These opportunities were once all the Rage back in the 80's. And Coined as "Creative Financing"! The most successful people found the best ways to make the current conditions work together for the benenfit of all parties.

Bob is right, the opportunities for structure are almost endless. The Biggest questions are;
What do you need?
What does the Owner need?
How can we make this happen? (mutual Benefit)

I am Not Sure about much right now. BUT, I am Sure that the Biggest Rental Boom in U.S. History is upon us and out of that WILL BE the ReBirth of Creative Financing. -by today's new Rules...


http://www.trulia.com/voices/Home_Buying/BIGGEST_Rental_Boom_in_U_S_History_-261655
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Tue Nov 23, 2010
Jeff Kim answered:
Contacting an experienced agent would be the best way to start. You may also want to contact your lender to see if they can work with you on a loan modification. Good luck
0 votes 4 answers Share Flag
Tue Nov 23, 2010
Jeff Kim answered:
You can start by doing research online and start at places like here, Trulia. Many agents/brokers also provide free e-mail listing alerts based on your requirements. This is an easy way to get listings that just hit the market and may peak your interest.

I can send you alerts if you would like. Feel free to e-mail me or visit my website. Good luck!
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Wed Oct 20, 2010
Jeff Kim answered:
Definitely a question that should be posed to a tax professional. There are many tax ramifications on what your are asking and many side issues that could potentially arise.
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Sun Aug 8, 2010
Amelia920 asked:
unit. This is a historic 2-story building with 4 1-bed 1-bath units upstairs and 3 storefront type/artist studios downstairs. The property underwent a condo conversion and the City of Oakland…
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Thu Jun 10, 2010
Kamal Randhawa answered:
Im sorry...that's very unfurtunate for you but not much you can do. You can try going to the city to see if anything can be done but most likely they will say no. I can't imagine your frustration as this was such a huge purchase for you. Sorry :)

Kamal Randhawa
Broker
510-932-1066
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0 votes 6 answers Share Flag
Sun Aug 9, 2009
Kamal Randhawa answered:
Hi there!

Your Realtor should provide you with comps so you know what the market value is of that home in the current market. Then it's up to you if you want to bid higher or lower. I've been working in Oakland extensively, and I can tell you right now, you can't find the same deals that existed 6 months ago. Even broken little homes are getting multiple bids so i'ts very important you work with someone knowledgable.. Good luck!

Kamal Randhawa
Broker
501-932-1066
... more
0 votes 3 answers Share Flag
Thu Jun 11, 2009
Scott Ward answered:
Hi.

I think you would be eligable for the 8k - I would call a Title Company - here is one that I find super helpful - Eden Toothman @ 510.527.2453

Good luck and let me know what you find out -


Scott
415.225.4593
... more
0 votes 3 answers Share Flag
Mon May 4, 2009
Grace Hanamoto answered:
Hello 2whom and thanks for your question.

Depending on how you purchased your home with your significant other--tenants in common or joint tenants--each side is entitled to a proportionate share of the interest and property tax deductions on the home. The form of ownership, however, will determine how that much each partner is entitled to deduct.

Beyond this little bit of advice, however, your question is best asked of a CPA or tax professional rather than a real estate agent or real estate professional. We are not licensed in providing tax assistance--only real estate help. The IRS provides a lot of useful information at their website at www.irs.gov. You may also use the IRS "help" line at 800-829-1040 to receive advice from live IRS technicians every week day from 7 a.m. to 10 p.m. local time.

Good luck and thanks again for your question!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
Tel 408-426-1616
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0 votes 1 answer Share Flag
Fri Apr 3, 2009
Pacita Dimacali answered:
Danielle,

Send me an email -- I'll give you both forms. And yes, I can help you.

Call me at 510 205 2992. If I am unable to answer, please leave me a message with your phone number, email so that I can forward this information to you. ... more
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