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Home Buying in Emeryville : Real Estate Advice

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

Activity 22
Sat Sep 17, 2016
Aurora Betancourt answered:
Feel free to call me I sell in Emeryville !


Aurora Betancourt
Realtor CalBRE #01467453
5107340999
0 votes 2 answers Share Flag
Fri Mar 13, 2015
Winnie Tam answered:
Hi Jess

Since you asked this question in 2012, I am sure you have seen your home equity grow !
Let us hope it continues.
0 votes 1 answer Share Flag
Sat Dec 27, 2014
Noemy Bengoa answered:
no dont get married its not worth it break up your Girlfriend will cheat on you
0 votes 10 answers Share Flag
Tue Jul 29, 2014
Claudia Muller answered:
Oddish: you are stuck in the nightmare of 2014 with FNMA condo changes.
All condos, whether previously approved or not, are subject to reconsideration with FNMA.
With new construction, the project may have been previously approved, but you may be one of the first in 2014 to be closing (I see that 3 phases had previously been approved).
The approval process should not take longer than 4 weeks (we have had them approved in 2 weeks time), however, large adjustments/changes are now required by FNMA.
The most significant change is the HOA policy for the condos.
Once accepted, the umbrella policy, covering more than one condo development to cut costs, is no longer acceptable to FNMA, the HOA has to go through finding a new policy. If your association is still in control by the developer, this may be a shorter time frame. If the association is in the hand of the home owners, you have to have to schedule a meeting and a vote, etc, etc and you see how this could stretch you out with weeks and weeks of waiting.
Your lender should be know the answers to the questions of an estimated time of final project approval (they are the one who needed to initiate the approval process).
Your statement whether you should seek an attorney? I would recommend 'no'. They are not going to be able to push this any faster nor will they be able to change it (FNMA is right up there with the IRS and other higher entities!)...I would suggest that you discuss with your loan originator and see if you can hire an outside company (could be $1000) to get this fast tracked. Because you will be doing this for the entire project, we have seen HOAs reimburse the home owner as it is an expense that is for the good of the whole community.
Hope this works out for you soon and give me a call if you wish to discuss further.
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0 votes 3 answers Share Flag
Sat Oct 19, 2013
Matthew Smith answered:
Hi Preet,

I have assisted buyer clients in this area. I have also just listed a very affordable and renovated 2- bedroom condo in nearby North Oakland, 924 Aileen St, Unit B. Take a look; it's a small, four-unit project that has a different feel from the larger Emeryville projects. Please contact me if you would like more information about this property or my buyer services.

Best regards,

Matt
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0 votes 4 answers Share Flag
Sat Mar 23, 2013
Jennifer Fivelsdal answered:
Janna,

You should be very concern. Here in NY the Seller would be expected to get all the required CO before closing. That would mean the building inspector coming out and giving a list of items the seller would have to address.. I have seen building inspectors request the removal of such items a a deck..

The take away, a permit is much cheaper than a retrofit
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Wed Oct 31, 2012
Lance King answered:
I agree with Carl. Hold up closing till you talk with an attorney. And make sure it's someone local experienced in this area of law.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
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0 votes 2 answers Share Flag
Mon Sep 10, 2012
The Medford Team answered:
As mentioned below, Trulia is one of the sites that allows agents to either directly load new listings or update existing listings with additional pictures, etc. When this happens, the agent needs to change the listing to reflect current status. MANY agents forget to do this. It’s a very real issue and confuses and frustrates lots of potential homebuyers. ... more
0 votes 3 answers Share Flag
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
1 vote 6 answers Share Flag
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 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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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
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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0 votes 5 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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0 votes 4 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
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0 votes 3 answers Share Flag
Thu Nov 13, 2008
Serena Russell answered:
Hello Samuel,

Congratulations on taking this step forward for your son! You have many questions and many issues to deal with. I strongly suggest consulting a California Real estate Tax person since the laws can vary by state. A tax attorney can answer many of your questions. They can advise you on the different methods of taking title, and the implications when you sell.

Is your son over the age of 18? Does he hold a green card? Will the property be in his name or yours or both? There are many laws surrounding title and implications for when you sell. You may also want to call an escrow company. There are many out therer; Fidelity Title, First Reliance escrow, First American Title, these are only 3 companies, to name a few. Ask to speak with an escrow officer and provide them the information. If you have identified the property, they give them the address and the property details.

As for selling, it's difficult to predict what your returns might be 5 years or even 10 years from now. The economy and the marketplace will dictate what a home will sell for and what a buyer is willing to pay for it. The costs and fees associated with a sale, could be different at that time.

I suggest starting with the experts (Real estate tax person, or attorney,and escrow company) and going from there.

This is a great market in which to buy property. There are lots of choices and deals in many areas, and certainly in Emeryville as well.

Take care, and good luck with your search.
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0 votes 1 answer Share Flag
Sat Oct 25, 2008
Eric H. Wong answered:
There has not been a sale in either of those communities in the last 3 months, and I am wary of looking at the sales data for anything further back, because the Emeryville condo market has been so volatile.
If you look at Emeryville as a whole, the average sale per square foot is hovering around $410, though most of those sales have been in the Watergate community. There was one short sale at Bay One that went for $360 a square foot.
Which is better. It really depends on what you want. Bay one is certainly more centrally located, and is a newer development than Bridgewater, but I have talked to a couple of Bay One owners, and they have said that at times it is too busy down there. In the end I think it depends on the type of lifestyle you like.
Bridgewater was having a lot of trouble with resale last year, but so were a lot of the condos and lofts in Emeryville.

Good Luck
... more
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