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94536 : Real Estate Advice

  • All78
  • Local Info2
  • Home Buying44
  • Home Selling2
  • Market Conditions1

Activity 67
Earlier today
PG asked:
I got some plumbing changes done without permit. I changed the toilet/vanity locations in the bathroom. There are no structural changes. I realized I needed permit after I made the changes.…
0 votes 0 Answers Share Flag
Wed Mar 29, 2017
Susie Kay answered:
Hi Ronald,

It sounds like this can turn ugly pretty quick. I would suggest that you talk to an attorney.
0 votes 3 answers Share Flag
Mon Oct 17, 2016
Salil Deshmukh answered:
How badly is the house on Gilbert Ave near Shinn affected by rail tracks?

-What all trains use this tracks?
-What are the train times?
-Do they blow horn?
0 votes 7 answers Share Flag
Sun Mar 27, 2016
Susie Kay answered:
I agree with Arpad below, do you have this agreement in writing?
1 vote 5 answers Share Flag
Sat Oct 31, 2015
John C. Smith asked:
I find this site extremely frustrating for the following reasons:

1) When I click on a house in map view it opens up in the same page, making me have to re-query the search to come back…
0 votes 0 Answers Share Flag
Fri Dec 19, 2014
Ali Qureshi answered:
Hello there? I think I posted my answer to your questions. Would be awesome if you can share what you ended up doing? This will enhance our experience.
0 votes 27 answers Share Flag
Fri Dec 19, 2014
Ali Qureshi answered:
I had a terrible experience with bank of america. Buyers went into contract, removed all contingencies and ready to close. On the 27th day of closing bank of america denied buyers loan due to hoa litigation.They had known about HOA litigation from the very beginning and had given us an OK to proceed. Because the buyers had removed there contingencies, they had to loose there Deposit amount of 20k. So it was an awful experience with bank of america, considering other banks like Chase were lending in the same community. ... more
0 votes 23 answers Share Flag
Fri Dec 19, 2014
Ali Qureshi answered:
Thu Jun 12, 2014
Claudia Muller answered:
Over $417k is considered a High Balance conventional mortgage.
The interest rate will be slightly higher than the $417k traditional conventional mortgage.
Both mortgages are sold to Fannie Mae and Freddie Mac.
Jumbo loans (in the Bay Area) are loans in excess of $625k.
These loans are sold to various investors that do exclude Fannie and Freddie.
Thelse loans do not always have higher interest rates. There are some lenders who offer very agresive pricing for these loans.
Where Jumbo loans differ from conventional is in the underwriting process:

-jumbo loans require manual underwriting
-lower debt ratios allowed 43% vs. 45%
-6 months of PITI must remain in accounts when close
... more
0 votes 12 answers Share Flag
Mon Feb 24, 2014
Zambendorf answered:
The "cost approach" is not appropriate for insurance purposes.
This is an estimate of the cost to build new, but insurance estimate needs to be cost to rebuild.
Rebuilding is more expensive.

Fannie Mae allows the lender to use the cost approach as a metric for setting the minimum insurance requirement for selling the loan into the secondary market. That doesn't mean it would be an insurance limit adequate to rebuild after a total loss or to protect the policyholder from a coinsurance penalty.

If an insurance agent asked for the "cost approach" number off the appraisal rather than use the software they've been provided by the carriers, I'd look for a new agent.
They're either not well trained, or deliberately trying to win your business by getting the lowest (initial) quote with an artificially low replacement cost value.

Check the value yourself at accucoverage[dot]com, e2value, or 360-value. These are all insurance based estimated tools. If an agent does it for you, review the inputs in detail; the system generated assumptions may not match your home.

Google "reconstruction" "new construction" insurance and "replacement cost" and you should find more details on the issue.
... more
0 votes 5 answers Share Flag
Tue Nov 26, 2013
Ali Qureshi answered:
Lender is charging a higher interest rate to cover your fees. Every loan transaction involves closing costs such as Title and escrow charges, Pre-paid interest and miscellaneous costs. These costs can be either paid by you at closing or incorporated in the loan term such through a slightly higher interest rate. ... more
0 votes 8 answers Share Flag
Mon Nov 18, 2013
Ali Qureshi answered:
A lot of buyers in Fremont are willing to pay a premium for the school district. In the 94536 Zip code you get Parkmont, Brookvale and Niles which are all excellent school districts as well. In the same zip code you also have average areas. So if you're living in one of the above mentioned districts then rents generally will be higher. ... more
0 votes 4 answers Share Flag
Thu Nov 14, 2013
The Medford Team answered:
94536 covers a wide territory in Fremont starting at Mowry Avenue and going north past Decoto. It contains some prestigious neighborhoods, including Glenmoor, Parkmont, Brookvale and Niles. It also includes other neighborhoods a bit lower on the scale, but still decent, such as Cabrillo. Overall, as pointed out below, rents follow school scores in Fremont. As such, in the parts of 94536 such as Parkmont, rents are higher than neighborhoods such as Cabrillo, but not as high as rents in 94539.

As for crime, this is a tough question for Realtors – while we’d love to be able to give you our opinion, we can’t. Overall, Realtors are prohibited by law from telling you whether or not any specific neighborhood is safe. It’s called “steering” and we are prohibited by our code of ethics and federal law from providing such information. Here are a couple posts that explain more:

NO STEERING ALLOWED: 3 Important Facts To Know As A Buyer
http://www.trulia.com/blog/carl_medford/2010/03/no_steering_allowed_3_important_facts_to_know_as_a_buyer

Don’t Get ‘Steered’ in the Wrong Direction
http://sanleandrotimes.com/index.php?option=com_content&view=article&id=3462:dont-get-steered-in-the-wrong-direction-&catid=7:examples&Itemid=121

However, we CAN tell you where to go to get information. In your case, for crime statistics, go to the following sites:

http://www.neighborhoodscout.com/ca/fremont/crime/
https://www.crimereports.com
http://www.spotcrime.com
http://www.nixle.com/
http://www.everyblock.com/
http://www.localcrimenews.com
http://www.mylocalcrime.com
http://www.crimemapping.com
http://www.meganslaw.ca.gov
... more
2 votes 4 answers Share Flag
Sat Sep 14, 2013
My NC Homes Team answered:
Of course price is relevant; if by relevant you mean not over paying for a property? Would you choose to pay above market rate for anything? And it certainly matters if your financing as the final price will determine what your monthly payment is. I'm truly puzzled why you might believe acquisition cost isn't a significant factor when making an offer on a property. I'd be curious to read your explanation of what I consider a very unusual perspective. ... more
1 vote 11 answers Share Flag
Sat Sep 7, 2013
The Medford Team answered:
Brad:

Q: I am looking for a 3Bed 2Bath town home or single family and found that the rates in Cabrillo are cheaper compared to rest of Fremont. I just wanted to know what is the reason behind it.
A: There are a few reasons:
i) First, in Fremont, neighborhood values are primarily driven by school API scores. Cabrillo has typically had some of the lower scores in Fremont.
ii) Second, homes in Cabrillo are relatively small compared to many other parts of Fremont. As an example, in lower Cabrillo, the average sq/ft size is 1,368 sq/ft. In contrast, in Brookvale, located just across Fremont Blvd, it jumps to an average of 1,736 sq/ft.
iii) Third is the age of the homes and their configuration: while neighborhoods like Brookvale and Northgate were built in the mid 70’s, classic Cabrillo homes originated in the mid 50’s.

Q: Is it a safe neighborhood?
A: This is a tough question for Realtors – while we’d love to be able to give you our opinion, we can’t. Overall, Realtors are prohibited by law from telling you whether or not any specific neighborhood is safe. It’s called “steering” and we are prohibited by our code of ethics and federal law from providing such information. Here are a couple posts that explain more:

NO STEERING ALLOWED: 3 Important Facts To Know As A Buyer
http://www.trulia.com/blog/carl_medford/2010/03/no_steering_allowed_3_important_facts_to_know_as_a_buyer

Don’t Get ‘Steered’ in the Wrong Direction
http://sanleandrotimes.com/index.php?option=com_content&view=article&id=3462:dont-get-steered-in-the-wrong-direction-&catid=7:examples&Itemid=121

However, we CAN tell you where to go to get information. In your case, for crime statistics, go to the following sites:

http://www.neighborhoodscout.com/ca/fremont/crime/
https://www.crimereports.com
http://www.spotcrime.com
http://www.nixle.com/
http://www.everyblock.com/
http://www.localcrimenews.com
http://www.mylocalcrime.com
http://www.crimemapping.com
http://www.meganslaw.ca.gov

Q: How is the re-sale value and rental potential in this area?
A: Excellent. Because of Fremont’s overall reputation, there is a market for every segment of housing Fremont. The current DOM (Days on the Market) is VERY low in Cabrillo – a sign that when homes hit the market, they are quickly snatched up. The same is true for rental values: while you might not get as high as neighborhoods close by with higher API scores, you will still get an excellent return.

Let me know if you have any additional questions.
.
... more
0 votes 7 answers Share Flag
Fri Jun 7, 2013
Eddie W. de Leon answered:
Feel free to contact me and I can look it up for you.

Respectfully,

Eddie W. de Leon
Senior Loan Officer
NMLS #238369
DRE #01393751
www.linkedin.com/ln/eddiedeleon
www.facebook.com/LoansByEddie ... more
0 votes 3 answers Share Flag
Sat Mar 30, 2013
Zack King answered:
Are you only interested in Northern CA because you may be able to find a better investment opportunity in the Fresno/Bakersfield area. The market really took off during the bubble and than crashed hard. It is starting to pick back up again now and there may be good opportunities there.

Zack King
01882407
Keller Williams Estates Calabasas
(818) 825-7388
Zking1@live.com
www.PetPlanetRealty.com
... more
0 votes 6 answers Share Flag
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