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Pleasant Hill : Real Estate Advice

  • All66
  • Local Info5
  • Home Buying24
  • Home Selling4
  • Market Conditions1

Activity 42
Fri Jan 6, 2012
The Medford Team answered:
You have to include the address - you can post the Trulia link to the property in an answer and we can look it up for you.
0 votes 2 answers Share Flag
Fri Jan 6, 2012
The Medford Team answered:
Cheryl:

If it’s a normal single family home, then it qualifies for an FHA loan based on condition. FHA wants to make sure that upon occupancy, you can:

• Open, shut and secure windows and doors,
• Cook a meal (appliances should be in place),
• Use the restrooms with no restrictions,
• Turn on the heat,
• Be sure the roof won’t leak the first time it rains,
• Not have to deal with exterior wood finishes (peeling paint has become a big issue),
• And so on.

The property has to be habitable. Here is a link that explains in more detail:

http://realtytimes.com/rtpages/20060116_fixuprules.htm

As pointed out below, if it is a condo (and MANY townhouses are also classified as condos), then it has to be on FHA’s approved condo list. Developments on the list have met the basic FHA requirements, such as a limited number of units in default on their HOA dues, high owner/occupancy rates and so on.

You can check out the list yourself at the following site:

https://entp.hud.gov/idapp/html/condlook.cfm
... more
0 votes 4 answers Share Flag
Tue Nov 22, 2011
Catherine Myers answered:
Breaking it down here. If you asked for an extension to close, depending on circumstances the Seller did not have to agree, however they would have to serve you a Demand to Close Escrow (for DCE). See paragraph 14E in your contract . On that form however, that notice can been deemed "served" as long as your agent received it , initialed it as to the date and time he/she received it and sent it back to the sellers agent. I would ask to see that form. And ask to see when your agent notified you of the notice. This is where you probably need to have a sit down with this agent's broker. Bring your contract, and timeline of events. Cancellation is never "automatic," notice has to be served. Either with a "notice to perform," or by the demand to close escrow. To keep it clean however, a cancellation should be mutually signed by both parties. Release of deposit needs to be mutually signed. I'd be surprised if the agent used the same escrow company to close the deal if there was an unresolved deposit still in escrow for the same home.

My advice. Ready your contract thoroughly. Talk to the agent's broker. Then take it up a notch (attorney or DRE) if you still feel it was unfair or unethical.

I will say though, if what you say is you got the approval from the bank in July and still not closed by September - you said 3 month escrow... that is way too long. Escrow length normally is 30, and no more than 45 days in most cases.

Again, we're not attorneys here and we don't know the nuances or reasons why your escrow was taking so long, but perhaps the sellers rejected your extension, served you/your agent the demand to close escrow, and then canceled it when you could not perform. That likely was perfectly within their rights. Again, if in good faith you were just a week or so from closing, that is one thing, but if it was dragging on for 3 months, as a listing agent, I probably would've advised we moved on way before 3 months. On a short sale, not only are you dealing with deadlines on approval letters from banks, but sometimes racing the foreclosure clock. A 3 month escrow is not "typical" so something else may have been going on, and it is difficult for all of us to sit out here and guess as we do not know the situation.
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0 votes 17 answers Share Flag
Fri Nov 18, 2011
John Arendsen answered:
Steve, you certainly gave me some comfort (pun intended) in your answer as it closely mirrored mine. But it's good to know I'm not standing alone.
0 votes 10 answers Share Flag
Sun Oct 30, 2011
Pacita Dimacali answered:
Watch this video on foreclosure auction guide....this should help

http://www.youtube.com/watch?v=1CanJbhGdJM&feature=youtube_gdata_player
1 vote 5 answers Share Flag
Wed May 4, 2011
Amy Lee answered:
amyleerealty@gmail.com
415-420-3526
License: 01789891

If no offer, you are in a better position. You can consider - if there are any other offers, how long it has been on the market, how many time price reductions, when was the last reduction of the price, what's the condition of the house, etc. Since most of properties won't have termite/home inspection ready, there are still room for you to negotiate if the condition of the house is not good.
If you need help, please contact me. I live 10 minutes away from Pittsburg. I am looking forward to hearing from you soon. thank you!
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0 votes 4 answers Share Flag
Mon Mar 7, 2011
Bob Georgiou answered:
Paolo659,

Writing checks to the broker is real old scool stuff but some companies still do that. Many times more reputable companies setup individual property trust accounts which are more secure, in the name of a specific properties. If the agent representing that the money will be palced into a trust account the state has strong rules and regulations how those accounts are managed. Do some reaonable homework to protect yourself and ask a lot fo questions about who the agent is representing and how the agent is handling the cash. ... more
0 votes 3 answers Share Flag
Sun Mar 6, 2011
Christine McDaniel answered:
I know alot of agents that own rental properties. Does the agent personally own the property? You can find out who owns the property through the local tax records or assessor. Definitely look into it. ... more
0 votes 2 answers Share Flag
Fri Dec 3, 2010
Suzanne Looker answered:
Hi Ami_K,
It is so unfortunate that many people have such a low opinion of realtors. I suggest that you go to an office and ask to speak with the manager and let them know how you feel. They will hopefully put you in touch with a couple realtors that have the wisdom and honesty to represent you with integrity. It would also be wise to ask for referrals and really call them. Ask the referrals any questions you may have about the work ethic of the realtor, their communication skills and how they assisted them, without pressure, to make a wise choice.
I know you will find the right person able to eleviate your concerns. There are many truly professional and honest realtors in your market.
Good luck to you,
Suzanne Looker
... more
0 votes 36 answers Share Flag
Mon Nov 8, 2010
Charles Husen answered:
Hi There Bebe, Thanks for the question:

I am a Realtor, tax accountant and an Agent Enrolled by the IRS.

Last question first. It is too late to roll the money into another "like kind" property. This would have required a "1031 exchange" to be set up before the sale. Sorry about that.

Next, capital gains tax this year is 15%. The gain would be the amount of profit above the basis in the property. The basis would be the amount they paid the Aunt if it was an "arm's length transaction".

Sounds pretty simple.

Any question give me a call.

Charlie Husen
Tax Home Realty
Pleasant Hill CA

(925) 482-7891

DRE# 01851586
Enrolled Agent# 89858
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0 votes 9 answers Share Flag
Fri Aug 27, 2010
Michelle Gittleman answered:
Ariel,

Regarding if we have "hit the bottom of the market yet?"... here is an interesting story from a lender that I do business with...

"We have a borrower who just backed out of their purchase transaction b/c they are not netting as much as they'd like on the sale of their current residence. They opted to "wait for the market to come back" before selling and then buying another house (they need a larger home for their family). Their current house is worth about $400,000.

If someone is waiting to sell a $1.5 million house so they can move to Des Moines or retire in a Condo, then waiting might make sense.

BUT, waiting to sell in a stronger market to buy in the same stronger market makes no sense. They will not only end up with the same loan amount, but they will also very likely end up with a much higher interest rate.

A $400,000 loan at 3.99% yields a payment of $1,907 (P&I only). A $400,000 loan at 8.0% yields a payment of $2,935.

Our clients mentioned above could very well just end up with a $1,000 per month higher payment. "
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0 votes 14 answers Share Flag
Wed Aug 18, 2010
Craig Bosse answered:
I would say putting that question on here is a start!

I hold open Foreclosure properties every weekend if you are curious about them and would like a casual visit. Email me and I will send you the details of my next one. ... more
0 votes 12 answers Share Flag
Wed Aug 18, 2010
Craig Bosse answered:
Scott,

Are you willing to move to Detroit? I can get you a killer deal! Less than a Honda!

The houses that have been sitting for a while are the way to go. Here is my reasoning -


1. No buyer emotional bidding - You won't have 27 emotional buyers throwing numbers way over list hoping to be the lucky one.

2. Banks work by the numbers - The longer it sits, the more upkeep $ it takes out of their pocket.

3. They are ugly, really ugly - Many of them are structurally better. Plus you save the cash to customize it to what YOU want, not pay for the previous owners tastes.

4.Renovation Financing is catching on - Now you can buy a house and remodel it with one loan and only 3.5% down! This type of financing used to be taboo because of the longer escrow but is now becoming accepted. I have a team of contractors and lenders that specialize in this.

Owning is now cheaper in some areas than renting and you get a tax break! I have calculators that figure all that stuff out for you but it really is a lifestyle choice more than anything.

I have a great short read for you about buying your first house. It was entertaining enough even I made it through. Email me and I'll send it over. I also have all kinds of handouts on Renovation Financing and guidelines for buying Bank Owned if you want.
... more
0 votes 11 answers Share Flag
Wed Aug 18, 2010
Craig Bosse answered:
Like everything in Real Estate that is negotiable.

Fannie Mae REOs are one of your best bets if you are trying to get that covered. They offer a program called Homepath that is 3% down and allows a seller credit up to 6% towards closing. Thats the cheapest way to get into an REO now days unless you are a veteran and qualify for VA which is 0% down. The only downfall with VA is the property must be in good condition. Homepath allows you to do a bit of fix it yourself due to no appraisal needed.

I have a team of lenders and contractors that specialize in Homepath, FHA, VA, and a program called FHA 203(k) which allows you to finance in repairs at the same 3.5% downpayment.
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0 votes 6 answers Share Flag
Wed Mar 10, 2010
Bob Lilley answered:
Elizabeth, I have sold several homes in here over the years and they seem to attract a very specific Buyer: Empty-nesters, new families, and those interested in good schools and convenient commute.

I have also sold several to investors; renters like it for the same reasons1

Hoewver, there are some things you need to look out for! These were built around 1984 by D&M Construction and, although they have many great design features, there are some area that continue to show up on inspection reports. They are easily corrected, but you need to know about them.

Also, there are several other developments in Pleasnt Hill and Walnut Creek that may fit your needs as well.

Email me and we can discuss your options - bob@RobertLilley.com
... more
0 votes 3 answers Share Flag
Tue Feb 16, 2010
Johnny Huang, MBA answered:
Checking in Betty, any luck finding the foreclosures you want? Some REO's in inventory, but not dropping prices anytime soon.
0 votes 4 answers Share Flag
Thu Sep 3, 2009
Bob Georgiou answered:
I'm not clear if this is a courthouse auction or a company that is performing an auction to sell the property.

1) If this is a courthouse auction you will have to have a cashiers check at the time of sale. If this is an auction sale, your financing can be used to buy the home.

2) If the home sells at auction, either way, those sales become comps. The key word is sell. In recent foreclosures where the bank takes the property back as Dave describes it means the loan is higher than value. In this case the ownership transfer is not a comp since there was no sale. A leinholder made a legal claim and was not an arms length purchase.
... more
0 votes 6 answers Share Flag
Tue Jun 23, 2009
Adrian Huntington answered:
What was the property address? Did the listing have a due date for all offers, or was the agent submitting the offers as they were received. Each bank and asset manager have different time frames, but most of the time you would get a response within five days. I would call your realtor, and have them follow up with the listing agent. Some REO listing agents don't have the courtesy to tell you your offer wasn't accepted. If you have any questions, I would be happy to see if the listing is still showing active.

Sincerely,

Adrian Huntington
Coldwell Banker Coon & McCreary Realtors
1954 Contra Costa Blvd.
Pleasant Hill, CA 94523
adrian@YourEcoRealtor.com
... more
0 votes 2 answers Share Flag
Thu Jun 11, 2009
Steven Ornellas answered:
Bebe, glad we could help.

This is a good site to visit for selecting a CPA:
http://www.dca.ca.gov/cba/consumers/slectcpa.shtml

And, you can use the following link to find a licensed CPA near you:
http://www2.dca.ca.gov/pls/wllpub/wllqryna$lcev2.startup?p_qte_code=PA&p_qte_pgm_code=0300

Best, Steve
... more
0 votes 4 answers Share Flag
Thu Jun 11, 2009
Ally asked:
I heard that property prices rose in Pleasant Hill rose up after the downtown area was build, and that before that, it was on par with Concord in terms of pricing and desirability. Can someone…
0 votes 0 Answers Share Flag
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