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Santa Clara : Real Estate Advice

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  • Local Info2
  • Home Buying11
  • Home Selling0
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Activity 15
Wed May 18, 2016
Sheryl Arndt answered:
I am not local. You can only do a streamline 203k with cosmetic repairs between 5k and 35k. If permits are required you would have to use a 203k and an assigned cost/coordinator.

It only takes a few dozen questions to qualify and go over your options. Here are some links to study as well as web reference links to 203k loans and many loan programs...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA or CalVet loan specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt
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0 votes 4 answers Share Flag
Wed Apr 27, 2016
Valli Lopez answered:
Manufactured homes can be incredibly hard to finance. Maybe not for everyone, but for some which will limit your market pool upon resell thus lowering value since desire is lower. I am doing a loan for a property in santa clara for $460k sales price. 3 bedroom, seems like a good price to me

Valli Lopez
NMLS 980530
619-916-9595
valli@vallilopez.com
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0 votes 5 answers Share Flag
Wed Jul 23, 2014
Ali Qureshi answered:
Can you tell the property address so we can pull up the information.
0 votes 1 answer Share Flag
Mon Dec 13, 2010
Steven Ornellas answered:
Hi Welcome2t,

You can "guesstimate" property tax to be approximately 1.25% of the purchase price; however, if you know the actual property address you can get more accurate information. You can read about that process here: http://www.trulia.com/blog/steve_ornellas_mba_re_mastersgri/2010/05/estimating_property_taxes

As covered in the link above, Property tax bills actually consists of three separate levy categories:

1) General Tax Levy controlled by Proposition 13 and limited to a maximum of 1% of the assessed value of the property.

2) Voter Approved Indebtedness that includes taxes levied to repay bonds approved by the voters.

3) Direct/Special Assessments, controlled by Proposition 218 requiring a majority vote of the property owners. There are over 20 different types of these taxes (i.e., Mello-Roos, Assessment Districts, Vehicle Parking districts, etc.), so you really do need to check this. I have seen “$520 per $100,000 of value” differences in the bay area due to Direct/Special Assessments.

In a normal market taxes trend upward; however, we're not in a normal market. Prop 8 (also covered in the blog) allows a property to petition the County assessor to have taxes lowered.

Best, Steve
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3 votes 1 answer Share Flag
Tue Apr 14, 2009
Steven Ornellas answered:
Hi Cablekc:

Proposition 13 limits the taxation of property to 1.2% of a property’s assessed value (for you, the sales price), plus special assessments and improvement bonds approved by the voters. Property tax increases are limited to a 2% increase in the assessed value of the property per year.

I would estimate your Hazard Insurance at .35% of loan amount per year.

Best, Steve
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0 votes 1 answer Share Flag
Fri Feb 20, 2009
Pacita Dimacali answered:
Deepak,

On a short sale --- find out if the property has more than one loan on it, and if they're by different lenders. It is doubly hard to get approval for the short sale of this property when that is the case. It is a little easier when the loans are with the same lender.

If you find a similar property that is a foreclosure (REO or real estate owned), and if it's priced aggressively, you may encounter a multiple offer situation. The best and highest offer will win.

So the degree of difficulty depends on your willingness to wait on a short sale, the terms of your offer on an REO.

Good luck!
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0 votes 11 answers Share Flag
Wed Jan 21, 2009
Brian LeBars answered:
If you would like to speak with a Mortgage Broker one on one I would be happy to help you.

My question would be how long have you been self employed? This would be something that could affect qualifying. Have you had issues with this with another lender or have you been asked that question?

Please call me or email me with any questions.

Best,
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0 votes 5 answers Share Flag
Sun Jul 13, 2008
The Medford Team answered:
Luis:

It's a short sale. Many people are not interested in short sale properties for all of the obvious reasons. It will typically need to be sold “as-is,” even though the price is low does not mean the bank will accept the price and so on. Add to that the fact that it is very close to busy railway tracks, the county court house and so on … you get the idea.

Lastly, no one know where the bottom of the market will be in Hayward – we certainly are not there as of yet.
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Sun Jul 13, 2008
The Medford Team answered:
Sara:

We live in an older house and we love it – they have a feel and an ambience that is missing in newer homes. Plus – and it’s a BIG plus – most older homes have large lots than do newer homes. As long as you and your Realtor order all the inspections, run the comps for the area and do due diligence in every way, you will be fine. And … my favorite reason for living in an older neighborhood – you have well developed trees all up and down Kiely Boulevard.

If you need a Realtor who services the area, give us a call! carl@carlmedford.com
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0 votes 4 answers Share Flag
Sun Jun 29, 2008
Pacita Dimacali answered:
Great time to be buy --- prices are lower than they were 2-3 years ago, interest rates still some of the lowest in 40 years. As a first time buyer, I hope you have a realtor representing your interests as your advocate.

As far as short sales and REOs are concerned....how prepared are you, as a first time buyer, to tackle a challenge?

For short sales, it will take 45 days or longer for the lender to respond to an offer, regardless of whether or not the seller has accepted your offer. It is the lender who makes the final decision. Even if the seller accepted your offer, if another offer came in while you were waiting for an answer, and that offer is better than yours (price, terms), the lender can override the seller and accept the other offer.

As for REOs, don't expect to get any credits for closing costs or repairs. They are always AS IS sales, don't have any reports to share. UNLESS --- the property was listed before as a short sale, and the previous listing agent was able to put the disclosures online somewhere. Have your agent research the information. Although they take a shorter time to process, banks have very specific instructions that you must follow to the letter.

Also, some, not all, REOs have been trashed. Remember, people are being forced out of their homes, and they are not happy about it. As such, they may not have taken care of the property, they could have stripped the house of anything that is not bolted down. So buyer beware!

BUT! Most REOs are priced very aggressivly --- find out what the bank paid for it, then you can submit your best and highest offer. You can still negotiate, but don't think that submitting an offer 40-50% less than the listing price will have a chance.

Good luck!
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1 vote 9 answers Share Flag
Fri May 23, 2008
Crystal & Tiffany Jefferson answered:
You may have already started or finished the loan process at this point, however, if that is not the case, the only loan program that is even close to a no down payment program is the FHA loan. You only need 3% to put down and even then you can get the down payment covered through a special program. Of course, you must find a seller that is willing to take FHA financing and will participate in the program. In addition, condo complexs must have FHA approval to qualify. Other than FHA, find a seller that is willing to do seller carryback financing. Those are pretty much your only options for no down payment. Have any questions about anything I have suggested, just ask. Hope this helps!

Crystal Jefferson
The Jefferson Team
Realty World-Bay Cities & Axcess Mortgage
crystal@cahomeloannow.com
925-726-8966
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0 votes 4 answers Share Flag
Fri May 23, 2008
Crystal & Tiffany Jefferson answered:
Kt,
Susan is right. The mortgage industry is definitely changing everyday. The loan program that you enter into may change midstream due to stricter requirements put in place by the lender. Not pretty, but it has been happening. Your FICO is in the satisfactory category, but is still doable. The only concern is that you haven't any tax returns. You may qualify for an FHA loan, however you would have to really explain your situation as far as those tax returns are concerned. You most likely will have to go full doc, since most lenders no longer accept stated income. What is your debt-to-income ratio? This too will be a factor in your approval for a loan. If you need anymore advice go to the website below or send an email to crystal@cahomeloannow.com.

Crystal Jefferson
The Jefferson Team
Realty World-Bay Cities & Axcess Mortgage
925-726-8966
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0 votes 6 answers Share Flag
Fri Apr 25, 2008
Annie Nguyen answered:
Hello Vee,

Mello-Roos tax is a special additional tax to theproperty tax to pay for new development for public use such as park, road, new school site to the new development areas. Often this kind of tax is short term and temporary. ( they might end up at the end of 5 years) You can negotiate with the builder to pay for this kind of tax as a buying incentive. Here is the website to give you more details in Mello-Roos tax. For better correct and correct answer you can contact the Santa Clara Assessor Office to ask.

http://www.californiataxdata.com/A_Free_Resources/faq.asp#faq_05
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0 votes 2 answers Share Flag
Tue Apr 8, 2008
Ken Vasan answered:
Ram

The areas you have mentioned seem to fall under Cupertino School district in my opinion. If my assumption is correct, I doubt you will be able to find an independent house. However, you may be able to find townhomes. ... more
0 votes 4 answers Share Flag
Tue Oct 9, 2007
Eric H. Wong answered:
Don't let the cars parked in front of your home occupy too much of your attention, rather, put your energy into those things you can control, and which are, quite frankly, more important.
Have you made your lawn nice and clean?
Does the paint on your house look good?
Is the interior warm and inviting?
Could potential buyers walk in and easily imagine moving right in?
Is your home priced right for your area?
Is your home being advertised to attract all the willing and able buyers?

These atre the things that will sell your home. Potential buyers will understand that cars have to park on the street.
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