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94501 : Real Estate Advice

  • All53
  • Local Info6
  • Home Buying17
  • Home Selling6
  • Market Conditions0

Activity 93
Fri Aug 16, 2013
The Medford Team answered:
Overbidding is everywhere in the current Bay Area:

2 posts to read:

Current Bay Area Market NOT A Bubble: Top 5 Buyer Recommendations
http://bit.ly/1460Yzt

Tough Year Ahead: Top 10 Issues Facing Bay Area Buyers
http://bit.ly/W6J2zc

Like many Alameda County Realtors, I spend time almost every day writing offers. Each offer represents a client’s hopes, dreams and aspirations and, in many cases, their frustrations as offer after offer meets with rejection. While it’s true that we ARE getting offers accepted, when you have one property and thirty hopefuls, at the end of the day, only one gets the keys. The remaining twenty-nine go off to the succeeding round of open houses hoping to get lucky the next go-round. While some buyers may fade away in defeat, others join in the dance bringing new energy and hope to the melee.

While house after house comes on the market only to disappear just a few days later, one constant remains: multiple offers. It’s been so long since we’ve experienced a “normal market in the Bay Area – either we have a down market with multiple houses and one offer … or today’s red-hot market with one house receiving multiple offers. The trick is to figure out what type of market you are currently in and leverage that market to your advantage.

Since we’re currently in a seller’s market and multiple offers are a given, it’s important to understand the existing market metrics. In a recent meeting with Central County agents, Carole Rodoni,* President of Bamboo Consulting, outlined the following guidelines:

List Price Price per offer submitted
$200,000-$400,000: increase of $2,500-$5,000 for every offer including yours
$400,000-$800,000: increase of $7,500-$10,000 for every offer including yours
$800,000-$2,000,000: increase of $12,000-$15,000 for every offer including yours
$2,000,000 and above: increase of $20,000-$25,000 for every offer including yours

While it’s obvious that there are no absolutes here – every home receiving offers is different based on condition, amenities, location and a number of other factors – these formulas at least provide a framework with which to begin. The fundamental key is determining whether or not any give property’s list price is realistic – if it’s low, you have to adjust upwards; high, you tweak it down. Another key is trying to get feedback from the listing agent as to how many offers are either already in hand or anticipated.

Thinking of simply writing an offer at list price? Your chances in the current market closely resemble those of a snowball in a very hot place … it may look pretty for a few seconds, but will quickly disappear in a burst of steam.

*Carole Rodoni was formerly President of Fox and Carskadon Real Estate, Chief Operating Officer of Cornish and Carey Real Estate, and President of Alain Pinel Realtors.
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Sat Feb 9, 2013
Barbara Wilson answered:
It is beautiful. Not too hot, 80's often. It cools off at night and really has a great climate. You will notice a lot of people have southern-California types of plants - bouganvilla, lemon and orange trees, tomatoes and roses. I think the Bay creates a pretty moderate temperature all year - winters are not too cold (when everywhere else was freezing or below, Alameda was in the high 30s or low 40s) and summers are generally warm but not too hot - not 100 degrees, and few 90s. Good luck! ... more
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Sun May 19, 2013
Donnee Hankel answered:
Google shows it is estimated at 34 minutes, as we all know that will depend on traffic, you would want to have a fasttrack for the bridge
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Fri Jan 18, 2013
John-Michael Kyono answered:
I grew up in Daly City and now live in Alameda. The horror stories Im sure are people who are coming from Berkeley and the north bay. If you have fastrak or car pool its about 30 minutes.
I have always wanted to video my commute to the city and back because people find it hard to believe but Alameda skirts all of the major freeways. Occasionally, there are accidents and there's nothing you can do about it but it beats running into an accident on 580, 880 and 24 which just shuts down.
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Sun Mar 17, 2013
Jean Powers answered:
Hi. The closest and best retirement community in my opinion is Rossmoor in Walnut Creek. I checked it out a couple of months ago and it is great. A new community will be built soon I Livermore but Rossmoor is closer to Alameda. Let me know if you have any questions. ... more
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Mon Dec 17, 2012
John Juarez answered:
Why are you asking, Irene?

Are you planning to make an offer? If so, you should look to your Realtor to guide you and not expect better answers to this question to come from those who are not involved in the transaction. Really! How much time do you think we are going to invest in measuring the value of that property if we are not part of the transaction? Do you want an off-the-cuff, approximate valuation? Check Zillow! If you want a quality answer huddle with your Realtor.

I do, of course, mean YOUR Realtor and not the seller's Realtor. The job of the seller's Realtor is to get the best sales price for the seller.

Are you planning to sell? Ask this question of your Realtor. Or... ask several Realtors if you have not yet selected a Realtor with whom to list your house for sale. A well researched and documented CMA to back up your Realtor's estimate of value is what you want.
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Thu Nov 29, 2012
Izabella Lipetski answered:
Hello, where are you moving from? What part of Alameda are you looking for?
Regards,
Izabella
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Tue Nov 6, 2012
Pacita Dimacali answered:
Kim

What kind of inquiries were you sending? I live in Alameda and thought I was quick to respond. If you're looking for property management companies who can assist you in finding a rental home, there are a few to choose from

The largest ones with the most rentals are

Gallagher & Lindsey
Harbor Bay
OMM

You can also find them on Craigslist. Best that you work with property managers to make sure you are not dealing with a scammer
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Thu Nov 19, 2015
Brian LeBars answered:
Hi William...

We currently have a lender that if the file recieves a desk top approval they can do the loan. That is an IF though. If you have further questions feel free to let me know. We also wotk with BofI and they are a portfolio lender that has jumbo products. I can check with them as well if they are doing these loans.

Brian
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Thu Oct 11, 2012
Pacita Dimacali answered:
If you'll scroll down the link you provided, you can click on more information which will bring up this link

http://www.showmetherent.rentlinx.com/Property.aspx?PropertyID=113442
And the number to call (510) 867-4170 for more information or appointment

It says
Utilities

Gas Included - Owner pays for gas!
Heat Included - Owner pays for heat!
Water Included - Owner pays for water!
Trash Pick-up Included - Owner pays for trash!
High-Speed Internet Available - Cable ready!

You also will have reserved covered parking.
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Tue Oct 9, 2012
JUDITH WEBB asked:
Tue Oct 23, 2012
Dave & Donnee Hankel answered:
A duet is 2 SFH, so the loan would be the same if you are buying half a duet or a SFH.
if you were buying the entire duet that would be 2 properties.
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Fri Sep 7, 2012
Jean Powers answered:
Hi Celeste....In order to answer your question I need to know the address.
Have a wonderful day. Contact me if you need any other help....Jean
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Sun Mar 17, 2013
Pacita Dimacali answered:
Get a realtor to help you prepare comps for the property to get a fair price for the property. If the owner wants to forgo the agents, then he is liable for producing the required disclosures when selling real estate.

You can consider paying a realtor a certain fee for handling this for you to make sure the sale is in compliance with government ordinances, that the seller complete mandatory disclosures, that your offer price is justifiable. If the seller isn't willing to sell at the price you offer, then perhaps you should consider buying another property. From time to time, other properties come up for sale in Bayport --- some of them even being sold as short sales. If you're not in a hurry, you can write an offer on a short sale, and wait.

Just know that it is a highly competitive market -- so when a property becomes available, it can be mere days from the time it is posted for sale, and it will already receive multiple offers. Your seller may be aware of this, and may use it to his advantage. Right now, we're back to a seller's market.

Feel free to call me at 510 205 2992 if you wish to learn more about short sales, and/or if I may help you find another suitable property.

Good luck
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Fri Jul 27, 2012
Tim Moore answered:
Normally the landlord pays the commission just like the sellers do. To buyers and renters our service is free to you - what a deal, right?
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Mon Jul 8, 2013
Lance King answered:
Alameda has a quaint small town feel yet close to the city. We have some clients who rent in the city now who are looking to buy in Alameda for that reason, plus it's close to the water yet the weather is much better. However, if you are talking about buying you might want to rent first to make sure that's really where you want to be.

We regularly work with out of area and International clients, so if you want some guidance our contact info is below. (we also work in other east bay areas as well as the city).

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
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Fri Jul 13, 2012
Claudia Muller answered:
The first thing to do is to get yourself PreAPPROVED.
This way you know exactly how much home the price of the home you search for should be.
Make certain that you have your DD214 (or access to it).
Make contact with a local (I am in Fremont) lender who knows VA mortgages (me!) and have them get your loan set up and ready to go.
Once in place, about a week, its time to find that real estate agent you trust to find the home of your dreams!
Happy House Hunting!!

PS: VA has no minimum credit score.
And youcan get into the home with zero down payment!!
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Fri Jun 15, 2012
Jean Powers answered:
Hi Daniel,
I have been a lifelong resident of Alameda and a Broker for 26 years. I always tell my customers that if a property has been on the market for awhile a property is worth what a buyer is willing to pay for it. Ask your Realtor to give you comparables for the home. Then you can decide what the property is worth to you. The seller is looking at offers tomorrow 6/13. If they do not receive any offers then the property is most likely priced too high. ... more
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Tue Oct 18, 2016
Pacita Dimacali answered:
Cheryl

Here's a link that may describe what's considered basic wear and tear versus items that would be considered damages

http://rhol.org/rental/WEAR.HTM

Here's another link that addresses carpet

CALCULATING THE ACTUAL COST OF CARPET DAMAGE
http://www.rentlaw.com/repairs/carpets.htm

One common method of calculating the deduction for replacement PRORATES the total cost of replacement so that the tenant pays only for the REMAINING USEFUL LIFE of the carpet the tenant has damaged or destroyed.

For example, suppose a tenant has damaged beyond repair an 8 old carpet that had a life expectancy of ten years, and that a replacement carpet of similar quality would cost $1,000. The landlord could properly charge only $200 for the two years’ worth of life (use) that would have remained if the tenant had not damaged the carpet.

ORIGINAL COST OF CARPET $1,000
Expected life of carpet 10 years
Depreciation charge ($1,000 / 10) $100 per year
Age of carpet 8 years
Carpet Life Years Remaining 10 years - 8 years = 2 years
Value of 2 years Carpet Life Remaining 2 years * $100 per years = $200

TYPICAL DAMAGES in RENTALS

-Holes in wall from hanging pictures, removal of Decals on the walls. Larger gouges etc.

-Tear in carpet, animal stains (even if landlord knew you had a pet). Burn marks - iron, cigar, cigarette, ground in stains.

-Doors with holes. Doors or windows broken. Glass etc.

-Clogged drains caused by your misuse of sinks or toilets. If you rent to women (college girls for example) be sure to remind them to dispose of feminine products in the trash, not the toilet.

-Broken or missing blinds or curtains. If they were there when you moved in, they must be there when you leave. If you don't want them, discuss this with your landlord. If he says "I don't care" send him a letter to confirm...as we discussed..

-Eliminating Flea infestations caused by tenants animals. The same for smoke damage from smoking or burning candles.

-Excessive Bathroom mildew. Use a good cleaning product like Tilex or Spray 409 weekly.

-Broken shelves in a refrigerator. Excessive dirt/dust in the refrigerator vents. This is the area under or behind the unit. Vacuuming improves performance. Every time you vacuum, vacuum around the unit,

-Excessive dirt or filth in an oven or refrigerator. Defrost the refrigerator if not frost-free. Stoves can take 2-3 hours to clean if you have it cleaned. Use Easy-off. That's why the named it that.
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Tue Feb 14, 2012
John Souerbry answered:
I'm a property manager and see bankruptcy and foreclosure on credit reports all the time. As long as the debt has been discharged, we don't include it in the income/expense ratio that we use to qualify the potential tenant. If the debt has not yet been discharged and is still payable, we'll ask an applicant how they intent to satisfy the debt and still keep their income/expense ratio within our qualifying percentage. I obviously can't speak for other landlords, but we like to see monthly expenses below 45% of gross income and we verify current employment. I hope this information helps. ... more
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