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Alameda : Real Estate Advice

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  • Home Buying55
  • Home Selling0
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Activity 93
Sat Feb 9, 2008
Eric H. Wong answered:
Hi Norman;
Please realize that this is a complete seat of the pants estimate. It is always difficult to get the value of a home without seeing it. Also, the value an appraiser working for a lender will be different from a market analysis a Realtor would give you.
With all that being said, I would approximate the value of your unit at between $500k and $525K. Again, this is a very rough estimate.

If you have questions, please feel free to contact me.

Eric H Wong
Prudential California Realty
510-469-7363
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0 votes 6 answers Share Flag
Sat Feb 2, 2008
Melanie Narducci answered:
It could be property being sold between family members. Just a hunch.
0 votes 7 answers Share Flag
Sat Jan 12, 2008
Perry Henderson answered:
Avoid them altogether and see a competent realtor for 20% off non-foreclosure deals... See my previous posts

FORECLOSURE REALITY CHECK.... Seasoned investors who buy foreclosures know the REO manager at the bank and get "off market" deals. They never have to bid or find a place to learn what's available.

FOR ALL OTHERS: The only "sellers market" in america is the foreclosure market. Don't expect any deals from a foreclosure as the bidding process brings 20-30 people to bid on almost every deal. A deal that was already priced at market. For government foreclosed homes, by law, they have to be priced "at market".

The REO manager has a short list of "cash/close in 2 day buyers", they always get the first right to bid. Then they have to wait for the "public auction" Which drives up those prices. After a 30-60 day period. Then the REO picks the best bid. Sometimes, only sometimes does a REO manager take a property directly to a buyer he knows peronsally. Why should he, he has a bunch of people bidding and driving up the prices.

My REO manager friend likes to joke about all the "first timers" who continue to drive up the bid when they don't hear anything from the bank. Every time I see the "how come I haven't heard from the bank about accepting my foreclosure bid after 30+ days" on trulia, I have to let out a chuckle because he's so right. For those newbies, this is real. They know that when you don't hear from them that a large percentage of people drop a second or third offer higher than the previous one. **WARNING, YOU ARE BEING TAKEN ADVANTAGE OF HERE**

You want a deal on a property right, everyone wants that.... So the moral of this story is:
1. the 60 days you have to wait to hear from a REO, you could have made 2 or 3 better deals with a property that has been on the market for a long period of time. Any realtor can help you drop a crazy offer.
2. You are attempting to make a deal in a house covered in a cloud of bad energy, don't be surprised when it rubs off. Personally I stay away from these for this reason entirely.
3. One way to get a deal is dropping a hand written note on ANY house in a neighborhood you want to buy that says "my girlfriend and I want to buy a house in this neighborhood and yours looks cute from the outside. Do you know anyone that is looking to sell?" I always get responses, better prices and positive energy into the home.
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0 votes 3 answers Share Flag
Fri Jan 11, 2008
Chuck Bianchi CRS ABR ePRO answered:
Property taxes are approximately assessed at .0121 X purchase price. City and county transfer taxes are added at the close of a transaction and vary by area.
0 votes 4 answers Share Flag
Mon Nov 5, 2007
Ken Herrera Group answered:
Hello VG,

If you are looking for anwers on any legal questions, then a brief consultation with an attorney will work best. I would have a chat with your title officer, lender and agent regarding your concerns. Although I'm not in your area, these types of transactions are very common. Speak to your lender and let him know what you are thinking. Most loans I know of want the downpayment to come from the Buyer, unless it is a gift from a family member. Get all the parties involved to hear your plan and they can better advise you of how to structure it. Best bet for your agent would possibly by to reduce her commission by $2500 from the Seller and have the Seller add the $2500 Contribution towards your closing costs.

Good Luck,
Ken Herrera
Century 21 Infinity
www.c21infinity.com
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0 votes 4 answers Share Flag
Sat Feb 8, 2014
Ute Ferdig answered:
Hi Pak. There's no set # of properties that needs to be shown. Whether you can be picky or not depends on what you can afford. If there is not a lot of inventory in your price range, the comment that you can't be picky may be justified. It may not be the most elegant way of expressing the concept. I personally don't count the # of properties that I show to buyers. I guess sometimes it can be one house and other times it can be 50 times. I have worked with some buyer for 2 years, but obviously I could not afford to do that with everybody. Buying a first home can be a scary thing and maybe your agent picked up on some fear and maybe that's why the agent mentioned "cold feet." Talk to the agent and tell him what you expect and it's alright to tell him that you did not appreciate those remarks after having only seen 3 condos.
Good luck to you.
Ute Ferdig
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0 votes 59 answers Share Flag
Sun Aug 26, 2007
Carrie Crowell answered:
Jean,
I would suggest taking a class on lead generation. We are in the business of lead generation. That is where we get our new business from. Keller Williams Realty offers a great class. If you have a local office near you check to see if they have a course scheduled in the area. CRS offers a great class for this as well. The "Millionaire Real Estate Agent" book by Gary Keller is a good read. ... more
0 votes 7 answers Share Flag
Wed Apr 28, 2010
The Hagley Group answered:
A lot of factors come into play.....size of plane, wind, etc. However, the seller of a home is supposed to disclose this information to you.
0 votes 10 answers Share Flag
Mon Aug 16, 2010
Bridgette Kostek, REALTOR, Coldwell Banker M. M. Parrish answered:
Roger,
I've seen some of your posts. You are so nearly an expert, I'm surprised you asked for help! But, bravo to you for recognizing the value of a buyer's agent! I'd be happy to help; but, unfortunately, I am currently only licensed in Florida. Best of luck!

BTW-I love your photo!
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0 votes 20 answers Share Flag
Tue Jul 24, 2007
Michelle Carr-Crowe answered:
Get pre-approved and find an agent who's familiar with, and registered for, the REO online offer process. (It has it's own system for submitting & tracking offers to REOs.) Include a compelling letter of qualifications, etc. and do your research & inspections so you can buy the home As-Is (that's what they all want). As far as price, depends on the area. Banks don't want to wait forever but 90 days to get $100K more is worth it to them. So find a fair comp & work it from there with your RE consultant. ... more
0 votes 4 answers Share Flag
Tue Oct 30, 2007
Rebecca Chambliss answered:
Yes. You don't have to participate, but there is generally a huge push for all residents to do so. Most of these areas become very desirable...community seems to have gone by the wayside and this is one way certain neighborhoods are keeping it intact. I would probably only buy there if you were up to the challenge. ... more
0 votes 11 answers Share Flag
Sat Aug 25, 2007
Trulia Roger answered:
Sounds like a typo to me. But you made me curious! Is there a link you can share?
0 votes 5 answers Share Flag
Fri Nov 21, 2008
Barry Miller answered:
The main one is Tenants...remember its your home not theres and they are going to treat it like that. You will be constantly fixing, repairing and paying for upgrades.
Make sure you are getting mortgage plus at least 10%. Good Luck! ... more
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