Some landlords do require renters to have insurance that pays for damage to the structure caused by the tenant if the damage exceeds the amount of their security deposit. However, the beneficiary should be the owner, not the management company. Recommend you ask an insurance professional to review the specific language in your lease that references the insurance requirement.... more
Because the bank is stubborn and still thinking they can get it! The agent must have provided them with the city's letter of compliance since it is attached to the listing and a market analysis but sometimes banks don't listen and think they know best! But yes it is clearly overpriced and in bad shape inside too. Cagtherine... more
As a general rule when you factor in the realtor costs of about 6% of the purchase price and the hassle of selling what may not sell quickly renting would make more sense short term.
Below is a blog that shows you using your numbers how to figure out which is better buying or renting. It purposefully leaves out real estate price changes. Prices may go up, they may go down. But either way is really a guess. If you want to add that in do so knowing that you are making a bet and not knowing for sure what prices will really do. Look at the amortization table. It really hurts when you buy short and loan long.
Another blog below. It gives some reasons why renting even at a higher monthly payment may be the more sensible thing to do. It is a very different approach and well worth considering.
First of all, the price doesn't mean it's even being listed for sale. Usually, prices this low indicate the amount of delinquency by the property owners.
Public records which are the basis for many of these notices show distressed properties that have received notices of default or notices of trustee sale (auction at the county courthouse). The owners have several options to resolve their delinquencies through loan modification, forbearance, reinstatement, refinancing. If all else fails, then they will attempt a short sale, deed in lieu of foreclosure, strategic default (where they walk away), even bankruptcy.
When a property is foreclosed by the bank, then it will be listed for sale by a realtor. Just keep in mind that just because a property is being sold as a short sale or as bank-owned doesn't mean that they're being given away.
Often, they are sold at, or close to market value.
Also, if you buy a property at auction, there is absolutely no guarantee that you will get title insurance that insures the property is free and clear of liens against it.
Two things you may want to do:
1. Go to the county courthouse, observe how the trustee sales/auctions are conducted, how the buyers bid and how the lenders set their minimum bid (they will not set the bid at the amount of the delinquency or back payments)
2. Engage a realtor who can tell you what properties, including bank-owned properties are actually being offered for sale and for how much.
Too often, searching online gets you inaccurate information that will only confuse you.
I am unaware of any rent control laws in the city of El Cerrito, CA. All other rules of normal evictions apply. The following is a good website by the California Department of Consumer Affairs which explains the regular eviction process in detail. Good luck.
In general you will get more square footage for the money no matter where you buy. A smaller home tends to sell at a higher $/sqft than a big house, sometimes almost twice as much.
You can find some bigger homes in the flats of El Cerrito (those that have been added on) but we tend to have a lot of 2 bedroom/1 bath homes in the flats and bigger homes (3/2) in the hills with views.
Location is key also. You can spend $600,000 for a small 2/1 in the St Jerome area, close to Thousand Oaks about 1000sqft and then spend the exact amount in the hills in northern El Cerrito for a 3/2 1800sqft home!
I hope this helps. If you need exact comparables just let me know.
CA DRE # 01271748
Marvin Gardens Real Estate... more
The initial "starting point" for a list price should be within 1 mile radius of your home and with sales closed within the last 3 months and similar property features (bedrooms, bath, bonus room, views, etc.) If there are "no" similar comps, then gradually move out from the starting point - 1/4 mile at a time.
Appraisers start their search for comparables with similar starting point...and with other factors...to determine an appraisal value.
The estimated distance between N. El Cerrito to Albany is approximately 3 miles. To use a list price in this range, you should have ample justifications. Otherwise, it could consider comparing apples to oranges.
A local realtor should be able to help you to establish a firm list price for your home.... more
from the IRS.gov website:
S2. Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much?
A. Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as Taxpayer A's primary residence.
FHA loans allow 3.5% down payment, so there' still time to buy!... more
I would have to say that overall El Cerrito has indeed gone down over the past couple of years, just like most parts of the Bay Area. Both Contra Costa County and Alameda Counties are reassessing tax bills so if your friends value has gone down it makes sense that their tax bill would as well.
While prices are down from what they were several years ago, multiple offers are happening. My clients have recently experienced excessive overbidding in the $450k - $700k range in El Cerrito, some houses with as many as 22 offers. 22 offers is not the norm, and is not meant to discourage you- there are some really great opportunities out there. In addition rates are super low and there is the first time home buyer tax credit that is still available. To know if there are good buys out there depends on your own finances, goals, and housing needs. I know, I know, that isn't very specific, but a good buy for you may not be a good buy for someone else.
That is a really great question and also a common one. So common if fact that I recently wrote a blog post that addresses all of the considerations when writing an offer. See my link below to the blog post. Please let me know if it helps you to make a more informed decision.
I can help you with your property search. I can send you listings right now...but I need to know what you are looking for, price wise, house size, bedrooms..It may be easier for you to just contact me at my email :
According the FHA mortgage brokers that I use, obtaining an FHA loan is possible after 2 years from BK-7 discharge date. I think you must have re-established good credit history and have paid other bills on time. Best to go straight to the source though and talk to a reputable mortgage broker who does FHA loans.
This house went pending Feb. 2 and is officially listed as "pending show for backups," which means that the listing agent will still allow people to view the house. The buyers have probably not removed their contingencies yet, which means you would most-likely have the opportunity to write a back-up offer.