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Home Buying in San Jose : Real Estate Advice

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  • Home Buying889
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Activity 942
Thu Feb 21, 2013
Miekeba Jones answered:
Hi Connie! Have you employed a Realtor to help you find a house, because I can help you find a Realtor?
0 votes 30 answers Share Flag
Thu Jan 3, 2013
charles butterfield answered:
Thank you, Sam:

Without the effort of the California Association of REALTORS and the National Association of REALTORS the mortgage forgiveness debt relief act never would have been extended to December 31, 2013.

Thank you,
Charles Butterfield MBA
Real estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
.
... more
0 votes 3 answers Share Flag
Wed Dec 26, 2012
Mitchell Pearce answered:
Ruth:

The only manufactured homes in San Jose available are homes where you do not own the land. There are no down payment assistance programs for purchasing such homes in San Jose. In Campbell and Los Gatos there are a total of three small areas where the manufactured homes own the land under them. Down payment assistance is available in those areas along the lines Ms. Arndt suggests. Sales thee are very seldom.

If you need down payment assistance, the best source is John Hanson of Community West Mortgage branch of High Tech Lending at 408-281-8383. The office is a t 151 Bernal Road, Suite 2B, San Jose, CA 95119.

Mitchell Pearce
408-639-0211
mitchell@handsonrealtor.com
... more
0 votes 3 answers Share Flag
Mon Dec 31, 2012
Terri Vellios answered:
You should have a copy of your appraisal and that would give you a rough floor plan. If it is a brand new community you could get that from the sales staff.

If you are looking for more details on the building specifics you can check with the county records to see if a plan was submitted for permitting.

What is the reason you want a copy of the floor plan?
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0 votes 5 answers Share Flag
Tue Sep 24, 2013
Cindy Davis answered:
The requirements are different depending upon which loan program you are trying to get qualified for. I strongly urge you to go through the process of consulting with a mortgage broker in your community and exploring your options. ... more
0 votes 10 answers Share Flag
Mon Jul 1, 2013
charles butterfield answered:
Thank you for your question Jason:

I am a former Real Estate Appraiser and expert witness in both court and arbitration cases for the valuation of both residential and commercial property.

I do not consider a gross rent multiplier alone to be a sufficient method to value Real Estate.

The gross rent multiplier is a method that is prone to a large amount of error. There are other methods that are more accurate and less prone to error than the gross rent multiplier method.

The gross rent multiplier method is quick and easy. That is the reason that many people like the gross rent multiplier method, however because the gross rent multiplier method often introduces a significant amount of error into a valuation, in my opinion the gross rent multiplier method should never be used as the only method to determine the fair market value of a property but only as an additional source of support for the determination of value, or as an indicator that you should check your work again if the value that you have determined by the use of the gross rent multiplier method is significantly different from the value that you have determined by other more accurate and more reliable methods.

With respect to whether or not a gross rent multiplier of 14 is reasonable for a property in West San Jose, I would need a lot more information for the specific property that you have in mind. It is possible that a gross rent multiplier of 14 might be reasonable for a property in West San Jose, but without a lot more information about the specific property that you have in mind, it is impossible to determine whether a gross rent multiplier of 14 is the correct number for the property that you have in mind.

One of the problems with the gross rent multiplier method is that small errors in making the determination of the gross rent multiplier are magnified into very large errors in the determination of value for the property.

For more information, you may call me at my cell phone: (408)509-6218 or send me an email at my email address: charlesbutterfieldbkr@yahoo.com

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
.
... more
0 votes 8 answers Share Flag
Sat Dec 15, 2012
Tina Lam answered:
You should remove the loan contingency when the buyer is ready. If you're the buyer, then ideally, you would wait until you have final loan approval from your lender. But, if you're in a competitive bidding situation against cash offers, you should remove the loan contingency at the time you make the offer to have a fighting chance. ... more
0 votes 7 answers Share Flag
Fri Dec 28, 2012
Jon Nichols answered:
You are not obligated to use anyone. You should not be forced into working with any vendor in the process of purchasing your home. If you have a buyer broker, they can recommend people that they have experience using, but ultimately it is up to you to decide the vendors you want to work with. ... more
0 votes 18 answers Share Flag
Sat Dec 15, 2012
Mitchell Pearce answered:
galabing:

In this lending climate, it is never good to remove the loan contingency till the deal closes. Don't take a lock for less than the time necessary to close the deal. You cannot predict when things will settle down in Europe, if a miracle happens in Congress and they get their fiscal act together (Yes that is a long shot, but if it happens rates stay low, and if it does not rates will go up dramatically at some point. You don't want to be unlocked at that point.)

When rates move against you, they move a quarter pint in a day. I've seen them move half a percentage in less than three days. Do you really want to be playing in that game?

Mitchell Pearce
408-639-0211
mitchell@handsonrealtor.com
... more
0 votes 13 answers Share Flag
Thu Dec 13, 2012
charles butterfield answered:
Thank you for your question:

Yes, finding a single family home under $300,000 within 30 miles of San Jose is a challenge. Our office did have one listed in Boulder Creek, however that one is now sold and has closed escrow.

I do not know of any others currently on the market in that price range, but they do come on the market from time to time.

I will keep an eye out for you and let you know when on does come on the market.

For more information, you may contact me at my cell phone: (408)509-6218 or send me an email at my email address: charlesbutterfieldbkr@yahoo.com

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
.
.
... more
0 votes 6 answers Share Flag
Wed Dec 12, 2012
charles butterfield answered:
Thank you for your question, Krish77ranga:

The answer is yes, there certainly are a number of post 2000 condo and townhomes available in Evergreen.

Please call me at my cell phone (408)509-6218 or send me an email at my email address: charlesbutterfieldbkr@yahoo.com

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
.
... more
0 votes 5 answers Share Flag
Thu Dec 6, 2012
Lamson Dang Broker/Listing answered:
Dear Sudarshan Sathe,

It's OK to buy a Townhouse/Condo within $200,000 and rent it out. However, I would think the best could be buying a Duplex/4-flex. If you have income to support the new loan, then use $200,000 for initial investment/down-payment.
You can visit my website and read market review for these types of properties in San Jose.
Best wishes,

Lamson Dang
http://lamsondang.com
... more
0 votes 14 answers Share Flag
Tue Dec 4, 2012
Thomas Feng answered:
Hi April, here is the home buying process broken down into 5 steps for you http://bayareaconnect.com/buy-a-home-step-1/

This is my real estate blog with weekly market reports and new listing photos.

Please give me a call at (408) 840-3852 or Thomas.Feng@gmail.com to further discuss your situation and how to win in this current market.
... more
0 votes 22 answers Share Flag
Fri Sep 27, 2013
Suzanne MacDowell answered:
This is really a question for an attorney. There may be tax implications and so on. And so many questions, is there a mortgage on the property? How will you protect your rights until your passing? You really, really need to talk to an estate planning attorney before you do anything.

Good Luck!
... more
0 votes 14 answers Share Flag
Thu Nov 22, 2012
Terri Vellios answered:
You will more likely find USDA qualified properties in Santa Cruz County. San Jose/Milpitas is not rural. The USDA website has a map showing the areas which qualify.

One of the challenges buyers face today is that our real estate inventory is very low and the competition is quite high. USDA financing will not be a benefit on most properties in demand.

Doing your homework now is good, as we don't know what our market will be like in 6-8 months. Getting your loan approval done ahead of time and knowing the areas to purchase will help.

To put to Perspective, as I used to live in Anacortes, WA and I know you can buy a new single family home in Washington for $200,000. In Santa Clara County you'd be lucky to buy a 1 bedroom condo for that.

I don't want to discourage you only give you some perspective.
... more
0 votes 2 answers Share Flag
Wed Nov 21, 2012
Terri Vellios answered:
This is a tax question and is best directed to your trusted tax advisor.

Generally PMI is not a taxable deduction on owner occupied properties. I'm not a tax advisor so please call your tax person.

Have an amazing day!
... more
0 votes 7 answers Share Flag
Tue Oct 17, 2017
Bill Mccord answered:
Hello. At any time these kinds of options are very rare. nI todays booming sellers market where 99.9% of new listings are sold within days I do not think there is any hope of finding a seller willing to consider a Lease Option deal.
Can you please explain why you feel this is a viable option for you when there are so many great 1st time home buyer programs available for just about anyone who really wants to be a buyer.
Good luck,
Bill
... more
0 votes 15 answers Share Flag
Sat Nov 17, 2012
Terri Vellios answered:
Are you referring to the court house steps or where a real estate agent / company does an auction?

On the court house steps are you just purchasing the foreclosed lien, there may be other liens which you assume, and there are no contingencies nor inspections. You also have to pay cash. This is not for most people.

As for the other auction the bidder will most likely be responsible to pay an auction premium which can sometimes be as much as 10% more than your final bid. Sometimes people tend to over bid at auctions just for the sake of winning. So it is best to know the market value and condition of the house before you venture into this one.
... more
0 votes 9 answers Share Flag
Wed Nov 14, 2012
Mitchell Pearce answered:
A.T.

The short answer is you get to honor the terms of their rental agreement until it expires. Then you can ask them to move out or keep them as renters. It usually takes 90 or more days to get people evicted, which is thirty days more than you'll need. See next paragraph.

But as a first time home buyer with a mortgage that requires you to move in within 60 days, they have to be out before close of escrow for you to be sure you won't be in a situation that shows you to be breaking your mortgage contract with your lender. Such a breach, since it is foreseeable and you are signing a document that says you MUST occupy the house within 6o days of close, could get very expensive and even nasty with a visit from law enforcement and an unpleasant talk with a judge and unintended free room and board in an overcrowded building with people you would not choose for neighbors.

So the short advice, is DON'T CLOSE ESCROW UNTIL THE TENANTS ARE OUT IF YOU HAVE A LOAN TO BUY THE HOME AND LIVE IN IT.

Your agent should have told you this. If you don't have an agent, you can call me to discuss how I might help you for a fee.

Mitchell Pearce
408-639-0211
mitchell@handsonrealtor.com
... more
0 votes 8 answers Share Flag
Fri Nov 16, 2012
Thomas Feng answered:
Amrikhasm the deadline to purchase a home to be able to receive the credit was May 1, 2010. More information on the tax credit can be found at http://www.irs.gov/uac/First-Time-Homebuyer-Credit-Questions-and-Answers:-Basic-Information

For further questions give me a call at (408) 840-3852 or Thomas.Feng@gmail.com
... more
0 votes 6 answers Share Flag
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