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Santa Clara : Real Estate Advice

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  • Local Info24
  • Home Buying166
  • Home Selling11
  • Market Conditions8

Activity 252
Sun Dec 26, 2010
Eric H. Wong answered:
I feel your pain.
Unfortunately when you are in contract with a bank instead of an active contingency removal, as with a regular sale, you are often in the position of having to agree to a passive contingency removal. What this means is that if nothing is done, the contingency is assumed to be removed. In a regular sale, both parties have to acknowledge the contingency removal.
That is why, when I am in contract for an REO, and I need a time extension, I will deliver to the bank both a request for a time extension, and a cancellation of contract. The bank can decide which one to take, and I have protected my client.
I reccomend you either go to small claims court, or arbitration, depending on which applies. I;m sure your agent will have the neccesary records to prove your position.
Also, cunsult with a Ewal Estate attorney. Sometimes a strongly worded letter can get the job done.

Good Luck
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Sat Dec 4, 2010
Ruth and Perry Mistry answered:
Hi worried

You have excellent reasons to be worried but this is why one should call and inspector to look
At the Electrical and a different one for the property inspection.

The key is that there are no unauthorized conversions, such as garage to kitchens or additional baths.

You may want to get inspectors that are both CREIA and ASHI certified.

If you need help with writing and negotiating the best price give us a call.
Best regards
Perry & Ruth
Certified Distressed Property Expert.
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Mon Aug 6, 2012
Stephen Katz answered:
That would depend on how long you have been employed here. Nearly all mortgage companies do require you to get a credit score because this determines your financial capability in paying up the loan. Inquire with any credit rating agency near you on how you can establish a credit report(especially if you are not fond of using a credit card). You might also need to get a detailed record of your income from your employer. ... more
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Thu Sep 30, 2010
Andrea Wince ~ Lic. 01439761 answered:
Hello Ddnk, here is the Santa Clara Unified street directory:

http://www.santaclarausd.org/files/filesystem/Street%20Directory_2008%20Mar%2019.pdf
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Wed Oct 13, 2010
Dallas Texas answered:
Your buyers agent who is representing you is the expert assist you with all these questions. Without any agent previewing the property ALL factors involved to render an opinion what is consider a fair offer.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
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Sun Sep 12, 2010
Grace Keng answered:
Hi, Chui,

You purchased a 3/1.5 Santa Clara home. We don't know the value now to decide it is a loss or not. The current market is just about similar with that time but the interest rate is very low now.
On the other hand to purchase a home, You can ask yourself:

1). Do I need to buy a larger home or not?
2). Can I qualify to buy a home? Do I have enough down payment?
3). What is the benefit of selling and buying at this time?

I have a buyer who purchase a short sale home last year and closed it this year. His wife found an excellent investment which is too good to pass so he is considering to sell his home to purchase that investment quickly. Luckily his home bought under current market, he is able to cover the cost.

If you are interested in more information, I will be happy to help you to decide.

Grace Keng
RE/MAX RES
gracekeng1@gmail.com
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Tue Aug 31, 2010
Jacob Varghese answered:
Generally speaking it is always better to stay with one agent.

Without knowing the full facts of the case, and what paper works were signed by you it would be difficult to give you the best course of action.

Jacob
http://www.swanloans.com/web/pgcnfID_108604/Townhome-95129
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Thu Aug 12, 2010
Tforrette asked:
due to major surgery and I am still recovering and unable to pack . I was served papers a day before my surgery in the evening and unable to file a response in time. Do I have any legal...
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Fri Jul 23, 2010
Anna M Brocco answered:
What is your agent suggesting--keep in mind that when it comes to a short sale, the owner can accept whatever offer he/she wants, however the lender is the one who decides to accept, reject or at times counter offer. As for a fair price--you need to be aware of recently sold similar units in the immediate area, review the data and then make a determination as to a fair offer. ... more
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Sat Oct 16, 2010
Gregorio Denny answered:
If your mortgage is not "purchase money" in California, it becomes recourse. Refinancing, even when changing rate and term, makes your mortgage recourse.
0 votes 9 answers Share Flag
Thu Jul 22, 2010
Terri Vellios answered:
If you have a contract, then your contract will state what are your rights in regards to canceling a contract. You can always request a hold back, but the banks on the seller side will not accept that. ... more
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Sun Sep 5, 2010
Andrea Wince ~ Lic. 01439761 answered:
Hello Theleinus, at this point in your transaction, you should have already performed a home inspection to uncover any problems. Everything you want, they way you want it to be should also have been written into your initial purchase contract/offer. Have you received formal short sale approval (from the lienholder(s) in writing? Bottom line, whether or not you can cancel, request withholdings, etc. depends on how your contract is written. Have you consulted the real estate agent that wrote the offer for you? ... more
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Wed Jun 2, 2010
Anna M Brocco answered:
Consider consulting with an attorney of your own, and protect yourself--have all related documentation reviwed, and then make your determination.
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Fri May 21, 2010
CJ Brasiel answered:
Brenda -

I am sure local agents will jump in but here is a good web site to start your research.

http://www.foreclosurelaw.org/Tennessee_Foreclosure_Law.htm

CJ
0 votes 2 answers Share Flag
Sat Oct 16, 2010
Scott Godzyk answered:
Refinancing your house has nothing to do with your assessed value. It will not affect it in any way. Towns and cities on average have to re-assess your property every 5 years/ The assessment is based on current market value. Soem towns will choose to set their tax rates based on 100% of assessed value or 90 or 110%, it does change.

Your assessed value after a reassessment shuld be equal to teh market change in you area whether prices have gone up or down.

I hope this helps
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Thu May 20, 2010
Dan Tabit answered:
SellingCondo,
I try to base this decision on a number of factors. Are you getting showings? Showings but no offers? Offers but significantly below asking price? What are the other condos on the market for? What have they sold for?
If you’ve been on for a while and showings have slowed or stopped, check out the comps and consider lowering the price. If you’re getting showings but no offers, consider what you might need to do to make the condo more attractive. Clear out most of your stuff, anything personal and consider staging. If it needs carpet or paint, do it. This can cost less than the price drop you may need to get it sold.
The amount of a drop depends on the comparable sales and the competition. You need to be the best deal to get the next buyer. Good luck, I hope this helps.
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Tue May 19, 2015
Christopher Lefebvre answered:
Radiant floor heating is heat that is embedded inside the floor. Here is a link that explains how it works.
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Wed Feb 25, 2015
Glen Mitchell answered:
I would check in with a couple flooring stores and get their input. Without seeing your place its a little hard to tell, but in general if you make it all the same it will flow better and not chop the rooms up. Are you doing this for your self or to sell? That could make a big difference. If you plan to be there for awhile pick out what you like. In general you don't put real wood on a slab foundation without building it up, so that would imply engineered is going to cost you a lot less. There are many laminate brands out there and each has a different system. It seems that most of them go with the lock system now versus gluing. I would recomend going with something that has a 20-25 year warranty and is 7+ mm thick. Hope that helps, but take a visit to a flooring store and look at some of your choices and get some samples to take home.

Glen
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0 votes 13 answers Share Flag
Mon May 17, 2010
Bill Eckler answered:
Donna,

When purchasing a foreclosure you are actually buying from the lender as the property owner. When banks acquire these properties they process them and contract various real estate professionals to market them.

The lender establishes the required process and paper work necessary for the transaction while the agent advertises, shows, and handles the initial contract processing. Possibly the best way to proceed with the purchase of a forclosed property is to do so with the services of a realtor......a realtor that does not have an established relationship with the lender is usually best.

Any local agent will have access to lists of foreclosed property as soon as they come onto the market. But important to note is that the best opportunities often go to the buyers that are ready, willing, and prepared to move quickly. To accomplish this it is important to have either a letter of approval for funds from your lender or a letter for proof of funds if you are paying cash. This will speed up your offer process greatly and enhance your chances for success.


Hope you find this helpful.

Bill
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0 votes 9 answers Share Flag
Tue Mar 10, 2015
Holder Real Estate Team answered:
Hi there.

What works best for you? are you indifferent between renting or selling?

You will want to gather the following information before making a decision either way.

1. Length of Ownership: How long have you owned the home? Home many years have you resided in it and how many years has it been a rental?

2. Current financial situation: Can you afford to keep it as a rental or do you need cash right now? Have you consulted a CPA to see what your tax impacts would be if you sold ir if you rented it out?

3. If you do rent it out, are you prepared to be a landlord? Re you willing to field phone calls at odd hours from your renters because there is a plumbing problem that needs to be fixed? Do you know what to do in such a situation?

4. If you sold, what is your home worth and how much will you net from the sale. Get a CMA from an agent (being clear that you might not sell) and then talk with your CPA to see what you tax impact would be.

There are many books out there that can get you up to speed on being a landlord, handling the applicant screening process (topics like what constitutes discrimination and who you cannot legally deny to rent to), and management. If you go that route and you're not currently prepared, that should be your first stop.

If you decide to sell, a good idea might to have it available to lease as well and see what happens. There are many more things to consider, but this should get you going.
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