Mike’s Real Estate Show

Take my offer—please! Offers at 10% below the asking price in this market is the NORM (unless it’s a hyped REO listing–see other posts for this)if not much more! If you’re in a declining market area (like California!) you’re going to get the appraisal price reduced by 5-10% at least! Plus, most of the appraisers are under the gun to reel in all those ridiculous appraisals of the 2001-2005 time frames so they are arch conservatives when it comes to giving valuation. Read the rest of this entry »

I would call Andy Sirkin’s office in San Francisco and schedule an immedate appointment. He’s an expert in Tenants in Common (TIC’s) and you need help as all of this should have been addressed in the formation stages of the TIC. Here is his information off of his web site.
•   email address is dasirkin@earthlink.net. We welcome brief email inquiries, but do not provide legal advice via email. If you have legal questions, or would like to set up an appointment, please contact us by phone. DUE TO TIME CONSTRAINTS, WE ARE UNABLE TO REVIEW OR RESPOND TO EMAIL EXCEEDING FOUR LINES OF TEXT.
•  Our telephone number is 415-738-8545
•  Our address is:
Sirkin Paul Associates
250 Montgomery Street, Suite 1200
San Francisco, CA 94104

 I always wonder what the consumer and/or talking heads mean by the “Market turning around”? What? Back to the days of 20% yearly appreciation? Affordablity? Sane underwiriting guidelines? I heard a talking head stating the Fed was going to try and stop the “spiral downward of home prices”. Huh? The fed is NOT going to restore property values to a level where those now facing the ravages of “neg-am” loans, option arms payments and nothing down scenarios will stay put in their homes. These folks, the vast majority who should NOT have been allowed to buy homes to begin with, are looking at increased loan payments with falling values and thinking, “Why am I paying this monthly payment to live here!??” Your loan adjusts, you’re paying $4,000 per month to live in a modest production style home while you could “rent” a much nicer place with litle or no reponsibiliies. They move! They bail! It’s O.K. to bail now! It’s socially acceptable! I’m a victim of bad Realtors, lenders, Wall Street, everyone but my own actions.
  That being said–is it a bad time to buy when the REO’s I have listed get 15-20 offers and overbid on the home driving the cost skyward? Should we allow 3% down with 580 FICO scores? Sub-prime scammers on the prowl again? Nope!! FHA!!
  I got news for y’all–it’s the wild, wild, West out here in the Greatest State of California.  The timid need not apply!

   I do a pest report here in the greatest state of California but insist the BUYER order/pay for the home inspection. I don’t want any whisper of “steering” (hey, I’m in California!!Land of lawsuits, disclosures ad infinitum!!) or handing a Buyer a home inspection I ORDERED. No, let them get dragged around by the home inspector and shown every nook and cranny of their new digs and be given THEIR OWN report with list of summary items to work on. We can then negotiate this through. Read the rest of this entry »

Could March be moment for housing?

BRAD BOLLINGER,
BUSINESS JOURNAL EDITOR IN CHIEF

After a record runup in prices, the North Bay housing market peaked in the late summer or early fall of 2005, although the downturn wasn’t widely recognized until well into 2006.  Six months or a year from now, experts may point to March 2008 – right now – for when the market bottomed.Yes, this is going way out on a limb given the volatility, pain and uncertainty in the financial markets today. And hard data isn’t available yet. But neither was it available in August or September of 2005. Read the rest of this entry »

Don’t Pay Another Cent in Rent To Your Landlord . . .

 ”If you’re like most renters, you feel trapped within the walls of a house or apartment that doesn’t feel like yours.”

It’s a dream we all have - to own our own home and stop paying rent. But if you’re like most renters, you feel trapped within the walls of a house or apartment that doesn’t feel like yours. How could it when you’re not even permitted to bang in a nail or two without a hassle. You feel like you’re stuck in the renter’s rut with no way of rising up out of it and owning your own home. Don’t Feel Trapped Anymore !!
It doesn’t matter how long you’ve been renting, or how insurmountable your financial situation may seem. The truth is, there are some little known facts that can help you get over the hump, and transfer your status from renter to homeowner. With this information, you will begin to see how you really can: 

save for a down payment
stop lining your landlord’s pockets, and
stop wasting thousands of dollars on rent.
6 Little Known Facts That Can Help You Buy Your First Home
The problem that most renters face isn’t your ability to meet a monthly payment. Goodness knows that you must meet this monthly obligation every 30 days already. The problem is accumulating enough capital to make a down payment on something more permanent.

But saving for this lump sum doesn’t have to be as difficult as you might think. Consider the following 6 important points: Read the rest of this entry »

10 Questions You Must Ask When Interviewing an Agent

Warning! Do Not Hire Any Real Estate Agent Before You Read This FREE Special Report
Not all real estate agents are the same. If you decide to seek the help of an agent when selling or buying your home, you need some good information before you make any moves.

Picking the right agent is one of those critical issues that can cost or save you thousands of dollars. There are very specific questions you should be asking to ensure that you get the best representation for your needs. Many agents would prefer that you don’t ask these questions, because the knowledge you’ll gain from their honest answers will give you a very good idea about what outcome you can expect from using this agent. And let’s face it - in real estate, as in life - not all things are created equal. Read the rest of this entry »

Your home is an investment in living as well as in savings. If neglected, it will pay no dividends. If properly maintained and improved, it will pay a high yield in comfort and usefulness for your family and in avoidance of costly repair bills. Home improvements also tend to raise neighborhood standards and, as a result, property values. From an economic standpoint, home improvements mean higher employment, increased markets for materials and home products–and therefore a more flourishing Sonoma County community. Read the rest of this entry »

The following article is printed with permission of Brad Bolinger, Editor, NorthBay Business Journal

Equity share can help close gap for homebuyers
PROCESS BRINGS TOGETHER INVESTORS, HOMEOWNERS TO OVERCOME LENDING LIMITS
Monday, February 18, 2008
BY HARRY COFFEY

People still want to buy homes, but the subprime mortgage meltdown, tighter credit rules and rising ARM rates are keeping many buyers out of the market. Stringent borrowing criteria are preventing many would-be homeowners from qualifying for fixed-rate loans.Previously, a buyer would get a first mortgage for 80 percent of the purchase price and a second mortgage for the remaining 20 percent to put down on the house. However, the days of 100 percent financing are gone. Now the ability of a prospective buyer to raise one-fifth of the purchase price as a down payment is the key obstacle. Read the rest of this entry »

Gee, never heard that one before! This is a common lament and an age old question. Find another home to write on. In our market I see some killer deals and those which are still “hoping” they can get what they “need” which is NEVER a pricing criteria. Here’s a strategy you may wish to employ. Find three properties which you would like to purchase. Have your Realtor/Licensee write THREE CONTRACTS and then have Him or Her present your offer IN PERSON to the SELLER!! Write this into the offer! “Subject to offer being presented to Seller by Buyer’s Agent”. Then when your Realtor/licensee presents this offer SHOW the other two offers to the Seller. Keep this as your “ace-in-the-hole”. The dialogue is, “My Buyer’s first choice is your home. However, he is keenly aware of pricing in this market. He feels that the downturn and his price offering will protect his down payment. He is willing to move forward immediately. However, he has instructed me to show you these other two offers on properties in this price point. He needs an answer on this property tonight. If not he has instructed me to present the next offer.”  I have used this for “shock value” as it tells the Seller they are NOT THE ONLY property on the market and adds immediacy to the deal. Give it a shot and be prepared to move on! I had one friend of mine who did the same thing but he took it to a new level of arrogance–he literally ripped up the contract in FRONT of the Seller to drive home the point!  Hardly “win-win” but it gets them back to the table!! (Course he has a copy in his briefcase!!). Go get ‘em!