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Here is a selection of my recent posts:

The Prudential California Realty, San Bruno, Pumpkin Patch is Sat. October 22, 10-2pm. Please join us for hot dogs, face painting, pictures, and more. It’s all on us as Prudential gives back! Join us!

If you cannot view this video invitation click on this link! Thanks!

Shokoofeh Nowbakht 650-871-3686

I have a client who wants to sell his house and buy a duplex and wanted to know if he can benefit from Prop 60. Prop 60 allows one to transfer his current property tax to his new residence.  This is a complicated matter and does not have one simple answer. It depends on many factors such as county of property, age of the property owner, market value of the duplex and more specifically the unit he would be occupying. According to County appraiser, my client may transfer his property tax if he is over 55 years of age, and the property he sells is less than or equal to the portion of the duplex he will occupy. Of course these properties have to be primary residence. If the duplex has 2 identical units, then it’s easy, the price of the new primary residence is half of the total appraised value. But, what if the units are different in size and value. It is up to the county Appraiser to individually appraise the units after the transfer of the property. One way to do that is to distribute the total value of the duplex by its square footage. Sometimes, the appraiser may look at the comparable properties in the neighborhood and evaluate the units individually that way.      Read more

I worked at our Prudential California Realty kiosk at Tanforan Mall today. Someone asked how much rent I think he should pay. He explained the situation  that he just rented an in-law in Daly City 3 months ago.  Landlord did not sign a lease with him and asked that he pays only in cash. After 2 months he found out, not from the landlord but from a realtor friend that the the owner has received a Notice of Default or NOD from his lender. That means he had not paying his mortgage for the past few months. The property is now on the market as a short sale, but no ”For Sale” sign is posted.  Landlord failed to disclose this to the tenant at the beginning and tenant is very disappointed about this. He now feels that he should not pay the full rent since the owner is not paying his mortgage and also because he was not told about the situation.

What do you think the fair rent is?

Thank you,
Shokoofeh Nowbakht
www.Shokoo.com

5 years ago Hurricane Katrina hit Gulf of Mexico. As a category 5 hurricane, with estimated winds of 175 mph became one of the most destructive storms.  August 24-28, 2010 is the 5th Anniversary Build-a-Thon in New Orleans. 100,000s of volunteers have donated their time and money to rebuild New Orleans. New Orleans Area Habitat for Humanity (NOAHH) plans to build 5 homes for 5 families during this 5-day period. Jessica Harders, daughter of Dave Harders of Tony’s Auto, along with 4 friends, are headed to rebuilding the city. Their trip will cost them $700.  You can help by taking your car to Tony’s Auto on Sundays from now till August 10, 2010. You’ll get a free smog certificate (usually charged $8) and the total proceeds will go toward this trip.
Tony’s Auto is located at 601 Kains Ave. in San Bruno. (MAP). (650) 588-6719.
See how easily you can help!

Shokoofeh Nowbakht
www.shokoo.com

My client, James is in contract for a really nice townhouse in Hayward. He is using FHA financing. Townhouse complexes, unlike Condo complexes, apparently, don’t need to be FHA approved. The pest inspection was few days ago and the inspector said it was free of section 1 items! Great! What’s the problem, then?

There may be no problems at all. But, I wanted to make sure there will be no issues from the FHA appraiser. I know “Peeling Paint” is a safety item and has to be fixed before the FHA approval. So, with the sellers permission, my client and I decided to get ready for the appraisal and bought some spackle and paint and spend a couple of hours working on the property. I pulled out the nails and screws off the wall, James filled in the holes with spackle and then painted over them. Oh, we also cleaned the tub and the shower, so there will be no dirty spots that may be mistaken for mold.

Everything looks good, or at least looks good to us. Let’s keep our fingers crossed for the FHA approval!

Shokoofeh
www.shokoo.com

I met a lady today at the Tanforan Mall. She says, “My husband wants to buy a house but only if it’s REO.” I asked why, she says because he believes he gets a great deal and that he can also bargain and offer less if it’s foreclosed. He believes that short sales and regular sales are not good real estate investments. She said that her husband doesn’t want to look at anything but foreclosed properties.
Is this how the public thinks? But, how about short sales? And what about those regular sales? As one of my colleagues says, “Regular sales, are really the short sales these days!” Isn’t that the fact? What, in your opinion, is a regular sale in today’s real estate market?

Shokoofeh Nowbakht
www.shokoo.com

I have talked to many home owners who are late on their mortgage payments, who are struggling to pay even their everyday expenses. Some have not paid their mortgage in over 6 months. Unfortunately, this is happening more often these days. My advice is, of course, try to modify your loan and save your home. Homeowners have to qualify for the modified loan plan. What if they can’t? What if they can’t even make the mortgage payments on the new lower interest rate? So, why not try to short sale the house? Lenders are becoming more understanding of the short sale situations. They are easier to deal with and get an approval on a short sale. Homeowners will have less effect on their credit score if they do a short sale rather than go through bankruptcy or foreclosure.  A realtor will be able to assist  homeowners with the short sale process.
Good Luck!

Shokoofeh Nowbakht, Realtor
Prudential California Realty
www.shokoo.com

I just found out that a friend of mine tried to modify her loan early this year. She contacted a law firm in Southern California, paid few thousand dollars and nothing has happened yet. She was told to stop making mortgage payments on her first and second loans. after 10 months in default, she has received a NOD or Notice of Default. She is now scared and worried that she’ll loose her house. She is now very confused and doesn’t know if she should continue with the loan modification process. She is also thinking about borrowing some money from family and paying all her unpaid mortgages, late fees as well as her property tax so that she can reinstate her loans and save her house.

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