Jean Joh

“Highest and Best” – Words to Live By or Words to Dread?
March 2, 2011 · · 5 Comments

Growing up, we’ve often been encouraged to give our very best in whatever we do, be it our studies, athletics, our jobs, etc.  But there are times in real estate when I’ve come to almost resent the words “highest and best.”  If you’ve tried to purchase real estate or represented potential home buyers, you’ll know what I mean.  You too may have come across these words as an unofficial counter from a seller, especially when dealing with bank-owned properties in a multiple offer situation:  “Give us your highest and best offer.” In a traditional sale with negotiations between a buyer and seller, the seller will usually counter the buyer’s offer with a certain price or terms.     Read more

Kathy Wall

Vacant Homes a Target for Homeless and Criminals
February 10, 2011 · · 2 Comments

I was scheduled to do an open house at one of my listings in a terrific San Francisco neighborhood today.  When I arrived at the property and unlocked the door, the first thing that I saw were 2 men’s socks and a bunch of dirt, along with something that looked like a dirt clot, but later turned out to be a rock.  

Since this house has always been immaculate, I knew that something was radically wrong, so instead of entering the house, I first called the owners.   When I was unable to reach them, I decided to call the police.    Although it turned out that the intruder had already left, I’m so glad that I did call them, because it turns out that they were able to get really good evidence of who had entered.

This home had previously been “staged” and furnished, but the owners had requested that the staging be removed due to cost concerns, so it is now completely vacant.    Although we kept the front drapes closed so that people would not notice that it was vacant, someone clearly noticed, broke a downstairs window and spent at least one night in the property, apparently ripping down one of the drapes and using it as a blanket.      Read more

Adam Chinn

How much under the list price can I offer?
May 21, 2009 · · 6 Comments

This is a question I am asked quite often.  Many people get their real estate news from what they hear on the radio, watch on tv, or read in newspapers.  What many do not do is actually speak to the people who are in the business and have up to date information on the current market.  Although I encourage my clients to ask any questions that comes to mind, it is my job and responsibility to explain to them what I have experienced in the market and where I think it will go from here.  Of course, I can not predict the future, but if the facts are studied, trends can be found.   I feel it is very important that I educate my clients on the current market, so that we can work together to accomplish the common goal. Read more

Jean Joh

FHA Loans for Distressed Properties?
March 19, 2009 · · 7 Comments

contractorI’m sure you’ve heard by now that FHA loans are making a huge comeback in the mortage arena.  After all, it’s one of the only ways to obtain a loan with a low down payment (only 3.5% which can even be a gift) as well as a less-than-perfect FICO score (currently around 620).  One of the main drawbacks, however, has been that the requirements for FHA loans have been a little more stringent regarding the condition of the property.  This becomes an even bigger problem when you take into account that many of the more affordable homes now are REOs (bank-owned) or short sales, where the property has not been maintained very well.  Well, I just wanted to share with you that THERE’S HOPE!  It is possible to get an FHA loan for properties that are in need of some maintenance.  How?    Read more

Lee Ginsburg

Offer Pricing
November 14, 2008 · · 2 Comments

I have several buyers very confused.  They offered the asking price for a Daly City home but were outbid by $50,000.  This is not supposed to happen in a today’s buyer’s market.  The low price is a marketing tool and not a realistic list price.  I explained before making a purchase offer, buyers must determine the true present market value. http://www.pruvoices.com/2008/10/what-is-market-value/   Read more