A Prop 60 Case
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
Ethics in Real Estate
Being a nice guy has its perks and its flaws…for my clients, it means working with someone they can trust and depend on. I don’t mean to toot my own horn, but I can say I am one of THE BEST when it comes to communication. People don’t like surprises. People don’t like to be left in the dark. People need peace of mind. I know this and cater to it fully and with great compassion.
Of course, there is always the downside in being a nice, dependable realtor. And that is dealing with realtors who, well, just aren’t. Their turnaround time to call you back is 1 to 2 days. They won’t always answer your calls. They might be so busy, they might not even remember who the heck you are when all you are doing is getting confirmation they received the buyer’s offer.
But I digress. Working in whatever industry that focuses on customer service, it is always all about the client and the quality of salesmanship they endure. A good realtor will always be ready to bat for the client and should do so with ethics, integrity and RELIABILITY. It is most likely because of my own bad experiences I place such emphasis on this subject. So for now, it is only fitting that I forward from the National Association of Realtors, the 2010 Code of Ethics and Standards of Practice, Duties to Clients and Customers: Read more
Prices Are All Over the Map…Where Are You?
The way you answer that question will depend largely on whether you are the buyer or the seller. A seller may look at the highest comparable and start spending the cash. While the buyer will zoom in on the lowest comparable, add a couple bucks and consider the seller lucky to get that. Trouble arises when the spread between the two is a substantial one. Multiple factors that can influence the price of a home, some having to do with the home itself and others with the market. Figuring out where the subject house sits in the spectrum can go a long way selling a home or getting the one you want. Read more
Evaluation of Rental Property
How do you evaluate a rental property?
There are many formulas to calculate different income ratios, various expenses and taxes you incur as a landlord. The first thing you should pay close attention to is the existing leases. Find out the current rents, the remaining lease terms and the annual increase in rents for every unit. It is very important to determine how these rents compare to the rents for similar properties in the area? Read more
Nothing Personal…It’s Business!
You’ve lovingly taken care of your house for years, have loads of memories, plans for your future and you assume that all these factors will add value for a buyer. Or you’re a buyer and while the neighborhood you like is a little out of your price range, you want to write offers because you grew up there and want your children to have the same experience. Here’s the problem…if you are the buyer, the seller isn’t interested in your story and sellers, a buyer doesn’t really care about the sentimental attachment to your home. In short, buying or selling a home is a business transaction pure and simple. Read more
Come on In…the Real Estate Water is Fine!
Whether you are a buyer or seller you’ve made the decision to jump in the real estate waters. Come on in…just realize you are jumping into a moving stream and not a still pool. No matter what you are trying to do, know that it’s been going on long before you got involved and will continue long after you’ve completed your transaction. All you should focus on is the here and now.
Read more
Real Estate Jargon…What Do All of These Terms Mean?
We Realtors often bandy about tons of real estate jargon. We talk to our clients and friends about short sales, REO’s, contingency periods, etc. I have come to realize, however, that just because we know what all of this stuff means, not everyone does, so I thought it would be helpful to describe some of the terms we use. Hopefully, this will give you some idea of what we’re talking about as we rattle on and on and your eyes are going bleary! Here goes:
Contingency Periods: We, generally, refer to these when doing our contracts. As an example, we tell you that you will have a 10 day period to “remove your property condition contingency” or 20 days to remove loan and appraisal contingencies. What this really boils down to, is that these are the time frames during which you will have the right to get your deposit back if you cancel the contract. Once you “remove these contingencies,” you are no longer entitled to get your deposit back, unless you can prove some sort of fraud. Read more
Offer Pricing
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
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