The Power of Permits
An acquaintance of mine came home from work to see a “stop work notice” posted on her front door. Two years ago, she submitted plans to build a second story addition and remodel her existing kitchen and bathrooms. She went thru the planning commission process and the application was approved. Due to the economy situation, it was decided not to go ahead with the addition.
Recently, they decided to go ahead with just the kitchen and bathroom remodel. Apparently, a neighbor called the city which resulted with a stop work notice even though the previous plans were approved, the application expires a year from the approval date.
I attended the meeting with the code enforcement officer, who met the homeowner, and I was pleased on how he interacted with them. It is a very intimating to have a stop notice on your door, and a city official in your home scrutinizing all the work that is in process. Even though they were in violation, the officer went thru the house, and told them what they needed to do to get back on track. Read more
Short Sale, A Great Option!
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
5 Advantages for Move-Up Buyers In This Market
Five reasons current home owners should consider upgrading to a new home.
1. Interest rates are at historic lows: Lower interest rates means you can now buy more home then you could have a year or two ago.
2. Prices have come down: Even if your current home may be worth less than the last peak in the market, the next home you are looking for will probably be as well. The percentage decrease will actually help you get more house when buying up to a larger home.
3. There are still a good amount of homes on the market right now, both new construction and existing, giving you lots of choices and negotiating power.
4. You can move in to your new home faster, as many builders either have completed homes in inventory or they can start working right away due to the production slowdown.
5. You may have outgrown your home, but its probably someone else’s ideal starter home. With the $8,000 tax credit just recently being extended and the new $6,500 tax credit for move up buyers, now is the time to market your home to first-time home buyers.
For more information about the tax credit please visit http://www.federalhousingtaxcredit.com/
This Real Estate Blog is by Adam Chinn
Personal Property Exchanges
Personal Property Exchanges – The Other Side of Section 1031
Many Taxpayers are familiar with §1031 exchanges of real estate. What many people do not know is that section 1031 applies equally to the exchange of personal property. Taxpayers that sell personal property used in a trade or business or held for investment may miss a valuable opportunity to defer the tax gain on the sale if they do not consider like kind exchange treatment for their transaction. Read more
A Difficult Day
Hi Jean,
Just wanted to say Hi, and acknowledge that which I am sure was your most difficult day in real estate. Sometimes it is easier when we know we made a mistake than when people hurt us, and damage our confidence for no reason. Guess one could say that it won’t be the last time, and while that may true, it is a bit like kicking someone when they are down. One way to measure potential for future success, is to gauge the ability to jump back up and move forward. I promise you the rewards will far out weigh the disappointments. You have all the tools, personality and skills necessary to be successful, but no one really knows about the reactions to disappointment until faced with it. If my 39 years experience counts for anything, my money would be bet on YOU. See you tomorrow, and thank you for the opportunity to work with such a special person,
Michael
Such is the email I received from one of our brokers, Michael Monozon, on a day early in my real estate career when a transaction fell apart for the first time and I was feeling down. The email had the subject heading “Difficult Day”, and the email itself just captured so much of what Michael was to me and countless other agents. He was always cheering us on, encouraging us to persevere, and reminding us to value ourselves and what we had to offer our clients. Read more
Is history repeating itself?
In recent months the entry level Real Estate market has shifted and become for some people, a competitive sport. If priced correctly homes aren’t lasting past the first week’s open house as buyers are frantically racing to submit offers. Supply is low and demand is high and we all know with that combination multiple offers arise. What’s good for the goose isn’t necassarily good for the gander.. is history repeating itself? Is what is occuring now exactly what we saw a few years ago when home prices soared and multiple offers were just expected? There are many factors that come into play, some may argue this market is nothing like the one we saw a few years ago. We can say for sure banks have tightened up their guidelines to put it gently. Unless you can prove you qualify, you don’t get approved. Interest rates are lower and home prices have dropped so buyers in today’s market essentially have more buying power. Appraisals have been tightened and often times more then one is necessary to get approved by the lender. With that said, is it really all that different? Are consumers so eager to purchase a home for fear they will “miss the boat” that they are over extending themselves to make it happen. Hopefully with the tightened lender guidelines, history won’t repeat itself. What are your thoughts as I would love to hear them…
Nicole Machado www.mve2day.com
Doing the Right Thing…
As most of our readers know, our Prudential office has kiosks at Serramonte and Tanforan Malls. Many of us agents do regular shifts at the kiosk each month in the hope that we will meet buyers and sellers.
Recently I was covering the night shift, which goes from 6:00 p.m. – 9:00 p.m. It was very quiet that night, but at one point, a very young man stopped by the booth and said he was thinking about selling a house he owns in South San Francisco. I would, normally, be very excited by this (leaping up and down with glee, actually!) Unfortunately, the more we talked, the more I realized that he shouldn’t sell this house.
It seems that he inherited it from his Grandmother and owns it free and clear. He’s still going to college and living in the house. And, while he isn’t thinking about it now, someday he’ll probably have a family and want a house. If he sells it now, the money will be gone and he will be back to struggling like everyone else to afford a home. Read more
Your words say “Yes” but your actions…not so much!
In any sales position, a person’s living depends a great deal on their ability to figure out who is ready, willing and able to buy and who isn’t. In addition to understanding real estate, a Realtor® has to be able to analyze how serious a potential client is and then determine the amount of energy appropriate for that client. We’ve all had buyers who insist buying is something they really want, when every other signal the buyer is sending screams “Not in this life time!”. If you feel as a buyer you are not getting the attention you deserve, it could be the realtor, or it could be time for a little self reflection. Read more
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