Real Estate Jargon…What Do All of These Terms Mean?

April 6, 2009 · Kathy Wall · 11 Comments

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

Positives of This Economy!!!

March 27, 2009 · Lee Ginsburg · 5 Comments

JEvery Negative Has a PositiveJ
Positives of This Economy

1. Bay Area Housing Affordability has gone from 16% to 38%

2. Debt of Americans is Decreasing.

3. A Large Increase in People Volunteering.

4. A Large increase in Military Enrollment.

5. First Time Home Buyers can get an $8000 Tax Credit.

6. Buyers of California New Homes can get a $10,000 State Tax Credit.

7. People are able to modify or refinance their loans to an affordable payment.

8. Businesses have the opportunity to clean up their books and start fresh.

9. Great Opportunity to Purchase a new car or any other major purchase.

10. Tax on Debt Forgiveness is waived.

And one of my favorites; you can Buy any Foot Long Sub for only $5.00

Please add to this list of Positives
www.leesellsmore.com

FHA Loans for Distressed Properties?

March 19, 2009 · Jean Joh · 7 Comments

contractor I’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

Are Home Auctions a Good Deal for Buyers.

December 19, 2008 · David Wang · 3 Comments

Any type of real estate investment can be profitable. Like the stock market real estate is about timing. Auctions have become more prevalent in recent months and many buyers have asked if auctions are better deals than properties listed on MLS.

This very excellent question simplifies three bigger topics. First are you interested in just the purchase price, without concern of repair or remodeling costs? Next, have you done all the research you need to do with regards to the property, traditional sales have a contingency removal period. Finally will you be satisfied in focusing on the least desirable properties on the market. Read more

Has Daly City Seen the Bottom?

November 16, 2008 · Burt Tsuei · 7 Comments

No other city in San Mateo County has seen a greater depreciation in home value in the last year than Daly City. Back in September 2007, the average sales price of Daly City was $730,000, as compared to $565,000 in September 2008. This is a depreciation of almost 23%. The most common question is whether or not this is the bottom of the market. In this blog, I will share with you my expert opinion, as to why the bottom has come to Daly City, and this might be your last chance to get a great value. Read more

Offer Pricing

November 14, 2008 · Lee Ginsburg · 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

What is TDS?

September 17, 2008 · Shokoofeh Nowbakht · 1 Comment

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“What is TDS?” my client asked. It is a 3 page Transfer Disclosure Statement which the seller is required by law to fill out. The main purpose is for the sellers to disclose to the buyers anything they know about the condition of the house. Read more

Are you ready to buy an REO or Short Sale?

August 26, 2008 · Julie Cleland · 1 Comment

The answer to that question is another question you have to ask yourself…How patient am I? In this difficult market many buyers look for or find themselves involved in a short sale or an REO with the idea that it’s a good deal. It can be but what you are not paying in price you will make up in time, energy, effort and potential frustration. Read more