Shokoofeh Nowbakht

A Prop 60 Case
April 23, 2011 · · 3 Comments

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

Shokoofeh Nowbakht

What is the Fair Rent?
December 6, 2010 · · 4 Comments

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

Shokoofeh Nowbakht

FHA? Ready..Go!
April 20, 2010 · · 4 Comments

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

Shokoofeh Nowbakht

My Happy First Time Home Buyers
March 22, 2009 · · 4 Comments

I went to visit my clients who just bought their first home 2 weeks ago. They had bought new dining set, living room set, and a flat screen TV over the fireplace. They were very happy and their little toddler boy had the greatest time running around the house, climbing over the couch and the dining table. He hugged me so many times and blew kisses at me. I enjoyed watching them. We were so used to meeting several times every week especially since the loan was getting approved and funded, that it was hard to say goodbye.

I’m going to miss not seeing them as often.happy-home

Read more

Shokoofeh Nowbakht

Halloween Foreclosed House
November 13, 2008 · · 2 Comments

I know Halloween is over, but I just remembered to share the photo of an interesting and very creative costume with you. As you know our San Bruno Prudential participated in giving candies out to children at Serramonte and Tanforan Malls as before on Halloween. It was a lot of fun. I saw the “Foreclosed House For Sale” walking and just had to ask him for a picture. The turbulence in housing market has affected many aspects of our lives, including our holidays. I wonder what kind of real estate Christmas ornaments we will see this year.

 

Shokoofeh Nowbakht

Ratified or Terrified?
October 25, 2008 · · 1 Comment

My first time home buyers became terrified when their offer ratified! They had submitted few offers on other properties and were overbid every time. Is it the market we’re in today? Is it not expected for the first offer to get accepted?
What has been your experience?

Shokoofeh Nowbakht

How much does it cost to make an offer?
October 2, 2008 · · Comment here

“How much does it cost to make an offer,” my first time home buyer asked.  Nothing, but you do need to write a check for up to 3% of the purchase price, made out to a title company of your choice. This is the “earnest money,” or “good faith money.” This is not a down payment, but just a deposit to secure the offer or contract to show how serious the buyer is. In the simplest words, by default, buyer has 17 days, unless otherwise stated in the contract, to cancel the contract and get their deposit back.