Hi Jose,
Thank you for sharing your valuable experience.You are right, it's all about 'trust'.
I don't trust the dual agent since she always told me she's going to cancel the contract when I don't listen to her. She mentioned all the time that she couldn't stand losing her commissions which is a big number.The seller is a lawyer, and the dual agent practiced law before.... more
Click the Video Player above to watchHi I’m Rich Iacovetta your mortgage broker in San Jose, CA with RMI Lending. Perhaps you or someone you know is planning to buy a house in San Jose soon. You may
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Hi Benjamin,
You have received great advice below. I would add that you can make your own drawing, it doesn't have to be to scale, however, must have accurate dimensions.
If you need a contractor to help with the expansion, I can give you a reference for very professional and reliable company.
Good luck!
Monica Goyal
408-476-0675... more
Realtors typically charge 6% commission for residential which is normally split between the listing and selling agent. But commissions are not set by law, you should discuss how much a realtor will charge and the services you will receive ie: marketing, prior to listing with them. It is a good idea to interview a couple of agents. As a buyer you typically do not pay commission, the seller pays commission. I know of a great agent in your area and we would be more than happy to put you in touch with her, Just send us an email.... more
The public's perception of realtors is all glam and mercedes and prada.You can have that real estate.I'm gonna show up in jeans and a t-shirt. Cute but not crazy expensive.I'm gonna show you how to keep
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Did you know that your local United Way office offerd a FREE credit coaching program?I oughtta know, I've been working with them - volunteering my time - to help educate the consumer about the tools available
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Pankaj:
In 1993, I acted as "owner/general contractor" in a fairly significant remodel. We tore off the entire roof, and with the exception of three, every wall down to the subfloor; gutted all the old electrical, HVAC, galvanized plumbing, drain/waste piping etc. We then added 1700sf and doubled the home's size.
Hear me on this topic: your cost can only be accurately determined based on the level of detail provided to the contractor bidding on your job!
Commit this inverse relationship to memory: Increased detail = reduced Change Order$ (not a good idea to travel down the reverse path).
If you are going to remodel definitely use an architect! I'm extremely pleased we didn't build what I had “cost-consciously” created on my home computer at the time. Also, start collecting your remodeling ideas (with pictures) so you can communicate exactly what you want to the Architect. Both you and the Architect will be pleased you did! A fantastic tool you can use to gather your “design thoughts” is http://www.houzz.com – I certainly wish I had it back in 93! Figure on at least a year to “perfect” your remodel on paper and the corresponding budget (the legwork takes time).
Use LICENSED contractors when a task crosses over your “Do-it-yourself” comfort level of difficulty. https://www2.cslb.ca.gov/OnlineServices/CheckLicenseII/checklicense.aspx
Make sure to obtain a permit for the work. If you do not take this step an Appraiser will not be able to provide any value for the remodel, which could "blow-up" any future sale because this can affect the Buyer's financing in addition to making the Buyer wonder if the remodel was done per building code.
From your profile I assume you live in SJ. Here’s the main permitting site for San Jose for your reference: http://www.sanjoseca.gov/building/permit.asp
Visit the SJ permit office to find out what you will need to provide them based on the scope of your project. Most of these offices are quite helpful in this regard. Ask about your "Property Line Set Backs". Just about every detached residential home has "setbacks" that bound the front, back, and side foundation foot prints of any remodel to a limited space (sometimes you can actually extend this about three feet if you cantilever a bay window). There may also be “Floor Area Lot Ratios” that effectively govern this as well. Bottom line: don’t let this scare you away from your project, just confirm details via the city permit department.
Moving forward to the completion of your remodel:
When a City or other governmental jurisdiction issues a building permit, they are required to notify the Assessor's office of that new permit. Santa Clara County, and all 15 cities within the county, are required to provide the County Assessor with copies of building permits. This notification is required since the Assessor is mandated to assess value added by new construction. Typically, this will manifest itself in you receiving a “Building Questionnaire/Statement Form” to fill out and return to the Assessors' Office which asks for details of the project. This is due to the fact that new construction that adds value to the property will generate a one-time supplemental assessment representing the market value of the new improvements. In your case, only the value of the new 500sf is added to your assessed value. Your property’s “base year assessed value” (structure and land) remain unchanged.
The timing/completion of the remodel also influences this reassessment as follows:
Each year, on January 1st, County Assessors determine the market value of all residential properties (however, each property’s value, and therefore its amount of tax, is controlled by Prop 13, which you can read about below) If the construction is ongoing on the first of the year, an estimate of the value of the partially complete construction is made and entered on the next assessment roll. When construction is complete, the base year assessed value is determined and a supplemental tax bill is issued for the difference between the value as of the date construction is completed, and the value that existed on the assessment roll.
"Estimating Property Taxes in CA" http://www.trulia.com/blog/steve_ornellas_mba_re_mastersgri/2010/05/estimating_property_taxes
-Steve... more
Borrowers considering inflating their income, even just a tad, checking the box to indicate they plan to live in the home when they’re not, or exaggerating their job description better think twice. Lenders
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Two IRs tax credits for home enery improvements: 1: The Non-business Energy Property Credit: Homeowners who improve the enery efficienty of their homes, including add insulation, energy-efficient exterior
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Hi Ryasla,
learn about the tax benefits of home ownership here
http://americarealtyonline.com/RealtorWebPage?custompage_id=1547137122
and talk with your tax accountant about your specific situation
Good luck!
Buyer Cash Rebate 50%-60% / Seller Commission Discount 50%
Quality Full Service! Work directly with the Owner/Broker.
Flavio Tejada, Owner/Broker, Realtor, MBA-Finance
(415) 305-2958... more
With a short sale going back to the seller to cover it is basically an extremely long shot.
The termite report would only be valid for the time it was inspected and to what ever they warranted from the time of repairs. It is possible they are old droppings or were not present at the time, due to being covered up. Could they be from furniture?
You had an agent who represented you and they are the better choice to address this since they have all the documents and we don't.
All the best to you.... more
Erika:
Neil is right, however, such liens would be junior liens and be wiped out by the auction UNLESS the lien is an IRS or other tax lien.
Mitchell Pearce
408-639-0211
mitchell@handsonrealtor.com... more
Thank you, for your question:
I am a former Real Estate Appraiser.
The answer is that intrafamily transfers do not influence appraised values. Only arm's length transfers are used for Real Estate Appraisals to determine the Fair Market Value of the property.
The reason that intrafamily transfers are not used in appraisals, is because there are many other factors other than the true Fair Market Value of the property involved in intrafamily transfers.
Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872... more
Hi,
my website has a link to a local mortgage broker that can help you with your loan needs, give them a try. Make sure you get loan pre-approved not just pre-qualified, find out the difference on this blog post
http://americarealtyonline.com/RealtorWebPage?custompage_id=1547137122
Good luck!
Buyer Cash Rebate 50%-60% / Seller Commission Discount 50%
Quality Full Service! Work directly with the Broker.
Flavio Tejada, Owner/Broker, Realtor, MBA-Finance
(415)305-2958... more
San Jose, 95125 SummaryThe median sales price for homes in ZIP code 95125 for Feb 12 to Apr 12 was $560,000. This represents an increase of 2.8%, or $15,000, compared to the prior quarter and a decrease
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Wow, this is the million dollar question. Here it: from 150-220 per sq ft.
why such wide range? I have seen people spend under 150 and more than 350. The most important issues:
Hire a licensed, insured and sufficiently bonded contractor who can do the following:
help you save on materials.
manage his/her employees in a manner that He save and passes along some saving to you as well.
waste of construction materials is always an issue. Redoing something always happens but to what extend?
Sign a water tight contract, be the construction manager ( if you can ).
Get involve in purchasing of the materials. Buy early so you can save.
There are some contractors who are liquidating materials, find them.
You can see that I am all over the place trying to provide a good answer. If needed call me.... more