All Forum Posts by: Marcy Moyer

A 4000 square foot home in the Mission Area of Fremont is worth more than 2 million so I think they did just fine.

Milpitas is one of the hottest markets right now and with Bart coming in I think getting 1200 a month for a room is more than reasonable. Depending on size and parking it could be more. However, most new construction has rental restrictions in the first year. Make sure that a room mate situation is ok with the HOA. It probably is as long as you are living there, but don't assume anything. If it is not ok and you find out after the fact you could be in big financial trouble.

@Bryan Zuetel My previous broker told us that the CAR contract can not be shared with Buyers who were not represented by an agent because our names were pre printed on it and there was a recent court case that stated a buyer does not have an agent and the seller does, the seller's agent is presumed to be working as a dual agent. Additionally I believe that ZipForms gives us a license to use the forms and it is not transferable. So I am thinking I am mixing the 2 issues up. in any case, if I gave a copy of a CAR contract to someone who used it, i would be breaking my license agreement at the very least.

I would be happy to discuss the real estate market with you and see if we might be a good fit. Hiring a realtor is like being in a marriage, but only for a short time. I will learn more about you and your finances than anyone else. You need to trust your realtor completely, and both parties need to not get annoyed with each other. Otherwise it doesn't work. I have to warn you that I am a realist. The market is competitive and trying to find a great deal with very little down payment is not an easy task in San Jose right now. You will need to be prepared to pay what the market demands and potentially lose out on a lot of multiple offers before having one accepted. 

Here is a link to a chart from First American: http://www.firstam.com/title/ca/santa-cruz/resourc... It covers all the counties in California. every county is a little different.

New home builders generally charge all closing to buyers, and then give them a credit back for closing costs if they use their preferred lender or some other reason. They prefer to credit back rather than lower prices to keep the prices stable for appraisals.

@Samuel Pawlitzki It is true the CAR contract says that the seller must approve if contract is assigned. However, CAR contracts are assigned to real estate agents. Our names are on the bottom of them. Who ever has their name on the contract is responsible for the contract. As a result it is not easy to pry an original CAR contract out of a realtor. I guess someone could retype the contract but I would guess most wholesalers have their own contracts.

I have looked into buying in Tarrytown and surrounding areas in Westchester County. Easy access to the city but a lovely suburb.  My son lives in Brooklyn. He told me there are all kinds of plans and politics about closing certain subway lines which will make some areas of Brooklyn worth more and some less. We gave up on trying to buy in Brooklyn where he lives. Anyway, be sure and check out the planned subway line closings in the next few years before buying.

Anywhere in the Bay area is subject to earthquake damage. $450 a year seems pretty cheap to avoid a rebuild that will cost more than 300K. If you had an earthquake that caused 100K worth of damage and you lost income for a year could you keep up with the mortgage payments? If not, get insurance. If so, would it be worth it to save $450 a year. Of course there will be a large deductible, but if you can not cover the deductible you can not afford to have the rental. 

Andrew,

1. First thing to know is that the names on county records are not always complete. It is possible the widow is on title but the county record only had one name. The title company should find out who is on title.

2. If the widow is not on title then you need to determine if the home is in trust or probate. If it is a trust and she is the successor trustee then she can sell. If it is in trust but she is not the successor trustee who ever is has the power to sell not the widow. This happens a lot when there are children from a previous marriage.

3. If the house is in probate and not a trust and the widow is not on title then it is more complicated. The house can only be sold by the administrator of the estate. Again, it could be the widow or it could be someone else. Only the administrator has the right to sell, and the court has to give that person either full authority or partial authority. You will need to find out if the home can be sold outright or if it needs court confirmation. If there are multiple heirs to the estate then they all have to agree to the sale.

3. It is possible the seller is not even aware of all of this, but she might.

4. The name on the contract is the name of the person who owns the property. that again depends on where there is a trust or probate.

5, Start with the title company and get the info about who is on title and then find out if it is trust or probate and if probate has the estate been settled and the name change just not recorded yet. If that is the case then the title company will need the death cert of the husband and the letters or administration stating who has the right to sell in probate. If it is in trust they will need a copy of the trust.

Brandon,

With the information you gave I can not give you a definitive answer but I can tell you some things you can do to help make a decision.

The first thing you need to do is find out what the zoning is. If you message me the address I can look up the zoning on county records. If the home is not zoned as a duplex, someone could still put an ADU on the property. That someone is not you.

The next step is to truly determine the condition of the property. There is a difference between a tear down and fixer. If the house qualifies for a loan, ie has appliances, fixtures, heat, and does not look like it is falling down then you can actually get more money than if you advertise it as a tear down.

If you can get the owner into a new home with her cats and the house is lendable then you can get rid of the cat smell, do minor cosmetic upgrades, stage, and sell it. That will being in the most money and the most offers.

I just did this for a home that only had about 25 cats living there, but it did stink. The cats were taken to a new home, the painter put a primer on the floor and walls and the after new carpets and paint the smell was gone. In this market plenty of money is made with paint, flooring, appliances and staging. I do this all the time for my probate clients. The administrator of the estate of the cat house was offered 500K for his parent's house. He did not think it was enough but did not have the funds to do anything to the house. I put up 25K in cosmetic upgrades and staging and he accepted an offer for $750K. the estate will pay me back the 25K at close and I get my commission. The son inherits 150K more than he would have and the buyers get a home that needs work, but a neighborhood they love. We all win.

How you structure getting owner and cats from San Jose to a new home is going to be the part that needs the most thought and probably legal help.

If the house really is a tear down and not lendable then you can just leave her there and sell for lot value. She will not get as much money but it would be a much easier thing to do. You can then sell it with a rent back period long enough for her to find a new home and move out.