first time buyer resources: First Time Buyer San Jose CA FAQ Series: What are closing costs?
- 02/22/12 07:45 AM
Many first time home buyers in San Jose CA may or may not realize that there are closing costs associated with each real estate transaction. Closing costs vary by county and are generally dictated by the local customary rules. For instance, in Santa Clara County, it's generally a seller-paid county; whereas in Alameda County, it's a buyer-paid county. However, there are still some costs to buyers if you're buying in Santa Clara County. Generally speaking, the rule of thumb is to estimate for about 3% of the sales price to go toward closing costs. In another words, if you plan to … (0 comments)
first time buyer resources: First time home buyer San Jose, CA FAQ VIII: What is the difference between condos, town homes, and single family homes?
- 01/31/12 10:25 AM
As a first time buyer in San Jose, CA, a high cost housing market, it's likely that you may need to consider buying a condominium (condo) or a town home instead of a single family home as your first home. Here are some factors to consider: Let's define what each of these terms mean: Condo: with this type of homes, legally you own the space within the four walls of a unit but not the land the unit is built on. Additionally, you owns a share of the common ground. In another words, if there are 25 units in this condo … (0 comments)
first time buyer resources: First time home buyer San Jose, CA FAQ VII: Bank owned, foreclosures, and short sale - what is the best deal for me?
- 01/30/12 06:11 AM
First time home buyers in San Jose CA often ask this question: is bank owned/foreclosure/short sale home the best deal for me? The answer is "it depends on your individual situation". Let me explain. To start, let's define what these terms are. Bank owned or REO (real estate owned) and foreclosure mean the the same thing, i.e. the bank has gone through the entire foreclosure process and now the bank OWNS (hence the term bank owned) and holds the title to a home. Short sale home is when the homeowner owes MORE mortgage than the market value of the home, and … (0 comments)
first time buyer resources: First time home buyer San Jose, CA FAQ VI: How to get the best deal on my loan?
- 01/24/12 10:16 AM
First time home buyer in San Jose, CA is usually sensitive to every dollar saved or spent because buying a home is probably is the biggest investment and commitment in his or her life. One of the topic of discussion during our initial consultation is always about how to get the best loan/mortgage interest rate. Most buyers understand that shopping for a low mortgage interest rate is a good idea because it directly impact your buying power. For example, all other things being equal, the monthly payment on a $500,000; 30-year fixed rate mortgage with a 8% interest rate is approximately … (0 comments)
first time buyer resources: First time home buyer San Jose, CA FAQ V: how much home can I afford?
- 01/19/12 11:14 AM
First time home buyer in San Jose, CA often wonders how much home can he or she afford, once it's decided that home ownership is the right choice. You've been burning the midnight oil scouring the online multiple listing service and viewing number of for-sale listings, pictures, and virtual tours. You may even spend some weekends driving around neighborhoods and visiting open homes. But before you can go any further, it's time to get real and determine how much home can you afford. The general rule was that your mortgage payment should total no more than one-quarter of your monthly gross … (2 comments)
first time buyer resources: First time home buyer in San Jose, CA FAQ IV: what are my protections in buying a home (contingecies & disclosures)?
- 01/17/12 10:19 AM
It's understandable that as a first time home buyer in San Jose, CA, purchasing that very first home is both exciting and scary at the same time. I work a lot with first time home buyer and one of the first topic of reassurance is to explain the key concept of contingency period. California's contract has a contingency period built in that offers consumer protections. The best way to understand contingency period is the time frame in which a buyer is allowed to do his or her due diligence to ensure the home purchasing is the one that the buyer … (0 comments)
first time buyer resources: First time home buyer in San Jose, CA FAQ III: what are my protections in buying a home (inspections)?
- 01/17/12 09:37 AM
As a first time home buyer in San Jose, CA; it's very common during the initial consultation that we discuss protections when it comes to buying the first home. It's easy to fall in love with a home that Saturday afternoon during an open house, while strolling through the neighborhood you want to live in. However, it's essential that the first time home buyer understands some key concepts so that you can have the peace of mind, because a home purchase is likely the largest investment you'll ever make. 1. Home inspection: the standard home inspection is an objective visual examination … (0 comments)
first time buyer resources: First time home buyer in San Jose, CA FAQ II: what do you need to know about homeowner's insurance?
- 01/16/12 10:32 AM
As first time buyers in San Jose, CA, it's important to understand the key role as homeowner's insurance as this protects your real estate interest. As a home buyer, if you're purchasing through financing a mortgage, a lender will not sign-off on your mortgage loan unless you have secured adequate homeowners insurance. The policy protects your financial interests and the lender's investment in your home. Don't wait until the last minute to begin shopping for a homeowner's insurance policy. Annual premium costs and coverage options vary widely between insurance companies, so you want to allow for time to research, gather information, … (0 comments)
first time buyer resources: First time home buyer in San Jose, CA FAQ: What exactly does a title company do?
- 01/15/12 12:45 PM
First time home buyer in San Jose, CA often asks me: what exactly is a title company and what does it do? Title companies provide title insurance to buyers, sellers, lenders and developers. Services vary throughout the country, depending on local practices and laws. In many states, title companies also handle escrow, performing title searches and offer title insurance. This is the case for Northern California. More locally, in Santa Clara County, this is generally part of a seller's closing cost; though in our neighboring Alameda county, it's a buyer's cost. Regardless of who pays for it, it's important to understand … (0 comments)
first time buyer resources: 3 tips on winning multiple offers in san jose real estate market
- 01/15/12 12:02 PM
Winning multiple offers in San Jose's real estate market is becoming increasingly important in today's market condition. Because of limited supply of good quality homes in the area (see blob post: Santa Clara County real estate trend 2012), there are plenty of buyers out there competiting for the limited number of homes. It's very likely that as buyers, you will face competition. The question is how much competition and how to win it. Buying a home is an emotional roller coaster, and to be writing two, five, and ten offers to get one accepted by seller certainly can be discouraging. Here … (0 comments)
first time buyer resources: 5 tips on Evaulating Neighborhoods in San Jose, CA
- 01/13/12 06:12 AM
Now that you've decided to buy a home (see blog post on rent versus buy), it is time to evaluate neighborhoods in San Jose CA in which you're interested. If you're looking for a home in a community that you know well, you probably already know exactly in which neighborhoods you'd like to live. For those of you who aren't sure, determining which neighborhoods or communities will best suit your needs will require some research. Some of the factors in evaluating neighborhoods in San Jose CA that will impact your quality of life include the condition of the local economy; local … (1 comments)
first time buyer resources: Rent versus Buy San Jose, CA
- 01/12/12 12:57 PM
Rent versus buy in San Jose, CA is one of those first questions that a prospective home buyer has in mind. This is particularly true in the current favorable real estate environment of historic low interest rates and home prices (is it a good time to buy?). One of the conversation during our office meeting this week was the observation that because of the recent foreclosure activities, the rental market has heated up in Santa Clara County. One comment was the rent was going up $300-500 a month, which for some, buying may become financially motivating than to pay for the … (0 comments)
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Chia Rodeski
Real Estate Agent San Jose, 1st time home buyer,...
Many first time home buyers in San Jose CA may or may not realize that there are closing costs associated with each real estate transaction. Closing costs vary by county and are generally dictated by the local customary rules. For instance, in Santa Clara County, it's generally a seller-paid county; whereas in Alameda County, it's a buyer-paid county. However, there are still some costs to buyers if you're buying in Santa Clara County.
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