home buying: It's OK To Extend Your Inspection Contingency Period - 07/27/12 05:44 AM
Home buyers - have you ever submitted an offer, had it accepted, opened escrow, then received inspection reports that reveal hidden problems with the property?  This happens all the time.  The problem could be plumbing, electrical, or very often termite damage that can only be discovered by a professional inspector.  When the damage must be repaired as either a condition of getting final mortgage approval or to simply bring the property up to the condition you thought it should be in when you made your offer, what do you do?
There are several options available when faced with new information about problems with the condition of the property … (0 comments)

home buying: Latest Market Information, Helpful Videos, More... - 10/12/11 04:35 AM
September sales statistics; the latest local, state and national market information; home finance, home improvement and general home ownership information; the latest installment of REAL ESTATE TODAY Radio; videos and more...Visit www.jsrealproperty.com and click on "1 Minute Housing Market Report."
… (0 comments)

home buying: Real Estate Jargon: Buyer Beware - "Personal Property" - 06/29/11 05:05 AM
Buyers, sellers, investors, welcome back to another installment of Real Estate Jargon, aka, simple explanations of real estate terms not normally found in nature.
Items found on a piece of land are most commonly referred to as either "real property" or "personal property."  Real property is the land itself and the improvements built on it, such as a house, garage, barn, swimming pool, or anything that is considered "attached."  Personal property is, therefore, anything "not attached."  Or is it?  More than one buyer has been burned by a bad assumption regarding what is real or personal property and what is or … (0 comments)

home buying: Real Estate Jargon: "Mello-Roos" - 05/09/11 05:35 AM
Buyers, sellers, investors, welcome back to another installment of Real Estate Jargon, aka, simple explanations of real estate terms not normally found in nature.
In 1982, the California legislature passed the Community Facilities District Act, nick-named "Mello-Roos" after its co-authors, Henry Mello and Mike Roos.  The Act authorizes creation of "Community Facilities Districts" that can sell bonds to finance development and maintenance of public infrastructure in specified areas (the "districts").  The Act was the government's response to the taxpayer revolt in 1978 that resulted in the passage of Proposition 13, which limited the ability of local governments to raise property taxes … (0 comments)

home buying: Bay Area Market ... Bank-Owned and Short Sale Properties For Sale In Silicon Valley - 03/26/11 07:08 AM
Looking for bank-owned (REO) or short sale (SS) properties in the heart of Silicon Valley?  There are a number of properties still on the market, some of which are great deals.  Here are bank-owned and short sale properties offered for sale under $1,500,000 as of today (March 26, 2011).
Palo Alto
If you're interested in buying or selling in the Bay Area, drop me a line at john@jsrealproperty.com.
Would you like to receive email alerts when a bank-owned, short sale, or traditional sale property that fits your criteria comes on the market?  You can search the MLS yourself and sign up for … (0 comments)

home buying: Real Estate Jargon: What is a "Market"? - 03/21/11 10:41 AM
Buyers, sellers, investors, welcome back to another installment of Real Estate Jargon, aka, simple explanations of real estate terms normally not found in nature.
A common question put to real estate people as they run into acquaintances at the local Starbuck's is - "how's the market?"  Not wanting to appear ignorant or pessimistic, the common reply is "great!"  Unless the two people in this conversation are reading each other's minds, no useful information has been exchanged.  Is the question about the national housing market?  Local market conditions?  Whether or not the agent will have to send his daughter to Happy Valley … (0 comments)

home buying: Is This A Good Time For YOU To Buy? As A Broker, I Can't Tell You. - 03/12/11 06:08 AM
There are hundreds of real estate pundits filling the airwaves, blogs and print media with advice to "Buy Now! Buy Now! Buy Now!"  Well, I'm an active broker and I can honestly tell you - I don't know if this is a good time for you to buy.  In fact, no broker or agent can tell you that.
Sure, home prices and interest rates are low.  Political, economic, and financial events leading to this moment have created one of the great home buying opportunities of this generation.  If you've got a steady job with good pay, money in the bank and … (2 comments)

home buying: Real Estate Jargon: "Seller Financing" - 03/11/11 02:38 AM
Buyers, sellers, investors, welcome back to another installment of Real Estate Jargon, aka, simple explanations of real estate terms normally not found in nature.
In the world of real estate, sellers are often categorized in terms of whether they A) won't sell, B) may sell or C) must sell.  In today's market, many of the "must sell" sellers are offering significant incentives to get their property sold.  Many are including lots of personal property in the sale, such as lawn and garden tools, pool equipment, high-end barbeque grills, and premium quality household appliances such as refrigerators, clothes washers and dryers, and … (1 comments)

home buying: Bay Area Market ... The Up High and Down Low on the Palo Alto Condo Market - 03/06/11 03:35 AM
Palo Alto is a great place to work and play.  There's great dining downtown, mall walking at Stanford Shopping Center, vast open spaces to hike, and a growing list of high and low tech companies are hanging out a "We're Hiring" sign.
Palo Alto is also one of the most sought-after places to live on the peninsula, making home-buying expensive for single family homes and for condos.  With home prices ranging from a little over $350,000 up to $20,000,000, condos are sometimes the best choice for affordable homes when first moving to the area.  As of today, there are 26 condos … (0 comments)

home buying: Bay Area Market ... Pre-Foreclosure Homes in Lafayette/Orinda - 03/05/11 03:30 AM
Lafayette and Orinda are adjacent communities that successfully provide a wonderful small-town atmosphere, the best schools in the region, and close proximity to world-class dining, cultural activities, and sporting events (including the 2010 World Series champion San Francisco Giants!).  The best wines in the world are made less than an hour away in beautiful Napa Valley.  Getting to and from Oakland and San Francisco is easy by car or on Bay Area Rapid Transit (BART).  Lafayette and Orinda are perfectly located to enjoy everything the Bay Area has to offer.
These communities are situated among gently rolling hills where lovely, tree-line … (0 comments)

home buying: Real Estate Jargon: "Tear Down" - 01/23/11 02:24 AM
Buyers, sellers, investors, welcome back to another installment of Real Estate Jargon, aka, simple explanations of real estate terms normally not found in nature.
Ever drive through a neighborhood you really like and see a house that is worn out beyond repair?  Bingo!  You've just landed at the end of the rainbow and found the pot of gold!  Home hunters and investors with a few bucks to spend often look for just this type of property.  Load-bearing walls that sag, front porch with half the floor boards missing, huge holes in the roof, ancient wiring and plumbing that leaks like a … (1 comments)

home buying: Bay Area Market ... The Last REO and Short Sale Homes in Palo Alto, California - 12/29/10 01:47 AM
Palo Alto is a community with a lot going for it.  Best of all, home values have remained stable over the past few years in most neighborhoods and prices have even gone up in a few.  During a routine property search for a relocation client this morning, I stumbled across an interesting fact:  In Palo Alto, there is only one bank owned property and one short sale property listed on the MLS (single family homes only).
The lone single family home currently listed as bank-owned:
Is this a sign of economic conditions improving?  Of the housing market rebounding?  I'm not sure, … (0 comments)

home buying: Pre-Foreclosures Are Not Always For Sale... But Might Be - 12/28/10 04:42 AM
Buyers, I hear you.  Several calls and emails each week from buyers of family homes and investment properties saying - "show us foreclosures and short sale properties, we want a deal!"
Many of you are also asking to look at pre-foreclosure properties.  But a common misconception is that these properties, also called distressed properties or NOD's (Notice of Default), are always for sale.  We get visibility to the fact that the current owner is behind on their mortgage when the lender files a Notice of Default with the county recorder's office, which makes the notice a public document.  There are dozens … (0 comments)

home buying: Yes, this is rocket surgery... - 12/28/10 03:46 AM
As a former mortgage broker, I was known to tick off more than a few real estate agents by asking that insane question of would-be home buyers:  "How much are you willing to spend on housing each month?"  We'd then look at some papers, run some numbers, then I'd shoot out an email to the buyer's agent that would say something like: "Your client qualifies to buy a house worth $1.5M, but due to other priorities in their family life they want to spend only enough to buy a house worth $750k."
Fast forward to the return email from the agent:  … (2 comments)

home buying: Real Estate Jargon: "Interim Occupancy" - 11/24/10 08:43 AM

Buyers, sellers, investors, welcome back to another installment of Real Estate Jargon, aka, simple explanations of real estate terms not normally found in nature.
Have you ever needed to be out of your present home before you close escrow on a new one?  If so, you may have two options:
  1.  Move in with your mother-in-law temporarily
  2.  Ask the seller of the home you're buying if you can move in early and pay rent until escrow closes
For most men, Option 1 is total humiliation and makes prison look good.
If the home you're buying is vacant … (1 comments)

home buying: Beachside Santa Cruz Condo... Just Reduced! - 10/30/10 04:42 AM
 
West Cliff Villas Townhomes - Walk to wharf, beaches, downtown Santa Cruz.  Secure, gated complex with pool and spa.  Unit 20 is an interior townhome with open kitchen, living/dining combo room.  Pool view from large back deck, partial ocean view from the top floor bonus room.  Great for everyday living or weekends.
Price:   $524,500    Square footage:  1,250 (approx.)
Broker:   John A. Souerbry & Associates  (CA DRE 01370983)
Contact:  John Souerbry   Tel (650) 815-6182
For more info:   www.bayareaproperties.listingbook.com
 
Address:  200 West Cliff Drive, Unit 20, Santa Cruz, CA 95060
- One bedroom/master suite with full bath
- Additional 1/2 bath … (1 comments)

home buying: Real Estate Jargon: Flag lots - 10/24/10 06:05 AM
Buyers, sellers, investors - welcome back to another installment of Real Estate Jargon, aka, simple explanations of real estate terms not normally found in nature.
Ever walk or drive down a residential street and see a driveway between two homes that appears to not lead to either home?  Chances are it leads to a lot hidden behind those homes, typically referred to as a flag lot (also sometimes called a land lot).
Take a look at our simple diagram of a residential block below.  It's a plat map with location and dimension data left off.  We see the shaded area as … (2 comments)

home buying: Buying A Home Is About Planning, Not Qualifying - 10/04/10 03:38 AM
It's often said that a home is the biggest single purchase of our lives.  While this is true for most of us, it is certainly not the only big ticket item we buy in our lifetime.  Purchasing a car, paying for an education (especially at a private college), weddings, and furnishings for our home are expenses that typically require more than one paycheck.  If we plan to retire, much of our income is directed to one or more retirement accounts that we hope will equal more than the value of our home by the time we retire.  So, although our home may be … (3 comments)

home buying: You Do Not Have The Right To Remain Silent - 08/22/10 05:09 AM
Each month home buyers and sellers ask me if verbal agreements are binding when it comes to real estate transactions.  As decent people acting in good faith, it's common for buyers and sellers to fill in minor details with statements that the other party will consider part of the contract.  A seller may say "garden tools that are in the shed on the day I put the property up for sale will be left in the shed when I vacate the property."  Should the buyer rely on this statement if they believe they are paying for those tools?
In the State … (6 comments)

home buying: Buyer Strategy: Don't Pay Broker Commissions At Closing - 07/19/10 12:43 PM
Buyers, you can work with a broker to buy a property without paying any commission at closing.  Do I have your attention?  Read on...
Ok, I admit that anyone who hires someone to do a job should pay them.  I'm often heard saying "this is the real estate business, not real estate friends."  Everyone who does a job expects to be paid.  Most agents and brokers have bills to pay and their only source of income is commissions, so they appreciate a check when transactions close.
But there are some brokers who have the flexibility to accept alternate forms of payment … (3 comments)