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Sandy Kay's Advice

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  • 64 Contributions
  • 4 Best Answers
  • 14 Helpful

Sandy Kay wrote:

Couple: No credit history + Good credit, can we get a mortgate?

Answer
The ability to get a loan is almost entirely based on the risk the bank perceives in providing the loan. That makes sense - right?In other words in your situation you can definitely get a home IF you have a good down payment (over 20%) and the home you are trying to buy is well within your means. Without a solid down payment most banks will perceive your situation as unstable even though you "currently" have a high paying job. Also traditionally banks want a two year employment history. Again there are ways around this with a larger down payment.  There are no end of lenders who are working on trying to solve questions such as yours and are always trying to get you the loan. There is definitely hard money but I would not advise that in a peaking market unless there is the home of your dreams that you have seen and can afford
March 29
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Can your credit score affect the 'price' homebuyers get for mortgages?

Answer
Just a reminder that "online" services and teaser rates for loans with out a real person to walk you through the approval process may be misleading.Interview your lenders, find someone you trust and then shop for homes when your finances are in order.The home condition, the type of home, your credit score, your downpayment all ultimately affect the rate that you get for the loan including private mortgage insurance (a monthly fee you pay the lender with less than 20% down).This business is about networks contacts and trust. That is what creates successful sales and secures your future.
March 18
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Selling Home PRIOR to LISTING IT ON MLS

Answer
The DRE added an addendum which is now required in our area. That addendum is called "Seller instructions to exclude listings from the internet" which is required to be signed by the broker of the office and submitted to MLS listings with any listing contract if the property is not put on MLS and opened to the public. This is an important change to our rules and a violation of MLS rules if it has not been signedThe value of selling a property off market varies : sellers may not want the hassle, people going through their home , they are not really ready to sell the property and are checking the market or simply want a fast sale.In any case the seller is required to submit all offers received to the seller but the catch 22 as a buyers agent is that we have no way except a tedious process of ever finding out whether the offer was ever submitted to the seller.  It tends to put a lot of power and need again as said many times here of trust between seller and agent.This offer may be a great offer and perfectly legal. As the seller you are in control of what you sign and when. As in all good relationships the best way of resolving the relationship is talking it out between the two parties listing agent and seller. You also have the right to ask that the broker of the office sit in on the discussion.I am reminded of when I had to solve a plumbing problem at my mothers house and she would always say "so and so solved their problem this way". Yes mom, but that was a different house.
March 16
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Selling Home PRIOR to LISTING IT ON MLS

Answer
Internal networks are not uncommon in big agencies and there is no incentive likely for the individual agents other than that the company likes the double commission. If the agent is referring a client to the agent in the office and getting a referral fee from the second agent it is your right to know this.Overall the very most important thing is "does the value of the buyer exceed the value represented by an accurate market analysis of the property?." As rents have exceeded mortgages there is an extreme number of buyers looking for a purchase and prices are escalating higher than expected values, properties are not appraising and buyers do need to pay over appraisal and know that. If you really want to TEST the market for the highest price than going on the market is a good idea however statistically the first offer is sometimes the best. Also there is NO reason why you have to take offers after the first open house. The best buyer may not be around that weekend. Hurrying is not necessary. Just take your time, talk to your agent about the facts and proceed methodically down a path that works for what you believe to be true. The specifics of the actual sale are really only supposed to be discussed with the listing agent who you should trust. If you do not trust him than that's another problem entirely
March 15
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Are condos sales going up in San Jose

Answer
Condos in San Jose made a huge jump in value last year as homes became rapidly unaffordable. The highest value increases were seen in the newer (less than 15 year old) ones in good school areas or close to major work areas like Sunnyvale and Santa Clara. I recently won a bidding on a condo like this in 95136 with 5 offers and my client was happy to pay 26K over appraisal. The key to getting the highest price for your sale is a careful market analysis to look at value and trend in the neighborhood and then a specific marketing plan to get the highest price for the property. Some areas have not gone up in value as others so trend and timing is everything.  I never double end my listings in this kind of situation because I find it could likely reduce the value that my seller would get.  I would caution any seller that works with an agent that will represent a buyer in this market for the sale of their home. Market prices are starting to slow down and statistics show that there were fewer sales in Santa Clara county in January than the prior 18 months but that may be due to very low inventory
February 22
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When selling a home, how much additional value do high ranking schools add?

Best Answer
Hi Julie!A LOT of value in the eyes of the consumer. In the eyes of the appraiser they do not take school score into consideration -- only proximity to sales and general area improvements or trendsIn end of 2011 I made a predictive affordability value map based on elementary school scores south of Santa Clara in Santa Clara county. I excluded Saratoga, Los Gatos and Cupertino which I consider unaffordable.Basically the increase in value of property has mirrored that map and where all three school scores are high the value has gone up even more.An equal quality home in a lower school score area will not sell as well as an adjacent home. Take Bicknell Road for example where one side is Saratoga and one side is Campbell schools. Both sides of the street are equally lovely. Map the history and you will see the difference in price by over 100K on one side of the street compared with the other.When evaluating a home I ask who the target buyer is and then place value based on what they can afford. If you look at areas that are desirable for other reasons besides schools you will see that the increase in value is based on what the buyer targeted for that area can afford.
December 18 2013
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zestimate change - property estimation got recuced a lot?

Answer
ZIllow estimates are no replacement for a true market analysis. Call your agent and ask him/her to tell you what has sold in your area recently that is similar to your home. Your home is not the stock market. Hold and check in on value yearly.
November 24 2013
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How to find a Realtor who focuses on Investment Property

Answer
I work with a partner agent who owns multiple multi res properties.  I also have 4 rentals. We are looking for more and doing calculations to determine the best returns on investments. Looking for people who want to contribute minimum $100,000 per LLCWe are invested in the properties so its not just sales to us
November 18 2013
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Can a property management company change the locks without informing owner in California?

Answer
Definitely the owner has a right to the keys unless your contract with the property management company says other wise. If the property manager did it to protect you, the owner in some way, thank them for the inconvenience. If they were just sloppy about disclosure than change property managers or work on your communication with them. If you didn't approve it, don't pay for the lock change. I will tell you a story regarding the banks. My clients purchased a probate sale which was in default. It went through the court system and my buyer was awarded the property. The title company and the listing agent cleared everything with the bank officially. The banks representatives AFTER the close of escrow came and changed the locks so my clients could not get into their new home. This was just one group not speaking with the other. It took me three days to figure out who was doing this and finally we just changed the locks back and posted signs. Any repercussions with a lawsuit was so cumbersome it wasn't worth it.
October 16 2013
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Not a question but it will be helpful if seller can post the length and width of their lot.

Answer
To change that in the information provided in Zillow will not happen as it is a monumental task but you can get the info for any property in Santa Clara county for free at the Assessors office web sitehttps://www.sccassessor.org/index.php/online-services/property-search/real-propertySimply type in the property address and the parcel map with all dimensions will come up for you to view along with the APN (assessors parcel map number) which is available.In any property that you buy it is a worthwhile thing to go down and run a property profile and see what comes up regarding permits or other information at the county particularly if the boundary is not completely clear
October 01 2013
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