4th Generation Broker, CNE (12 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Relocation,
Short-Sale

Advice

  • (129 Contributions,
  • 4 Best Answers,
  • 12 Helpful)

Contributions are sorted newest to oldest.

Is there a potential conflict of interest when licensed appraisers and real estate companies.....

Answer

This is always a possibility, although I hope not too common. If an agent is going to be listing a home which is very unique, or can be challenging to pull comps for it, so they may want to have an appraiser appraise the house too. If your home is located in a neighborhood of similar homes, it should be pretty easy to determine the value and an appraisal wouldn't be necessary. It can happen that an appraisal is done and the agent tries to Influence the value, but it is up to the appraiser if they choose to listen or not. In high demand portland neighborhoods now it is not uncommon for homes to sell much over their current list prices, which is a sign more of the strong seller's market of 1.8 months or less vs. The appraisal coming in low. Some appraisers are not aware if the tight inventory and the prices trending upward, so their values today are likely lower than what they will be tomorrow. The only time I would really worry about a conflict of interest is when the realtor has a financial interest with any party who would be buying your property for whatever price.

  (1)
Am I a good prospective first time buyer?

Answer

Fixer homes can be a challenge for an FHA loan - the homes need to be in pretty good condition to qualify (no exposed sub-floors, no exposed electrical, no leaky roof, no foundation problems, etc.).  You may be OK with a fixer home, but the home needs to qualify too, so that is the issue.Condos - the condos would need to qualfiy for the FHA loan - if there are too many rentals in the building, they will not qualify for the FHA loan.You may want to look into 5% down conventional loans - they are a little less stringent on the condition of homes compared with FHA loans.  Also, the mortgage insurance is cheaper and drops off after you get to a 22% equity position in the home.  With FHA loans, the mortgage insurance never drops off - it reduces as the principal reduces, but it never fully goes away until the loan is paid off.Of course you could move to the Portland, Oregon metro area where the average home price for February 2015 was $328,000.  You would have many choices here for $300,000 and not the dredges and be in bidding wars against 100 people coming to an open house (at least that is what I have heard about your market from people moving here).  There are a lot of tech jobs here and it is much, much more affordable than California.

  (0)
Rental property - finance or buy outright?

Answer

Probably get a loan - interest rates are at all time lows - you could buy more properties if you get a loan - and the cap rates should more than make up for the 4% you would be paying (interest rates for non-owner occupied rentals are about 4% right now).  When the interest rates rise significantly (in around 2 years time - 2017-2018), the prices may dip, and that could be a good time to pay cash, but with the loan rates the way they are, I would recommend getting a loan, having the interest rate write off and buying as many as you can.

  (0)
Which of the two properties should I choose?

Answer

Probably home choice #1 - many buyers like the amenities and are willing to pay more for them.  Comps will not be a problem - there likely are many homes in the neighborhood and things will be selling later on, which will be good comparable property sales for your property.  Home #1 is smaller, unless you planned on getting a cleaning service, having less home to clean/maintain, can be a plus.  Home #2 - many people will not want to back to a school - you could limit yourself to buyers who want to be thisclose to school for their children.  Some people feel more exposed too, with their backyard backing to such a public space - anyone could walk along behind your home at night, not just the neighbor behind you.  The garages and brick are nice, but how important are they to you?

  (0)
How Do I Please find What Title Company Was Used to Purchase a Home in Portland, OR

Answer

For some home sales, the title company is posted on the tax records on the Regional Multiple Listing Service (MLS in Portland, Oregon), but this home's last sale pre-dates the RMLS, so the information is not available there.  I agree with David Sutton - any title company who may have been around 22 years ago, may not be around now.  Things have changed a lot in real estate since then!

  (0)
Is it ok for buyer realtor to ask if we will go lower on price?

Answer

Offers should be in writing - I agree with the other poster - if not, they are fishing to see what you will take.  Your realtor should have factored in the lightly busy street into his/her Comparative Market Analysis when telling you what he/she thought your home was worth.  For he/she to continue to ask you if you would take less money - he/she should be telling the agents to "write it up" and bring you an offer in writing.  If the other agent is needing comparable property sales to support the purchase price/list price, then she can ask your agent for the comps and your agent should supply them.The problem with fishing, is that if you tell her you will take a lower price, she will pass that information on to the other agent, the other agent will tell her clients and then the clients will think that is the new "asking price" and offer you even less than that.All real estate contracts should be in writing, otherwise they are not legally binding contracts.  You are not wrong to believe they should be in writing.

  (1)
Zestimate is very, very wrong

Answer

Zestimates can change based on the list price - information on zillow about the home facts are not always correct (home size, bedroom count, bathrooms, etc.), so you may be pleasantly surprised and see the Zesitmate go up in the coming months.  Homes sell all over the map, not necessarily in alignment with the Zesitmates, I have seen them sell for 90% more than the Zestimate (at time of sale).  Also, buyers are working with brokers, who will advise them of this huge variation, so if the list price is supported by comps, that is the main thing.  Good luck with your listing!

  (0)
Zestimate is very, very wrong

Answer

Zestimates can change based on the list price - information on zillow about the home facts are not always correct (home size, bedroom count, bathrooms, etc.), so you may be pleasantly surprised and see the Zesitmate go up in the coming months.  Homes sell all over the map, not necessarily in alignment with the Zesitmates, I have seen them sell for 90% more than the Zestimate (at time of sale).  Also, buyers are working with brokers, who will advise them of this huge variation, so if the list price is supported by comps, that is the main thing.  Good luck with your listing!

  (0)
Building a custom home

Best Answer

Some builders will get the construction loan for you and charge you the cost of the loan at the end - $5,000 to $10,000, but each builder you need to check with.Any large builder (Lennar, D.R. Horton, Noyes, etc.) will sell you one of their existing or proposed new homes with a regular loan.Small builders, it is a total case-by-case basis on what they will do for you (regular loan purchase when it's done or construction loan or construction to permanent loan).The construction to permanent loan option is available with a few banks - Riverview Community Bank and Umpqua Bank.  I have a great contact at Riverview, so please let me know if you want to get his contact info (Zillow guidelines do not allow me to put that information here).  The construction to permanent loan is one loan, which starts out as a construction loan, but when the home is done, it converts (without any extra loan costs) into a permanent conventional loan.Builders who do a great job:1.  Portland Development Group2.  Noyes Questions to ask builders are how many homes have they sold in the last 5 years, Google search their name with "complaints" or "problems" or "issues" to see what issues buyers run into.  Ask for a list of references of people who have had their homes built with them within the last 3-5 years.  Call those references.  Meet with the builder, see how you get along and understand it is a process.  How long has the builder been in business?  How many homes have they built?  You do not want anyone to "learn" on you.Best of luck - good sized flat lots are pretty hard to come by in the area you are looking - you may end up needing to buy an old home and tearing it down to get a good lot that is not next to Highway 26.

  (0)
Building a custom home

Best Answer

Some builders will get the construction loan for you and charge you the cost of the loan at the end - $5,000 to $10,000, but each builder you need to check with.Any large builder (Lennar, D.R. Horton, Noyes, etc.) will sell you one of their existing or proposed new homes with a regular loan.Small builders, it is a total case-by-case basis on what they will do for you (regular loan purchase when it's done or construction loan or construction to permanent loan).The construction to permanent loan option is available with a few banks - Riverview Community Bank and Umpqua Bank.  I have a great contact at Riverview, so please let me know if you want to get his contact info (Zillow guidelines do not allow me to put that information here).  The construction to permanent loan is one loan, which starts out as a construction loan, but when the home is done, it converts (without any extra loan costs) into a permanent conventional loan.Builders who do a great job:1.  Portland Development Group2.  Noyes Questions to ask builders are how many homes have they sold in the last 5 years, Google search their name with "complaints" or "problems" or "issues" to see what issues buyers run into.  Ask for a list of references of people who have had their homes built with them within the last 3-5 years.  Call those references.  Meet with the builder, see how you get along and understand it is a process.  How long has the builder been in business?  How many homes have they built?  You do not want anyone to "learn" on you.Best of luck - good sized flat lots are pretty hard to come by in the area you are looking - you may end up needing to buy an old home and tearing it down to get a good lot that is not next to Highway 26.

  (0)