Hi Richard,
These details regarding increasing monthly HOA dues will be in the condo disclosures package which the list agent can provide.
My understanding and what I’ve seen with foreclosure condos is that the lender (who is the owner) pays dues that are in arrears at the time of closing.
I can’t say that I’ve seen dues increased because of a high ratio of foreclosure units. As an aside, there is never any guarantee that HOA dues won’t increase over time, if anything just to factor in inflation/increasing costs of maintenance and repairs. There are typically limits as to how much monthly dues can be raised; another detail which is in the condo docs.
I also recommend that my condo buyers hire someone to review condo docs/analyze reserves as part of their inspection process. It’s really important to get a sense of how healthy the reserve account is. If it’s severely underfunded, there will likely be special assessments; if not in the current budget then at some future point.
For data on San Bruno market trends: http://www.sfbungalow.com/2010/05/18/san-bruno-ca-condo-market-trends-report-week-of-51810/
San Bruno is a charming community but there are also other affordable Peninsula communities that you might want to consider such as South San Francisco. Both of these communities including Daly City and parts of Pacifica will have some heavier airplane traffic noise (included in disclosures) as well as more fog; one has to go further south, typically just past Millbrae to get into the sunnier, warmer climate.
Depending on the type of financing, IE: FHA vs. conventional, the lender will want to see a certain % of money in the reserves along with other criteria pertaining to condos.
On a side note, it looks like from the questions you’ve posted on Trulia that you’ve been going it alone. Why do all the work/research by yourself when you can hire a buyer’s agent to help you with the process? The commission for both list agent and buyer’s agent is paid from the seller’s proceeds so it’s no money out of your pocket.
Might as well get the full benefit of working with your own agent sooner rather than later. Just a thought….
Here are a few tips on interviewing/selecting a buyers agent:
http://www.sfbungalow.com/thinking-about-a-san-francisco-or-peninsula-real-estate-purchase-initial-steps-include-hiring-a-realtor-determining-your-financing/a-few-key-questions-to-ask-realtors-you-are-interviewing/
Best wishes,
Cheryl Bower, Realtor , GRI, ABR
Cell 415.999.3450
Zephyr Real Estate
Cheryl@cbower.com
http://twitter.com/SFBungalow
www.cbower.com
DRE#: 01505551... more
There is not one particular market within San Bruno. There are several difference neighborhoods that each have their own unique feel and different market conditions. Depending on if you're looking to buy
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Having grown-up in San Bruno, I'm admittedly a little biased as to the fantastic things offered by living here. But, there are a few things I think other people should know when looking for an area in
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Consult with an attorney who specializes in real estate and see what options you may have--a quitclaim deed at this point may not protect you at all from a foreclosure--as for the credit portion--if you are not on the mortgage note it has no effect on your credit. Do all that you can to stop the auction if you want to keep the property.... more
I live in Mills Park and my kids go to Allen Elementary School where I am currently the president of the PTA! Mills Park is great! There are a variety of house styles, the schools are excellent, it's so convenient to transportation and shoppping...let me see, what else...oh! You got San Bruno Park close by and the weather is calm! I used to live in Belle Air, near the airport but it got kind of noisy with the planes going overhead. San Bruno is awesome! We have great restaraunts such as Don Pico's, La Paloma, Hon Lin, Sushi House,and Amma's Indian Kitchen. Feel free to send me an email if you want some more specifics! Thanks! Karin... more
If you limit yourself to 1,250 sq ft you are going to lose out on a lot of homes in Rollingwood because many of the homes are 1,110 sq ft +.
I do a lot of business in San Bruno and have sold more homes than any indivisual agent in the City of San Bruno since 2001.
It doesn't sound like you have an agent or you wouldn't post a question like this. Let me know if you want some help. It doesn't matter to me whether it's a forecloser, short sale, or just a good buy. You do need to be approved for a loan or have cash if we are going to work together.
Good luck Chowdowfoo!
Tap
Cashin Company
www.DavidTapper.com
www.TeamTapper.com
Redt4u@aol.com
650-403-6252... more
That's still a tough one! There are a few 2 bedroom condos in this price range but they usually have multiple offers on them and sell for more! I understand you hating bridges but the trade off could mean a great 3 bedroom, 2 bath home in a safe neighborhood with managable payments. We're only talking about a half hour commute from Richmond/ San Pablo and 45 minutes from Hayward/ San Leandro/ San Lorenzo. I know where all the best areas are, too!... more
You both should apply and be pre approved for a single new mortgage loan of the 550k purchase, prior to pulling all the cash out of your property. If you need a lender to approve you and handle both of these transactions simultaneously you can visit my online application: www.novahomeloans.com/kyle.hufford... more
Usually a corporation forms an LLC and the loan is based on the property, downpayment and one of the partners of the LLC. From what one learned from a client of mine, you normally have a large downpayment.
The best person to break it down for you would probably your mortgage professional.
Good luck,
Dave Tap Tapper
Realtor
Cashin Company
www.DavidTapper.com... more
Hi Posiguy! Hi Nicole and David!
Everyone has a lot of great ideas and feedback regarding foreclosers (REOs) I am wondering if you are also questioning the "short sale" as well. I often hear people ask about foreclosures when they are actually talking about "pre-foreclosures" or "short sales. This is when the owner still ownes the home but is trying to negotiate with his lender to take less money than is owed due to the vaules going down.
An REO, or a bank owned home, is a lot easier to purchase and are the ones that are usually priced the most attractively. Lots of competition in San Bruno and South San Francisco so hire a good agent to help you!
Good luck!... more
You might consider finding an inspector who will call the shots clearly without fear of losing those agent's referrals or getting left off their lists of preferred inspectors.
More information and list of independent inspectors in your area at:
www.IndependentInspectors.org
and at
www.buyersprotectionservice.com/ChoosingInspector.htm... more
Dogs are not allowed, except service dogs. Hallways are full of smoke,the people of balkonies are smoking pot almost permanently. The elevator has been out of service for a week. Therefore, this place is cheap and yet suitable for living.... more
Dee, There are several ground floor units marked pending that are short sales. Most likely current potential buyer has nothing in writing from the bank. If you were interested you should consider submiting an offer on these properties and see if yours was selected. Feel free to contact me for more info.
Glen glenmitchell@remax.net... more
Hi J+A!
Am I too late? I would love to help! I live and work here in San Bruno! It sounds like you have a pretty awesome house! If you are interviewing, I would love the oppoprtunity to meet you and present you with a marketing plan!
Karin... more
1. Interest Rates are near 40 year lows. You can lock in your housing costs for the next 30 years if you buy not if you rent. 2. Property Values are at 5 year lows. Some areas have declined
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HiWilma,
Yes most major RE broker firms will insist and require you to become a Realtor. A Realtor is obligated to follow certain code of ethics and by being a Realtor you will join a group that is very powerful in protecting our industry and big firms want to support that.
Homa
Prudential CA Realty
Mission Viejo... more
John,
Many consumers believe that an agent gets a larger commision if he sells is company's listing. Not true. We get the same commission no matter who is the listing agent.
If the agent is in the same office it certainly make communications a lot easier. There is more trust among the agents so the process proceeds simply with less stress for all involved. Since there is more trust if in a multiple offer situation and you are competing against a similar offer you have a better chance of being selected.
The most important issue when chosing an agent is the relationship. Do you feel comfortable with them to tell them the truth and do you beleive they are treating you honestly, fairly and are responsive to your needs.
Good luck!
If not I am very familiar with San Bruno and extremely dedicated. I treat each transaction as if it is my own.
Lee Ginsburg, lee@leesellsmore.com, 877-Lee-Sells... more
IMHO, balance out the "macro" outlook with the "micro" -- ask yourself how extendible or important you are to the company. In other words, doesn't necessarily mean you are important because you are the best or most efficient at what you do - are you on good terms with The Powers that Be? You're going to be treated like a number if you behave like one.... more
Hello Mm, now that you know the guidelines to what the West side is, how are you going about finding the right home?
If you are not already working with an agent, I would like to offer you a great service. I have a system that will allow me to email you whenever a home on the West side comes on the market. This will save you a lot of time, and it will also be on real time. Not a listing that is a week old and has already sold.
I've been fortunate to have sold more homes in San Bruno than any other agent since 2001, on the West side.
If you need referrals, it would be my pleasure. I'd also like to thank Mr. McCarthy for the kind words.
Regards,
Dave Tap Tapper
Realtor
Cashin Company
650-403-6252 Direct
415-370-7195 Cell
www.Davidtapper.com... more
Depending upon when you purchased your property in San Bruno, it is likely - even with the remodel - that your proeprty value has declined. Given this, there is little to no chance that you'll be able to pull any cash out... As someone else suggests, it is theoretically possible to pull some cash out if (and this if a big "if") your value has appreciated as a result of the remodel. Chances are slim that this will happen.
There is another tack worth considering, although it does not address your question specifically. Consider getting your loans modified. You may qualify for payment reduction if you can make a legitimate case for hardship. As a result, you'll have extra cash available to pay off your credit card balances at a faster rate.
Pete... more