The recent calamity in an otherwise sound and attractive San Bruno, California, community due to a massive gas explosion shows how with the passage of time unknown risks could develop causing unimaginable
Yesterday was a tragic day for our friends out west, in particular those neighbors in San Bruno, California.A ruptured gas and a massive explosion roared through the residential neighborhood yesterday
If looking at RealtyTrac ads--keep in mind that RealtyTrac's information may not always be accurate and oftentimes misleading--you could be looking at a lis pendens property--notice of default--or some kind of filing fee--some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. If you are interested in pre- foreclosures, work with an agent--he/she will have access to reliable information--also don't overlook traditional sales as some may turn out to be a much better bargain than some of the pre-foreclosure properties.... more
Of my clients who have purchased in San Bruno, the majority have found the Rollingwood and Claremont Areas of San Bruno the most desirable. These are West of 280 between the highway and 35. Many question this location because the notoriety of 35 with the fog but for the most part, the weather is comperable to the areas Millbrae adjacent.. While these are a bit north of your target area, the homes tend to be larger with very nice lots, and of course Rollingwood School nearby. The prices trend slightly higher but these areas have been holding value recently because of those reasons and the easy access to 280 for business commute.
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You have lost your interests in the home. You might want to check with a real estate attorney just to make sure the lender cannot come after you later. If you need a referral to a good attorney, please let me know.
I believe your brother can quit claim you onto the deed, but your
brother will remain financially responsible to the mortgage company
for the payment until you can qualify for the mortgage and take it over.
Please consult with a local real estate attorney to discover all the ramifications.
Best of Luck,
Your concern is legitimate. And, in fact, that's occurring quite often.
Let's look at a simple example. Assume that a condo complex has 100 units. And assume that a few years ago, the condo fee was $100 per unit. That fee was enough to cover the maintenance, the management, and contributions to the reserve funds. So the condo complex had a balanced budget of $10,000 a month (100 units @ $100 each).
We'll assume there's no inflation. The costs have remained at $10,000 per month for the last few years.
However, let's assume that 20 of the units are no longer paying their HOA fees. In some cases, the owners have abandoned their properties. In other cases, they just can't afford to pay.
So, only 80 unit owners are paying their condo fees. That means that while the condo's costs are running $10,000 a month, it's only bringing in $8,000 a month (80 units @ $100). That situation is not sustainable. It'll soon run out of money. So it will raise the condo fees to $125 a month in order to bring in the needed $10,000.
As I say, that's happening a lot.
So, what do you do? First, you'll want to inspect the financials of a condo before buying in one. I don't know about your area, but where I am there's a requirement that the condo documents be provided to the potential buyer for his/her review, and the buyer can terminate the offer if the documents aren't acceptable. With the concern you laid out, you want to see what the condo's expenses and income are. You want to see how many and what percent of the condos are current on their condo fees. You want to make sure the condo still has reasonable reserves. Your Realtor can help you with all that.
There's also an issue when the percentage of units unoccupied or rented out exceeds some number. (I don't know what that is.) In those cases, it can become difficult or impossible to get financing to buy. The lenders are concerned about exactly the same thing you are: The long-term stability of the condo complex.
I don't know the San Bruno area. However, we do have areas like that around Northern Virginia. But the test for how desirable an area is--commuter-wise, areas of employment, etc.--is to look at foreclosures and occupancy rates. There are some areas in Northern Virginia that have barely been touched by the real estate downturn. And those are areas with easy commutes and good local employment. There are other areas that have been hard hit. Those typically are areas farther out and areas that really had over-inflated prices during the bubble. Those areas will recover, too, but it'll take awhile. A good local Realtor can tell you what the effect has been on San Bruno.
So, hopefully that's some frank, honest commentary. Your concerns are legitimate. You have to investigate the particular geographic areas and even the specific condo complexes to determine how much you really have to be concerned about.
Hope that helps.... 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
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
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
It's actually one of the better areas of San Bruno. Nice weather too. It's also close to the Bayhill Shopping Center. I used to live in Mills Park for over 15 years. If you have any questions, feel free to wrtie or call.
For the schools, visit www.greatschools.com. If you have a young child, El Crystal is a good school.
Very simple process, first you need a pre approval letter from a qualified lender, verification of funds, approximate purchase price so one can locate a property for you, and another thought, don't just limit yourself to a foreclosed home, there are some great buys out there. How do you feel about purchasing a short sale, (a property where the loan amount is higher than the value) the process is longer, and sometimes in the end you don't end of with the property, however in San Bruno there are a few of those on the market right now.
You will want to work with a seasoned agent who can quide you thru the process. Last final thing you need is patience, with everything in life that is good, one needs to be patient.
Good luck to you and if you are not currently working with a seasoned and successful agent, please feel free to contact me. I would love to move you into your next home.
#! Producing Agent
Web: http://www.SFPeninsulaHomes.com... more
Your budget may be a little too low for that area. I searched for that price range on the MLS and there are none. The cheapest active listing in San Bruno is listed at $344,900 and that's an REO. For the neighboring cities, the cheapest is in Daly City for $299,000. If you're really set on that price, you have to consider looking a little farther such as Redwood City - the cheapest is at $217,000 or the east bay if you don't mind crossing the bridge.
If you're not working with a realtor, please let me know if I can assist you.
E-mail: firstname.lastname@example.org... more
Are you married ? The reason I ask this queston is it depends on the income
you have and also your partner. ....my recommendation is to talk to a loan officers
he will tell you if you are qualified or not....if you are buying are you going to occupy.?... 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.
Dave Tap Tapper
Dear Posi Guy
when buying a foreclosure you would want an agent that is experienced in this area, as it is a time consumming project and reguires patience and experience. Also you would want the ability to inspect the property, as many foreclosed homes reguire work, lots of times the previous owners have removed appliances, bathroom fixtures, light fixtures etc..... Also most important, have loan approval and be ready to go. these banks will not carry the financing. If you have any further questions, feel free to give me a call or if you are not working with an real estate agent, I would love to represent you in this transaction.
# l Producing Agent
direct line: 650-403-6225
Web : www.deniselaugesenteam.com... more
As of this time, there are no available 1 bedroom units located on the first floor. There are a couple of units over at Peninsula Place that you may be interested in viewing. To gain MLS access you may log onto my website at www.MVE2DAY.com to keep track of any 1 bedroom units that may become available. If you would like to view some first floor 1 bedroom units in other complexes as well or have additional questions, I would love to assist you. You can contact me at 650 291 4996.... more