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Category: Buying A Home

Buying A Home

What to Inspect During a Home Inspection

Your inspection contingency period is your time as the buyer to perform all the due diligence required to move forward comfortably with the sale. In our current market in Oakland and the East Bay, it’s common for this contingency to be waived, yet I don’t recommend it. The contingency period protects you and allows you to back out of a purchase should troubling information about the home be raised. Timing In fast-paced markets like ours, this period may last anywhere from zero days up to 14 or so after entering into a contract to purchase. Because timing is tight, due

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Buying A Home

5 Reasons to Get Pre-approved with Multiple Lenders (It’s Not About the Best Rate!)

Many clients ask whether they should work with multiple lenders when planning on purchasing a home. My advice is that, like most do with real estate agents, interview a handful but choose to be loyal to and work with one throughout the process. Speed The reality of the market in the East Bay is that the strength of your lender impacts the strength the offers you make on properties. A strong lender can make the difference between acceptance and not. This is because the lender is the primary factor in how long it takes to close. For most sellers, time

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Buying A Home

Why do I need to order my own inspections if the seller already provided some?

In Oakland, Berkeley, and surrounding areas it is very common in our current market for the seller to provide inspections to all prospective buyers. Sellers do this to provide transparency into the condition of the property and attract offers without an inspection contingency. And in many cases it works.  When sellers provide a complete disclosure packet, buyers are more likely to accept the condition of the house without performing their own further inspections. I see buyers waive further inspections even when the seller’s report specifically says to have a specialist look at something (a foundation, for example).  It is my

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Buying A Home

Why should I invest in real estate?

I love talking about investing in real estate with new or first-time investors in Oakland. What’s cool about real estate is that it nearly always fits investors’ goals and should become part of an investment strategy. It’s usually some combination of five main reasons: cash flow, appreciation, equity, leverage, tax benefits. Cashflow Real estate as an investment often produces income through rent. After subtracting expenses and mortgage payments, you’re left with cash flow. It’s a good thing. I love it and you will too.  Appreciation Appreciation is the increase in value. This is where much of the wealth in real

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Buying A Home

What is a disclosure packet?

If you’re shopping for a house in Oakland, Berkeley, or much of the East Bay, you’ve probably looked at houses that come with a giant binder or packet of information full of all sorts of things you may or may not want to know. This disclosure packet is typically serving three roles: seller’s duty to disclosure, agent’s disclosure and disclaimers, and upfront reports and inspections. Seller’s Duty to Disclose First, the disclosure packet is meant to satisfy the seller’s statutory duty to disclose material facts affecting the property. This is usually done through three official forms, the Transfer Disclosure Statement

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Buying A Home

What Credit Score Do I Need To Buy A House?

Three digits. They may be all that is standing between you and your own home or continuing to rent. Known as your “credit score,” those digits reflect how risky it will be to lend you money. The score may also impact other aspects of the homebuying process as well.   How your credit score is calculated The road to your credit score, also known as a FICO® Score, begins with the credit reporting agencies. Known as “the big three,” they include Equifax, TransUnion® and Experian®. The information the agencies collect ends up in the hands of the Fair Isaac Corporation

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Buying A Home

First-Time Homebuyers in Oakland: 3 Things to Consider

Most homeowners can clearly recall that moment it became clear that they could, and would, buy a home. Ditching the landlord is a dream of many and when you can see that dream – grasp it – it’s intoxicating. It’s easy to jump right into the process and let the cards fall where they may, but it’s not wise. There’s a system to buying a home, and those that are successful follow the steps. Before you jump online to look at homes for sale, start with the basics: the 3 basic things you need to buy a home in Oakland.

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Buying A Home

This is what happened when I started investing out of state

When I tell people that I invest out of state, the response is typically “where?” or “why?” with a heavy dose of incredulousness in their voices. My wife and I live in Oakland, CA, and we started investing out of state about 18 months ago. In the fall of 2017, we purchased 6 units in Huntsville, AL. Huntsville isn’t well known and doesn’t have the allure of a smoking hot real estate market or a gleaming skyline with well known logos at the top of each building, but we learned about the city and its economy, spoke with brokers and

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Buying A Home

Real Estate Lingo Deciphered: What’s a “Comp?”

From Ikea product hacks to painting kitchen cabinets and refinishing countertops, Americans are absolutely hooked on the DIY craze. There are some things, however, that only a pro should tackle and that includes determining a home’s current market value. In fact, a National Association of Realtors’ survey of for-sale-by-owners found that determining an accurate price for their home was the homeowner’s most challenging task. Pricing your home too high or too low are both disastrous to your pocketbook. Real estate agents and professional appraisers pretty much use the same process to determine a home’s market value. The purpose behind the

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Buying A Home

Selling Your Home in Oakland: Tips & Tricks

There are two phases of the home selling process that throw most homeowners for a loop: The home inspection and the appraisal. Both can have a major impact on the home’s market value and, thus, how much money can be realized from the sale. Repairs suggested on the home inspection report can be negotiated between the buyer and seller. While both can break the sale, the appraised value isn’t something you can negotiate. This is why it’s so important to work with a real estate agent to determine the current market value of your home. Then, do everything you can

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