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New Paint Rule for Pre-1978 Properties

Tuesday, June 15th, 2010

Effective April 22, 2010, for all pre-1978 properties, painter must be EPA trained and certified. Painter must also provide the homeowner or occupant (tenant) with an EPA pamphlet entitled “Renovate Right: Important Lead Hazard Information for Families, Child Care Providers, and Schools.”

Exceptions are :

• If the property is painted by the homeowner
• Repairs disturb less than 6 sq ft of painted surface per intioer room
• Repairs disturb less than 20 sq ft of painted surface on the exterior.

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677 Woodmont, North Berkeley Sunday Open 5/16 2-4:30 pm

Saturday, May 15th, 2010

I will be at 677 Woodmont on Sunday, May 16 from 2-4:30 pm.

3 bedroom/2 bathroom house in Berkeley Ridge (drive north on Marin, left on Grizzly Peak).

This is a perfect house for someone looking for peace, tranquility, and country-living. However, you only have to drive down the hill and turn left to Solano Avenue or right to Hopkins to be in the midst of shopping and restaurants. House is close proximity to the Tilden Regional Park.

The kitchen opens out to a multi-tiered deck and backyard with myriad of possibilities. Imagine yourself having a cup of coffee sitting out on the deck, grilling barbecues with friends, or planting vegetables and flowers.

Price $749,000.

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Sewer Lateral Program Coming Soon to Oakland, Emeryville, Piedmont

Saturday, April 24th, 2010

Many cities like Alameda, Albany, Berkeley, and Kensington already have a sewer lateral ordinance in place. Beginning January 1, 2011, Oakland, Emeryville, and Piedmont will also require a sewer lateral ordinance. This will require homeowners to obtain a compliance certificate:

• prior to selling the property;
• when obtaining a permit for construction or modification of propertyat $100,000 or more in value;
• Upon increasing or decreasing the size of a water meter

Each city may add more restrictive changes to the above compliance.

Waste water treatments are overwhelmed during rainy season when rainwater enters the treatment facilities through cracked pipes leading to release of raw and partially treated sewage into the Bay. The program is to keep San Francisco Bay healthy by requiring inspection and repair of cracked sewer pipes.

For more information, go to EBMUD.

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Financing your home in today’s environment

Monday, April 19th, 2010

The rules for getting mortgages has changed and if you don’t know what they are now, you might not get the mortgage you want.

Over the past few years, it seems as if the whole country has been turned upside down. People who thought they were secure have lost their jobs and become unable to afford their mortgage payments, Adjustable Rate Mortgages have adjusted and lenders have taken their standards way up in an effort to compensate for all the previous losses. For many, the idea of getting a residential mortgage right now is almost out of the question, but many others are aware that they may be able to get a real bargain on real estate now and are ploughing ahead with their efforts to gain financing. If this sounds like you, then you’ll need to know the new rules to gaining the financing you need so that you don’t find the lending doors closing in your face.

Credit is key
In the past, if you had less than perfect credit, you could probably still obtain the financing you were looking for. Now, however, lenders might not even look at you if your credit score is lower than 700. Plus, it has to have been that high for a while, so this should be your first step when getting things in order so you can get your mortgage.

• Never use more than 30% of your available credit or lenders might think that you’re becoming overextended
• Don’t close old accounts; keep them open, but don’t use them. When you close the accounts, your credit score can suffer.
• The lower the amount of money you owe on your financial obligations, the better, so bring down the balances on your debts as early as possible so potential lenders don’t balk at how much money you owe to creditors already.

What sort of down payment do you have?
Believe it or not, the size of your down payment can make a big difference in how easy it is for you to obtain your mortgage, so it’s important to keep this in mind. Many experts feel that the age of “no down payment” is past and now it’s time to begin saving and planning well in advance.

Remember that many lenders really got burned when they offered low or no down payments because the housing market in many areas tanked, leaving homeowners with little or no equity to fall back on. This has caused more and more lenders to accept short sales in an effort to get some of their money out of properties. For you as a prospective property buyer right now, this means that you’ll have to guarantee that you can afford to put about 20% down in most cases.

The type of loan will make a difference
It’s also important to remember that the type of financing you get will really make a difference. If you’re purchasing for a quick turnover and are confident this will happen, you may still be able to qualify for a balloon or ARM mortgage, however, if this isn’t the case, your most likely chances of getting a mortgage will be if you apply for a fixed rate loan stretching over the course of 15-30 years in most cases.

How to get started
If you are confident that you can obtain your residential financing, then there is no better time than right now to get started. The first thing you should do is contact a mortgage broker, who can help you to get the financing you need and walk you through the qualification and applicatin process step by step. Your broker will also be able to explain everything in terms which you can understand and help you to explore your best financing options.

The next thing you need to do is consider what type of residential properties you’re interested in. Are you looking for a home for yourself or is this more for rental properties? Remember, if you have more than four units, you’ll need to get a commercial loan.

Then it’s time to choose a property. This is the fun part for many, however it’s important that you make sure to have your financing in place and pre-approved before you begin hunting, because nothing puts a damper on property shopping like finding out your financing fell through.

Tags: finance options, home finance, real estate financing
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$18,000 in Combined Homebuyer Tax Credits for a Limited Time

Wednesday, March 31st, 2010

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.

Information provided by California Association of Realtors

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California Frist-Time Home Buyer Tax Credit

Monday, March 29th, 2010

Governor Schwarzenegger signed AB 183 providing $200 million for home buyer tax credits. The bill allocates $100 million for qualified first-time home buyers who purchase existing homes and $100 million for purchasers of new, or previously unoccupied, homes.

Eligible taxpayers who close escrow on qualified principal residences between May 1, 2010 and December, 31, 2010, or who close escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit. This credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. Under the bill, purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state). Buyers also must be at least 18 years old and be unrelated to the seller. First-time buyers are defined as those who have not owned a home in the past three years.

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Tax Credit for First Time Homebuyers and Existing Homeowners

Sunday, November 8th, 2009

As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.

Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Source: California Association of Realtors

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First-Time Home Buyer Credit Ends 11/30/09

Saturday, September 26th, 2009

First-time home buyer credit ends November 30! This means that home purchase must be completed by November 30th to to be eligible for the tax credit. Since escrow typically takes 30-45 days to close, you should be in contract by mid-October. Tomorrow’s a beautiful day to check out homes. Email me if you want a Sunday open house guide.

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North Oakland Qtr 1 Comparisons

Wednesday, April 29th, 2009

Homeowners want to know how the housing market is faring. Compared to the previous year, I feel that we’re on an upswing. The first quarter of this year, seven homes sold in North Oakland. The median listed price was $408k, but the actual median sold price was $473k. That’s a 16% increase. I also want to point out that one of them was a flip. 658 Fairview sold for $473k back in January 9, 2009 then made gorgeous and resold for $697k. Wow!
Lastly, 4 of the lowest sold homes, ranging from $170k to $473k, were fixers. The 3 homes that sold between $515k to $697k were move-in ready.

So what’s currently available on the market? There are 4 homes for sale ranging from $275k to $456k. They are homes that need a bit of elbow-greasing, therefore priced accordingly. One of them is 5723 MacCall St. It’s a cute 2 bedroom/1 bathroom house that’s listed for $300k. It needs work, but for the price, it’s worth checking out.

Any questions?

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Sunday Open House: 66 Eureka, Kensington

Sunday, March 29th, 2009

Please come by 66 Eureka today, March 29, 2-4:30 pm. This is a 4 bedroom, 2 bathroom house in the Kensington Hills with a peek of the bay. It retains many charms of an older house, but updated for today’s living. The house is on one level, so no need to traipse up and down the stairs. It has a wonderful deck and gardens for entertaining, gardening, and just plain hanging out.

The house square footage is 1938, the lot size is 7200 sq ft. *

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