Finally, a website has come along that aggregates demographic data including census data, and research data to provide a picture of a community.  Take Foster City for instance.  I ran a report on this city and some of the information being provided includes General Lifestyles, Neighborhoods, Schools, and Crime.  The website is PicketReport.com and as someone who has always loved data, this site is cool.  The picture on the left is a heat  map of the demographics in our immediate area.

According to the PicketReport, Foster City is made up of Flourishing Families (affluent middle-aged families and couples earning prosperous incomes and living very comfortable active lifestyles).  Foster City has a high walk-score, high school scores, and almost no crime.  Now, this is a lot of the data I can legally give about Foster City and do, but it also drills down further about the demographics, which is the stuff I can’t legally give.

If you’re a data wonk, and want to know more about the communities around Foster City such as San Mateo, Hillsborough and Burlingame, this will give you the info all in one place.  You will love this site if you are in marketing.  It’s not 100 percent accurate but it does give you an idea of what our communities are all about in one place.  The ask you to sign in but if you register I don’t see any value to you as the end user.  You can get your snap shot of the zip code you’re interested in without registering.

It’s a free service and you can get the information by zip code just keep in mind it isn’t totally perfect.  Then again, almost nothing is perfect, is it?

Here’s what’s for sale in Foster City today.

Showing properties 1 - 7 of 7. See more city of Foster City real estate.
(all data current as of 2/11/2012)

1. $1,179,000 : 269 Avocet Ct, Foster City
   
   5 beds, 3 full baths

   Home size: 2,690 sq ft

   Lot size: 6,630 sq ft

   Year built: 1969
   
2. $869,000 : 632 Matsonia Dr, Foster City
   
   4 beds, 2 full baths

   Home size: 1,760 sq ft

   Lot size: 5,320 sq ft

   Year built: 1964
   
3. $999,990 : 850 Gull Av, Foster City
   
   4 beds, 2 full, 1 part baths

   Home size: 2,160 sq ft

   Lot size: 5,320 sq ft

   Year built: 1966
   
4. $1,529,000 : 1001 Monterey Av, Foster City
   
   3 beds, 2 full, 1 part baths

   Home size: 2,170 sq ft

   Lot size: 8,540 sq ft

   Year built: 1978
   
5. $975,000 : 54 Port Royal Av, Foster City
   
   3 beds, 2 full, 1 part baths

   Home size: 1,890 sq ft

   Lot size: 6,798 sq ft

   Year built: 1985
   
6. $1,189,000 : 760 Coronado Ln, Foster City
   
   3 beds, 2 full baths

   Home size: 2,110 sq ft

   Lot size: 4,857 sq ft

   Year built: 1977
   
7. $849,000 : 921 Swan St, Foster City
   
   5 beds, 3 full baths

   Home size: 2,540 sq ft

   Lot size: 5,700 sq ft

   Year built: 1966
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Things Not to Do When Buying a Home

Here are Ten Things a future Home Buyers Should Never Do Before Closing on a Home.  If you do any one of them, it could cause a huge delay in your closing.  Lenders are very tough on borrowers today and they check and double check your credit and work history prior to lending.  They don’t like surprises and you shouldn’t give them any.

The process is well underway for buying your new home. You’ve made the offer and the sellers have accepted it.  Your escrow has been opened. You’re counting the days until you close escrow and get the keys to start to make the house your home. Your lender pre-approved you and sent your application through underwriting, so buying the house is a sure thing, right?

Not quite. Nothing is certain until the keys are in your hand and the deed is recorded. There are still hurdles to get past before it’s yours, and your actions between now and closing can create headaches, slowdowns and even stop the transaction. Yes, stop the transaction cold.

1. Don’t Make a Major Purchase of ANYTHING without talking to your lender first

You’ve just found out your credit is A+. That’s great news, because a new car would look fantastic in the driveway of your new home. But hang on–if you are depending on a mortgage to move in, you’d better wait until after closing to buy that car.

An increase in your debt to income ratio reduces the amount of monthly income available for your mortgage payment.

If you tack on a higher car payment, the bank might decide you can’t afford the home.

Using cash to purchase the car could also create a problem, since banks consider cash reserves when approving your mortgage. If you must make a major purchase before closing, talk to your loan officer before you do it.

2. Don’t Change Jobs Unless It’s Necessary

Lenders like to see a consistent job history. They didn’t used to be nervous if you changed jobs within the same field, but it’s better to stay put until the house is yours. If you do need to change your job, your escrow will slow down while the lender waits to see four (4) pay stubs to make sure your new income will allow you to still purchase that home.  That slow down could effect not only your seller but others if the seller is buying a new home, too.  The seller could ask you for additional funds because of the delay.  Don’t do it unless it’s absolutely necessary.

3. Don’t Give an Earnest Money Deposit Directly to a For-Sale-By-Owner Seller

Your good faith deposit should go into a trust account. Some for sale by owner sellers don’t understand that funds are not their’s to spend until closing. The only place a trust account should sit is with a Title & Escrow Company.  Escrow Companies are neutral third parties to a purchase and they take their instructions from the buyer and the seller.  They are impartial and if you buy that For-Sale-By-Owner home write your deposit check out in an escrow company’s name only.

I’ve heard many stories about sellers who spent the deposit money prior to closing. When the transactions didn’t take place for valid reasons–such as financing or repair issues, the buyers had to fight for a refund.  That can’t happen when the funds sit in an escrow account.

Find an attorney or escrow company who will hold the deposit for you until closing day and make sure your contract dictates what happens to the funds if the transaction doesn’t close.

4. Don’t Let Your Emotions Take Over

Keep a cool head during the entire home buying process, especially during and after a home inspection. Be realistic. No home is perfect, especially older homes. It’s not unusual for new owners to take care of some repairs themselves. Don’t let the seller’s refusal to do a small repair kill the deal on a home you truly love.  Realors are able to negotiate for things you might not be able to do so ask your agent if some things are possible and let them work on it.

On the other hand, don’t fall so much in love with the house that you’ll buy it no matter what needs to be done–unless you’re sure you can handle it emotionally and financially. Decide what type of repairs you can realistically tackle, then stick with the decision.

5. Don’t Forget to Switch Utilities

That sounds simple, but you’d be surprised how many people forget to apply for utility service at their new home. Call the utility companies as soon as you have a contract. Find out how many days lead time they need to switch the service, then get back with them when you have a firm closing date.

Don’t forget to discontinue services at your old home.  That doesn’t mean to shut off utilities it means to make sure the new owner’s have their name on the bill from the day of closing forward.  If they haven’t done this call your Agent to help.

6. Don’t Forget to Line Up Your Fire & Hazard Insurance

A no-brainer, right? But it’s another often-forgotten task that buyers scramble to take care of at the last minute. Before closing, your lender will want to see an insurance binder showing you have coverage for the new home. Get it as early as possible so that closing isn’t delayed.  Your Escrow Officer will need the name of your Insurance Agent for her files, too.

In some locations, additional types of insurance coverage might be necessary such as Flood Insurance. Talk to your lender about insurance requirements well before the closing date.

7. Don’t Become Best Friends with the Seller

I’ll get some flack on this one. It’s great to be friendly, but don’t get into too many long discussions with the sellers, because personality conflicts often cloud judgments.

Remember, this is their home. You’re excited about moving in, and if you didn’t like the house you wouldn’t have offered to buy it. But you’ll make changes–everyone does. A casual statement about “ripping up that ugly carpet” might be hurtful enough to keep the seller from negotiating with you about repairs or other issues that crop up.

8. Don’t Panic if the Appraisal Comes in Low

At least not at first. There are some things you (and your agent) can do to correct the problem. Study your options and talk with your agent about the best things to do. Today it’s very difficult for an Appraiser to do his/her job with prices dropping significantly in some areas.  If your appraisal comes in really low, you can ask for a second appraisal from a second person.  Appraising is not done with computers so everyone doing it does it a little differently.  Lenders are also asking for sales comparisons closer to your purchase date and that isn’t always easy to provide today.

9. Don’t Go It Alone

If you’re working with an agent, it’s the agent’s duty to track many of the day to day details that involve the lender, the seller, or the seller’s agent. Be sure your agent schedules a final walk-through just before closing. At this final walk-through make sure everything is the same as it was when you made your offer.  It is the Seller’s responsibility to keep their home the same all during the escrow period.  If it isn’t, this is the time to find out, not after you own it.

Should you find additional problems during this walk-through, it’s not too late for additional inspections and negotiation with the seller.

10. Don’t Ignore Lender Requirements

Know what is expected of you and take care of it. For instance, a Certificate of Eligibility is required to move forward on a VA loan. That’s something you must handle yourself. Answer your lender questions and make sure that you provide required paperwork as quickly as possible–moving into your new home depends on it.

Your lender will call your employer to verify your employment.  They are likely to do this several times so don’t be surprised.  The lender talks with HR if you work in a large company or with your boss if it’s a small company.  The lenders do this to make sure you are still employed before giving you your loan.  They expect you to be able to pay them back and being employed is a large part of this.

If you follow these 10 things during your escrow period, you’ll get those keys and own your new home without any hiccups.

1. Types of homes. Choose the type of home that is the most appealing yet practical for you. In addition to single family homes, there are townhouses, multi-family homes and condominiums. Multi-family homes are often good for first time home buying because they can have rental income to help with their mortgage.

2. Budget and investment considerations. Find a balance between your needs and wants and your budget. Decide whether you should buy older home or a “fixer-upper”. In our area there are very few newly constructed homes to select from.  If you know you will sell your home in the future, the following are best for re-sell value:

• Homes with 3 or more bedrooms; condos with 2 or more
• Homes with “curb appeal” always sell best
• Homes that are NOT unusual or unique and not the most expensive on the block
• Homes in top school districts

3. While house-hunting you will probably look at many homes for sale, so keep careful and complete notes and compare.

4. When you finally find your dream home, don’t hesitate! If you snooze, you may lose!

1. Decorate your home festively, but don’t go overboard and cover up important features. Also, put treats out for buyers and crank up the heat for a cozy winter escape.
2. Post top-quality photos and videos of your house on the web. Many buyers do their shopping from the warmth of their homes when the weather is bitter.
3. Make sure your curb appeal is striking! Keep fallen leaves raked and neatly groomed.
4. Get yourself a reliable real estate agent and seek out serious buyers such as work re-locators.
5. As always, price to sell!!

Don’t confuse appraisals with inspections! An appraisal is for a lender to estimate the value of the home, and to make sure it meets minimum FHA standards. The FHA does NOT guarantee the value or condition of your would-be new home. If you find problems with your home after closing, don’t expect the FHA to help. It’s your responsibility to inspect the home for problems before closing.

Although radon gas isn’t a problem in San Mateo County,  testing is recommended for all houses by the EPA and the Surgeon General of the United States. For more information on radon testing, call the National Radon Information Line at 1-800-SOS-RADON, or 1-800-767-7236.

In our area, inspections are generally done before the sale by the seller.  If they don’t do this then you will need to do this after ratifying a contract and having an inspection clause signed as a contingency of sale.   By doing this, your contract will require that the completion of the home sale depends on the inspection.

The good news is that BMR units, that’s Below Market Rate units are included in this program!  This condo property is really beautiful and the condos are done with all of the bells and whistles you’d hope to find in a high-end property.  They’re close to the transit hub in Millbrae for CalTrain or BART commutes.

Here are the Rules.

1.  If you intend to buy a unit you need to download an application for this program here.

2. Be Pre-Approved for a loan before you apply for this program but make sure your lender is aware of this program and has seen the application.

3. Go to 151 El Camino Real in Millbrae and pick your new home.

4.  Sign the contract for the purchase.  If you need a Realtor to represent your interests, and I suggest you have one, call us.

5. You also must bring your application, which has been filled out in full, along with you when you’re ready to buy your new condo.  Make sure you have made a copy of it to give to your lender.

6. Once you’ve been approved by your lender, you must notify Belamor Millbrae Paradise that the loan underwriter has approved you so they can proceed with the paperwork with the City of Millbrae.  The City will deposit $15,000 into your escrow account.  You will not be able to choose the title and escrow company for your purchase so be prepared to work with the company Belamor Millbrae Paradise has selected.

7.  Once you have signed all paperwork at the Title company, and have been notified that you are on record with the County of San Mateo as the home owner you then go to the sales office of Belamor Millbrae Paradise to get your keys and a home warranty.

This really is the first home assistance program I’ve seen in several years.  Don’t expect the offer to last long.  Once the amount of money Millbrae has set aside for it is used up, you’ll be out of luck.

If you need help with this contact us.

A new listing is always something to talk about and we’re no exception in wanting to tell you about this one.  Burlingame  California is a community sought after by families for many reasons.  Weather.  Schools.  Location.  Community.  Charm.  This home is full of charm, and situated in the best Burlingame location possible.  It’s on a flat lot about two blocks from downtown, making it an easy stroll down to “The Avenue” for coffee, dining, shopping or just taking a walk.

Presenting 1612 Ralston Avenue. Located in the best neighborhood in Burlingame (in my opinion although I’m sure there will be a fight about that from Easton Edition residents) because it is walking distance to downtown, the train, and Burlingame High School.  This home’s elementary school is McKinley School, and McKinley offers an exciting program no other Burlingame elementary school offers and that’s a Spanish emersion program.

We’ve all found ourselves in a house at one time or another that draws you in with it’s ambience and this is one of those special homes.  This wonderful family home originally was a 1921 bungalow and has been added on to and remodeled into a twenty first century home with heart and soul.  Four Bedrooms, three baths, large formal living room and dining room plus a great room with a cook’s kitchen large enough for more than one cook, an attached family dining area and large family room.  This room  features French Doors out to the slate patio in the back of the lot.This is the perfect home for someone down sizing.  This is a perfect family home, whether your children are young or school aged.  The way this home is laid out everyone has their own space as well the family space.

Shown by appointment only we are happy to show it to you but you must contact us yourself or have your agent give us a call.  Burlingame offers perfect weather.  Great schools.  Easy commutes to the City, South City if you’re in the biotech industry, or Silicon Valley.  You’re a hop skip and jump to SFO for travel.  Don’t like driving?  Take CalTrain to work.  If you aren’t happy with the schools your children have now, look no further than Burlingame.

We're sorry, but we couldn't find MLS # 81137129 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Congratulations on the purchase of your new home! Now, for the next challenge: moving. I’ve talked about how to go through all of your “stuff” and pare things down over the years so do a search for my tips. Hold that last Garage Sale for your final clearance and sell, sell, sell everything.

Next comes your move. Are you packing yourself or are the professionals doing it for you? If you’re doing it yourself, the following is a list of materials you’ll need. Moving companies and overnight mail businesses can furnish these, as well as specialized items including wardrobe boxes for clothing and heavy-duty boxes for china and other breakables. Liquor and computer stores also are good sources for sturdy boxes. Craigslist is a great resource for moving boxes, too.

Start collecting the following materials:

• Boxes of all sizes
• Plastic bags
• Non-shredded newspapers
• Packing tape
• Markers
• Bubble wrap
• Tissues paper
• Industrial Shrink Wrap

A few guidelines on How to Pack:

• Cushion the bottom and sides of boxes first
• Packed items should not exceed 30 pounds
• When packing, go room by room it will make unpacking easier
• Begin your packing as early in the
  moving process as you can it will take longer than you think at a time
  when you’ll be busy with many other concerns
• Label all boxes by item and where in your new home they should be placed
• Pack heavy items in smaller boxes and lighter items in larger boxes
• Thoroughly wrap your breakables in
  newsprint paper, paper towels or clothing, placing them in dresser
  drawers, containers with lids, large cans, etc.
• Fill your refrigerator and washer and dryer with clothes, linens and other light objects
• Tape cords underneath all electrical appliances
• Don’t tape furniture, doors and
  drawers, as tape can cause damage; instead, use rope, elastic or long
  strips of fabric to secure furniture
• If you have children, let them feel they are a part of the process by helping them pack their toys

Finally, it’s moving day…

Fill one box with moving-day essentials like paper plates, a coffee maker and coffee, hand tools and extension cords, a bucket, rags, soaps and paper towels. You may also want to set aside a few days’ worth of clothing, food and other essentials you’ll need prior to arriving at your new home and prior to unpacking. Make sure there is a big, bright label telling the movers to Load Last and Unload First on it. Hopefully they will. Off will come all of your essentials for easy access in your new home.

Here’s what’s for sale in Burlingame right now:

Showing properties 1 - 30 of 34. See more city of Burlingame real estate.
(all data current as of 2/11/2012)

1. $1,749,500 : 2827 Hillside Dr, Burlingame
   
   3 beds, 4 full baths

   Home size: 2,990 sq ft

   Lot size: 12,096 sq ft
   
2. $879,000 : 209 Channing Rd, Burlingame
   
   2 beds, 1 full bath

   Home size: 1,620 sq ft

   Lot size: 5,750 sq ft
   
3. $1,295,000 : 1138 Douglas Av, Burlingame
   
   3 beds, 2 full baths

   Home size: 1,500 sq ft

   Lot size: 5,544 sq ft
   
4. $2,550,000 : 3066 Hillside Dr, Burlingame
   
   4 beds, 4 full baths

   Home size: 4,200 sq ft

   Lot size: 10,640 sq ft
   
5. $1,595,000 : 2673 Martinez Dr, Burlingame
   
   4 beds, 3 full baths

   Home size: 2,100 sq ft

   Lot size: 11,650 sq ft
   
6. $799,000 : 418 Dwight Rd, Burlingame
   
   2 beds, 1 full bath

   Home size: 1,140 sq ft

   Lot size: 5,000 sq ft
   
7. $999,950 : 1248 Capuchino Av, Burlingame
   
   3 beds, 3 full baths

   Home size: 1,897 sq ft

   Lot size: 6,000 sq ft
   
8. $1,295,000 : 1512 Ralston Av, Burlingame
   
   3 beds, 1 full, 1 part baths

   Home size: 1,990 sq ft

   Lot size: 7,896 sq ft
   
9. $2,120,000 : 1506 Vancouver Av, Burlingame
   
   5 beds, 4 full, 1 part baths

   Home size: 3,000 sq ft

   Lot size: 6,000 sq ft
   
10. $1,199,000 : 1785 Hunt Dr, Burlingame
    
    4 beds, 3 full baths

    Home size: 2,200 sq ft

    Lot size: 10,730 sq ft
    
11. $1,995,000 : 1612 Ralston Av, Burlingame
    
    4 beds, 3 full baths

    Home size: 2,803 sq ft

    Lot size: 8,050 sq ft
    
12. $699,000 : 1532 Barroilhet Av, Burlingame
    
    2 beds, 1 full bath

    Home size: 1,000 sq ft

    Lot size: 3,100 sq ft
    
13. $1,675,000 : 1407 Montero Av, Burlingame
    
    4 beds, 3 full baths

    Home size: 2,615 sq ft

    Lot size: 6,100 sq ft
    
14. $1,458,000 : 1551 Los Montes Dr, Burlingame
    
    3 beds, 2 full baths

    Home size: 2,800 sq ft

    Lot size: 8,052 sq ft
    
15. $1,158,888 : 1500 Alturas Dr, Burlingame
    
    3 beds, 2 full baths

    Home size: 1,590 sq ft

    Lot size: 9,000 sq ft
    
16. $1,298,000 : 2928 Hillside Dr, Burlingame
    
    3 beds, 2 full, 1 part baths

    Home size: 1,825 sq ft

    Lot size: 6,900 sq ft
    
17. $2,800,000 : 16 Davis Ct, Burlingame
    
    5 beds, 4 full baths

    Home size: 5,000 sq ft

    Lot size: 31,000 sq ft
    
18. $1,949,000 : 10 Tiptoe Ln, Burlingame
    
    5 beds, 3 full baths

    Home size: 3,260 sq ft

    Lot size: 25,375 sq ft
    
19. $2,575,000 : 1116 Drake Av, Burlingame
    
    5 beds, 4 full, 1 part baths

    Home size: 3,065 sq ft

    Lot size: 7,560 sq ft
    
20. $618,888 : 1493 Oak Grove Av, Burlingame
    
    2 beds, 1 full bath

    Home size: 1,190 sq ft

    Lot size: 4,280 sq ft
    
21. $733,000 : 1491 Oak Grove Av, Burlingame
    
    2 beds, 2 full baths

    Home size: 1,300 sq ft

    Lot size: 4,360 sq ft
    
22. $2,850,000 : 3004 Hillside Dr, Burlingame
    
    5 beds, 4 full, 1 part baths

    Home size: 4,500 sq ft

    Lot size: 11,250 sq ft
    
23. $1,595,000 : 1361 Vancouver Av, Burlingame
    
    4 beds, 3 full baths

    Home size: 1,830 sq ft

    Lot size: 6,000 sq ft
    
24. $1,778,000 : 2417 Hale Dr, Burlingame
    
    4 beds, 3 full, 1 part baths

    Home size: 2,640 sq ft

    Lot size: 4,950 sq ft
    
25. $1,899,000 : 1465 Drake Av, Burlingame
    
    4 beds, 4 full baths

    Home size: 2,718 sq ft

    Lot size: 6,000 sq ft
    
26. $3,499,943 : 5 La Strada Ct, Burlingame
    
    6 beds, 4 full, 1 part baths

    Home size: 6,325 sq ft

    Lot size: 11,778 sq ft
    
27. $639,000 : 104 Peninsula Av, Burlingame
    
    4 beds, 3 full baths

    Home size: 2,030 sq ft

    Lot size: 5,136 sq ft
    
28. $1,895,000 : 165 Tiptoe Ln, Burlingame
    
    4 beds, 3 full baths

    Home size: 3,880 sq ft

    Lot size: 14,747 sq ft
    
29. $1,299,000 : 1530 La Mesa Dr, Burlingame
    
    3 beds, 2 full baths

    Home size: 1,640 sq ft

    Lot size: 12,829 sq ft
    
30. $2,195,000 : 23 Tiara Ct, Burlingame
    
    5 beds, 5 full, 1 part baths

    Home size: 3,940 sq ft

    Lot size: 12,911 sq ft
    

Listing information deemed reliable but not guaranteed. Read full disclaimer.

The home financing industry continues its turbulent trajectory

Conforming home loan limits are scheduled to decrease on October 1, 2011 from $729,750 to $625,500.  What does that mean for you?  Your home affordability will diminish.  A lot. With a 20% down payment, the price range for a home buyer using a conforming loan will drop from approximately $910,000 to $780,000.  The house you want and can afford today will be out of your reach by fourth quarter 2011. Unless you act now.  The Housing Economic and Recovery Act of 2008 (HARA) temporarily increased the conforming loan limits to increase the housing market recovery.  In high cost areas, like ours, HARA stipulates that government sponsored entities (GSE) can temporarily make loans up to $729,750.  This temporary increase of loan limits allowed families to buy homes in our high cost area with conforming loans.  This will not be the case too much longer because the United States Department of the Treasury and the US Department of Housing and Urban Development (HUD) issued a report to Congress in February, recommending and encouraging Congress to let the temporary conforming loan limits expire on October 1, 2011.  This isn’t an issue for most parts of the Country, but to us in Fantasy Island, my pet name for our area, it’s a huge issue.

Jumbo Loan programs aren’t there any longer

We just don’t have the loan programs available for Jumbo loans that were available several years ago.  Jumbo loan interest rates tend to be higher than rates for conforming loans.  The $130,000 loss of buying power is huge to our market so for this reason alone, you should be active in the real estate market.

If you need financing with a loan amount between $625,500 and $729750 to either purchase a one to four unit residental property or refinance an existing loan secured by a one to four unit residential property, you may want to secure your financing prior to September 30, 2011.  Jed Thibodeau, with Banker’s Preferred in Burlingame, is our lender of choice and he’s ready to help you.

There aren’t a lot of homes for sale

We are entering the most active time in real estate, the summer market.  We don’t have a huge inventory of homes for sale any more and that means we are seeing multiple offers on the best of the best.  San Mateo County has never seen a large surplus of housing.  In fact, we have a shortage of housing for our communities which is why prices remain high.  If you keep sitting on the fence, expecting prices to drop, you not only won’t see that but you won’t be able to buy as much as you can today.  Short Sales and Foreclosures are around but not in large numbers.  We are here to help you find your new home and the best loan available for you.  We can provide you with the latest information on the housing available for you within your pre-approved budget.  Let’s get started now!  Give us a call.

Here’s what’s currently for sale in Foster City

Showing properties 1 - 21 of 21. See more city of Foster City real estate.
(all data current as of 2/11/2012)

1. $539,000 : 880 Carina Ln, Foster City
   
   2 beds, 2 full, 1 part baths

   Home size: 1,546 sq ft

   Lot size: 840 sq ft
   
2. $699,950 : 1423 Marlin Av, Foster City
   
   3 beds, 2 full, 1 part baths

   Home size: 1,530 sq ft

   Lot size: 1,757 sq ft
   
3. $1,179,000 : 269 Avocet Ct, Foster City
   
   5 beds, 3 full baths

   Home size: 2,690 sq ft

   Lot size: 6,630 sq ft
   
4. $369,000 : 625 Portofino Ln, Foster City
   
   2 beds, 2 full baths

   Home size: 1,395 sq ft
   
5. $675,000 : 740 Promontory Point Ln #3304, Foster City
   
   2 beds, 2 full baths

   Home size: 1,980 sq ft
   
6. $869,000 : 632 Matsonia Dr, Foster City
   
   4 beds, 2 full baths

   Home size: 1,760 sq ft

   Lot size: 5,320 sq ft
   
7. $415,000 : 820 Sea Spray Ln #108, Foster City
   
   2 beds, 2 full baths

   Home size: 1,233 sq ft
   
8. $999,990 : 850 Gull Av, Foster City
   
   4 beds, 2 full, 1 part baths

   Home size: 2,160 sq ft

   Lot size: 5,320 sq ft
   
9. $1,529,000 : 1001 Monterey Av, Foster City
   
   3 beds, 2 full, 1 part baths

   Home size: 2,170 sq ft

   Lot size: 8,540 sq ft
   
10. $640,000 : 1082 Gull Av, Foster City
    
    3 beds, 2 full, 1 part baths

    Home size: 1,460 sq ft

    Lot size: 1,757 sq ft
    
11. $329,900 : 8209 Admiralty Ln, Foster City
    
    2 beds, 1 full, 1 part baths

    Home size: 998 sq ft
    
12. $244,500 : 3106 Admiralty Ln, Foster City
    
    1 bed, 1 full bath

    Home size: 748 sq ft
    
13. $975,000 : 54 Port Royal Av, Foster City
    
    3 beds, 2 full, 1 part baths

    Home size: 1,890 sq ft

    Lot size: 6,798 sq ft
    
14. $652,000 : 1117 Outrigger Ln, Foster City
    
    3 beds, 3 full baths

    Home size: 1,540 sq ft

    Lot size: 974 sq ft
    
15. $255,000 : 7202 Admiralty Ln, Foster City
    
    2 beds, 1 full, 1 part baths

    Home size: 998 sq ft
    
16. $506,902 : 126 Albacore Ln, Foster City
    
    2 beds, 2 full, 1 part baths

    Home size: 1,370 sq ft

    Lot size: 1,875 sq ft
    
17. $1,189,000 : 760 Coronado Ln, Foster City
    
    3 beds, 2 full baths

    Home size: 2,110 sq ft

    Lot size: 4,857 sq ft
    
18. $360,000 : 661 Portofino Ln, Foster City
    
    2 beds, 2 full baths

    Home size: 1,395 sq ft

    Lot size: 1 sq ft
    
19. $439,900 : 2213 Admiralty Ln, Foster City
    
    3 beds, 2 full, 1 part baths

    Home size: 1,505 sq ft
    
20. $849,000 : 921 Swan St, Foster City
    
    5 beds, 3 full baths

    Home size: 2,540 sq ft

    Lot size: 5,700 sq ft
    
21. $499,000 : 764 Comet Dr, Foster City
    
    2 beds, 1 full, 1 part baths

    Home size: 980 sq ft

    Lot size: 1,955 sq ft
    

Listing information deemed reliable but not guaranteed. Read full disclaimer.

]]> http://wilkasgroup.com/loans-will-change-on-october-1-and-your-affordability-will-drop-foster-city-ca/feed/ 0 http://wilkasgroup.com/short-sales-bank-owned-which-is-better-san-mateo-ca/ http://wilkasgroup.com/short-sales-bank-owned-which-is-better-san-mateo-ca/#comments Thu, 06 Jan 2011 12:48:29 +0000 lenorewilkas http://wilkasgroup.com/?p=19609

We’re into the January gloom. Both in weather and in real estate.  Our local market really starts coming to life the end of January and sometimes as late as right after Super Bowl Sunday.  If you’re a serious buyer you already know most of what’s on the market right now is either a short sale or a bank owned property.  If a new listing comes out and isn’t a short sale or bank owned it might be one soon, if they can’t get their price.  January is also one of the two months where prices are the lowest in the year.  Prices begin to go up in the spring.

What’s better to buy?  A Short Sale might be a great way to get a home under market value if you’re willing to wait a little more than normal.  Often though, the wait can be longer than that because the wait is determined by several things.  First, the number of loans on the property you’re considering.  If there’s only one loan this will be a fairly smooth and close to normal transaction for you and the seller.  Two, if there is more than one loan, such as a second and a HELOC (line of credit) and they are with the same bank, it will be longer but not a killer.  Three, if more than one lender is involved, all bets are off and it can take from several months to never.  The banks in second and third position must agree to taking a minimal amount as a payment and many aren’t willing so the force the property into foreclosure.

Buying a Short Sale is really buying all the debt left behind by the seller.  That includes past due property taxes, homeowners dues if they apply, and repairs that are needed to the property to make it inhabitable.  The people selling “short” have gone through extensive proof for the banks to assure the lenders the borrower has no money to pay them.  There are never concessions with the seller in these instances and sometimes additional fees for the buyer to pay for a specialist in negotiating with the banks to make sure the deal closes.

Bank Owned properties, also referred as REO’s, come with their own issues.  The day of getting a great buy below market are gone.  The last time you could really get this was in 2009.  Today bank owned properties are priced about 5-10% below market and the banks will negotiate only if the property has sat on the market for a while.  We are really seeing multiple offers on the houses that are in pretty good condition so prices often move up, rather than down.  Banks often want the buyer to be pre-approved through them and if you elect to use them for your loan, give small concessions for a free appraisal which is a $450 savings and sometimes cut fees for the application.  You are not required to use them.  You can use your own lender.  They used to force you to use their Title and Escrow company but California passed a law outlawing this practice last year so you may use the Title and Escrow company of your own choice.  What the banks are doing now is offering to pay some of the title fees if you agree to use their company.  Sometimes it’s worthwhile and sometimes a nightmare.

Like buying a Short Sale, what you see is what you get with some exceptions.  Some cities have laws requiring banks to bring property into compliance for zoning so the bank will do so.  They must make sure all statewide requirements are met including strapping the hot water heater, new smoke detectors and any other requirements.

If you’re looking at buying a new home in 2011, congratulations on the decision.  Just don’t wait too long.  Interest rates are going to go up.  The window of 4% loans is going to go the way of history and when it does your buying power will have shrunk. Buying a distressed property is an adventure and you should look for an agent who is skilled in handling these sales.  Look for the SFR and CDPE designations with the agent’s name to know they have taken extensive classroom education and ask if they’re experienced in listing and selling distressed property.  You need to be protected by a knowledgable agent.

Here are some of the short sale and bank owned San Mateo listings.

Showing properties 1 - 20 of 25. See more SM short sales and REOs.
(all data current as of 2/11/2012)

1. $349,000 : 1758 Shoreview Av, San Mateo
   
   2 beds, 1 full bath

   Home size: 820 sq ft

   Lot size: 6,100 sq ft
   
2. $525,000 : 3502 Martin Dr, San Mateo
   
   2 beds, 1 full bath

   Home size: 1,000 sq ft

   Lot size: 6,790 sq ft
   
3. $549,000 : 1317 Claudia Av, San Mateo
   
   3 beds, 2 full, 1 part baths

   Home size: 1,670 sq ft

   Lot size: 6,000 sq ft
   
4. $550,000 : 1709 Royal Av, San Mateo
   
   3 beds, 2 full baths

   Home size: 1,080 sq ft

   Lot size: 6,426 sq ft
   
5. $349,000 : 1409 Young St, San Mateo
   
   2 beds, 2 full baths

   Home size: 1,130 sq ft

   Lot size: 6,100 sq ft
   
6. $524,900 : 177 Mclellan Av, San Mateo
   
   3 beds, 1 full bath

   Home size: 1,360 sq ft

   Lot size: 6,250 sq ft
   
7. $379,000 : 28 Prague St, San Mateo
   
   2 beds, 1 full bath

   Home size: 930 sq ft

   Lot size: 5,000 sq ft
   
8. $409,000 : 1216 S Norfolk St, San Mateo
   
   4 beds, 2 full baths

   Home size: 1,470 sq ft

   Lot size: 5,000 sq ft
   
9. $447,500 : 1403 Bradley Ct, San Mateo
   
   4 beds, 2 full baths

   Home size: 970 sq ft

   Lot size: 4,160 sq ft
   
10. $390,900 : 1297 Pershing Av, San Mateo
    
    3 beds, 2 full baths

    Home size: 1,360 sq ft

    Lot size: 5,890 sq ft
    
11. $722,200 : 1740 Roberta Dr, San Mateo
    
    3 beds, 2 full baths

    Home size: 1,380 sq ft

    Lot size: 9,300 sq ft
    
12. $399,000 : 1502 Mefferd Av, San Mateo
    
    3 beds, 1 full bath

    Home size: 1,310 sq ft

    Lot size: 5,200 sq ft
    
13. $699,000 : 4004 Martin Dr, San Mateo
    
    4 beds, 2 full baths

    Home size: 1,690 sq ft

    Lot size: 5,000 sq ft
    
14. $680,000 : 19 Hillbarn Ct, San Mateo
    
    3 beds, 2 full baths

    Home size: 1,480 sq ft

    Lot size: 6,800 sq ft
    
15. $499,900 : 1814 Palm Av, San Mateo
    
    2 beds, 1 full bath

    Home size: 1,180 sq ft

    Lot size: 3,200 sq ft
    
16. $540,600 : 1614 S Grant St, San Mateo
    
    3 beds, 1 full bath

    Home size: 1,180 sq ft

    Lot size: 4,800 sq ft
    
17. $419,000 : 1508 S Norfolk St, San Mateo
    
    3 beds, 2 full baths

    Home size: 1,040 sq ft

    Lot size: 5,000 sq ft
    
18. $398,000 : 15 S Norfolk St, San Mateo
    
    3 beds, 1 full bath

    Home size: 970 sq ft

    Lot size: 6,000 sq ft
    
19. $565,000 : 1206 S Claremont St, San Mateo
    
    3 beds, 1 full bath

    Home size: 1,040 sq ft

    Lot size: 4,000 sq ft
    
20. $400,000 : 1736 S Norfolk St, San Mateo
    
    3 beds, 1 full bath

    Home size: 1,030 sq ft

    Lot size: 5,000 sq ft
    

Listing information deemed reliable but not guaranteed. Read full disclaimer.