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.

Have you counted how many clocks you have to change on Sunday?  I bet it’s more than 10.  From your watches to your clock radio to your car clocks, we have loads of them.  In our kitchen alone, we have 5 clocks to change!  Add in watches, the timer on the lights and the other clocks sitting around and it take us quite a while.

Don’t forget that this is a great time to change the batteries in your smoke detectors.  This is one of the most critical batteries you can have in your home.  You want it to work without fail so take a few minutes and replace the battery.  Your family and your life may thank you for being diligent about that.

Why don’t they just leave the clock set at one time for the entire year?  Good question.  Ask your Representative in Congress  about that.  They obviously have nothing else to do.

When Halloween comes it’s time to check your home for fall maintenance ’cause winter’s on its way .  Taking the time to fix things when they’re small issues saves big bucks later on.  Here of 5 of the  easiest things to do:

1.  Change your battery in the smoke detector and while you’re at it, but the new carbon monoxide monitor that California has made mandatory in all homes.  Home Depot has them at very reasonable prices.  We use heat during the winter and our heat is gas generated.  Need I say more?

2.  Change furnace filters and buy extras to have so you can change the filter in 3 months.  PG&E can come and check your furnace to make sure it’s operating correctly and they do it for free.

3.  Clean gutters of leaves now and again once most of the trees have seen their leaves fall off.  Yes, we do live in an area where some leaves seem to hang on forever but it needs to be done.  If you can’t reach your gutters hire someone to do this.  It will prevent issues later on if you do this.

4. If you live in a house, now’s the time to walk around it and look at every window closely.  Is the caulking still good around the sash?  If not, learn how to caulk your windows.  A little prevention now will save you from big expenses once the rains come and rain enters the walls inside your home.  That can cause wet rot, dry rot and floors getting permanently damaged.  Then you have big expenses fixing all of that

5. While you have the caulk gun in your hand, change the tube of caulk and caulk your tub and shower to keep them water tight and the tile surround secure.  This little job will keep you from problems later on in the bathroom.

That’s it.  Five little jobs that can keep your home running warm and dry this winter.

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

Showing properties 1 - 15 of 15. See more city of Burlingame real estate.
(all data current as of 2/12/2012)

1. $879,000 : 209 Channing Rd, Burlingame
   
   2 beds, 1 full bath

   Home size: 1,620 sq ft

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

   Home size: 1,500 sq ft

   Lot size: 5,544 sq ft
   
3. $799,000 : 418 Dwight Rd, Burlingame
   
   2 beds, 1 full bath

   Home size: 1,140 sq ft

   Lot size: 5,000 sq ft
   
4. $999,950 : 1248 Capuchino Av, Burlingame
   
   3 beds, 3 full baths

   Home size: 1,897 sq ft

   Lot size: 6,000 sq ft
   
5. $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
   
6. $1,199,000 : 1785 Hunt Dr, Burlingame
   
   4 beds, 3 full baths

   Home size: 2,200 sq ft

   Lot size: 10,730 sq ft
   
7. $699,000 : 1532 Barroilhet Av, Burlingame
   
   2 beds, 1 full bath

   Home size: 1,000 sq ft

   Lot size: 3,100 sq ft
   
8. $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
   
9. $1,158,888 : 1500 Alturas Dr, Burlingame
   
   3 beds, 2 full baths

   Home size: 1,590 sq ft

   Lot size: 9,000 sq ft
   
10. $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
    
11. $618,888 : 1493 Oak Grove Av, Burlingame
    
    2 beds, 1 full bath

    Home size: 1,190 sq ft

    Lot size: 4,280 sq ft
    
12. $733,000 : 1491 Oak Grove Av, Burlingame
    
    2 beds, 2 full baths

    Home size: 1,300 sq ft

    Lot size: 4,360 sq ft
    
13. $639,000 : 104 Peninsula Av, Burlingame
    
    4 beds, 3 full baths

    Home size: 2,030 sq ft

    Lot size: 5,136 sq ft
    
14. $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
    
15. $840,000 : 260 Crescent Av, Burlingame
    
    3 beds, 2 full, 1 part baths

    Home size: 2,240 sq ft

    Lot size: 2,862 sq ft
    

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

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!

This is a good time to remind you about earthquake safety.  If you think this subject isn’t worth your time reading about, let me show you what can happen with a severe quake, the kind they’re anticipating again in the Bay Area. Much of this area is subject to liquefaction so pay attention. This kind of damage happens in an instant and we may, once again, be without power for a while so it’s important to have a safety kit handy.

The apartment building shown here, courtesy of the Merced Sun Star, was once 3 stories high with garage space under the first floor.  A typical building found throughout San Francisco even today.  Fire, collapse, and devastation were what was left.

How can you prevent this?  You can’t.  If you want to live in the Bay Area, this is Earthquake Country.  In fact, the entire west coast is earthquake prone so there’s really no place to go to avoid it if you want to live here.

I’ve certainly written about earthquakes over the year, always around anniversary times either in April or October.  Here’s something to help you with pet safety and here’s something on what to do to protect yourself and your family for the few days after the quake. And, whether you should buy earthquake insurance.  I’ve written about the Great Quake of 1906 in San Francisco, too.  It’s a subject near and dear to my heart, so please take note I’m serious about this subject

This subject is serious business and one that you should not ignore.  Get some simple supplies in a large container and make sure that container is easy to reach, just in case your home collapses during the quake.  Inside that box should be the following:

1. Fresh water (enough for 3 days)
2. Food that doesn’t require refrigeration or heat
3. Canned juices
4. Dried foods and milk if you have children
5. Food bars – protein bars are the best
6. Toilet paper
7. Paper Towels
8. Tissues
9. A First Aide Kit
10. Blankets
11. Pet food if you have pets
12. Emergency blankets
13. Can opener (manual)
14. Emergency radio – either wind up or one that requires batteries and if you use batteries make sure they’re fresh
15. Flash lights
16. Matches
17. Rubber gloves
18. Sanitizing wipes
19. Dust masks
20. A roll of Plastic sheeting or a small tent
21. Duct tape
22. Electrical tape
23. Pet containers nearby for your pet’s safety
24. Gas wrench for turning off your gas line should you smell gas. DO NOT do this unless you smell gas because it will take PG&E a while to turn it back on if you didn’t need to do this.

AP Photo San Francisco Chronicle, John O'Hara

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Next comes the inside of your home.

If you’ve lived in your home for a few years then it will need to be painted. If  you’ve used dark decorator colors, I advise you to paint them out with a more neutral color pallet.  Trim should be done in white and either paint all rooms a soft tones or warm tones.  Better Homes & Gardens has these examples to share with you.

Warm color pallet

Cool color pallet

How’s your kitchen?  Are your cabinets in need of a pick up?  Is the wood in good shape?  If the wood is good, but the handles aren’t, replace them.  If the wood needs work, paint the cabinets and put new handles in place.  New handles can do an amazing job of refreshing a kitchen and bathroom, too.  How about your appliances?  Do they match?  You can go to appliance stores and buy a package of new appliances for around $2000.  This includes a stove, dishwasher, microwave/vent, and refrigerator.  Buyers expect appliances will be left so give them new ones.  You’ll get your money back, believe me.

Now comes staging.  This can be done with a professional Stager, with your Agent’s help, or on your own if you’re a clever decorator.  Honestly, I suggest you hire the stager.  They can bring their expertise and rearrange your own furnishing for a modest amount of money, sometimes as low as $400.  If you need help because your furniture won’t work, furnishing a house or several rooms is the best way to go.  Costs can be everywhere on this but figure about $2500 for the first month and then additional costs after that.  But, Stager prices do vary according to what they do and where you are so talk to several before settling on the one you want.

Curb Appeal.

Finally, if you have a house, how the exterior of your house looks is critical.  Do you need to repaint?  If you don’t need to paint the entire exterior do paint your trim and front door.  Just doing those two things will give your home a huge pick-me-up.  The front door is the most important door in your house so make it bright and inviting.  Hang a wreath at the door, have potted plants in front and it says “Welcome!”.

Your yard and how it looks is as important as how the inside looks.  A Stager can often make suggestions on perk up the yard.  If you have grass, water it, feed it and mow it.  Plant fresh flowers around the yard, put mulch in open areas where you don’t have plants to give a finished look.   If you have fruit trees, keep the ripe fruit picked up off the ground.  Don’t forget to look at the condition of any fencing you may have, too .  Is is in need of repair?  Now’s the time to fix it.

How much should I expect to spend before my house is listed?

It’s really difficult to give an accurate amount on costs since the size of the home, and the amount of work needed dictates cost.  If you’re in a condo or townhouse, generally it’s interior work that gets done and that’s means paint, refinishing of floors, cleaning carpets, etc needs to be done.  Costs can run from $3000 to the sky’s the limit.  Whether you use professional painters or you’re a DIY person, costs vary.  Are you refinishing floors?  Get a professional to do them.  Paint?  DIY if you’re able.

Own a house?  Exterior painting and/or interior painting can run up to $15,000.  Landscaping, if it’s only cleaning up and planting new plants will cost a relatively a small amount.

Just remember, curb appeal is important and your home only gets one first impression.  I’ve pulled up to a house and had clients tell me they will not go in because they don’t like how it looks.  You don’t want that to happen in today’s market.  If your home presents well, you will get your price,or very close to it.

The Final word.

Expect to spend between$1000 and $25,000, on average.  This includes inspections and needed primping to make your home beautiful.

Here’s what’s for sale in San Mateo.

Showing properties 1 - 35 of 75. See more city of San Mateo real estate.
(all data current as of 2/12/2012)

1. $1,198,000 : 623 Maple St, San Mateo
   
   3 beds, 3 full baths

   Home size: 2,310 sq ft

   Lot size: 5,568 sq ft
   
2. $1,800,000 : 519 Nevada Av, San Mateo
   
   4 beds, 3 full baths

   Home size: 2,730 sq ft

   Lot size: 7,200 sq ft
   
3. $349,000 : 1758 Shoreview Av, San Mateo
   
   2 beds, 1 full bath

   Home size: 820 sq ft

   Lot size: 6,100 sq ft
   
4. $525,000 : 3502 Martin Dr, San Mateo
   
   2 beds, 1 full bath

   Home size: 1,000 sq ft

   Lot size: 6,790 sq ft
   
5. $478,000 : 1654 Wolfe Dr, San Mateo
   
   4 beds, 2 full baths

   Home size: 1,540 sq ft

   Lot size: 5,300 sq ft
   
6. $399,000 : 1668 Taylor St, San Mateo
   
   3 beds, 1 full bath

   Home size: 1,190 sq ft

   Lot size: 5,356 sq ft
   
7. $1,695,000 : 424 Sonora Dr, San Mateo
   
   3 beds, 3 full baths

   Home size: 2,390 sq ft

   Lot size: 5,200 sq ft
   
8. $595,000 : 124 31st Av, San Mateo
   
   2 beds, 1 full bath

   Home size: 1,000 sq ft

   Lot size: 5,720 sq ft
   
9. $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
   
10. $550,000 : 1709 Royal Av, San Mateo
    
    3 beds, 2 full baths

    Home size: 1,080 sq ft

    Lot size: 6,426 sq ft
    
11. $1,399,000 : 431 Iowa Dr, San Mateo
    
    3 beds, 2 full baths

    Home size: 1,660 sq ft

    Lot size: 6,600 sq ft
    
12. $559,900 : 508 Rand St, San Mateo
    
    3 beds, 2 full baths

    Home size: 1,420 sq ft

    Lot size: 6,250 sq ft
    
13. $1,075,000 : 316 26th Av, San Mateo
    
    4 beds, 2 full, 1 part baths

    Home size: 2,180 sq ft

    Lot size: 6,250 sq ft
    
14. $568,888 : 1855 Maxine Av, San Mateo
    
    3 beds, 3 full baths

    Home size: 1,500 sq ft

    Lot size: 5,500 sq ft
    
15. $349,000 : 1409 Young St, San Mateo
    
    2 beds, 2 full baths

    Home size: 1,130 sq ft

    Lot size: 6,100 sq ft
    
16. $997,000 : 775 Edgewood Rd, San Mateo
    
    2 beds, 2 full baths

    Home size: 1,369 sq ft

    Lot size: 8,125 sq ft
    
17. $825,000 : 3985 Oneill Dr, San Mateo
    
    5 beds, 3 full baths

    Home size: 2,320 sq ft

    Lot size: 5,000 sq ft
    
18. $1,648,000 : 1696 Lexington Av, San Mateo
    
    5 beds, 4 full baths

    Home size: 3,790 sq ft

    Lot size: 7,700 sq ft
    
19. $599,900 : 3980 Oneill Dr, San Mateo
    
    3 beds, 2 full baths

    Home size: 1,750 sq ft

    Lot size: 5,000 sq ft
    
20. $374,900 : 149 N Delaware St, San Mateo
    
    2 beds, 1 full bath

    Home size: 1,040 sq ft

    Lot size: 5,750 sq ft
    
21. $524,900 : 177 Mclellan Av, San Mateo
    
    3 beds, 1 full bath

    Home size: 1,360 sq ft

    Lot size: 6,250 sq ft
    
22. $379,000 : 28 Prague St, San Mateo
    
    2 beds, 1 full bath

    Home size: 930 sq ft

    Lot size: 5,000 sq ft
    
23. $999,800 : 3045 Greenoak Ct, San Mateo
    
    3 beds, 2 full baths

    Home size: 1,826 sq ft

    Lot size: 7,000 sq ft
    
24. $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
    
25. $447,500 : 1403 Bradley Ct, San Mateo
    
    4 beds, 2 full baths

    Home size: 970 sq ft

    Lot size: 4,160 sq ft
    
26. $750,000 : 404 W 38th Av, San Mateo
    
    3 beds, 2 full, 1 part baths

    Home size: 1,800 sq ft

    Lot size: 5,336 sq ft
    
27. $390,900 : 1297 Pershing Av, San Mateo
    
    3 beds, 2 full baths

    Home size: 1,360 sq ft

    Lot size: 5,890 sq ft
    
28. $675,000 : 20 Grand Bl, San Mateo
    
    2 beds, 1 full, 1 part baths

    Home size: 1,070 sq ft

    Lot size: 3,404 sq ft
    
29. $722,200 : 1740 Roberta Dr, San Mateo
    
    3 beds, 2 full baths

    Home size: 1,380 sq ft

    Lot size: 9,300 sq ft
    
30. $399,000 : 1502 Mefferd Av, San Mateo
    
    3 beds, 1 full bath

    Home size: 1,310 sq ft

    Lot size: 5,200 sq ft
    
31. $899,000 : 1616 Toyon Ct, San Mateo
    
    3 beds, 2 full, 1 part baths

    Home size: 2,310 sq ft

    Lot size: 3,638 sq ft
    
32. $779,999 : 1665 Wellesley Av, San Mateo
    
    4 beds, 3 full baths

    Home size: 2,270 sq ft

    Lot size: 5,750 sq ft
    
33. $1,275,000 : 41 Lakewood Ci, San Mateo
    
    4 beds, 3 full baths

    Home size: 2,730 sq ft

    Lot size: 10,125 sq ft
    
34. $1,138,888 : 3904 Fernwood St, San Mateo
    
    4 beds, 3 full baths

    Home size: 2,430 sq ft

    Lot size: 5,800 sq ft
    
35. $519,000 : 1601 Noe Av, San Mateo
    
    3 beds, 2 full baths

    Home size: 1,080 sq ft

    Lot size: 5,500 sq ft
    

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

Congratulations!  You’ve listed your house.   Now what else should you know, that you don’t?

In our area it is customary for the seller to take care of certain things prior to the property hitting the market.  These things include the property inspection and the pest inspection. If either of these inspections bring up any major issues the seller will generally take care of them .   Sometimes the inspections suggest additional inspections by other professionals are needed.  Having those inspections done is a good idea even if you don’t choose to make the repairs. These additional inspections might include a roof inspection, chimney inspection, or foundation inspection which is common in parts of Foster City.

You need to budget for those costs and what they cost depends on the size of your home.  Generally figure between $300 and $2000 for the property inspection and $150 to $600 for the pest inspection.  If you can pay at the time of service, you’ll receive a discount but you can pay through your escrow at the closing of the sale of your home.

If you live in a condo you won’t need a pest inspection as your Home Owner’s Association is responsible for pests.  If you live in a townhouse, it will depend on whether you live in a townhouse-style condominium or a PUD (Planned Unit Development) when you own the land under your unit.

Today’s buyers expect a house to be in almost perfect condition.

If it is in picture perfect condition buyers are willing to pay top dollar for it.  If it isn’t, be prepared to negotiate with a buyer who’s going to offer much lower than you hoped to see.  If you don’t want to make any repairs to the home you can have an As-Is listing which is very common in trust sales.  If you have done your inspections and the found all known issues it’s a little easier to get away with an As-Is listing today. Do then expect to price lower than the market.   If you wonder why, reread the first sentence of this paragraph.

You must disclose everything about your home.

One of the biggest reasons we recommend to a seller to have all inspections done before we list the home on the MLS is to help you fill out all of the required paperwork you have.  There are forms that have multiple pages of check boxes asking questions about your home, your neighborhood, and anything else you might know.  You must answer everything completely. One can never over disclose about their property.  The law is clear about that so don’t withhold information about your neighbor’s murder, or loud dog, or noisy buses.  If someone died in your home within the past 3 years you must disclose this.

The Disclosure Package that your Agent gives you is for your benefit as well as your buyer’s.  A buyer can come after a seller who has willfully not disclosed information about their home once it’s discovered. There is no statue of limitations here.  Be honest.  Take you time.  Be complete.

If you’re beginning to worry about all of these costs remember one thing, there’s an ROI in taking care of everything before your home hits the MLS.  You will get a higher price which should cover your expenses.  Friday I’ll talk about what other expenses you need to be prepared for when you list your home.

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

Showing properties 1 - 7 of 7. See more city of Foster City real estate.
(all data current as of 2/12/2012)

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
   
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
   
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
   
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
   
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
   
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
   
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
   

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

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 2/12/2012)

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.

How to Escape the Grip of Foreclosure

No one wants to be in the situation of losing their home because of a mortgage interest rate reset. The reality is that millions of Americans across the country are struggling with unaffordable mortgage payments, and more than ever lenders are motivated to work with homeowners to come to a resolution. We can help advise you of your options and show you how to create a strategy that will loosen the hold that foreclosure has on your future.

You have options

When you began struggling with your mortgage payments, you may have felt that you had no way out of the situation, but you actually have many different options. We will guide you through the process of finding which option is best for you. By discovering and acting on your options, you’ll have the leverage to escape the grip of foreclosure.

Your Foreclosure Alternatives Include:

• Short Sale
• Reinstatement
• Forbearance or Repayment
• Mortgage Modification
• Rent the Property
• Deed-in-Lieu
• Bankruptcy
• Refinance
• Service members Civil Relief Act
• Sell the Property

Relieve the Stress

When you owe more on your home than it’s worth, and are struggling to make payments, the pressure you feel can go through the roof!  If you are in a situation where your expenses exceed your income, have a verifiable financial hardship, and no other assets to pay off the balance of your mortgage, you may qualify for a loan modification or short sale.

We can help relieve the burden of an overwhelming mortgage by showing you ways to execute a dignified solution.

Do You Qualify For A Short Sale?

Do you have…

• Financial Hardship: severe illness, military service, insurance or tax increase, etc. (Ask us for a full list of acceptable hardships)
• Monthly Shortfall: business failure, job loss wage reduction, divorce, etc.
• Insolvency: you currently owe more money than you have, or you are about to reach that point

If you answer YES to the above questions, you may qualify.

Calm your fears!

You may be anxious about whether your lender is motivated to work out a solution with you. The reality is that lenders lose much less in a short sale or loan modification than they do in foreclosure. The cost of foreclosure may cost your lender up to 50% of the loan amount while a short sale could only cost them from 15-30%.

What Does It All Mean?:

SHORT SALE
A short sale is when the lender agrees for the property to be sold at a price lower that the mortgage balance owed.

DEED-IN-LIEU
A deed-in-lieu is when the lender receives the house deed in place of the mortgage balance, although in some cases the lender will still pursue the homeowner for the leftover mortgage balance, which is called a deficiency judgement.

A short sale or deed-in-lieu through the government’s (HAFA) Home Affordable Affordable Alternative Project prohibits the participating lender from pursuing a deficiency judgment.

SHORT SALE BENEFITS
The financial implications of short sales are always less severe that the implications of foreclosure. Your credit score, credit history, employment applications, and future chances of acquiring a loan are all benefit from completing a short sale rather than being foreclosed upon.

Our job is to facilitate cooperation and communication between you and your lender and work toward the best solution for everyone. Knowing this should help you breathe a little easier when starting this process.

Call Us Today!

We know that you are grappling with unfortunate circumstances, and dealing with all the emotions that come with it. We are trained to guide you through this process, help you to restore hope, and empower your future.  You are not alone in this situation.

We Are (CHS) Certified HAFA Specialists, (CDPE) Certified Distressed Property Experts) and (SFR) Short Sales & Foreclosure Resource Specialists.

We are here to help.