San Mateo-Foster City Real Estate News

The past couple of days I've been in Phoenix attending a conference called Bloodhound Unchained. Today, the final day, David Gibbons, Director of Community Relations for Zillow demonstrated what I think is a neat tool for anyone thinking of buying a home but isn't quite ready to get Pre-Approved by a lender. It's the first time someone is able to figure out approximately what their affordablity index is for home ownership and be anonymous.

This snapshot of the live daily rates for mortgages is found on the Mortgage Quotes section of Zillow. While this doesn't take away the need for a lender to Pre-Approve you, it will give you an idea of what you can afford monthly and it does it without you having to register and receive calls from lenders.

If you know your FICO score, and are honest about your credit worthiness, you can see the current rates for the day that others who have similar credit patterns received that day. You will get a full report within 48 hours, though, that may or may not be exactly the same as what was online but it will offer you the chance to play around with different synerios.

I do not take anyone out to see property that has not been Pre-Approved and this will not take that place. You will still need to have a lender do this. We work with several top lenders in the Burlingame area if you do not have one of your own.

The two top things about this application is being anonymous and the data being current. It is really important for you to remember that rates change on an hourly basis and what you will find playing with this great tool may not be what the lender you use presents.

When you get ready to get into my car and look at homes, you should have already selected your lender and gone through the process of pre-approval, which I think is an intimate thing. You will have to bear your financial soul to this person. Give them everything they need. That way, when that special home shows up, we can write an offer immediately for you.

If you are buying a new home in the San Mateo area, determining how to take title of your property is a major decision for you when it comes time to sign your loan documents at an Escrow company. 'How do you want to hold title?” is the question you will be asked and the person asking it, the Escrow Officer, can not help you with the answer.  It’s a simple question with multiple answers and most people don’t know what to say, or what each means.  If you pick wrong it could have terrible consequences should something happen to you.  Luckily, what you pick can be changed, and pretty easily.  Wouldn’t it be better to go the the settlement table with an idea of what you want to do in advance?  Sure it would.

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I truly never thought I'd ever see the day ever again.  FHA loans available for purchasing a property in San Mateo County.  Fantasy Island has finally met the rest of the country and buyers can apply for a conforming loan.  But, only through the end of 2008, so if you are really thinking about buying a house in our County, now is the time to strike! 

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Generally when I write about Buyer Assistance programs they're for first time home buyers.  There are several of them available that are designed to help the first time home buyer but now there's one to help someone move to San Mateo County who already owns a home.  There are certain stipulations to the program, but if you already live or work in San Mateo County you might qualify for the Heart of San Mateo County Program to be debuted this Spring and let you buy San Mateo Real Estate.

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For some reason people think that real estate agents only represent the interests of the seller in a transaction.  Sure, that was true years ago but it sure isn't the case today.  When I represent a buyer in a transaction I am their advocate, their coach, and their representative 100% of the time.  Did you know that it is possible for a buyer to have a contractual relationship between the agent and themselves, should they want one?  Yes, there's a form just for that so do ask about it if you think it necessary.

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