San Mateo-Foster City Real Estate News

Okay, I know I am prejudiced about this but I just don't understand why while searching for properties online that I see listings with no photo available by the listing agent.  If it bugs me does it bug you?  Do you even want to go see a property in person if you can't inspect in online first?  I know my clients don't like it so I must assume that other agents don't like it and the general public doesn't either.  Am I wrong here?

I personally think agents are just lazy when they don't upload any pictures with their listing.  Today, digital cameras are downright cheap to buy, easy to use and a snap to upload pictures to the web.  Our local MLS has made it really simple to do, too. So why don't agents do it?  Are they from the Old School, where they expect someone else to come out and take the picture for them? (Yes, this was a good business for someone until quite recently, in fact.)

If you are searching online for a home, how important is it for you to see pictures?

I think most people fall into the first category but occasionally I do find someone in the second category.  On the other hand, if I am working with a Senior buyer, the third category is where they often land because many of them do not use computers in their daily lives so when I take them to show prospective homes that is the first time they will have seen it.

So dear reader, where do you fall in the need to see a picture online?  Mandatory?   Important?   Or,  Who Cares?  Fill in a comment and let me know what you think.  Is a picture worth a thousand words?  And, yes these two empty pictures do come from listings.  One is off of Infolink's reil.com and the other from realtor.com.   There is no need to say which listings these are from because you, too, can find your own set of  empty houses just for your own curiousity.  They're out there everywhere. 

One of the things I'm really noticing is listings that are Bank Owned and the agent isn't local.  It appears that they just can't drive to San Mateo County to snap those pictures of the house.  The other thing that's interesting to me is when a property has been listed for a long, long, long, long time and there aren't any pictures.  Not even one of the front of the property.  Nada, zippo, nothing.  Guess why that listing is hanging around for so long?  I'll bet it's the lack of pictures.  But where is the owner of that property?  Don't they look at their listing online?  Aren't they aware that their listing has no picture?  Maybe not. Maybe the fact that No Photo Available sits where their home's picture should sit aren't bothered.  Too bad.

This gets me back to A Picture is Worth a Thousand Words, or maybe a thousand dollars, or more.  I can't help but believe that the seller isn't losing money by having a lazy agent.  If they can't shoot pictures I wonder what else can't they do for their seller to protect them?  Makes me not want to do business with them!

Thanksgiving Day is only a couple of days away.  If you can spare a little time on Thanksgiving, and your dinner plans don't start until later in the day, the Peninsula Volunteers could really use your help.  What better way to show how thankful you are on Thursday than to help those in need.  Volunteers are needed to help to server meals, to help in  the kitchen, to assist with the clean-up after serving and for other tasks as needed.  You in turn, will know you've brightened the day of a lonely senior citizen or a person or family in need.

We have generally been blessed in our community.  We are just beginning to feel the impact of this recession watching jobs disappear.  If you are fortunate enough to have a good job, why not share your good fortune and blessings with those in need?  Time is the best gift you can give.

The Peninsula Volunteers are anon-profit organization serving the communities on our San Francisco Peninsula.  Won't you give a little time to help those less fortunate.  Call Gail Green at 650-326-2025 x 241 or email her at ggreen@peninsulavolunteers.org. 

Volunteers are needed between 8 AM and 2 PM.  You don't need to spend the entire 6 hours helping but if you can donate 2 or more hours, the Peninsula Volunteers will be delighted. There is a saying that you always get back more when you give than when you receive.  This is a great way to learn about that first hand. Volunteer on Thanksgiving Day, you'll be very happy you did it.

10 Things Not to Do When Buying a Home

There are Ten Things a future Home Buyers Should Avoid Doing Before Closing on a Home.  If you do any one of them, it could cause a huge delay in your closing.  Lenders today do not play loose and they check and double check your credit and work history prior to lending.

Okay, your home buying process is well underway. You've made an offer and the sellers have accepted your offer and escrow has opened up. You're counting the days until you get the keys and start to make the house your home. Your lender pre-approved you, 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. 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 you 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.

Make sure you have ordered a new fire insurance policy.  Your lender must have that information prior to funding the loan so make sure it is done well before your closing.

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.

Back in 1989, when school populations were declining, the Burlingame School district closed Hoover School.  This was a time when many school districts were closing schools due to declining enrollment.  I remember years ago, when my children were young sitting at a coffee with a school superintendent who was convinced that the school population was never going to increase.  He saw expensive homes being built and misjudged who would be buying them.  It was families with elementary aged children and one of the local schools had been closed by that time.  This took place in Moraga, across the bay in Contra Costa County but the same thing was taking place in San Mateo County, too.  It began back in the late 1970's and continued on for over a decade.

Twenty years later, we find ourselves with growing elementary enrollment in Burlingame.  It's almost too much of a good thing!  Classes are crowded.  Portable classrooms are becoming the norm at every school in Burlingame and the District is discussing buying back the old Hoover School at 2220 Summit Drive, right at the end of Easton Drive in the Easton Edition.  This building was a Buddhist Temple until quite recently.  It happens that it was for sale until a few months ago, but the listing was cancelled.  It just might still be available, and how fortunate for the families of Burlingame!

Still in beautiful condition, this former school could likely be ready for children within some renovations.  The classrooms still remain but there were many modifications done to the old school that might require addition construction.  It's certainly not a done deal but a real possibility.  If it's something you would like to see, do let the Burlingame Elementary School Board know your thoughts.  That means pick up the phone and call them, don't just think about it.

The additional buildings on this campus could house the administrative offices for the school district.  If this old school site is purchased by the district, it could be a home run for the citizens of Burlingame.

It is said that a picture is worth a thousand words and when I drove up to see this property, I had to take this picture of the garage roof.  It is an indicator of how bad this house is, and how much in need of help.  Calling All Contractors out there!  This can be a great investment in Linda Mar, Pacifica, but it will take a whole lotta work.  Drive on by to 1659 Linda Mar and decide for yourself.  It is a 4 bedroom, 2 bath house that was once loved by some family and probably well taken care of, but right now it's a wreck!

The property is in being called a Contractor Special and with almost $35,000 for the pest report alone, a contractor may want to take this down to the studs and rebuild.  It's priced right at $439,000 but there is a hitch.  In order to buy this mess you need to have your offer presented to the Bankruptcy Court and they won't give it away, even in its present condition.  In fact, they hope to see multiple bids so they can get more money, not less, from the buyer.

Since I wasn't able to enter the house, I did peek in through a coupe of windows and this is an example of what is inside.  The kitchen has a few cabinets remaining but nothing else.  There is hardwood flooring in the living room, but who can tell the condition.  Some time ago, a second story was added increasing the square footage considerably and, my guess is adding two more bedrooms and a bath, since there are 2 bedrooms and a bathroom on the first floor.

It appears that someone started doing some work on this house but left it in disarray.  If you are a contractor with money in the bank, and looking for a project, this is a good one.  The houses sell anywhere from $600,000 on upward but the average price is $650,000.  If you can get the work done on your own, you will be able to resell for a profit.  Linda Mar is the most southern part of Pacifica with the best weather and a beautiful beach.  If you're a surfer-contractor, this might be narvana.

Just in case you think you can "Do It Yourself", I've written about the costs to do things before.  Check it here and do the math.  More information about that when you call me at 650-696-2820.