Tag: townhome

Closing on Holland Drive in Walnut Creek!

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I was lucky to link up with a past client I have worked with on a couple of homes before. He was looking for a smaller home closer to San Francisco and wanted to focus specifically on Walnut Creek – my specialty! We began by looking at 2-bed, 2-bath condos, but most did not have a garage, which he preferred.

We looked at one in Sky West, but it needed a lot of work and the patio was open to the community space and was a little crowded with so many personal belongings it was hard to see the house and the list price and final closing price reflected how it showed. It started at $699,000, was listed at $630,000 and closed for $600,000. Thus, I decided to create a buyer letter and started knocking on doors in Sky West.

By doing this, I discovered that an agent had two listings not yet on the market and my client really liked one of them. They were priced at $749,000, but we had just seen the one that closed at $600,000, so we wanted to negotiate before it got on market. They decided to put up a Coming Soon sign and got a full-priced offer before my client was ready to go higher.

However, that agent tipped us off about another agent with a home coming soon in the same complex. We went to see it and my client hemmed and hawed a bit before the seller considered a lower offer. We came up a bit, they came down, and we had a deal at $738,888.

And, just like that, my client closed on a 1,339 square-foot 2-bed, 2.5-bath townhome with an attached 2-car garage! He really likes the peaceful setting at this location in Walnut Creek (though he still thinks about the one he missed out on!). Luckily, he can do some of his own improvements to bring that up to the the one he purchased, i.e. new doors and wood flooring upstairs and on the stairs. The one he bought had an attached garage and that was really important to him. I think he will be really happy once he makes it own!

This is what a savvy and knowlegeable realtor can do for you. I saw my client had a demand but we had no viable options, so I got creative with the buyer letter and door-knocking. That overturned three new opportunities, including the home he ended up buying. Think about giving me a call if you want a similar level of dedication when you buy or sell a home!

Home Buying 101: Having a Good Lender in Your Pocket

4439276478_109791356b_o (1)When you’re in the market for a new home, having a good lender is essential. In a seller’s market or at entry-level price points, where many first-time home buyers are also submitting offers, the information in this blog becomes even more critical.

I like to have a buyer’s lender call and speak to the listing agent when I submit an offer. I want to know what their qualifications are, and more importantly, the lender’s ability to close in the time stated on the residential purchase agreement. This is where a local lender becomes very important; it is unlikely if you go with an out-of-state lender or one where you have to speak to somebody different each time, that they’d be willing or able to make that call to the listing agent.

However, if the listing agent has worked with the lender before (odds increase if they are local) and had a good experience, the buyer is one step closer to getting their offer accepted over others. Simply put, people like to work with people they know they can trust.

Another question to ask your lender is if you’ll be completely underwritten with a complete file in hand. This prevents surprises. If you walk into a bank and give them the basics, oftentimes they will give you a pre-approval for a certain amount, or for the amount you stated you would like to have (provided you qualify).new home 2

This is fraught with land mines – once you are in contract, that lender is now asking for additional paperwork and, surprise! Something comes up under Freddie and Fannie guidelines that won’t allow you to get the loan for that amount, or at all. This is not a happy situation for anyone involved, so it is also helpful if the underwriter is somewhat local and they work closely with the lender on a daily basis. Communication is key!

One of the many benefits of working with a mortgage broker is the appraisal managment company most likely has better quality appraisers, who know the neighborhood they appraise in. They can’t select who will appraise the property, but they can choose who is or isn’t in the group.
Finally, if you are shopping a loan, make sure you are comparing apples to apples. If you get a quote for a condo, make sure the other company is also quoting a condo and not a townhome. I know some great lenders – contact me if you would like their names and numbers.