You have approximately 50-50 chance to encounter an overbidding situation. Among the 40 single detached family homes that sold (closed escrow) in Alameda beginning in 2013, 23 sold for over list price.
Take a look at this link to see the list and the sold prices of these properties. Perhaps this will give you an idea.
Good luck.... more
I just noticed you listed Alameda as where you are currently. Did you just move here? If not, I think it pretty funny to see all of us jump to answer such an obvious question.
Well played :)
Have a good night.
I live in Alameda.....and can easily get to Daly City in 30-45 minutes without traffic. But during rush hour....forget it, especially when going through the toll plaza.
One less stressful way to travel is to take the BART. Get on the bus in Alameda to the BART station(s) in Oakland, and take it from there.... more
Here's a resource that will take you to several links to retirement communities.
Besides a retirement community, if you're also looking at assisted senior living, take a look at Cardinal Point --- directly across from Pasta Pelican --- and by the Estuary, on the Alameda side.
Here's their website http://www.oakmontofcardinalpoint.com/... more
Good answers below - I would also reiterate that even if a unit WAS on the market, we cannot provide valuations in this venue. Hook up with a good Realtor, have them assist you with searches and/or CMAs (Comparative Market Analysis). It’s the absolute best way to get pertinent information.... more
Short answer … NO.
There are usually two sources of Rent-to-Own (lease option) properties:
(1) Sellers: rent-to-own (lease options) work great in a down economy where a seller cannot sell a home by any other means. That would not be the current market – I’ve not met a single seller in recent years willing to try this. When the market is going up as it is now, no seller will lock in a price for a lease option to be realized a few years down the road – unless that price is WAY above current market value.
(2) Investors: there are investors out there who pick up a property for under market value, get the seller to carry financing and then charge a huge option fee up front to the person who is going to lease. Normally, the investor leasing to you has nothing out-of-pocket in the property and is actually hoping you will default so they can (i) keep the difference between what you pay per month and they pay to the actual owner AND (ii) your deposit.
Most arrangements of this sort:
(1) Ask for a large down payment as a lease option guarantee – it is usually non-refundable and you risk losing it if you violate any proviso in the agreement or cannot buy out the option at the end of the term.
(2) Set a monthly rental amount that is much higher than a normal rental in the area.
(3) Have a set term and buy out (that is often unattainable – causing you to lose your deposit).
These types of arrangements are always written in such a way as to benefit the seller (owner or investor). In reality, approximately 70% of lease-to-own options never happen – therefore, since you pay a lot more per month and run the risk of losing all the extra money you’ve paid, they are very risky propositions.
Most people look for lease options because their credit is trashed or they don’t have a down payment saved up. Since most lease options require a large down payment, most people looking for this type of arrangement are automatically ruled out.
That leaves credit: take the time to get your credit straightened out – there are no shortcuts and no one out there, no matter how wild their claims, can speed up the process. There are MANY scams out there. Operation Hope in Oakland (www.operationhope.org/oakland) is one great, legitimate option to get the help you need without paying someone crazy fees or getting ripped off.
Here is the link to another similar Q&A that may answer your questions:
I only handle sales but I do know it can be frustrating when owners or rental companies do not respond. I sometimes have this problem in my real estate dealings with others. Unfortunately I do not have an answer for people who not considerate of others. I always respond out of consideration. All I can say is that the property is steady rented if they do not return your calls.... more
I guess you should be funded by now...
Sheryl Arndt, Broker – Loan Officer
Either the house was purchased by a third party buyer as an investment or it was purchased by the bank to protect their loan. In either event, the price is not relevant to you since you will not be able to buy it for that price.... more
I'm revisiting this question.
By now, you may be aware the real estate market has picked up...and along the way, so have prices. Because there is so little inventory, multiple offers at above list price are nearly the norm, depending on the list price, of course.
You may also have noticed that as soon as properties are listed in Bayport, they are snapped up fairly quickly.
So.....have you offered to buy the house yet? And who is helping you determine the fair market value. If you must know, whatever the house was valued in September 2012, that value has already gone up.
I'll be happy to give you information you can review. Just give me call at 510 205 2992 if you're still thinking of buying the property. Perhaps I can help... more
It really all depends on the arrangement the landlord had with the realtor or rental agent -- whoever it was who helped you find your place.
For example, when I rented out my duplex, I paid the property management agent the fee for bringing my delightful tenants.
Whereas some landlords may not agree to pay that fee at which time the arrangement may be for the tenant to pay for the effort exerted in finding the tenant a suitable property -- the fee is one time, and it could be 1/3 of the monthly rent.
Before looking at rentals -- most of them would indicate what the arrangement is. For example "Fee paid" means the landlord is paying for it.... more
Alameda is a wonderful place to live--I have lived here over 20 years and am also a realtor selling homes in the community. As an Alameda resident I enjoy the neighborhood where I live and being close to San Francisco and other East Bay cities as the Bay Area has so many options for enjoying culture, shopping, great food and having beautiful park areas to explore. You also don't need to leave the island for hiking trails bordering the Bay, wonderful restaurants, movie theater and shopping in both small boutiques and at larger retailers like Kohl's and Target which is coming soon.
Would love to show you the area.
Gallagher and Lindsey
510 748 2020
Jean Powers, CRS, e-PRO, SFR, HAFA certified, Broker, Alameda, CA
Good Morning. I am a native Alamedan who has been a Broker here for over 26 years as well as being a Director for the California Association of Realtors, the largest trade association in the U.S., since 1993.
I have handled VA loans here and everyone's advice to you is correct. Get approved by a good Mortgage Consultant such as Claudia Gravelle, who is very knowlegable in VA loans. This is the very first step for you to take in order to proceed in purchasing a home. It is a competetive market right now but that doesn't mean you cannot purchase a home.
Please contact me if you are not working with a Realtor if you need any other help and good luck to you in finding your future home.
DRE 00878902............Homes@JeanPowers.com... more
I am a Broker Associate/Realtor with Harbor Bay Realty in Alameda. I just ran the comparable sales for this home as well as a few other reports.
It appears that the home is worth somewhere between $588k and $599k.
The property has been on and off of the market since January of 2012. January was a slow time and many houses sat like this one. However, our current market is very competitive due to a lack of inventory and lots of buyers waiting for the next house to hit the market. Many properties are receiving multiple offers which is driving prices up. So due to a lack of supply and an increase in demand 1002 Otis Drive could actually bring in more than the value I have estimated above.
A few things to note about this house when deciding whether $599k is reasonable for his home ;
The home sits on a large corner lot (6484 sq. ft.) and has a large open floor plan. It was built in 1979 so it is only 33 years old. I pulled the permit history on this home. There is no evidence of permitted work being done on the structure, foundation, roof, electrical or plumbing so everything is probably original. They did take care of the City of Alameda Transfer Ordinance (sewer lateral and gas shut off valve) which is good (one less cost to negotiate if writing an offer). It is on a slab foundation so you are probably okay there. Assuming the roof is original and has been maintained well it may be in good condition and serviceable for now. Same goes for the electrical and plumbing. You will want to inspect all of these components just to be sure.
I hope this information helps. If you would like a copy of the reports I pulled for this home, have any questions or would like to tour this home and others please contact me at email@example.com or 510-712-3911.... more
Here's a link that may describe what's considered basic wear and tear versus items that would be considered damages
Here's another link that addresses carpet
CALCULATING THE ACTUAL COST OF CARPET DAMAGE
One common method of calculating the deduction for replacement PRORATES the total cost of replacement so that the tenant pays only for the REMAINING USEFUL LIFE of the carpet the tenant has damaged or destroyed.
For example, suppose a tenant has damaged beyond repair an 8 old carpet that had a life expectancy of ten years, and that a replacement carpet of similar quality would cost $1,000. The landlord could properly charge only $200 for the two years’ worth of life (use) that would have remained if the tenant had not damaged the carpet.
ORIGINAL COST OF CARPET $1,000
Expected life of carpet 10 years
Depreciation charge ($1,000 / 10) $100 per year
Age of carpet 8 years
Carpet Life Years Remaining 10 years - 8 years = 2 years
Value of 2 years Carpet Life Remaining 2 years * $100 per years = $200
TYPICAL DAMAGES in RENTALS
-Holes in wall from hanging pictures, removal of Decals on the walls. Larger gouges etc.
-Tear in carpet, animal stains (even if landlord knew you had a pet). Burn marks - iron, cigar, cigarette, ground in stains.
-Doors with holes. Doors or windows broken. Glass etc.
-Clogged drains caused by your misuse of sinks or toilets. If you rent to women (college girls for example) be sure to remind them to dispose of feminine products in the trash, not the toilet.
-Broken or missing blinds or curtains. If they were there when you moved in, they must be there when you leave. If you don't want them, discuss this with your landlord. If he says "I don't care" send him a letter to confirm...as we discussed..
-Eliminating Flea infestations caused by tenants animals. The same for smoke damage from smoking or burning candles.
-Excessive Bathroom mildew. Use a good cleaning product like Tilex or Spray 409 weekly.
-Broken shelves in a refrigerator. Excessive dirt/dust in the refrigerator vents. This is the area under or behind the unit. Vacuuming improves performance. Every time you vacuum, vacuum around the unit,
-Excessive dirt or filth in an oven or refrigerator. Defrost the refrigerator if not frost-free. Stoves can take 2-3 hours to clean if you have it cleaned. Use Easy-off. That's why the named it that.... more
As a property manager I see Bk's frequently. It's not as problamatic as someone with a history of skips, write off's, slow or no pays and deliquent rental history. These are the things most PM's look at I think.... more