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e-PRO?
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Proposition 8
Decline in Value
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Are you a
risk-taker?
Here are some thoughts on the subject
from some of history’s biggest risk takers
"There are risks and
costs to a program of action. But they are far less than
the long-range risks and costs of comfortable inaction."
- John F. Kennedy (1917 - 1963)
"And the day came when the risk to remain
tight in a bud was more painful than the risk it took to
blossom." - Anais Nin (1903 - 1977)
"I guess
what I'm trying to say is, I don't think you can measure
life in terms of years. I think longevity doesn't
necessarily have anything to do with happiness. I mean
happiness comes from facing challenges and going out on
a limb and taking risks. If you're not willing to take a
risk for something you really care about, you might as
well be dead." - Diane Frolov and Andrew
Schneider, (Northern Exposure, Northern Lights,
1993)
"Life
is a risk." - Diane Von Furstenberg
"If you
don't risk anything you risk even more." - Erica
Jong
"Take
calculated risks. That is quite different from being
rash." - George S. Patton (1885 - 1945)
"First
weigh the considerations, then take the risks." -
Helmuth von Moltke (1800 - 1891)
"Great
deeds are usually wrought at great risks." -
Herodotus (484 BC - 430 BC), The Histories of Herodotus
"The
policy of being too cautious is the greatest risk of
all." - Jawaharlal Nehru (1889 - 1964)
"What
you risk reveals what you value." - Jeanette Winterson
"Be
wary of the man who urges an action in which he himself
incurs no risk." - Joaquin Setanti
"If
you're never scared or embarrassed or hurt, it means you
never take any chances." - Julia Sorel
"Risk!
Risk anything! Care no more for the opinions of others,
for those voices. Do the hardest thing on earth for you.
Act for yourself. Face the truth." - Katherine
Mansfield (1888 - 1923)
"I
don't think about risks much. I just do what I want to
do. If you gotta go, you gotta go." - Lillian Carter
"In
order for people to be happy, sometimes they have to
take risks. It's true these risks can put them in danger
of being hurt." - Meg Cabot, (The Boy Next Door,
2002)
"It
seems to me that people have vast potential. Most people
can do extraordinary things if they have the confidence
or take the risks. Yet most people don't. They sit in
front of the telly and treat life as if it goes on
forever." - Philip Adams
"To win
without risk is to triumph without glory." - Pierre
Corneille (1606 - 1684), 'The Cid,' 1636 "The
universe will reward you for taking risks on its
behalf." - Shakti Gawain
"Our
lives improve only when we take chances - and the first
and most difficult risk we can take is to be honest with
ourselves." - Walter Anderson
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Buyer/Seller Information, printable.
Home Seller's Guide: printable.
Provided
by

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 The Move
Advocate™
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Change your
address
Change your at the
online Post
Office. You can also connect utilities,
move your magazines, or send your new email
address to your friends.
Before you move donate things you don't need
anymore. Locate the closest Goodwill Donation
Center
Arrange a goods or cash donation to
Salvation
Army Western United States
Moving.com This site
compiles resources, from packing to finding a
mover, making relocation simpler.
Relocation Essentials offers a complete set of tools to help
in moving and relocation.
Homefair.com
is where homebuyers and homesellers can research their
moves.
Moving
Guide
Movers - Bay Area -Free quotes from Bay Area
movers.
Movers -
Local and national movers, compare and save.
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Buying Real Estate:
A happy time and a
scary time...
In California the
foundation of one's financial security is real
estate. To own one's home is more
than an American Dream. It is validation of
one's success. It is a refuge, a wellspring
from which one's future security flows...
providing you purchase it wisely and
protect it during your
ownership.
If
you're feeling happy yet a little fearful about
buying real estate consider yourself normal. If
you're just happy, don't worry fear will grab hold of
you sooner or later.
The
reason I bring up fear in connection with buying real
estate is because more than likely it is resident in the
pit of your stomach and may be causing you to
not buy the home you want or need. Even worse
it could be keeping you trapped in a current housing
situation that is just not the best for you.
What's behind the fear?
Self-doubt about being able to make the monthly
payments,
Worry about what happens if you lose your job,
or
Apprehension about moving from familiar
surroundings.
Of
course, other things could be
troubling you, too. However, those seem
to haunt most potential buyers.
There is a solution. However, it is
not in a word or
a phase. It is in a relationship with an
experienced broker who has your best interests at
heart. If you do not have that kind of
relationship with a broker I encourage you
to email or call me. Until
then...
Best regards,
Joanne, Your
San
Francisco Bay Area Real Estate
Broker
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Questions buyers
often ask.
Q: Is
California the right for me to live?
A: Read the latest California
Affordability Report from the California Real Estate
Association in our
Real
Estate News
Section.
Q: Are
there any breaks for those of us over age
55?
A:
Under Proposition 90 if you're 55 or older
many counties in California will allow you to take your
old property tax base with you to your new home under.
This can save you thousands of dollars in property taxes
every year.
Q: I'm a
first-time buyer. What do I need to
know? A: The first thing all
buyers need to do is make sure their credit is in good
shape so they can qualify for financing. We have
some tips in
Q: How much
of a loan can I qualify to
buy? A: In
our you can get prequalified
for a loan without application. Once there, click
on apply for a loan and follow the
prompts.
Q: How long should it take to
find a house? A: If you have been
searching for your next home for more than two months
and viewed more than ten houses and haven't found one
you want to own, you need to sit down with your broker
and redefine your needs, your price range, the type of
housing and the areas.
If you think your broker
does not have your best interests at
heart, then you owe it to yourself to find a
new
broker.
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Q: How can I get the most
real estate for my
money? A: Many
times you can get more house for your money by
expanding your house hunting a few blocks further
from where you've been concentrating your search. The
difference of a school district or zip code can mean thousands of dollars
savings in price.
If you've just
gotta live in certain area or die but can't afford
it, then consider looking at condos or
townhouses instead of single family houses. Here
again, you'll get more bang for your buck.
Another way is through the
manner in which you finance your purchase, which
you can explore in our finance section
Q: How pricey should my next
house be?
A: Keeping up with the
Jones' is financially reckless. Do not max yourself
out financially, period.
A buyer
can often qualify for a home that is more expensive than
their financial comfort zone.
Talk with
me in depth about your personal needs and
lifestyle. We'll confine your house hunting to
those homes which match the price range that fits your
financial comfort level.
Q: How can I retire in the
San Francisco Bay Area? A:
Empty-nesters downsizing their abodes and people
retiring soon may want to consider the
advantages of - a mobile
home or modular home. These type of dwellings sell
for significantly less than conventional housing
and tend to be more economical to maintain
during retirement years. In the East Bay
there is an abundance of Senior Parks for
people over 55. Usually one occupant must be
at least 55 and others at least
18.
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The home buying
process...
Make your offer get
accepted... When you make an offer on
a property, make your highest and best offer. Many times
buyers have lost the love they love because they want to
see how low they can go and still get it. Often what
happens is another offer is made to the seller that is
higher in price and has better terms. Bingo, you've lost
the home. What's worse, is that any home you see after
losing the one you love will never measure up to the one
that got away.
When making an offer be sure
to put the highest deposit you can. Generally the
deposit should be at least 3 to 5 percent of your
offered price. The larger your earnest deposit the
better your chances of the seller accepting
your.
What not to do during your
escrow... This next tip
that I'm about to share with you is one that most buyers
never heard of before, which is really too bad since not
knowing it causes so many buyers to lose their loans at
the last minute.
Every lender, yes, every
lender will also run another credit report on you and
your co-borrower(s) prior to funding your loan. Your
lender will also call your employer again to verify that
you are still employed on the same basis that you were
at the time you made your original application for the
loan. They will also call the employer of the
co-borrower(s).
Understanding this, you want
to make sure you do not do any of the following before
closing your escrow:
- Do not purchase a car or
even shop for one because the car dealer will run a
credit report on you, which will read as an inquiry on
your credit report. This will be a red flag to your
lender and they in turn may refuse to fund your loan.
- Do not apply for new
credit and do not let anyone run a credit report on
you. Again, if one is run it will be a red flag to
your lender.
- Do not open a new bank
account or make large deposits and do not transfer
funds from one account to another.
- Do not transfer a credit
card balance from one credit card to another.
- Do not sell major
investments.
- Do not get married or
divorced.
- Do not begin a sabbatical,
go on a maternity leave or go on vacation.
- Do not borrow money from
any source.
- Do not quit your job or
change employers.
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Plan
Ahead...
In my parent's time they had
parties when they or their friends would pay
off their home loans. If you are forty or older you
might want to consider setting a target date to have
your home loan paid in full. Ah, but the word
"leverage" sings out to you. See my comments in
the sidebar on "Leveraging Your Equity."
If your new mortgage does not
have a prepayment penalty provision or your loan papers
read "payment must be ------ or more," you have the
right to and are free to make extra principal payments
every month. If your loan has a prepayment penalty you
usually can payoff up to 20 percent of the loan balance
per year without paying a penalty. In any event a call
to your lender can quickly determine how much of your
loan you can payoff in any given year. Paying your
loan off early is a wise investment. Even $100
extra a month pays your loan off sooner and saves you
thousands of dollars in interest payments.
For example if today you took
out a $200,000 fixed rate loan for 30 years bearing
interest at 6 1/2% per annum your monthly principal and
interest payment would be $1264.14 -- How old would
you be in 30 years?
However, with that same
loan if you added an extra $100 per month towards the
principal balance you would have your loan paid off in
24 years 5 months.
An extra $200 per month would
pay off your loan in 20 years 10 months.
Another idea to
paying your mortgage off early: If your lender
will allow it, consider paying your mortgage every two
weeks. To do this, divide your monthly mortgage payment
by 2 and pay that amount every two weeks. This equates
to making 13 monthly payments every year and with a 30
year mortgage can lead to a mortgage pay off 7 or 8
years earlier! Always check first with your mortgage
lender for permission to do this and to get exact payoff
information.
In this age of heavy
telemarketing and abundant TV commercials, you want to
deal with a lender you can trust. If you're working with
an experienced broker who is keen on financing, then
they can help find the best rates and mortgage
programs for you.
And, to save yourself a lot
of disappointment later on, know what your FICO score is
before you set out shopping for your new
home. |
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Leveraging Your Equity is
Risky...
Leaveraging your equity is done in
two ways:
Borrowing against your accumulated equity. Or,
Instead of using your funds for the down
payment, you obtain 100% financing when
purchasing.
Interest
Only loans is also a form of
leveraging.
Many
people refi to buy other property or to pay off bills.
Borrowing to
buy: If you borrow against your equity to buy other
property be sure you can really handle the new payment
on the existing property as well as any negative cash
flow on the new property.
Just because lenders are willing to
give you the loans on both properties does not mean that
is in your best interests.
When markets
turn down you cannot see it happening until it
happens. For many would-be-Donald-Trumps this can
be devastating as is evidenced by the spike
in foreclosure and bankruptcy rates in a down real
estate market.
Ask yourself
this: If the value of each property drops
10-20% can you afford to hang onto the new property and
your original property for five years? If you
cannot, then big trouble is looming in your future
and you should not be involved in this
risk.
Borrowing to payoff: If
you are refinancing to use your equity to pay off bills
like credit cards and automobiles realize you are
borrowing LONG TERM money to payoff SHORT TERM DEBT,
which most accountants will tell you spells future
trouble.
However, if you
are a good manager of money, which you probably will say
you are, then ask yourself why are you faced with so
much short term debt? Are you really as good a
manager of your funds as you think? Honestly, are
you?
Living beyond
ones means is usually the answer for why people borrow
on their equity to payoff bills. If that is the
case with you, then you need to become a smarter
consumer so that you're not faced with having to do this
again.
Time after time
I see people borrow to pay off credit cards and
automobiles and then usually within a couple
years find themselves in the same position
again.
It is not chic
to have to refinance you home.
Refinancing makes lenders happy because
they charge points and all sorts of fees and
interest from you for a very, very long
time. In many cases until the day you die.
Is that really they way you want to spend your
life, owing money to Bank of America, Wells Fargo
or other such lender? If you don't, then choose to become
smarter about handling your finances. The only one
who can do that for you is you. |
Housing and
Stocks
The stock market
affects the housing market. If the stock market is
stable, housing prices remain stable. If the stock
market is declining, housing prices tend to drop. Most
people tie up their assets, which we call wealth, in one
of two main places: homes or investments of stocks,
bonds or mutual funds.
If investment returns
are high, people generally buy larger homes and spend
more on their housing needs. However, when investment
returns drop, most people are less willing to spend the
high dollar for homes and are out looking for housing
bargains. Be sure where you want to put your money
before you do it! Remember In a down market lower
priced homes tend to drop less than higher priced
homes. |
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510-538-0222
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800-474-9934
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Liberty Floor
Covering 2437 Tripaldi Way, Hayward, CA 94545 -
Phone:
510-786-0119 Browse
their web site |
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Joanne L. Gardiner, Broker, e-PRO
Realtor
"For Old-Fashioned Service in
Cyberspace"
Advantage Realty Advantage
Mortgage Associates 3205 Whipple Road - Union City,
California 94587
(510)
429-4800
San Francisco Bay Area San
Francisco East Bay Real Estate

Our primary services in
the San Francisco Bay Area are: East
bay real estate, Hayward real
estate, Castro Valley real estate, Danville
real estate, Dublin real estate, Fremont
real estate, Newark real estate, Niles real
estate, Pleasanton real estate, San Leandro
real estate, San Lorenzo real estate, San Ramon
real estate, Sunol real estate and Union
City real estate.
The types of real estate in
which we specialize are: houses, homes,
condominiums, townhomes, garden homes, PUDs, single
family homes, manufactured homes, mobile homes, modular
homes, duets, residential income property,
duplexes, tri-plexes, four-plexes, small apartment
complexes and special use
properties. | |