A home is most likely the largest financial investment that you have in your portfolio so when you’re selling, you want to make sure you’re getting the highest possible price. Conversely, if you’re buying you want that to be the best possible price. But there’s a lot more to negotiate in a real estate deal than just price, which is why it’s important to have a master negotiator on your side so you ensure you’re getting all you can out of the transaction.
If you’ve ever looked into getting a mortgage, you’re familiar with the term PMI. But how much do you know about it? Do you know what it stands for? What it is? How to avoid it? Let’s dig into PMI and how it impacts real estate transactions.
What is PMI?
In my conversations with Darren Wallace, my favorite Fiduciary, we covered a lot of topics. Two areas I wanted to make sure I discussed with him are what tips he has for people planning their trusts/estates, as well as what red flags he has for family members to keep an eye out for. Darren has some great suggestions and guidance.Read More
Good news this week that the loan limits for a conforming loan is increasing for 2019. It’s worth understanding what conforming loans are, what the changes are and how it may impact buyers in our real estate market.
What’s A Conforming Loan?
Fiduciary. Most commonly, this is thought of as a type of duty or responsibility, but it’s also a job title. I wasn’t very familiar with what a Fiduciary was, so I recently sat down with Darren Wallace of Wallace Fiduciary to get a better understanding of what his role is. Here’s our Q&A.Read More
Recently, a good friend had her mother pass away suddenly. When I got the call, I reached out immediately, having been through a similar situation with my own parents. Aside from wanting to express my sympathy and support, I did also want to make sure my friend and her siblings were aware of an important tax ramification that my sister and I had learned about – that being the step-up basis.Read More
One of the ever-present questions in real estate is “is now the right time to buy?” There are so many variables that people can look at. Some will confidently support “no” while others will champion “yes”. So how to make that decision on if it’s the right time to buy? Ultimately, it’s a personal decision, but there are some sold financing points that are worth taking a look at in order to make a well-informed decision.Read More
If you’ve ever lived in California or owned property here, you know there are some significant propositions that have been voted in over the years which greatly impact property taxes and ownership. I remember as a kid when Prop 13 was on the ballot. While I wasn’t entirely sure what it meant, I did know that we were TOTALLY behind it and worked hard to get others to support it. All these years later, I understand why my parents wanted this proposition to pass, but I also see the impact that it’s had over 40 years on the state, the economy and the housing market.Read More
One of the most daunting things to think about when considering buying a home is how you will afford the down payment. Once you own a home, this usually becomes a non-issue as you use the equity from your existing home to help you. But when you’re going for your first home, this nut can be overwhelming. This is especially true on the Peninsula, where “starter homes” can cost upwards of $1,000,000 – that means a 20% down deposit is $200,000. That’s a lot!
Don’t despair! In addition to mortgage programs that require less than 20% down, there are also many ways that you can bring in money to get you to your down payment amount much quicker than you ever imagined. Let’s look at some of the more creative options:Read More
It’s sad to say, but there’s always someone out there looking to make a quick and easy buck. There’s the “prince” from Nigeria, your “friends” who have gotten stranded in a foreign country and lost their wallet, even “grandchildren” calling their grandparents in despair needing cash. All scams called wire fraud.
Thieves have even figured out how to have a big payday by scamming people during escrow closings, making off with thousands, or even hundreds of thousands, in down payment funds. How often does this happen, you ask? In 2017, the FBI reported over $5.3B in wire fraud losses, with over 10% of that being in real estate alone.Read More