Oakland Ca Real Estate Blog 
Local Oakland Can Be Useful
Thursday, August 18th, 2011 at 2:47pm. 30306 Views, 1 Comments.
I found a directory that has a lot of useful links to all things/services in Oakland and I though I would pass it on. Check out there link here:
Local Oakland Directory - Covering the California topics of arts, business, community, computers, culture, economy, entertainment, family, fitness, health, home, information, internet, real estate, recreation, reference, shopping, sports, technology, transportation, travel and more.
New Carbon Monoxide Detector Law for California
Wednesday, August 10th, 2011 at 12:30pm. 66241 Views, 1 Comments.
There is a new Health and Safety code section (17926 (a)) which relates to the installation of Carbon Monoxide detector devices inside the home. This applies to all single family homes from July 1, 2011. Condominiums and Townhomes have until Jan 1, 2013 to comply.
So if you are a considering selling your home anytime soon, you should be aware that by law you need to have the detectors installed. The law says that the devices should be installed "outside of each separate sleeping area in the immediate vicinity of the bedroom(s) in dwelling units and on every level including basements within which fuel-fired appliances are installed and in dwelling units that have attached garages".
CountryWide Must Re-Pay 450,000 Home Buyers
Tuesday, July 26th, 2011 at 12:54pm. 926 Views, 2 Comments.
I came across an interesting article forwarded to me by a fellow Oakland Realtor. Apparently the FTC is making Contrywide home loans send checks to over 450,000 home buyers who were overcharged for services and never knew about it. Of course Countrywide was purchased by Bank of America after the mortage meltdown, so B of A will be the one to pay the bill of $108 million.
Oakland's Art N Soul Festival Coming Soon!
Monday, July 25th, 2011 at 5:58pm. 1997 Views, 0 Comments.
Every August Oakland hosts it's annual Art N Soul festival...which is pretty much the biggest public event in Oakland. The location is downtown surrounding the Frank Ogawa Plaza. There will be live music, food, arts, crafts and a whole host of local business and non-profit organizations doing tabling and providing info. I'm not sure which artists are performing this year but I'm looking forward to the event. The dates are August 20-21.
New Protections for Short Sellers of Real Estate
Sunday, July 24th, 2011 at 1:41pm. 32552 Views, 0 Comments.
A new bill (Senate Bill 458) was signed into law last week, which will help protect borrowers who short sale their real estate. This bill applies to the junior or "second" lien holders, which previously had the right to go after borrowers who agreed to a short sale. Technically, second lien holders could still make efforts to collect the amount that was short..even years after the real estate was sold.
This is welcome news, because short sales are still very hard to do and the more protections there are in place for borrowers, the better the process will be.
Former CityWalk Condos are Now Rentals
Friday, July 22nd, 2011 at 12:41pm. 608 Views, 0 Comments.
If you have been passing by the intersection of 14th and Jefferson over the past few years, you have surely noticed the large incomplete condo development at the coner of 14th st and Jefferson, across from the Federal Building in Oakland. This project was started around 2006, and soon stalled after the downturn in the real estate market set in. For the next two to three years, it sat incomplete..wrapped in a white platstic type tent.
Well it was recently acquired by another developer who is finishing the project and will be leasing them. It's nice to see the building finally completed, it was getting to be quite the eyesore. It's a also a sign that the local economic conditions in Oakland are improving somewhat.
Get the Condo Cert Asap!
Thursday, July 21st, 2011 at 12:59pm. 846 Views, 0 Comments.
When purchasing a condo, there is a document called the "condo certification" which states all the details of the development such as how many units, whether or not there is current litigation, what the percentage of owner occupants are, how many units are delinquent on the HOA dues.. and a whole host of other info. For us, the most imortant info on the condo cert is
1. Whether or not there is Litigation as this can impede getting financing on the unit (typcally this is disclosed by the listing agent if they are doing their job right).
2. Number of units that are delinquent on HOA dues. This will constitute a percentage (number of units delinquent divided by the number of units in the building). For pretty much all lenders, this percentage cannot…
Sewer Lateral Ordinance Coming For Oakland/East Bay Real Estate
Wednesday, July 20th, 2011 at 3:13pm. 587 Views, 0 Comments.
East Bay Municpal Utility District (EBMUD) will soon be implementing a sewer lateral ordinance for the East Bay, which currently does not have one. The ordinance basically states that any seller of real estate in any City covered must provide a sewer lateral clearance as part of the sale of the property, or when a property is getting more than $100k of work done.
The sewer clearance basically refers to the plumbing running from the house to the street sewer. Often these lines get obstructed or damaged in some way over time..usually by tree roots and movement of the soil. The inspection involves someone running a camera attached to a long line which can be inserted into the pipe to inspect it for damage via a small screen display. If damage is present,…
HOA Issues for Real Estate
Thursday, July 7th, 2011 at 5:26pm. 1356 Views, 0 Comments.
Concerning the purchase of a condominium, one area that has caused problems for some buyers in recent times is the HOA delinquency rate. As you know, when you purchase a condo you become a member of a homeowners association and begin to pay monthly dues. These dues typically cover water/sewer, common area maintenance, garbage, hazard insurance and other items. For each unit in a development that is foreclosed on or sold as short sales those monthly dues stop being paid for a period that can range from several months to a year or more. This not only means that the reserves in the HOA account to perform repairs on the property might be lower than ideal (but not always), it also means that it can cause lenders to deny financing based on excessive risk.
This…
Will 20% down be the new norm?
Tuesday, June 7th, 2011 at 3:34pm. 29306 Views, 2 Comments.
New QRM or "Qualified Residential Mortgage" rules are coming soon, and this will mean big changes to the way banks lend money. With the scheduled phasing down of Fannie Mae and Freddie Mac in the coming years, this is important info for anyone considering purchasing a home in the near future. Check out the Realtor Magazine link below for the full story.
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