Lisa

Rocky,

Hi. You have a lot of good questions. Buying your first home is a huge investment and it is good that you are taking the time to do your homework before taking the plunge.

I would highly recommend you talk with a loan consultant. The first step in the process will be the vetting process to determine how much you can and more importantly, how much you are comfortable paying on a monthly basis. There are many programs availalbe for first time home buyers and it will really depend on where you plan on buying which programs are available to you. TICs are a unique situation in that you often are required to use the lender and loan product offered from the TIC. Do you have someone representing you currently? Have you read a copy of the TIC agreement yet?

If you are not working with someone and you would like to find out more about the home buying process I work with a lender on a First Time Home Buyers Class that helps to provide information about the options in this ever changing market. You can find more information at http://www. BABEducation.com.

There is currenlty a jumbo conforming loan limit at $729,750. This was changed several months ago with one of the bills singed into law by Bush. This limit is set to expire at the end of this year. At that time the conforming loan limit will change based upon the maket indexes and this number is to be determined. Previously is was the $417K mark and this is still considered the conforming loan limit.

Rates will typically vary depending on your credit, income verification, debt to income ratio, down payment amount and the type of loan you take for a particular property. The options can vary quite a bit and I cannot stress enough the recommendation to speak to a lender about your situation. A good lender will be able to explain the process to you as well as help you determine a number where you are comfortable. They will also be able to answer your questions regarding current rates, different loan products and will be able to give you their professional opinion regarding rates now and the what rates may do in the future. (of course no one has a crystal ball, but you can get an educated guess)

If you can, please make the First Time Home Buyers Seminar. Or if you would like I can highly recommend two lenders whom I know are very familiar with first time home buyers and the unique opportunities available to you. The TIC should have also provided information regarding the mortgage. TIC mortgages are shared by all of the the Tenants In Common.


Best,

Lisa Cartolano
Alain Pinel Realtors - Tue Oct 7 2008, 22:16

Hi Kym,

It might be helpful if you could clarify the situation. The increase in foreclosures has had an affect on renters throughout the Bay Area. Different cities have different tenant laws. In Oakland there is a Just Cause Eviction Law called Mesure EE. If the property in question is being foreclosed upon, the tenants may be contacted directly from the bank regarding moving out of the property. If the property is in or is already foreclosed upon, the landlord cannot evict a tenant based on foreclosure and must follow local laws and ordinances.

If you could clarify the situation it would help to provide better information. You can also contact the Oakland Rent Control Board at: http://cedaonline.oaklandnet.com/rentadjustmentsite/index.htm

Also since this question was posted in the San Francisco area and it is not clear if you are speaking of San Francisco or Oakland the SF Rent Control Board website is located at http://www.sfgov.org/site/rentboard_index.asp

I would suggest making contact with the local rent control board to discuss your situation.

Hope this helps! If you have any other questions feel free to contact me.

Lisa

Lisa Cartolano
Alain Pinel Realtors - Tue Oct 7 2008, 21:44

Jennie,

Having a buyers agent to represent your needs and to help you understand all the dislcousres as ensure that your best interests are represented is a very good idea. As you are discovering there are a lot of disclosures to read through and understand.

As it has already been mentioned having a buyers agent represent you does not cost the buyer. Having someone that represents your need throughout the transaction is a good idea. There are a variety of issues that can come up during a transaction and it is important to have an advocate for you.

If you have specific questions please feel free to contact me.

Best,

Lisa Cartolano
Alain Pinel Realtors - Tue Sep 23 2008, 19:13

Matt,

Based on the information you provided, I would suggest you speak with a Real Estate Lawyer. It sounds like what your neighbor is asking for are easement rights to your property. You are also asking for temporary access to his property to provide access to your property.

This may not be a quick process, but I would recommend speaking with a lawyer first to help you determine the best solution. You may also want to try to find out if your neighbor has a family member that might be able to help facilitate so you will be able to get your rennovation project up and going in a more timely manner.

Hope this helps,


Lisa Cartolano
Alain Pinel Realtors - Mon Sep 22 2008, 13:17

Heather,

If you are currently working with an agent you have a good working relationship with I would suggest you talk to them first about expanding your home search. Even if the agent you are working with does not work in the other areas you are considering, they will more than likely be able to recommend a Realtor for you to work with. This will allow the Realtor you know and trust to be able to work with other agents in the other areas to help represent you the buyer.

Best,

Lisa Cartolano
Alain Pinel Realtors - Tue Sep 16 2008, 12:52