| Welcome to my web site. |
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Whether you are just browsing, or have specific real estate needs, I hope you find the tools and content here helpful.
Please take your time to look around, and I sincerely hope to hear from you, or answer any questions you have regarding real estate in the Bay Area.
Sincerely,
Faye Weng |
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Latest trends in kitchen cabinets
Fri, 16 May 08 00:00:00 -0700 |
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Denied short sale, struggling homeowners look for way out
Fri, 16 May 08 00:00:00 -0700 |
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Be careful what you say about landlord online
Thu, 15 May 08 00:00:00 -0700 |
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Neighbor sabotage kills home sale
Thu, 15 May 08 00:00:00 -0700 |
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Moving to a new city? Web's got you covered
Thu, 15 May 08 00:00:00 -0700 |
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Buying house before marriage can be risky
Thu, 15 May 08 00:00:00 -0700 |
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Home buyer sues when appraiser misses leaky roof
Wed, 14 May 08 00:00:00 -0700 |
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Seniors, leave apartment painting for the pros
Wed, 14 May 08 00:00:00 -0700 |
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Homeowners react to falling real estate values
Wed, 14 May 08 00:00:00 -0700 |
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Best way to divvy up house after failed relationship
Tue, 13 May 08 00:00:00 -0700 |
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Unpermitted upgrades put seller in pickle
Tue, 13 May 08 00:00:00 -0700 |
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Homeowners avoid tax on $1 million capital gain
Mon, 12 May 08 00:00:00 -0700 |
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| I am a realtor who believes in continuous education, and I am committed to perfecting my services. Here are some of the on-going awards and designations I’ve earned: |
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| Browse Blogs |
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Buyer FAQ |
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Making an Offer |
 Are low-ball offers advisable?
Can
you buy homes below market?
Do
I need an attorney when I buy a house?
How
do you determine the value of a troubled property?
Is a low offer a
good idea?
What are some tips on negotiation?
What are
the standard contingencies?
What contingencies
should be put in an offer?
What is the difference
between list and sales prices?
What is the difference
between list price, sales price and appraised
value?
Who gets the furnishings when a home
is sold?
Whose obligation is it to disclose
pertinent information about a property? |
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Question: Are
low-ball offers advisable?
Answer: A
low-ball offer is a term used to
describe an offer on a house that
is substantially less than the
asking price.
While any offer can
be presented, a low-ball offer
can sour a prospective sale and
discourage the seller from negotiating
at all. Unless the house is very
overpriced, the offer will probably
be rejected.
You
should always do your homework
about comparable prices in the
neighborhood before making an y
offer. It also pays to know something
about the seller's motivation.
A lower price with a speedy escrow,
for example, may motivate a seller
who must move, has another house
under contract or must sell quickly
for other reasons. |
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Question: Can
you buy homes below market?
Answer: While
a typical buyer may look at five
to 10 homes before making an offer,
an investor who makes bargain buys
usually goes through many more. Most
experts agree it takes a lot of determination
to find a real "bargain."There
are a number of ways to buy a bargain
property:
- Buy a fixer-upper
in a transitional neighborhood,
improve it and keep it or resell
at a higher price.
- Buy a foreclosure
property (after doing your
research carefully).
- Buy a house due to
be torn down and move it to
a new lot.
- Buy a partial interest
in a piece of real estate,
such as part of a tenants-in-common
partnership.
- Buy a leftover house
in a new-home development.
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Question: Do
I need an attorney when I buy a house?
Answer: In
some states, you do need an attorney
to complete a real estate transaction,
but in others you do not.
Most home buyers are capable
of handling routine real estate
purchase contracts as long as they
make certain they read the fine
print and understand all the terms
of the contract. In particular,
you should be clear on the terms
of any contingency clauses that
will allow them to back out of
the contract.
If
you have any questions at all,
it may be advisable to consult
an attorney to avoid future legal
hassles. In looking for an attorney,
ask friends for recommendations
or ask your real estate agent to
recommend several. Call to inquire
about fees and to check on their
experience. In general, more experienced
attorneys will cost more, but real
estate fees as a rule are small
relative to the cost of the property
you are buying. |
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Question: How
do you determine the value of a troubled property?
Answer: Buyers
considering a foreclosure property
should obtain as much information
as possible from the lender, including
the range of bids expected.
It also is important
to examine the property. If you
are unable to get into a foreclosure
property, check with surrounding
neighbors about the property's
condition.
It
also is possible to do your own
cost comparison through researching
comparable properties recorded at
local county recorder's and assessor's
offices, or through Internet sites
specializing in property records. |
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Question: Is
a low offer a good idea?
Answer: While
your low offer in a normal market
might be rejected immediately, in
a buyer's market a motivated seller
will either accept or make a counteroffer.
Full-price
offers or above are more likely to
be accepted by the seller. But there
are other considerations involved:
- Is
the offer contingent upon anything, such
as the sale of the buyer's current house? If
so, a low offer, even at
full price, may not be as attractive as an
offer without that condition.
- s the offer made
on the house as is, or does
the buyer want the seller to make some
repairs or to lower the price
instead?
- Is the offer all
cash, meaning the buyer has
waived the financing contingency? If so,
then an offer at less than
the asking price may be more attractive
to the seller than a full-price
offer with a financing contingency.
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Question: What
are some tips on negotiation?
Answer: The
more you know about a seller's motivation,
the stronger a negotiating position
you are in. For example, seller who
must move quickly due to a job transfer
may be amenable to a lower price
with a speedy escrow. Other so-called "motivated
sellers" include people going
through a divorce or who have already
purchased another home.
Remember,
that the listing price is what
the seller would like to receive
but is not necessarily what they
will settle for. Before making
an offer, check the recent sales
prices of comparable homes in the
neighborhood to see how the seller's
asking price stacks up.
Some experts discourage making
deliberate low-ball offers. While
such an offer can be presented,
it can also sour the sale and discourage
the seller from negotiating at
all. |
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Question: What are the standard contingencies?
Answer: Most
purchase offers include two standard
contingencies: a financing contingency,
which makes the sale dependent on
the buyers' ability to obtain a loan
commitment from a lender, and an
inspection contingency, which allows
buyers to have professionals inspect
the property to their satisfaction.
As
a buyer, you could forfeit your
deposit under certain circumstances,
such as backing out of the deal
for a reason not stipulated in
the contract.
The purchase contract
must include the seller's responsibilities,
such things as passing clear title,
maintaining the property in its
present condition until closing
and making any agreed-upon repairs
to the property. |
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Question: What contingencies should be put in an
offer?
Answer: Most
offers include two standard contingencies:
a financing contingency, which
makes the sale dependent on the
buyers' ability to obtain a loan
commitment from a lender, and an
inspection contingency, which allows
buyers to have professionals inspect
the property to their satisfaction.
A
buyer could forfeit his or her
deposit under certain circumstances,
such as backing out of the deal
for a reason not stipulated in
the contract.
The purchase contract
must include the seller's responsibilities,
such things as passing clear title,
maintaining the property in its
present condition until closing
and making any agreed-upon repairs
to the property. |
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Back to top |
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Question: What
is the difference between list and sales prices?
Answer: The
list price is how much a house is advertised
for and is usually only an estimate of
what a seller would like to get for the
property. The sales price is the amount
a property actually sells for. It may be
the same as the listing price, or higher
or lower, depending on how accurately the
property was originally priced and on market
conditions.
If you are a seller, you may
need to adjust the listing price if there
have been no offers within the first few
months of the property's listing period. |
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Question: What
is the difference between list price, sales price
and appraised value?
Answer: The
list price is a seller's advertised price,
a figure that usually is only a rough estimate
of what the seller wants to get. Sellers
can price high, low or close to what they
hope to get. To judge whether the list
price is a fair one, be sure to consult
comparable sales prices in the area.
The
sales price is the amount of money you
as a buyer would pay for a property.
The appraisal value is a certified appraiser's
estimate of the worth of a property, and
is based on comparable sales, the condition
of the property and numerous other factors. |
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Question: Who
gets the furnishings when a home is sold?
Answer: It depends. Fixtures, any kind of personal property that is permanently attached
to a house (such as drapery rods, built-in bookcases, tacked-down carpeting
or a furnace) automatically stay with the house unless specified otherwise in
the sales contract. But anything that is not nailed down is negotiable. This
most often involves appliances that are not built in (washer, dryer, refrigerator,
for example), although some sellers will be interested in negotiating for other
items, such as a piano. |
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Question: Whose
obligation is it to disclose pertinent information
about a property?
Answer: In
most states, it is the seller, but obligations
to disclose information about a property
vary.
Under the strictest laws, you and
your agent, if you have one, are required
to disclose all facts materially affecting
the value or desirability of the property
which are known or accessible only to you.
This
might include: homeowners association dues;
whether or not work done on the house meets
local building codes and permits requirements;
the presence of any neighborhood nuisances
or noises which a prospective buyer might
not notice, such as a dog that barks every
night or poor TV reception; any death within
three years on the property; and any restrictions
on the use of the property, such as zoning
ordinances or association rules.
It is wise to check your
state's disclosure rules prior to a home
purchase. |
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HOME VALUATION |
| Monitor the value of your property, get an
idea of what your home is worth today. |
 Contact
Faye Today |
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LETTERS FROM CLIENTS |
| Nothing makes me more proud and satisfied
to know that I've served my clients well. |
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All |
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FEATURED PROPERTIES |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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N/A |
| Asking Price |
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$549,000 |
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| Virtual Tour |
| Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1,434 |
| Asking Price |
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$698,500 |
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| Virtual Tour |
| Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1,024 |
| Asking Price |
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$486,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1213 |
| Asking Price |
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$535,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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3/2.5 |
| Sq ft |
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1312 |
| Asking Price |
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$775,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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Redwood City |
| Bed/Bath |
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5/3 |
| Sq ft |
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N/A |
| Asking Price |
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$1,399,950 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2.5 |
| Sq ft |
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1,254 |
| Asking Price |
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$750,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/1 |
| Sq ft |
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1,130 |
| Asking Price |
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$935,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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Redwood City |
| Bed/Bath |
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4/3.5 |
| Sq ft |
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2,951 |
| Asking Price |
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$1,626,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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S. San Francisco |
| Bed/Bath |
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4/.3.5 |
| Sq ft |
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2,783 |
| Asking Price |
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$1,275,000 |
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Virtual Tour |
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Contact Faye |
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