| 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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Negotiating and Closing a Good Deal |
 Are
interest rates negotiable?
Are
low-ball offers advisable?
Can you buy homes below market?
Can you negotiate the price on new homes?
Do I need an attorney when I buy a house?
How is the price set?
How much does my real estate agent need
to know?
Is a low offer a good idea?
Is there a secret to good negotiating?
Should I include an inspection contingency
in my offer?
What are some tips on negotiation?
What contingencies should be put in an offer?
What do you think of get-rich-quick real
estate schemes?
What is the best time to buy?
What is the difference between list price,
sales price and appraised value?
What is the first step to buying a home?
What repairs should the seller make?
Who gets the furnishings when a home is sold?
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Question: Are
interest rates negotiable?
Answer: Some
lenders are willing to negotiate on both
the loan rate and the number of points but
this isn't typical among established lenders
who set their rates like large corporations
set the prices on their goods.
Nevertheless,
it pays to shop around for loan rates and
know the market before you go in to talk
to a lender. You should always look at
the combination of interest rate and points
and get the best deal possible.
The
interest rate is much more open to negotiation
on purchases that involve seller financing.
These usually are based on market rates
but some flexibility exists when negotiating
such a deal.
When shopping for
rates, look for published rates in local
newspapers or check the growing number
of Internet sites that publish such information. |
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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: Can
you negotiate the price on new homes?
Answer: It
can be difficult to negotiate the sales price
with a developer because they may claim their
prices are based on fixed construction costs.
But it doesn't hurt to try.
Experts
say builders more likely to be flexible
on price at the very beginning and the
very end of a development project. Early
on, most developers want to move people
in quickly so the project picks up momentum.
Later, developers may be more inclined
to accept lower offers when only a few
units remain.
If negotiating the price
doesn't work, buyers commonly negotiate
for better amenities (upgrade carpet, light
fixtures, etc.) or lot location. Experts
say a developer will rarely pass up a deal
over a couple hundred dollars' worth of
carpeting, for example. |
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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 is the price set?
Answer: It's
very important to price your home according
to current market conditions. Because the
real estate market is continually changing,
and market fluctuations have an effect on
property values, it's imperative to select
your list price based on the most recent
comparable sales in your neighborhood.
A so-called
comparative market analysis provides the
background data upon which to base your list-price
decision. When you prepare to sell and are
interviewing agents, study each agent's comparable
sales report (the data should be no more
than three months old).
If all agents agree on a price range
for your home, go with the consensus. Watch
out for an agent whose opinion of value is
considerably higher than the others. |
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Question: How
much does my real estate agent need to know?
Answer: Real
estate agents would say that the more you tell
them, the better they can negotiate on your behalf.
However, the degree of trust you have with an agent
may depend upon their legal obligation.
Agents
working for buyers have three possible choices:
They can represent the buyer exclusively, called
single agency, or represent the seller exclusively,
called sub-agency, or represent both the buyer
and seller in a dual-agency situation.
Some
states require agents to disclose all possible
agency relationships before they enter into a
residential real estate transaction. Here is
a summary of the three basic types:
- In a traditional relationship,
real estate agents and brokers have a fiduciary
relationship to the seller. Be aware that
the seller pays the commission of both brokers,
not just the one who lists and shows the property,
but also to the sub-broker, who brings the
ready, willing and able buyer to the table.
- Dual agency exists if two agents
working for the same broker represent the
buyer and seller in a transaction. A potential
conflict of interest is created if the listing
agent has advance knowledge of another buyer's
offer. Therefore, the law states that a dual
agent shall not disclose to the buyer that
the seller will accept less than the list price,
or disclose to the seller that the buyer will
pay more than the offer price, without express
written permission.
- A buyer also can hire his or
her own agent who will represent the buyer's
interests exclusively. A buyer's agent usually
must be paid out of the buyer's own pocket
but the buyer can trust them with financial
information, knowing it will not be transmitted
to the other broker and ultimately to the seller.
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Question: Is a low offer a good idea?
Answer: |
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Question: Is
there a secret to good negotiating?
Answer: There
are several cardinal rules to negotiating effectively.
One is do your homework, and learn as much
about the seller or the buyer as you can. Another
is to play your cards close to your vest and
not reveal too much information to the other
party or their agent. Don't let yourself get
rushed into any decision, no matter how tempting
it may be. Finally, if you have doubts about
your negotiating skill, hire someone to help. |
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Question: Should I include an inspection contingency in my offer?
Answer: An "inspection
contingency" protects
you as a buyer in a purchase offer by allowing
you to cancel closing on the deal if an inspector
finds problems with the property.
As soon
as the seller accepts a written offer, the
document becomes a legally binding contract.
The purchase contract can be written to include
a contingency for any repairs found to be
needed or related items the seller must take
care of before closing. If these are not
dealt with, and you have such a clause in
your contract, you can delay or possibly
cancel the closing. If it's not stated in
the contract, you could face losing your
deposit. There also may be costly legal implications
stemming from backing out of a contract.
You
usually will have the right to choose the
inspector (and be responsible for paying
for the inspections). In addition to an overall
inspection for structural soundness, you
can request a satisfactory pest control inspection
report, roof inspection report or contingency
for no potential environmental hazards such
as asbestos or radon gas.
Contingency clauses
should satisfy the concerns of both the buyer
and seller. Buyers also can protect themselves
by inserting additional necessary contingencies.
Indicate which items like curtains and appliances
are to remain with the house. Then stipulate
you have the right to personally inspect
the home 24 hours before closing to make
sure all is in order. |
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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 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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Question: What do you think of get-rich-quick real estate schemes?
Answer: Most
real estate experts say there is no such
thing as getting rich quick in real estate.
But there's no end to get-rich-quick programs
presented to the public as alternative
methods of buying real estate.
Some are
reputable while others depend on your
financial circumstances to work. A handful
are simply scams.
Many get-rich-on-real-estate
programs offer advice on how to buy government
foreclosure properties and participate
in other government programs. Most of
this information can be obtained by calling
the government offices involved directly.
Anyone interested in real estate investments
would be wise to explore a variety of
sources. Most investors view real estate
as a long-term investment. Deals that
sound too good to be true often are. |
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Question: What is the best time to buy?
Answer: Because
many buyers prefer to move in the spring or summer,
the market starts to heat up as early as February.
Families with children are eager to buy so they
can move during summer vacation, before the new
school year begins.
The market
slows down in late summer before picking up again
briefly in the fall. November and December have
traditionlly been slow months, although some
astute buyers look for bargains during this 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: What is the first step to buying a home?
Answer: Finding
out what you can afford is one of the fist steps,
which can be done by pre-qualifying for a home
loan. This step will help you narrow your search
for both a neighborhood and particular houses.A
pre-qualification is a simple calculation that
considers several factors, but primarily your income.
There are no guarantees with a prequalificaiton,
but it will be expected of you when you make an
offer on a home. |
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Question: What repairs should the seller make?
Answer: If
you want to get top dollar for your property, you
probably need to make all minor repairs and selected
major repairs before going on the market. Nearly
all purchase contracts include an inspection clause,
a buyer contingency that allows a buyer to back
out if numerous defects are found or negotiate
their repair.
The trick is not to overspend
on pre-sale repairs, especially if there are
few houses on the market but many buyers willing
to buy at almost any price. On the other hand,
making such repairs may be the only way to sell
your house in a down market. |
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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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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 |
| |
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 |
| |
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 |
| |
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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| 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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