Here’s a brief history about one of Redwood City’s major employer before the internet explosion. Growing up in Redwood City the biggest employer was Frank’s Tannery. Many families depended on Frank’s Tannery to make sure they had food on their table and clothes on their backs. Frank’s Tannery was the structure everyone in town knew. Residents would point their finger towards Frank’s Tannery to any stranger visiting lovely Redwood City. As with most things there comes an end. Frank’s Tannery was no exception.
Before the Civil War
On September 9, 1859, Wentworth and Company, incorporated and built a leather tannery in the salt march lands south of Embarcadero Creek, towards the bay of the settlement knows as Redwood Landing.
Frank’s Tannery c.1917Today that would be where Toy R Us and the shopping center across from K-Mart sits.
Wentworth and Company accumulated massive debt with their business practices thus becoming over extended to Joseph Frank & Company Joseph Frank was a San Francisco firm supplying hides to tanneries and the open market. Eventually, for not being able to repaid their debt Joseph Frank became owners of Wentworth and Company.
Though the name was not changed for some time. In 1888, it became S.H. Frank & Company named after Joseph’s oldest son Samuel H., who started running the business in 1879. After the Frank’s took possession of the Wentworth tannery, they enlarged it and it became on of Redwood City’s largest employers. It also rose to the distinction as being the biggest tannery on the West Coast.
Operations keyed to the tannery took place around the waterfront, where ships laden with tan oak bark would arrive from S.H. Frank’s land on the Southern Oregon coast. Later, from Humboldt and Mendocino Counties. Hides came from local ranches initially, but as the San Francisco peninsula drew more population and less farmland was available Frank had to relied on other sources. One of the major contributors to Frank’s Tannery initial success were various Wars. There was a high demand for leather during war times and Redwood City answered the call for the needs of several Armed Forces around the world.
World Impact
Tannery in process
During the Russo-Japanese War, Frank’s Tannery supplied the leather for soles of boots for the Japanese Army and Navy. This was probably the first large contract for leather to an emerging Japan, where wood was still used for shoe soles. (The Frank’s “Loggers Oak” brand leather was superior and none other met the United States government’s standards for it ski boot during WWII).
After the war, operations at Redwood City declined due to a lack of local hides and the fact that new synthetics were capturing the leather market. In 1959, Frank’s Tannery closed. Prior to 1968, there were many old wooden buildings, a tall brick smokestack, and a steel water tower. In 1968 much of the old tannery complex fell victim to a spectacular evening fire. Those structures, which escaped the fire, became condemned and demolished in 1970.
The water tower was the only exception, which remained for few more years. The old ship channel once a pipeline for tan bark and other supplies required in operations at the tannery, still remain today. The creek has shoaled and is not its former width and depth. It is now isolated from the bay by Bayshore Freeway aka HWY-101, which would have been the eastern edge of the site.
Many changes
Painting of Frank’s Tannery in Redwood City, CA
There has been many changes to the land know as Frank’s Tannery. Currently there is shopping mall housing Clothing stores, Sporting Goods Store, Deli’s, and a Stake House. The Toy Store Toys-R-Us is scheduled to close in 2019. There is a good chance a developer will appear that will want to develop the land. Of late that development is usually a mix us concept with retail, housing, and parking. With the current flow of increased development of the Redwood City downtown core I would say the sprawling landscape of ships and barges, 4th of July Rodeos, and a Christmas shopping paradise for children are a thing of the past.
However, the history of Redwood City Frank’s Tannery and what it did to provide employment and a way of life will not be forgotten. The rich history of Redwood City CA and its contribution to the World will never be forgotten.
When the Frank’s Tannery sold in the 1970’s it sat on 19 acres. The postal address was 1601 and 1605 Veteran Blvd. Redwood City, CA 94063. Frank’s Tannery in it last days had an owner, Benjamin Swig, of 950 Mason (Fairmont Hotel), San Francisco, CA 94106. Thank you to Jeffrey D. Rhoads. Mr. Rhoads is credited for most of the initial research which in part was used to establish the Historic Landmarks Element of the Redwood City General Plan, Appendix B, September 1976.
Real Estate Site
Obviously, this is a real estate site and I am looking to provide a service to the community in the form of a Realtor. I have lived, worked, and served the city of Redwood City since 1969. I know Redwood City and I have 43+ year of real estate experience in and around Redwood City. I know it’s a different world and Redwood City 1950 does not exist. I do however, know the nooks and crannies of Redwood City and can find you the best price for your home no matter if you are selling or buying. I have been to this Rodeo before!
What to do next?
If you have a need for a Realtor or if you know of anyone in need of a Realtor there’s a simple 3-Step Process you can do to help yourself or them out…
Pull out your cell phone
Look up my number (hint 650-346-7366)
Call me immediately
When you call we will discuss what is most important to you when selling or buying a home. If I can help you I will tell you. Likewise, if I can’t help you I will tell you. Put my 40+ years of experience in your corner. I haven’t seen it all but I sure have seen a lot! My expertise is mainly in residential home and residential income properties. If you are going through a family member’s estate and need help with valuation to present to the Courts I can help. If you want to understand an IRS 1031 Tax-Deferred Exchange I can help. If you need names of various vendors for work around your home I can help. All you need to do is the 3-Step Process listed above.
Thank you. Your friend in the real estate business, Cliff Keith
Redwood City, CA 94062: Time and time again I have heard horror stories from home owners and home buyers claiming they didn’t have an Escrow that ran smoothly. These are home buyers and sellers who had recently closed escrow on their new homes. Even some didn’t get the the final closing table and they didn’t get their homes sold or purchased. When I look at the circumstances I see a consistent pattern of why this may have happened to them.
These horror stories usually surround itself around MONEY. They had to give more money than agreed at before closing. Or they just just didn’t have enough to close their escrow. In both cases this would be preventable. Below you can read what can be done to keep these horror stories from becoming a reality.
Number one
Tell the Truth
Tell the truth, the whole truth, and nothing but the truth. Banks, Lenders, or underwriters are not letting anything slip through the cracks during any escrow. It is just the nature of the beast for real estate loans. The truth will set you free. For examples, if you don’t have a “green card”, but have the money for a down payment, tell your loan officer. If you are in the middle of a divorce and the final degree is only days away, tell your loan officer. When you don’t tell the compete story (lie) to the loan officer their underwriter will discover your secret, and it will be a good chance your loan might be denied. The computer age is here and it is robust with data about everyone and everything including YOU! It is better to deal with a shortcoming then to “fudge the truth” and lose everything in the end.
Number two
Is the easiest to prevent. DON’T get any new credit, DON’T buy a new car. DON’T enter into an agreement with a contractor by giving a down payment on a remodel job of your new home. DO NOT open an account at Home Depot so you will be able to repair your new fixer-upper home you have purchased. STOP all spending, until which time your new home has been funded, and you have closed your escrow. Real simple…NO CREDIT NOW!
Number three
Read and Understand
It’s important to read and understandyour escrow paperwork. Check and re-check your estimated closing statement to make sure there has not been a change in your fees. The most common one is when you got pre-approved for your mortgage it was for a conventional 30-year fixed rate loan. Maybe once the escrow process started you saw in the paper an FHA loan with a cheaper rate and fewer points. After further investigation you instructed your loan officer to get you into an FHA loan product. You will believe that you were so smart and thrifty. However, you had overlooked one thing. You were only putting 10% down and all FHA loans require impound accounts. This is an account is paid in advance for property taxes and home fire insurance.
Here in California that equates to several thousands of dollars. That’s a “more-money” hiccup you might have a hard time swallowing, or maybe it will take you out of the escrow all together! If you had done an update on your estimated HUD-1 you would have seen your escrow closing costs were higher. You could have then either selected the new loan, or worked someway to get the extra money needed to close your escrow as agreed.
Finally, number four
Before you sign your final closing papers review your loan and escrow instructions one day before you sign them. You may spot something that can be corrected before you sit down at the closing table to sign those piles of documents. It has only happened once in my 43+ years of real estate where the buyer read every single page of their closing document right there at the closing table. And that was in the days when the documents were only 3 inches in size not the 6-8 inches one has to sign today. Ask your escrow officer to give you copies to study and read before you go into sign your closing documents. It’s difficult, usually because of your lender, but it can be done.
Having a smooth escrow is not an easy task. However, it is very doable, with proper escrow management and forethought. I know any real estate agent, mortgage broker, escrow officer and loan officer are intelligent enough to recommend their clients properly. It the least they can do for their clients. Home sellers and buyers are sometimes babes in the woods and need professional guidance. If you stay involved during your escrow with those working with/for you it will be a smooth escrow
What to do next?
Call Cliff (650) 346-7366
Take these 3 easy and simple steps to help you purchase your new home.
1. Take out your cell phone
2. Look up my number 650-346-7366
3. Call me immediately
When you call, we will discuss how Cliff Keith and Team can help you with purchasing your home. Put my 43+ years of experience in your corner when it comes to purchasing your biggest asset. Call Cliff Keith today (650) 346-7366.
If you have any questions, or need more detailed information, please give us a call 24/7 to our voicemail; 597-1821, or by text, cell phone during normal business hours 650-346-7366, or email us cliff@sfbayhomes.com.
We’d be happy to answer all your “What ifs”, and/or questions as well as offer you any of the real estate information you want and need.
Jumbo Home Loans are used for refinancing or purchasing most housing in Silicon Valley today. The reason for Jumbo Loans is because most homes require financing above the conforming mortgage rate limits. Housing costs in Redwood City CA are not like the rest of America. Higher limits on homes are needed to keep the real estate economy stable in California.
Conforming rate limits and mortgage interest rates are determined by the Federal Reserve. The jumbo home loan market was increased in California and New York due to the high home appreciation since 2012.
Market share of jumbo rate mortgages for both purchasing and refinancing peaked the early 2014. Due to them reaching their lowest levels in nearly 6-year. In April 2014, 5.8% of Redwood City CA real estate was refinanced using jumbo loans. This was below the previous 2-year peak of nearly 9.0%. In 2018 they hovered below 5.0%
The sudden drop in jumbo refinancing happened because the qualifying requirements for refinanced conforming adjustable rate mortgages (ARM) were made less favorable to the consumer. This was because the Federal Reserves (FEDS) via terms of the ARM mortgage kept raising interest rate.
In turn the need for refinancing increased because they were less expensive to the homeowner who had ARM mortgages. Jumbo mortgages nation-wide kicked in when the mortgages exceeded $463,450. In California the conforming rate is higher because of higher prices for housing. It is $679,650 as of 2018.
New for 2019…history of conforming loan limits:
Conforming Loan Limits by Year
Origination fees
From January 2012 to January 2014, jumbo refinance was in high demand. Fees for Jumbo rate loans went from just under 4.0%. When origination fees were added the jumbo loans reached 8.8%. Because of the improved jumbo-mortgage credit, and an increase in-house price. I believe the trend of today’s upward interest rates in 2018, we should see higher Jumbo interest rates and stricter qualification of borrowers again.
Home prices throughout the nation increased 8.5% in 2018 and this trend doesn’t seem to be softening. However, the Federal Reserve have raised interest rate 3-times in 2018. By doing so I believe we will have an increased need for Jumbo rate loans to purchase and refinance homes.
Additionally, many of the best qualified jumbo borrowers who have home loans other than a fixed rate mortgage may choose to refinance. This would be because the jumbo loans terms would be at more favorable terms.
Typically, jumbo home loans are higher rates than conforming loans. This led some borrowers to pay off their jumbo loan balance. They could refinance afterwards and get a conforming home loan with a lower interest rate. However, in order to do so the borrowers had to have cash to pay down their mortgage balances to the conforming level.
However, because the Feds raised rates this year, the differences between jumbo and conforming home loan rates are almost the same. This is eliminating the need to refinance with a jumbo loan as the borrower’s balance gets below the conforming limits. This would allow for a mortgage at the current conforming rate levels. For an example, the rate in April for a jumbo refi typically was 4.5%, compared to a conforming refinance at 4.25%.
Prepayments penalty clauses, which usually show the strength of the refinancing market, were less than 1% for recent Jumbo loans. Once the strength of the mortgage market weaken then costs will go up. This will include the percentage on the prepayment penalty clauses. Historically, lenders will NOT waive prepayment clauses.
Here are a few aspects to consider when borrowing or refinancing a jumbo rate home loans.
Fixed Rate Loans vs. ARM’s?
The increase of the Jumbo rate refinancing market will pick back up again when fixed rates start their upward movement. We have seen recently homeowners and buyers making use of ARM Jumbo rate home loans due to the reality they didn’t have the equity in their homes, or the income to qualify for a 30-year fixed-rate loan. Otherwise if a home buyer or homeowner looking to refinance or purchase a home a fixed-rate loan is still preferred.
ARMs over Refi’s?
Jumbo rate home loans that originated during the last recession (2008 and 2009) included the best rates of prepayment for lender. We may see the same in the future. This will show up for borrowers of 5-year and 7-year adjustable rate mortgage. These borrowers will be refinancing simply because their Jumbo ARM mortgages will reset or be re-forecasted. This means higher monthly payments and less favorable terms for their mortgages.
Call Cliff 650-346-7366
If you would like help or have other questions, please feel free to contact us/text at (650) 346-7366, or you can email cliff@sfbayhomes.com. When you contact me we will discuss your options of refinancing your home or finding a new loan for a purchase loan. Do it today as you will be glad you did.
Now that the holiday season is fully upon us, you’ll be looking for an opportunity to take a breather. I hope you have a few minutes to grab a hot chocolate and enjoy my newsletter.
This month’s newsletter has some good life reminders:
An article explains why we need vitamin D, especially in winter
How and why to clean your laptop
Common people foods to avoid giving to your dogs
For no particular reason, some fun facts about peaches
And much more!
When you’ve had time to relax after reading November’s Cliff’s Notes on real estate… you may begin having thoughts on selling your home, either this winter or next spring. If that’s so, give me a call (650) 346-7366 to start going through the preparations.
Thank you. And, don’t forget to enter ThisMonth’s Quiz, you could be drinking FREE coffee soon!
Many years ago, Rene Henry invited some friends for an afternoon on his sailboat on Santa Monica Bay. The good times quickly soured when a thick blanket of fog appeared, making visibility almost nonexistent.
For Henry, who regularly raced his boat and sailed every month of the year, the fog was of no concern. GPS was not available at this time, but armed with a compass and nautical chart, Henry plotted a solid course that would bring the boat safely back to the marina.
Suddenly, Henry’s boat was nearly cut off by several sailboats that emerged from the fog. Henry’s guests noticed that the long line of boats was headed in a different direction from their own and suggested that the best course of action was to follow their lead. “All those captains couldn’t be wrong”, they said.
Despite his friends’ fears, Henry re-positioned himself at the wheel and put the boat back on the course he’d established previously. His years of sailing experience had made him an able mariner, and sure enough, he delivered his party safely back to the marina.Henry was confident in the course he had charted but agreed to recheck his calculations. He shifted control of the wheel over to his friend, so he could go below deck. When he returned, he realized his friend had taken them off course to follow the other boats.
Later that evening, Henry received a call from a friend who told him about how several sailboats had crashed onto the breakers at Venice Beach due to the fog.
Henry’s experience is a good example of why you should trust your abilities, and never blindly follow someone else’s lead.~ Cliff
Lowest Interest Rate Home Loans For High-Income Professionals At http://Micheal-Ryan.com
INSIDE THIS ISSUE
· Be A Confident Mariner
· Catch Some Rays This Winter
· November Quiz Question
· How To Clean Your Laptop
· “Sleep On It” Isn’t Just A Saying
· Common People Foods That Are Bad For Dogs
· A New Initiative To Find E.T.
· Whose Surprise Is It?
· Build Impulse-Control In Your Children
· Your Intangible Legacy
· That’s Just Peachy!
Catch Some Rays This Winter
If you shun the sun, suffer from milk allergies, or adhere to a strict vegan diet, you may be at risk for vitamin D deficiency, according to WebMD.
Known as the “sunshine” vitamin, vitamin D is produced by the body from cholesterol when your skin is exposed to unfiltered sunlight— best taken in for about 10 to 15 minutes per day. Vitamin D also occurs naturally in a few foods including some fish and fish liver oils, egg yolks, and in fortified dairy and grain products, although it’s very difficult to absorb enough vitamin D from diet alone.
What makes vitamin D so special is that, unlike other vitamins, it functions like a hormone, and every single cell in your body has a receptor for it. Having a vitamin D deficiency is very common. It’s estimated that about one billion people worldwide have low levels of the vitamin in their blood.
Smiling Sun
Here are 7 common risk factors linked to a vitamin D deficiency:
Having dark skin
Being elderly
Being overweight or obese
Eating little fish or dairy
Living far from the equator where there is not much sun year-round
Always using sunscreen when going out
Staying indoors
Whether you’re getting your vitamin D from the sun or a supplement, you might also want to pay attention to how much magnesium you’re getting as well. Nutritionists say that vitamin D can’t metabolize effectively without sufficient amounts of magnesium, which transforms the vitamin into usable form inside a human body.
You can solve a lot of health woes by frequently eating salads and other green vegetables while sitting in the sun!
November Quiz Question
Q: Name two companies whose names have become verbs.
Everyone who texts, emails or calls in the correct answer by the last day of this month will be entered a drawing for a $30 gift certificate to Starbucks
October Question
Q: What is Allspice also known as?
A: Pimenta.
How To Clean Your Laptop
Even if a grimy laptop doesn’t bother you, it’s arguably not the most professional way to present yourself. But beyond aesthetics, a dirty laptop can limit the life of the computer.
Fortunately, you don’t need to shell out for a fancy cleaning kit to get your machine sparkly clean.
The four essentials for keeping a pristine computer are rubbing alcohol (90 percent isopropyl or higher), microfiber cloths, cotton swabs, and canned air.
The canned air is meant for blasting out crumbs, pet hair and other debris from the crevices of your machine, including under the keys. Start there.
Lap-Top
If your laptop is designed to be taken apart, once you’ve turned it off, unplugged it and taken out the battery, you can use canned air on the inside hardware, too. Why clean the inside? Because buildup of any kind can make your computer more susceptible to overheating, which can cause it to stop working.
Before using canned air, first, do a test spray away from your laptop to clear the nozzle, then go to town on the headphone jack, keyboard — anywhere some unwanted particles could have found their way in. Spray in short bursts to prevent condensation buildup.
Then, wipe away whatever the air has unearthed, using your microfiber cloth. To clean grime, use rubbing alcohol applied to cotton swabs (not to the machine directly).
“Sleep is the best meditation.” ~ Dalai Lama
“Sleep On It” Isn’t Just A Saying
Many people report that when they wake after a good night’s sleep, they find solutions and ideas they hadn’t been able to think of the day before.
An article on the Medical News Today website explains why. According to neuroscientists, sleep is essential for consolidating memories. Insufficient or poor sleep makes the synapses in your brain less effective, which interferes with your ability to learn and sort information.
Recent studies also suggest that taking a quick nap, or even just resting quietly for 10 minutes or so, can help new information settle into your memory so you can access it more readily afterwards.
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Common People Foods That Are Bad For Dogs
While tempting to give Fido extra goodies, not knowing what is and isn’t safe for dogs can cause serious harm. In particular, you should avoid giving your dog these common human treats:
Puppy
Alcoholic beverages and food containing alcohol can cause vomiting, diarrhea, decreased coordination, central nervous system depression, difficulty breathing, tremors, abnormal blood acidity, coma and even death. Under no circumstances should your pet be given any alcohol.
Chocolate, coffee and caffeine all contain substances called methylxanthines, which are found in cacao seeds, the fruit of the plant used to make coffee, and in the nuts of an extract used in some sodas. When ingested by pets, methylxanthines can cause vomiting and diarrhea, panting, excessive thirst and urination, hyperactivity, abnormal heart rhythm, tremors, seizures and even death. Note that darker chocolate (including baking chocolate) is more dangerous than lighter chocolate.
Grapes and raisins can cause dogs to develop acute kidney injury (the sudden development of kidney failure) with anuria (a lack of urine production). The phenomenon was first identified by the Animal Poison Control Center (APCC), run by the American Society for the Prevention of Cruelty to Animals (ASPCA). Approximately 140 cases were seen by the APCC in the one year from April 2003 to April 2004, with 50 developing symptoms.
A New Initiative To Find E.T.
The search for extraterrestrial life is moving to a new, more ambitious phase, reports an article on the Independent website. Up until now, scientists have been restricted to surveying a relatively small area of the sky, studying stars only a few light-years from Earth. A new project, called Breakthrough Listen, will use new technology at the Parkes telescope in Australia to scan a much wider area of the sky more quickly than before.
The Parkes telescope and others will gather 1,500 hours of data in 2018, then analyze it for any phenomena that appear artificial—while ruling out activity from Earth.
The project is one of several from Breakthrough, one of which includes a plan to send small spacecraft on deep-space missions far from Earth.
Whose Surprise Is It?
“No peeking,” Reggie’s dad said. Reggie shielded his eyes. His father’s hands rested on his shoulders and slowly guided the boy to the family’s living room.
“Happy birthday!” his dad said. “You can look now.”
“Oh boy!” Reggie yelled as he ran across the room and hugged the neck of a huge hound dog. The dog and the boy stood nose to nose and then the dog licked the birthday boy in the face.
Reggie turned to his dad and asked, “Is he for me, or am I for him?”
“If you try to fail but succeed, which have you done?” ~ George Carlin
Build Impulse-Control In Your Children
You might have heard of the famous Marshmallow Test, a study that looked at impulse control in a group of young children. The conclusion, accepted for many years, was that the children who displayed impulse control had better grades and were more successful in life.
However, this research did not control for an individual’s ability to learn impulse control. Child behavior researchers offer many approaches to teaching children self-control, including this interesting technique:
Disrupt habits: Researchers believe one of the best ways to teach self-regulation is to provoke a child’s ability to resist small impulses, kind of like building up an immunity to impulsive behavior.
An easy way to do this is by occasionally changing the rules when playing games that have children follow a specific set of directions. In the game “Red light, green light,” for example, children are allowed to move about when they hear, “green light,” and they must stop moving when they hear, “red light.” When you change the rules so that red means “go” and green means “stop,” you teach your children to ignore an impulse, go against habit, and fulfill new expectations.
Your Intangible Legacy
As most of us get older we begin to think about the things we will leave our loved ones after we depart this earthly plane. Money, property, and heirlooms occupy most of our considerations in this matter.
Yet we often overlook many priceless treasures that we possess and have inherited from others…
Do you share your father’s work ethic, your mother’s tenaciousness, your grandmother’s loving spirit, and your grandfather’s resilience? How we live our daily lives, the choices we make, and our values are influenced by the examples passed down to us from our ancestors. These are the legacies that shape our identity and interactions with others.
Share these explicitly with kids and grand-kids, helping them see and appreciate these values that they’ve learned from you.
“Carve your name on hearts, not tombstones. A legacy is etched into the minds of the others and the stories they share about you.” ~ Shannon L. Alder
That’s Just Peachy!
Peach lovers, here are a few fun facts to consider about this yummy fruit:
Peach
Peaches are native to China and countries of the Middle East. There is evidence they have been cultivated since 6000 B. C.
They were transported to the New World by Spanish explorers who planted the first orchard in Florida in 1565.
50% of the peaches sold throughout the world are exported from China.
Researchers believe the phenolic compounds in peaches have anti-inflammatory and anti-obesity properties.
The fruit is also a good source of both vitamins A and C, and other minerals.
Freestone or clingstone are the two main varieties and describe whether or not the fruit clings to the pit in the center of the fruit.
Peaches are in season in the Northern Hemisphere in June through August. Winter peaches are available in some specialty stores that ship them in from countries in the Southern Hemisphere.
Just Part Of Growing Up
Your little one has just started kindergarten and is being exposed to all sorts of new exciting things. Children begin to notice toys, books, and other items their classmates have and realize they want these things, too.
One day you’re going through your child’s school bag and discover a bounty of other children’s belongings. Gasp! You’re the parent of thief! Relax. This is not altogether an uncommon stage of development for some 5- and 6-year-olds. However, you shouldn’t ignore what’s happening. It is a serious issue. What should you do?
Talk to them. They’re just little kids. They’re impulsive and don’t fully realize the implications of their actions—until you teach them right from wrong.
The best way to do that is with a calm but firm demeanor. Let your child know that when they take something that doesn’t belong to them, without permission, it is considered stealing. Explain to them that stealing is wrong and a serious offense. The child should return the item to its owner and apologize to them for taking it.
It may happen a few more times. When it does, your response needs to remain consistent. Children must be reminded that such actions are unacceptable, and be held accountable for what they’ve done. They must always apologize to those they’ve wronged, no matter how embarrassing or untimely it may be. Children will eventually begin to understand right from wrong. When they do, this behavior will come to an end.
Watch Out For Social Media On The Job
A survey of organizations with 1,000+ employees found that 8% have fired an employee for misbehavior related to social networks like Facebook or LinkedIn. How can you avoid joining them? Steer clear of these obvious online mistakes:
Complaining about your boss or organization
Posting that you’re looking for a new job
Sharing confidential information about your organization
Criticizing your co-workers online
Posting inappropriate (or stupid) photos of yourself
Sharing workplace rumors online
Spending too much time on social networking sites when you should be working
Disclaimer…
This newsletter is intended for entertainment purposes only. Credit is given to the authors of various articles that are reprinted when the original author is known. Any omission of credit to an author is purely unintentional and should not be construed as plagiarism or literary theft.
Copyright 2018 Cliff Keith dba SF Bay Homes with Today | Sotheby’s International Realty. This information is solely advisory, and should not be substituted for medical, legal, financial or tax advice. Any and all decisions and actions must be done through the advice and counsel of a qualified physician, attorney, financial advisor
Newsletter August 2018
Cliff’s Notes on real estate…
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Homeowners lately who have housing in Redwood City CA, are asking me…Cliff what is the Shortest Time in SF Bay Area to Sell Property? The answer has many possibilities. In selling homes there are always two major terms, which determines the time it takes to sell a home. Those are Price and Terms.
Price and Terms are found in both the Listing Agreement and the Purchase Agreement. Both impact how much money one gets for their home, and the amount of time their homes sell. Make sure you fully understand both aspect of your agreement before you sign anything.
Pre-Listing
In today’s real estate market in Redwood City CA home sales are brisk and usually sell for asking price or more. The current standard of practice by real estate brokers is to list the home and prepare it for the open market. During that period various inspections and report are performed. Additionally, trades people can fix any issues with the home found during the inspections. One repairs are completed ,staging the home is ordered. Staging will show the home in its finest light and will bring the homeowner more money.
At the same time marketing starts in the form of hiring a photographer crew to take pictures of the home. Seaming together photos taken for a virtual tour and writing content for a color flyer to give to all prospective buyers is a marketing technique used that works.
All of these aspect of marketing a home usually take 30 days. The current state of repairs of the home may need extensive repair work and then that time frame could be longer. Every community shows a different number of days for a home to sell. Housing in Redwood City CA has an average days on market before a home sales is between 10-20 days. This is historically low for nation-wide real estate markets, but not for property for sale in Redwood City CA.
Escrow period: (When the money changes hands)
Once the home sells there is an escrow period. Currently, the shortest I have seen for an escrow is 7 days with the average being 21 days. Appraisers, title officers, loan officers and wiring of funds take time and need time to complete their various tasks. The 7 day close usually happens because the buyer is an all cash buyer, meaning there is no loan just a bank transfer of funds. The Shortest Time in SF Bay Area to Sell Property then for a normal transaction is 61 days. This is from the signing of the listing agreement to the close of escrow.
Sell your home
Can I sell home faster than 21 days?
On the other hand if you are a seller who wants out of his home today under any conditions that time period shortens to 21 days or sooner. You will not receive the highest price for your home, nor the most favorable terms, but you will have a fast close of escrow.
The two scenario of a normal sale vs quick close of escrow are what a SF Bay Homeowner can expect when selling their home. In both cases choosing the correct Realtor that you want in your corner is utmost importance. Cliff Keith and Team has been helping homeowner in the SF Bay Area for the past 42+ years. Call or text, (650) 346-7366, us today to find out how we can help you too.
No need to worry.
Cliff Keith and Team dba SF Bay Homesare not a HARD SALE team. We want to educate our clients so their decisions for selling a home is based on knowledge and not emotion. You our business model is based on referrals from our past clients so we have to do a great job for our clients in order to stay in business. Do it now. Call Cliff Keith and Team and let’s see how we can help you. You’ll be glad you did. (650) 346-7366 or cliff@sfbayhomes.com
Shortest Time in SF Bay Area to Sell Property is a choice a property seller can make by using the information provided above.
7-Secret Steps to Buying Your New Home Successfully
Would you like to know how to stop spending all your hard-earned money on rent and buy a home? Here are 7 Steps to Buying a New Home for your journey. This is the meat and potatoes of how some new home buyers will guaranteed success. Here’s help with their search and successful close of escrow on their new home.
If you are currently renting a home, you can change that behavior and buying a home can seem like a monumental undertaking. This report is to help you with the home buying process. Read these 7-steps before signing anything so as a home buyer you lessen your chance of making any major mistakes.
Step One:Identify Your Requirements in a Home
First consider the kind of home you’ll need and one you want. Write down your specific requirements, such as the number of bedrooms, lot size, floor plan style, schools, etc. Then ask yourself…what is most important about these requirements buying your new home?
Step Two:Determine How Much You Can Realistically Afford
Consider your budget and current financial obligations. Decide what monthly house payment you can really afford. Most mortgage consultants will advise limiting your mortgage payment to no more than one-third of your net monthly income. And, that is, if you are debt free. If you’re unsure, contact your mortgage consultant to help you with these calculations. I also have a post that I have written and will give you a formula you can use to figure it out yourself here.
Step Three: Get Pre-Approved by a Mortgage Consultant
When you know in advance the amount of money your bank will lend, you’ll will only focus on houses in your targeted price range. This can save you time and money when you find that perfect home. This is because you know what your credit limits are and sellers favor buyers who know that and are pre-approved.
An experienced mortgage consultant will tell you what specific loan programs are best for you. By taking a look at your financial situation and credit history, a mortgage consultant will tell you if you can qualify for the home you want, and they will find a loan that best suits your needs.
For the approval process, your mortgage consultant will have you complete the required documentation and give them to their underwriter from the bank. A pre-approval is a real loan commitment from a mortgage consultant or lending institution. This means that you qualify for a specific loan based on the information you’ve provided. Talk to your mortgage consultant about the costs and time involved to secure pre-approval letter. Normally this process takes 2-3 weeks.
Step Four:Work with an Experienced Real Estate Consultant
You can learn a lot about real estate consultants by talking to them about their experience. In a short time, you’ll be able to decide if they’re the right person to meet your needs. I have left below questions you can ask any real estate agent so you can compare one against the other using the same criteria.
Questions for Real Estate Agents:
In what areas of town and price ranges do you specialize? (Keep in mind that some agents specialize in only one area or one price range.)
My goal is to buy a house by ___________. How will you help me meet this goal?
How often will you update me with new property listings? If I don’t like what you update me with how would you change it so I get more homes I’m interested in purchasing?
Step Five:Tips for Successful House Hunting
A). Keep an organized record of your research. Write down comments about each home you see. Try and always come up with one word or phrase that will recall that home. For example, Pink Front Door or 49er Poster in Family Room.
Keep track of your likes and dislikes and offer feedback to your real estate consultant after each house. Some buyers are reluctant to tell an agent what they really think of a house; they think the agent might take it personally. Remember, the houses isn’t going to be purchased by the agent, they want to help you with what you want!
B). Make sure your agent is aware of your time schedule and expectations. Do you like to look at one or two homes per session? Maybe you would like to see more four or eight? Discuss this with your agent.
C). Tell your agent about any homes you see that interest you and that you’d like to know more about. This includes homes you’ve “discovered” as you explore the area and those advertised in the newspaper, magazines and on the Internet.
D). If you like to spend time driving around by yourself looking at houses, ask your agent for a list of homes you can do a drive-by – to consider first from the outside. Your agent can make appointments to show you the interior of the properties that appeal to you from your “windshield” tour of homes. Be aware though…”you can’t judge a book by its cover”.
E). It’s important to know beforehand whom your agent represents. Some agents work only for the seller. Make sure you ask what Agency Relationship your agent is honoring. You want someone to be in your corner when it comes to representation not the other way around.
Step Six:Make a Purchase Offer
Work with your real estate consultant to decide the most appropriate purchase offer. The most effective way to accomplish this is by having your agent do a Comparative Market Analysis on each home you wish to submit an offer on. Know what you are buying and what the comparable homes in the neighborhood are selling for makes good sense.
Even in a hot market don’t get caught up moving too fast and skipping steps in your due diligence process. Be certain when you make an offer it’s the right one for you and within your qualifying budget. This will lessen what happens with many home buyers…buyer’s remorse. Your real estate consultant will present the offer on your behalf to the sellers.
Step Seven: Save on Your Initial Investment and Monthly Payments
Save money by shopping price
There are only two major cash investments to consider when buying a home. These are your initial investments, which includes the down payment and closing costs, and your monthly mortgage payment to the bank, which includes principal, interest, taxes and insurance. Once these figures are known you will know exactly if you have exceeded your level of pain when buying a home. If the number is one you know you can’t afford based on your own knowledge of your spending habits and actual income. Only you know if you’ll be able to afford your costs in buying a home and if it exceeds your comfort level.
Initial Investment
Choose a low or zero down payment loans if possible. You don’t necessarily have to put 20 percent or even 10 percent down. You can pay 5 percent, 3 percent, or even zero down on some loans. Obvious if you are looking to make a low monthly payment then maybe 20% isn’t enough and you need to put more money down. It depends on your goals and what is important to you. The adage of use other people’s money (OPM) still holds true for smart money management.
Some Lenders have programs to cover all your closing costs. Ask your mortgage consultant about them. If you can, you’ll stretch your payment of a 30-year period (amortize) instead of taking money out of your pocket today.
As part of your offer, ask your real estate consultant about the seller’s paying some of your closing costs. In a hot market they probably won’t do so, but in a slower market you may get their help. You know you don’t G-E-T if you don’t A-S-K!
Shop around for your homeowners’ insurance. A little comparison-shopping can save you money. Make sure you know what the lender will need from your homeowner’s insurance company. That way you’ll get the correct bid from any insurance broker you may speak to during your shopping for insurance.
You may deduct money paid for discount points from your gross income before computing your personal tax. Also, you may be able to use your IRA funds if you’re a first time home buyer. See your accountant or CPA for more information.
Monthly Payments
A). Get a loan that doesn’t have payment mortgage insurance premiums (PMI) if possible. One of the major issues with PMI is that it is very difficult to remove from your loan. Most PMI company will not remove these premiums without a complete refinance. By putting 20 percent or more down, you will drop them entirely. Talk to your mortgage consultant about other ways to cut or end payment mortgage insurance payments.
What to do now:
Call Cliff 650-346-7366
You want the Team in your corner that will make sure your get what you are trying to do…buy your new home. Call or text-650-346-7366 for fastest service. Otherwise, email cliff@SFBayHomes.com. Do it TODAY!
