Buying Services for East Bay Home Buyers

Congratulations! You have decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value.
In the following reports, you'll find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step , to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving.

Please contact me if you have any questions about buying a home in Alameda or elsewhere in California.

Below, select desired reports and complete the form provided.

		Buying Your First Home Many renters are starting to think about purchasing a home of their own. This article highlights several factors that should be considered when purchasing a home.
		The Right Home at the Right Price This article helps you become a savvy buyer, by pointing out some of the pitfalls inherent in the home-buying process.
		Avoid Common Buyer Errors Some buyers, however, caught up in the excitement of buying a new home tend to overlook some items. When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase.
		But Do You Need It Buying a home can be an emotional, time-consuming, and complex process. There are a few things that you can do to help make the process go as smooth as possible.


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Who Pays For What...

Who pays for what in a real estate transaction varies from city to city. Most fees are negotiable, but often customs develop and become expectations. Here is what customarily happens in Alameda County:

Buyer Pays
Escrow Charges
Title Fees (owner's & lender's title insurance)
50% of County Transfer Tax (only in City of Alameda)
50% of the City Transfer Tax
Home Inspection
Loan Origination Fees
Appraisal Fee
Credit Report
Escrow Fee
Notary Fees
Prorated Property Taxes (from date of purchase)

Seller Pays
100% of the County Transfer Tax (except City of Alameda is 50%)
50% of the City Transfer Tax
Pest Inspection
Pest Repairs (Section 1 items)
Prorated Property Taxes (to Close of Escrow)
Reconveyance Fee
Notary Fees
Transfer Fees
All Loans balances secured by the property
Real Estate Commissions

East Bay Transfer Taxes

Every time a home is sold, the county and many cities charge a transfer tax. The amount of the transfer tax varies from city to city. The table below shows the transfer taxes in Alameda County as of May 2006. The taxes are calculated at the rate shown for every $1000 of purchase price.

Location

Tax Rate

Alameda County

$1.10

Alameda City

$5.40

Albany

$11.50

Berkeley

$15.00

Hayward

$4.50

Oakland

$15.00

Piedmont

$13.00

San Leandro

$6.00

Richmond

$7.00

So to figure out how much transfer tax might be charged, let's look at a couple of examples...

1) A home purchased in Hayward for $800,000

County Tax 800,000 / 1000 = 800
800 x 1.10 = $880
City Tax 800 x 4.50 = $3,600
Total Transfer Tax: $880 + 3600 = $4,480

2) A home purchased in Oakland for $800,000

County Tax 800 x 1.10 = $880
City Tax 800 x 15.00 = $12,000
Total Transfer Tax: $880 + $12,000 = $12,880

As you can see, the amount of transfer tax a city charges can dramatically change your costs at close of escrow. Different cities have different customs for whether the seller or the buyer pay these taxes. Sometimes they are split between the buyer and the seller. This is a negotiable item on a residential purchase contract.

The actual taxes you are paying will be itemized on the closing statement you receive from your title company. You can request estimated closing statements in advance of the date you close escrow. It is a good idea to get this statement in advance and review it so you can prepare for closing and question any charges that you don't expect or don't understand.

Foreclosure Matters

This information is provided by Foreclosure Matters, a homeowners guide to foreclosures:

Bush’s Plan to Help Struggling Homeowners	12/8/2007 6:03 PM
On Thursday, President Bush jumped further into the Foreclosure fray announcing his plan to help homeowners facing foreclosure. The plan is billed as helping homeowners, and it does help a certain segment. However, it also is designed to salvage the bad loans made by the mortgage lending industry. The plan is essentially an agreement among [...]
Expanding Homeownership Act of 2007 (S. 2325)	11/18/2007 4:00 PM
The credit crisis is severely contracting the amount of money available for mortgages. Homeowners facing foreclosure are unable to sell their homes prior to actual foreclosure because of a lack of buyers with financing. The bill, entitled the Expanding Homeownership Act of 2007 (S. 2325) passed the House on September 18, 2007. The bill is now [...]
Congressional Action taken on H.R. 3915	11/15/2007 5:06 PM
The house passed H.R. 3915, the controversial Mortgage Reform and Anti-Predatory Lending Act by a vote of 291-127. Rep. Barney Frank said: “What we have today is a bill that canot undo what happened, but makes it much less likely….” The bill now goes to the Senate where it hasn’t been subjected to much debate. Even if the [...]
Mortgage Reform and Anti-Predatory Lending Act of 2007	11/12/2007 2:18 PM
On November 7, 2007 the House Committee on Financial Services approved the Mortgage Reform and Anti-Predatory Lending Act of 2007 (HR 3915). This bill, sponsored by Re. Bradley Miller [D-NC], does the following: Creates a licensing system for residential mortgage loan originators. Establishes standards for residential mortgage loan originations. *Establishes minimum Standards for Mortgages. This provision requires [...]
Short Sale Tax Relief – Status of Legislation	11/8/2007 9:32 PM
When a homeowner obtains short sale relief from a lender, the forgiven debt is subject to federal income tax. A number of bills are circulating in the House, and one in the Senate, that propose to alleviate this tax. H.R. 1876 was introduced by Rep. Robert Andrews (D-NJ) and sent to the House Committee on Ways [...]

Buying Services for East Bay Home Buyers

Who Pays For What...

East Bay Transfer Taxes

Foreclosure Matters