We are currently renters in the East Bay, and have been meaning to buy for the last 5 years (oof). Now with prices through the roof, surrounded by a ring of fire (fires all around the East Bay) we can’t figure out where we should look? We wanted to go to Napa, but guessing that is going to be worse. we can afford up to 1.1m. Does anyone think the BA might go down in the next year or so? it feels like the top - lots of frantic bidding for houses, and my guess was with the fires/heat/power cuts, lots of people might leave in the next year or so. Thoughts?
Sales in Sonoma and Napa are going thru the roof. Read somewhere they are the hottest (sorry) market right now in the Bay Area. Where in East Bay are you thinking about? Generally speaking the farther you are away from the 101-corridor between SF and SJ, the cheaper the houses are. Fremont and the Pleasanton/Dublin area would be good for your budget.
bumping this up because we just bought a house (our first) in Dublin, CA. I didn’t realize how much of a shark our new agent was (and what a timid rabbit our other agent was), and our offer on a house was accepted last night. I would love your advice on any of of the following important and non important questions. We have a RE agent, but its always helps to get other input as well, thank you.
Should we get a whole home warranty for a year (this was an option?).
Any advice about escrow money wiring and how to manage it safely
wiring money - how does the very large down payment transfer, any pitfalls to be aware of?
home insurance: I need to start getting quote right? any advice on what to look for in a policy (we are in Dublin, not in the hills)
what is something you wish you thought of?
I don’t believe in home warranty and have never bought one for any of my houses. Things tend not to break in the first year. Often times it’s something sellers offer for free. Maybe others have more positive experience?
There have been reports of wiring scams. To be absolutely sure double check wiring bank information with agents via more than one communication channel. Maybe say also text and call in addition to email? I actually delivered a bank check in person to the title company if they have an office in town.
The biggest regret I had was not buying bigger/more. Everything looked so expensive for me the noob but they always got more expensive in later years. I should have bought enough house to last for 10 to 20 years, instead of aiming for just 5-10 and thinking I will move up later.
this is great advice, thank you! Yes, I think we may be okay in this LT, we may have to expand the second floor, but it looks like there is room to expand.
Get the home warranty always paid off for me. Your agent will pay for it. Tell them to consider it a gift. It has worked for me. I agree on wired money. Use a cashiers check. Make sure you check out the neighborhood. Barking dogs? Annoying neighbors. Nighttime noises.
agent pays for home warranty? my agent asked me to get a home warranty myself
Tell him it will protect him from the lawsuit you will file. Should make him pee a little bit. Lol
In Austin, seller always offer 1 year home warranty.
Most do here also. Helps protect against lawsuits
On wiring funds, I always do a google search to find the phone number of the escrow office then call to talk to the escrow officer and verify over the phone the details in the wire instructions. Your escrow officer will happily verify this with you as they understand the risks without this verification.
One anecdote I have was there was one time when I sent a wire to pay off a loan. The payoff instructions said I need to put some reference numbers on the wire and it included the string SCAM. It looked strange so I called the lender and verified that the reference number is indeed correct, so I requested a wire from my bank. On the day of the wire my bank called me and verified the wire instructions then asked about SCAM. I said it is strange but it is correct as I have verified with the lender. So the bank rep said ok and they will send out the wire. After two hours they called me again and said they couldn’t release it because of the word SCAM, and they got me on a conference call with the lender. The lender rep didn’t know why either, so he had to ask around and eventually one person told us what SCAM stood for. I already forgot what it stood for but it was just a bad acronym for some account name. Finally my bank was satisfied and wire was sent out, but the long phone call totally screwed up my bike ride on that day.
Always had a home warranty included when I bought a house from the seller’s side and I have actually used it a few times.
Congratulations! For home warranty, if you have good appliances and/or older house, I think it is worth to get it especially you should push the agent to pay for it (which is common thing in Bay Area). A few of my colleague has used it for expensive repair on their 10K fridges and sewer line. Most home warranty company doesn’t make it easy for you, but still it works to cover expensive repairs.
$10k? How long since installation that the repair is needed?
I don’t have personal experience, so can’t be sure. But I doubt that they have longer lifespan than typical fridges.