Friday, February 4, 2011

For Sale Ad #1 -For the Young Couple Who Wants to Raise Their Kid In A Nice Neighborhood

For Sale In Central Alameda 1896 Victorian Triplex 4-3 of 2858 sq ft. on a 3500sq ft lot for $495k. Many Original Details intact.

House is legal Triplex currently set up as duplex. House is mid project. All the expensive work has been done just needs to be finished. Will not qualify for standard loan, only all-cash or 203k buyers.

Why You Should Want the Chez!

1. It’s a legal triplex of ~2858 sq ft with no parking requirements.
2. New foundation-slab where we dug down to give 9’ ceilings on the bottom floor.
3. An extensive under slab drainage system means bottom floor stays bone dry.
4. Earthquake retro-fitting done.
5. Electrical service upgraded to 200amps with 100amp sub-panels on each floor.
6. Natural gas service was upgraded and all the gas lines where re-piped.
7. Warm water radiant heating installed on first two floors. System is set up to also heat 3rd floor. Luxurious, energy efficient heating!
8. Stamped concrete outdoor sunken living room with natural gas plumbed fire pit.
9. New fancy ‘carriage door’ automatic garage door.
10. Custom antique brick driveway and path.
11. All work done with permits.
12. In Franklin School District.
13. 4 Houses down from Little John park.
14. Has tankless water heater installed-Endless eco-friendly hot water.
15. Have complete computer model of house (as-builts) in Chief Architect x1 and model for our 'dream house'. The full set of plans for our 'dream house' remodel is included.

Perfect opportunity or the young couple with aspirations of raising their child in a nice neighborhood in a good school district.

You can keep it as a triplex, or, do what we were going to do and turn the top 2 floors into a single family home and rent out the bottom floor apartment, or, turn the entire place into a giant 2858sq ft single family residence.

The super fab radiant heating system installed on the bottom two floors.

The stamped concrete outdoor entertaining area with built in lighting and fire pit!

If you know of anyone who wants to do the 'move to Alameda and restore an old Victorian and raise their kids in a safe environment with good schools' thing, please, please forward this post to them. They have to qualify for the FHA loan remember.

I know a bunch of Alameda based Realtors read this blog.
C'mon, I bet you have a couple of clients who might be interested in the Chez. Forward em this post. Its a win-win, we get to sell the house AND if we buy a new place I don't have any need to keep doing my real estate reviews that you love so much, I'm talking about you Alain Pinel Realty.

The house is not on the MLS yet, will be next week, so nows your chance to make an offer before the entire Realtor Universe knows about it.

Showings to pre-qualified buyers only right now.

Seller paying $5k bonus to buyers agent if house is in a successful contract within 30days of listing on the MLS.

If interested please contact our Realtor. You can email him here

The 203K Loan
I just learned about it but it seems to be just the ticket for our situation.
Its a government backed loan where you get to roll the cost of the house, the cost to fix up the house AND the first six months of the mortgage payments into the loan and being an FHA loan they only require a 3.5% down payment.

Here's a good article from sfgate that explains it better than I can.
Here's a link to the HUD website that also explains the 203k program.
Here's a link to the HUD website where you can search for a local lender experienced with the 203k loan process.

The 203k is an FHA loan so there is some additional hoops the buyer has to jump through of course.

I spoke to several different local 203k loan experts and I got the best vibe from this guy.

Luis C. Munoz
Renovation Loan Specialist
Mason-McDuffie Mortgage Corp
6472 Moraga Ave
Oakland, CA 94611
1 510 825-0300 Cell
1 866 958-1869 E-Fax

This is not an endorsement exactly, but Luis offered to make a house call to help me figure out how to best sell this place through the 203k program and I thought that was going above and beyond. If after reading the info above you are seriously interested in the 203k program I suggest you call Luis as he's local, knows the market, and seemed very knowledgeable on the subject. Tell Luis, Chez Neumansky sent you.

Why the 203k Program Seems So Great
Its a program for moderate income folks, to give them a chance to move to a house/neighborhood that they couldn't afford otherwise.
With this loan, you only have to come up with the 3.5% down payment and then when the first mortgage payment is due after the first six months, you rent out the bottom 1000sq ft apartment. That's gotta take a decent bite outta the mortgage no?
You get a 1858sq ft 3bed 2 bath house to live in and a 1000sq ft apartment to help pay your expenses.

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