Tenant occupied property can be challenging and can require some patience. I am sure that your Realtor information you about Measure EE which is the rent control ordinance for the City of Oakland.
The seller, according to the ordinance, cannot evict a tenant for the sale of a property and thus it becomes the buyer's responsibility to coordinate with the tenant.
Since the tenants have a lease that expires in November, legally they have a right to stay in the property until that time and then the lease would automatically convert to a month to month lease. At this time you would have the right to give notice to the tenants for owner occupation of the property.
A few things you will want to make sure to get from the sellers of the property is a copy of the lease as well as information from the seller regarding the type of deposit that the tenants submitted with the rental agreement. You will be responsible for returning the deposit to the buyers.
The City of Oakland has a rent control board and you may want to consider calling them to discuss your situation and what your options so you can make sure you are in accordance with Measure EE. Here is the link to their website with their contact informationmhttp://cedaonline.oaklandnet.com/rentadjustmentsite/index.htm
Here is a link to Measure EE so you can read through it if you have not had a chance yet: http://cedaonline.oaklandnet.com/rentadjustmentsite/ordinance/index.htm
First when a seller indicates that they are selling the property "as is" what this means is they intend to sell the property in its present state and do not intend to negotiate potential work that may need to be done.
The fact of the matter is these properties can be in various states condition and there is not a standard rule of thumb for what level of work is needed with an as is sale.
When evaluating a home there are few things to consider:
1. What type of loan you are using. If you are utilizing FHA financing, the guidelines for the condition of the home is often more restrictive. For example in parts of Oakland, there are many foreclosures. These properties can be in various conditions from move in ready to gut and rebuild. Basically if you are utilizing a loan, there will be certain standards of habitability that will be required, ie a kitchen, bath, heat and plumbing.
2. Do you want a move in ready house? When buying a house that is already remodeled you will need to like and appreciate the changes that the previous owner has made. Often time's homes in move in condition can be considered more desirable by buyers, so you may be in a situation where you are competing with other buyers.
3. Your price range. Typically homes that require some work, or are cosmetically challenged are priced with that in mind. Not to say a home already fixed up would not also be in you price range, but definitely something to consider as well.
Evaluating your needs and wants up front and then finding the home that fits those parameters typically is a better way to look at your home purchase. This way you are finding what will work for you and your needs.
In my opinion, yes. When submitting an offer on a home with multiple offers, and all cash offer will stand out because with an all cash offer there is not a need for an appraisal or loan contingency. This is a very attractive offer to a seller since in the current market the loan and appraisal contingencies can be difficult at times.
Here is the caveat--- if there are multiple offers and an all cash offer is significantly below other offers than come in, the sellers may decided to go with the higher offer even with all of the contingencies. It will really depend on the seller's situation. Is this a short sale? Do the sellers have to sell quickly?
Work with your Realtor to try and get the best feel possible for the seller's situation and motivation. This information, along with information regarding the market trends in the area where the home is situated will help you to make the best possible offer.
Hi. Good question. No the buyer does not pay the difference. In this instance the bank is the one that would take the $100K loss. The only time I have seen where the bank does not take the loss is where the seller has enough assests to cover the shortfall. For example in this case if the seller had enough liquid assests to cover the $100K difference, the bank may require the seller to pay the difference.
Short sales can be very different and every situation can have it's own set of circumstances.
Hope that helps!
Lisa Cartolano
Alain Pinel Realtors
Recently this question was asked and here is my response.
Where is the best place will really depend if you want to be walking distance to the Ferry or if you would be okay with driving and parking at the Ferry.
I would also ask if you are willing to consider BART, because this will open up the possibilities for commuting.
In Oakland some popular areas are Rockridge, Crocker Highlands and Montclair. Rockridge has a BART station and is a short drive to the ferry. It is a urban area with lots of shops and restaurants. Crocker Highlands is a little less urban with easy access to bus lines and a short drive to BART and the Ferry. There is a great area along Lakeshore and Grand Ave that have access to shops and restaurants. Montclair is also a popular area. Montclair is the least urban in my opinion of the 3 areas, but access to public transportation is good and there is a Montclair shopping area.
You may also want to consider Piedmont. Piedmont is a small city that is basically surrounded by Oakland. Many consider the schools in Piedmont to be stellar and access to the ferry and public transportation is similar to areas in Oakland.
As mentioned previously, Alameda is also a potential possibility. It definitely has a less urban feel to it, but access to the ferry is great and again many consider the schools to be excellent.
One resource for checking out neighborhoods and parents opinions of schools is the Berkeley Parents Network at http://parents.berkeley.edu/ This site has a lot of great resources and information regarding schools in and around the Bay Area. Finding a school that fits a family can be a very personal choice and being able to talk to other parents regarding different schools I found to be very helpful when I was researching schools for my kids.
Another on site resource ishttp://%20www.greatschools.net/
Below are links to the school districts in Oakland, Piedmont and Alameda for you take a look
Oakland: http://webportal.ousd.k12.ca.us/Default.aspx
Alameda http://www.alameda.k12.ca.us/education/district/district.php?sectionid=1
Piedmont http://www.piedmont.k12.ca.us/
If you would like more information regarding homes in these areas, please contact me.
Thank you,
Lisa Cartolano
Alain Pinel Realtors
510.213.1139
Lisa@LisaCartolano.com
Visit my website at http://www.lisacartolano.com/
Alain Pinel Realtors' office is located in the heart of the Montclair Business District in Oakland, CA
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