| Welcome to my web site. |
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Whether you are just browsing, or have specific real estate needs, I hope you find the tools and content here helpful.
Please take your time to look around, and I sincerely hope to hear from you, or answer any questions you have regarding real estate in the Bay Area.
Sincerely,
Faye Weng |
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Tenant suffers damages in plumbing remodel
Thu, 28 Aug 08 00:00:00 -0700 |
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Homeowners, is your estate planning in order?
Thu, 28 Aug 08 00:00:00 -0700 |
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Employer willing to buy out tenant's lease
Thu, 28 Aug 08 00:00:00 -0700 |
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Get rid of 'buyer's block'
Thu, 28 Aug 08 00:00:00 -0700 |
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Eliminate heat loss through floors
Wed, 27 Aug 08 00:00:00 -0700 |
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Refi canceled after surprise changes
Wed, 27 Aug 08 00:00:00 -0700 |
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Don't rely on agent's choice for loan, title services
Wed, 27 Aug 08 00:00:00 -0700 |
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Home inspection nightmare: Attic access denied
Tue, 26 Aug 08 00:00:00 -0700 |
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Better choice: fund IRA or pay down mortgage?
Tue, 26 Aug 08 00:00:00 -0700 |
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Not married? Buy home as tenants in common
Mon, 25 Aug 08 00:00:00 -0700 |
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Why do most lenders sell their mortgages?
Mon, 25 Aug 08 00:00:00 -0700 |
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Must I contract with agent showing open house?
Mon, 25 Aug 08 00:00:00 -0700 |
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| I am a realtor who believes in continuous education, and I am committed to perfecting my services. Here are some of the on-going awards and designations I’ve earned: |
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| Browse Blogs |
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Buyer FAQ |
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Fixer-Uppers |
 Are fixers a good idea in bad
areas?
Are there any special tax breaks for historic
rehab?
Are there gov't programs for rehab?
Are there programs for fixer-uppers?
What are some guidelines to follow when trying
to find a contractor?
What are some resources for info on home improvements?
What kind of return is there on remodeling jobs?
Where are fixer-uppers found?
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Question: Are
fixers a good idea in bad areas?
Answer: It
depends. Distressed properties or fixer-uppers
can be found anywhere, even in wealthier
neighborhoods. Such properties are poorly
maintained and have a lower market value
than other houses in the neighborhood.
Many
experts recommend that before you make such
an investment, first find the least desirable
house in the best neighborhood. Then do the
math to see if what it would cost to bring
up the value of that property to its full potential
market value is within your budget. If you
are a novice buyer, it may be wiser to look
for properties that only need cosmetic fixes
rather than run-down houses that need major
structural repairs. |
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 Back to top |
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Question: Are
there any special tax breaks for historic rehab?
Answer: Qualified
rehabilitated buildings and certified historic
structures currently enjoy a 20 percent investment
tax credit for qualified rehabilitation expenses.
A historic structure is one listed in the National
Register of Historic Places or so designated
by an appropriate state or local historic district
also certified by the government.
The tax code does not allow
deductions for the demolition or significant
alternation of a historic structure. |
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Question: Are
there gov't programs for rehab?
Answer: The
U.S. Department of Housing and Urban
Development's Section 203 (K) rehabilitation
loan program is designed to facilitate
major structural rehabilitation of
houses with one to four units that
are more than one year old. Condominiums
are not eligible.
The 203(K) loan
is usually done as a combination
loan to purchase a fixer-upper
property "as
is" and rehabilitate it, or
to refinance a temporary loan to
buy the property and do the rehabilitation.
It can also be done as a rehabilitation-only
loan.
Plans and specifications for
the proposed work must be submitted
for architectural review and cost
estimation. Mortgage proceeds are
advanced periodically during the
rehabilitation period to finance
the construction costs.
For a list
of participating lenders, call
HUD at (202) 708-1112.
If you
are a veteran, loans from the U.S.
Department of Veterans Affairs
also can be used to buy a home,
build a home, improve a home or
to refinance an existing loan.
VA loans frequently offer lower
interest rates than ordinarily
available with other kinds of loans.
To qualify for a loan, the first
step is to apply for a Certificate
of Eligibility.
Another program
is the Federal Housing Administration's
Title 1 FHA loan program. |
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Back to top |
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Question: Are
there programs for fixer-uppers?
Answer: If
you need home loan to buy a "fixer-upper" and
remodel it, look at the U.S. Department
of Housing and Urban Development's
Section 203(K) loan program. The
program is designed to facilitate
major structural rehabilitation
of houses with one to four units
that are more than one year old.
Condominiums are not eligible.
A
203(K) loan is usually done as
a combination loan to purchase
a "fixer-upper" property "as
is" and rehabilitate it, or
to refinance a temporary loan to
buy the property and do the rehabilitation.
It can also be done as a rehabilitation-only
loan.
Investors no longer may participate
- only owner-occupants. Owner-occupants
are required to come up with only
3 to 5 percent. HUD requires that
a minimum of $5,000 be spent on
improvements.
Two appraisals are
required. Plans and specifications
for the proposed work must be submitted
for architectural review and cost
estimation. Mortgage proceeds are
advanced periodically during the
rehabilitation period to finance
the construction costs. |
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Back to top |
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Question: What are some guidelines to follow when trying to find a contractor?
Answer: While
hiring contractors recommended by friends is
usually a safe route, never hire a construction
professional without first checking him or
her out. If your state has a licensing board
for contractors, call to find out if there
are any outstanding complaints against that
license holder. Also, call your local Better
Business Bureau to see if there are any complaints
on file.
If you are satisfied
with the answers you find there, interview
the contractor candidates. Ask what kind
of worker's compensation insurance they carry
and get policy and insurance company phone
numbers so you can verify the information.
If they are not covered, you could be liable
for any work-related injury incurred during
the project. Also be sure that the contractor
has an umbrella general liability policy.
If
they pass the insurance hurdle, next check
some of their references. A good contractor
will be happy to provide as many as you want.
Finally,
don't let yourself be rushed into making
a decision no matter how competitive the
market may seem. Also, never pay a deposit
to a contractor at the first meeting. You may
end up losing your money. |
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Question: What
are some resources for info on home improvements?
Answer: If
you're getting ready to embark on a home improvement
project involving contracting help, "Ready,
Set, Build: A Consumer's Guide to Home Improvement
Planning Contracts" lays out a road map
for selecting the right contractor, obtaining
competitive bids up to what to include in a
contract. There also is information on consumer
rights, liens and financing. |
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Back to top |
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Question: What
kind of return is there on remodeling jobs?
Answer: Remodeling
magazine produces an annual "Cost
vs. Value Report'' that answers just that
question. The most important point to remember
is that remodeling a home not only improves
its livability for you but its curb appeal
with a potential buyer down the road.
Most
recently, the highest remodeling paybacks
have come from updating kitchens and baths,
home-office additions and extra amenities in
older homes. While home offices are a relatively
new remodeling trend, for example, you could
expect to recoup 58 percent of the cost of
adding a home office, according to the survey. |
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Back to top |
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Question: Where are fixer-uppers found?
Answer: You
can find distressed properties or fixer-uppers
in most communities, even wealthier neighborhoods.
A distressed property is one that has been
poorly maintained and has a lower market
value than other houses in the immediate
area.
Ascertaining whether the property you're
interested in is a wise investment takes
some work. You need to figure what the average
house in a given area sells for, as well
as what the most desirable houses in that
area are like and what they cost.
Some experts
suggest that buyers who take this route try
to find a "cosmetic fixer" that
can be completely refurbished with paint,
wallpaper, new floor and window coverings,
landscaping and new appliances. You should
avoid run-down houses that need major structural
repairs. A house price that looks too good
to be true probably is. A smart buyer will
find out why before buying it.
The basic strategy
for a fixer is to find the least desirable
house in the most desirable neighborhood,
and then decide if the expenses needed to
bring the value of that property up to its
full potential market value are within one's
rehab budget. |
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HOME VALUATION |
| Monitor the value of your property, get an
idea of what your home is worth today. |
 Contact
Faye Today |
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LETTERS FROM CLIENTS |
| Nothing makes me more proud and satisfied
to know that I've served my clients well. |
| Read
All |
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FEATURED PROPERTIES |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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N/A |
| Asking Price |
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$549,000 |
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| Virtual Tour |
| Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1,434 |
| Asking Price |
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$698,500 |
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| Virtual Tour |
| Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1,024 |
| Asking Price |
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$486,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1213 |
| Asking Price |
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$535,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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3/2.5 |
| Sq ft |
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1312 |
| Asking Price |
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$775,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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Redwood City |
| Bed/Bath |
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5/3 |
| Sq ft |
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N/A |
| Asking Price |
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$1,399,950 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2.5 |
| Sq ft |
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1,254 |
| Asking Price |
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$750,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/1 |
| Sq ft |
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1,130 |
| Asking Price |
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$935,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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Redwood City |
| Bed/Bath |
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4/3.5 |
| Sq ft |
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2,951 |
| Asking Price |
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$1,626,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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S. San Francisco |
| Bed/Bath |
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4/.3.5 |
| Sq ft |
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2,783 |
| Asking Price |
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$1,275,000 |
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Virtual Tour |
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Contact Faye |
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