🔴 What You Should Know About Home Inspections | Bank owned of the week

 



🔴  What You Should Know About Home Inspections | Bank owned of the week

Today we're talking about no home is perfect. What to expect with home inspections, which you get for a million dollars in San Jose. San Jose weighs paying fines for neglected properties and REO of the week. And then Inventory Snapshot.  I'm going to run through this as quickly as possible because I know you want to go on your weekend. 


No Home is Perfect: Understanding Home Inspections

Local Market Home Value Report https://hmbt.co/bT7qRJ

No Perfect Home Exists: What You Should Know About Home Inspections



Let's talk about No Home Perfect Home Exists. It's really difficult when you're talking about houses and you're spending a million dollars on a house or more. Two, three, four hundred million dollars on a house. You expect it to be perfect, but no house is ever going to be perfect. It's not going to be level.

The walls aren't going to be square. It's just not, you're never going to have a perfect house. Especially if it's a little older, anything around 40, 50, or 60 years old, you're going to start seeing settling and other issues like this house has settling cracks. There's every wall. Every floor is up and down right in the middle of the stairwell.


There's a quarter to three-eighths inch. Dip so you can feel it up on this up by the bedrooms. It's just normal. So when you go into buying a house, understand you're not buying a, you're buying a used house. Sometimes it's neglected. Sometimes it's well maintained and sometimes it's completely turnkey, but it's not going to be perfect. 


Perfect is not a relative number or a definitive thing. Understand stuff breaks just like your car, just like your iPhone. It's just like your computers. Stuff breaks inside. And because it's such a big, huge product, there are multiple different assets within it. There are appliances, electrical windows, insulation, walls, foundations, roofs, and all sorts of stuff that will eventually over time give out.


The Importance of Home Inspections


And that's why when you go to buy a house, you want to have an inspection done.  And what I like to do is make sure that the inspection is done ahead of time, so the buyer knows what he's getting into. And if he's a freakout kind of person, we don't want to deal with that kind of person though.


If they get jittery, that gives them a reason to get out of the contract. And we want to make the entire transaction as smooth as possible. 


Understanding the Home Buying Process


When you do look at a house and they have an inspection done on it, it's pretty customary here in Santa Clara County to have inspections done ahead of time because we expect as-is and what as-is.


We're showing you everything we can,  inspection Natural hazard disclosure prelim disclosures, everything, as much as we can give you up front. So you can say, yes, I want to buy this house as is right now. What happens if you're looking at a property and there's a, there's an inspection on it.


You're very welcome to call that inspector and say, Hey, I have a question about this little paragraph, what you put here. What does that mean? Because truly you're going to be buying that house. As is and can't ask the seller what that means because sellers are sellers and real estate agents are considered layman when it comes to property inspections They're not contractors.


They don't have years of experience building a house They don't know anything and I prefer to Ally that onto the inspector to give that information and quite frankly, it's a he's third party He or she is a third party to the transaction And I always say overdisclose, I'd rather scare buyers away that aren't ready to buy a house that is not perfect.


But understand, even the inspector is going to miss stuff, right? They're human. They're going to make mistakes. Don't expect everything to be perfect. And you can't freak out and say, Oh, you didn't inspect this one.  Plug. So I'm going to sue you. It's just, that you can, but it's I get it when you're buying multi-million dollar houses, you expect it to be perfect. 


And we do go through a process. When we sell a house, we want you to have that option as a seller. How do you want to sell it? As are some repairs fully repaired or completely turned key. And we have the option to do that for you. We can clean it out, get rid of all the personal property, and sell it vacant.


Absolutely. We do that. No problem. We can get repairs done. We have vendors that we talked to vendors and contractors, handymen, you name it.  They come in and do the quick repairs, or we have contractors come in and do a full complete turnkey. And depending on how much money you invest that is how much ROI we can discuss about. 


But understand, that even if you have a fully turned key house, it's never going to be perfect. The floors will never be completely level.  The walls will never be completely squared, level, or plumb. It's just not. Sometimes windows won't work at a certain time. So what to expect in the inspection, you want to make sure that you're getting everything done.


You're looking at every aspect, make sure you take the time to read through it because you are buying it. And when you say that you read it, you didn't, that's on you.  Okay. Enough said. If the inspection's done already, you can't attend the inspection because it's already been performed. You're very welcome to call the inspectors.


Typically I do a roof. Property and termite. And if there's a pool, I have a pool inspection done. And that's typically what we do. Unless I can tell you that there are major foundation problems, then I'll bring a foundation inspector in there.  And then we'll disclose that you're buying it as is. It's just if you're buying a car with a salvage title, it's a salvage title.


Don't expect it to be perfect. If you're buying a car with high miles, that. Probably the water pump the alternator and the fuel injectors need to be replaced. Eventually, it's going to happen when you become a homeowner, you take over the responsibility to replace or repair those appliances.


Like my dishwasher. I replace my dishwasher every three years because we have such hard water here. And it's not something, it's something that should be disclosed, right? It's just like a normal thing.  And the fact that appliances are made crappily this, these days, they're made with plastic parts and they're not meant to last.


What You Get for a Million Dollars in San Jose

What you get for $1MM Santa Clara County

Million dollars, what'd you get for a million dollars in San Jose, San Simeon Way. The zip code is 95111. This is in Southeast San Jose. It's just above where I live.  This is where I first bought my, where I bought my first house. This is a four-bedroom, two-bath, 1, 300 square feet, 1, 500 or 1, 900 built in 1959.

There's not a lot to it. The agent came through and did his own photos. You can tell, but you can see this is an older house. They had the windows replaced. That's good. That's good. But it's a little rough. It looks like they updated the bathroom guys. Don't do this. I have this in my shower.


I hate that. Let me show you real quick what that looks like.  See that little triangle right there? Sorry, see that little triangle right there? It's nice and you can sit on it, but it becomes a shelf. You want to get a bench. And when you're, when you get a stand-up, stand or stall like this, that's pretty much what you're getting.


So that's your option, but I'm not a big fan of that. And I'm not a big fan of this drop droopy These exterior sinks. That's just my style though.


That was upgraded, but a while ago, and it looks like there's a sit-down tub.


This is why you get professional photos, guys, it's not that expensive. It's worth the investment.


So on the market 162 days, and I can tell you. The seller doesn't want to budge on the price, even though they hired this guy and he did not do professional photos.  He's just expecting to get this thing sold. But I can tell you it's overpriced for the area and its current condition because it's been on the market for 162 days.


Guys, if it's on the market for 162 days, it's not the location. It's not a condition. It's not a market condition. It's price. And that price should go down too. I don't know, 800, I would have started around 750, 800 and brought buyers to the market. They're trying to be a market maker. And I had a listing appointment this last, this week and the lady was saying my house is worth 2.


5 million and I'm like, no, it's not. It's not. And she was delusional and didn't know what she was doing. And I excused myself from that listing because I. When it's when there's hubris and ego, and I want to say greed, but it's not necessarily it's false thinking when there's hubris involved, the cell won't happen. 


You can do everything else, right?  And I have a system and a proven system. I do it day to day. When I sell a house, I know exactly how to sell it and it has to go through a certain process for me to work. That's the way I do it. There's. 18, 000 agents out there, and I sell 15 houses a year, 15, 20 houses a year.


It's one of those things when if you can understand the process to attract the, how buyers that's part of marketing, right? There are four or five P's in marketing,  pricing, placement, positioning, blah, blah, blah. That's how you do it. So enough said of that. Okay. 


San Jose's Approach to Neglected Properties

San Jose weighs upping fines for neglected properties


San Jose weighs upping fines for neglected properties.


I'm going to open this up so you can watch this, read this.  There's a church here owned by a foreign national and they're being charged 1, 000 a day and it's just sitting there and it's a huge hunk of property and I wanted to show you exactly where it is so you can see this is downtown st. James Park is right here.

The post office is here. The old courthouse is here. This thing right here has been left fallow for, since 2017, and they're not doing anything with it. And the owner of this corporation has been arrested for bribery charges, in San Francisco.  So I don't know what the reason is, why they're holding this property other than. 


I have no idea, but it just keeps folding into this. And it's an eyesore problem though, is if you know anything about St. James park, it's not very well policed. That's where a lot of the homeless and vagrants hang out. And it's just not a nice part of town where it's getting nicer is downtown proper, which is right here.

This is where the Fairmont Cigna now is called is they're redoing this whole area is where they have. San Jose ice right here.  That sounds like a state right here. This whole area right here is really nice and well-developed. San Jose State is looking to purchase Cigna for student housing of all things.


That's pretty cool. So anyway,  it's just something to be aware of.  I'd love to see them come up with a process that they can legally clamp down on vagrant houses and vagrant properties. They're trying to buy it. They just don't know how to do it because there are politics involved. We'll see what happens with that.


Just to let you know what's going on with that. It would be nice. Unfortunately, it's on. It's on it's the top eight ancient houses. What's it called? Saw it here somewhere. It was built in the 19th,  it's been vacant since 1975 and it was built in 1905.


And anyway, it's an eyesore. We have lots of eyesores here. 


Bank Owned Property of the Week

Bank owned of the week

This is the bank-owned property of the week. It's Cobalt Drive in Hollister. It's not Santa Clara County. There's not a lot for sale, not a lot of banks in San Jose or Santa Clara County are bank-owned. This house right here is a great little property.

There's not much to look at on this listing. So I cheated and I went back to the last MLS. So you can take a look at it.  But it's a nice neighborhood. It backs into a field. It's

it's on the southern end of Hollister, which is nice. You can get through Union Road to get out there to it, or you can come through 25 if you want to. I sold a couple houses right here in Regal and Promise a couple years ago, and it's a nice area. It's a very nice development. They're not super old. So this is the original.

The original was listed for 6. 04, sold for 6. 08, took 15 days to sell. This one's been on the market for 63 days because it's bank-owned and the original list price is 883, 500. That means that's probably the number to equal out, get rid of that property. That's the original house. And this is the floor plan in case you want to look at it and I'll pop that up for you so you can take a look.


So this is the entryway. Kitchen, dining, great room, downstairs, master, primary suite, two car garage, and then upstairs is a loft and three bedrooms. So it's nice, right? And the laundry room's upstairs.  And you can actually convert this into another bedroom if you want to. For 883, 000, it's a pretty good deal, especially over there because I sold those other ones on Regal and Promise.


I think they were a little bit larger. They were like 3, 500 square feet, but I sold them for about the same price.  So there you go. Okay. 


Inventory Snapshot

Inventory did pop up, but I looked at these two numbers differently and these numbers here, don't look at them because they're still using 2023 numbers. Before I started, I copied it over here. So this is all 2023 numbers of 2024 here so that we can make average averages look better, but that doesn't really matter until we get into mid-February, because you'll understand that we're still below, as far as inventory is concerned,  we're far below the average, but that's normal because December, January is pretty slow. Nothing's really going on. There are houses still being sold.  We're seeing inventory creep up, but nothing super crazy to worry about, right? Gilroy popped up to 37 houses for sale.

 

Same thing here, guys, Tampa 1200 again, Tampa, Cape Coral, Fort Myers, that the West coast of Florida typically invites snowboard snowbirds. And this is about when people start. Selling their houses because they know snowbirds come to town. They're like, Oh, I like this. It's better than the snow. I'm going to move in to, to, to Florida.


And there's more inventory there.


Austin is pretty normal. It's a little bit low. Atlanta is a little bit low. It's about average LA is a little low. So everything is nominal. There's nothing crazy to look at.  Las Vegas went through a major inventory pump to get rid of some nonperforming assets for investors. But it's it's still one of the places where investors are buying.


So that's why those houses are selling right now. Knoxville,  776, Nashville, 1475, Chattanooga area, 1400. There you go. 


Okay, today we talked about how no home is perfect. Guys, understand that no home will ever be perfect. Even if you buy it brand new, even if you spend 2, 000, 000 on a custom house, it's not going to be perfect. 


I have people who are building houses or have built houses and paint peels. Stuff just, it just happens. So it's stressful, but it's not something to lose sleep over because there are warranties involved. If it's a contractor they'll make good. If it's a good contractor. So just be careful, right? 


What'd you get for a million dollars? San Jose weighs it in on upping stakes for neglected properties. I'd love to see that in the residential area as well.  And. San Benito County, Hollister has a pretty good buy for a bank-owned property. And if you want to go look at it, it's been on the market, how many days, 63 days, I bet we can get a pretty good deal on that.



Have a fantastic weekend. I think I'm going on a hike. That's pretty much it. Oh, and then my daughters have a gymnastics tournament. That's my week. My weekend. I'm Vito with Abitano. We'll see you out there.




Vito Scarnecchia

Real Estate Broker, Veteran, Dad

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408-705-6817

Vito@abitano.com

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Understanding Home Inspections and Property Market in San Jose


In this video, Vito talks about the realities of house buying, emphasizing that no home is perfect and buyers should be prepared for some weaknesses in any property, especially older ones. He also explains the importance of home inspections. He addresses the San Jose property market, discussing what a million dollars can get you and the issue of neglected properties in the city. Vito also highlights a bank-owned property in Hollister as an example of a potential good buy. Finally, he takes an inventory snapshot of various locations, including Florida, Austin, LA, and Las Vegas, noticing inventory typically increasing at the start of the year and maintaining relatively normal levels.


00:00 Introduction

00:22 No Home is Perfect: Understanding Home Inspections

01:49 The Importance of Home Inspections

02:11 Understanding the Home Buying Process

06:22 What You Get for a Million Dollars in San Jose

09:44 San Jose's Approach to Neglected Properties

12:01 Bank Owned Property of the Week

14:04 Inventory Snapshot

16:07 Conclusion: No Home is Perfect

17:04 Closing Remarks and Sign Off


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Are you planning to buy a house? Before you take the leap, make sure you understand the reality of homeownership. My latest script dives deep into the highs and lows of purchasing a home. Check it out! #HomeBuyingTips #RealEstateAdvice"


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Discover why no house is ever truly perfect, and why home inspections are essential when making a purchase. Join me as I uncover the secrets of the housing market in this must-read script! #HomeInspections #BuyingRealEstate"





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Title: What You Should Know About Home Inspections Introduction: Welcome to our blog post on home inspections! Whether you're a first-time homebuyer or a seasoned homeowner, understanding the importance of home inspections is crucial. In this post, we'll discuss what you should expect from a home inspection, why it's important, and how it can help you make an informed decision when buying or selling a house. Let's dive in! No Home is Perfect: When it comes to buying a home, it's essential to remember that no home is perfect. Even if you're spending hundreds of thousands or even millions of dollars, there will always be imperfections. From uneven floors to settling cracks in the walls, these issues are common, especially in older homes. The key is to have realistic expectations and understanding that you're buying a used home, not a brand new one. It's crucial to have an inspection done to identify any potential problems before making a purchase. The Importance of Home Inspections: A home inspection is a crucial step in the home-buying process. It provides buyers with a detailed understanding of the condition of the property and helps them make an informed decision. By hiring a professional inspector, you can uncover any hidden problems that may not be visible to the untrained eye. Inspections cover various aspects of the house, including appliances, electrical systems, windows, insulation, foundation, and roof. Knowing the condition of these elements can help you negotiate repairs or determine if the house is the right fit for you. Getting an Inspection Done Ahead of Time: One smart approach when buying a house is to have an inspection done ahead of time. This proactive step allows the buyer to be fully aware of any existing issues before entering into a contract. It also provides an opportunity for negotiation if repairs are needed. However, it's important to note that sellers and real estate agents are not experts in property inspections. It's best to rely on a professional inspector who can provide accurate and unbiased information. Understanding the Inspection Report: Once the inspection is complete, you'll receive a detailed report outlining the findings. It's essential to carefully review the report and understand its contents. If you have any questions or need clarification on certain aspects, don't hesitate to reach out to the inspector. Remember, the inspection report is a crucial document that can influence your decision-making process. Take the time to read it thoroughly and ensure you have a clear understanding of the property's condition. No Inspection is Perfect: While home inspections are thorough, it's important to understand that no inspection is perfect. Inspectors are human and can occasionally miss things. It's essential to have realistic expectations and not expect everything to be covered in the report. If you have concerns or questions about a specific area, don't hesitate to inquire further. Your inspector should be willing to address any queries you may have. Considering the Options When Selling a House: When selling a home, it's crucial to consider the different options available. You can choose to sell the property as-is, make some repairs, or provide a completely turnkey experience for potential buyers. By offering flexibility and transparency, you can attract more buyers and have a smoother transaction process. It's important to discuss these options with your real estate agent and determine the best approach based on the condition of your property and the current market. Conclusion: In conclusion, home inspections play a vital role in the home-buying process. Understanding that no home is perfect and having realistic expectations can help you make informed decisions. By getting an inspection done ahead of time and thoroughly reviewing the report, you can uncover potential issues and negotiate repairs if necessary. Remember, no inspection is perfect, but by relying on professionals and conducting thorough due diligence, you can ensure a smooth and transparent real estate transaction. Happy home hunting!

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