NEVER HAVE TWO Trustees

 



The Pitfalls of Having Multiple Trustees

NEVER HAVE TWO Trustees

Never have two trustees tell you it is going to wind up biting you. All it does is it enables greed for one person. If there are two people on a trust that are equally in charge, then nothing will ever get done. I've seen it happen multiple times. I have a client going through it right now. Both sides are claiming the other side is doing something wrong we have a house, multiple offers on it and it's going nowhere. It's pissing off buyers, it's pissing off agents. It's Making it very difficult for this problem to be handled. Each one is threatening to sue the other one. Everyone is lying and talking about this and you did that. And it's just not a fair thing. The Importance of Clear Estate Planning

New Home Source

At the end of the day, when you buy a house, put the house into a trust and have one trustee have a chain in case that one person. Dies or what have you. But at the end of the day, have a trust with one trustee. I can guarantee you, you're solving the purpose of a trust is to solve the problem after you pass death and taxes. Those are two sure things that You get to see in life, There's nothing you can do about it. Taxes, some loopholes are legal and billionaires are doing it to lower it, but you still have to pay taxes. Trusts alleviate that And now, because one person, forced the previous owner to put them in the trust, we're having massive issues with having to mitigate that trust. The entire estate, it's just been a horrendous nightmare for my client. And I feel sorry for both of them because both of them think that they're in the right, not really my choice to judge, but at the end of the day, clearly write out the paths of how you want your state to be handled. Now It could be worth 5 million or 50 million. It doesn't really matter, but write out who gets what. Let that be the law of your estate and let that happen. Nothing is saying that the siblings will sue each other anyway, but it just alleviates a lot of problems in the long run. Navigating the Real Estate Market

AIDA Attract, Interest, Desire, Action

Are you thinking about buying a new home? Good news. I have a website that helps you walk through and see what's available in any area. I just helped somebody buy a house in Lincoln, California. It's great because you get to see what's out there. Just like on the MLS. If you want to learn more, let me know. I'll be happy to help you. Understanding Current Interest Rates

Mortgage Rates this week

Rates have gone up again. We're almost 7 percent for a 30-year jumbo. And we're over the 6 percent mark for VAs. Why is this happening? Politics, we're trying to slow down the economy. It just is. Is it slowing down the market for real estate? For sure. The car market's hurting right now. And the health market's hurting and the credit card market's hurting. Commercial property is hurting really bad right now. Maybe they're trying to force commercials to come down in price. So it's more manageable, who knows, but rates are up. You can get them down below six if you want, but I don't know if it'll be worth your time to get it down to five and a half. Exploring Property in Fire-Prone Areas

Fire Map for your new home

What you get for $2MM Santa Clara County

Oh, this property right here, what you get for 2 million is right here. And it's a fire mount. I always talk about fire right now. It's In the Almaden area, right? I live over here. This is Almaden. Everything in this area is orange. It's moderate or high, fire map right here. And there are homes back here that align next to it. Now this is the golf course. I believe the golf course is down here, right here. So no, these are just the hills of Almaden, but this house is back into it and that means it's pretty close to the fire zone. What does that mean? It means the Bureau of Land Management, the County, and everything. This is all County park right here. They have to manage this. They have to lower the fire expectation. Are they doing it? I don't know. Home Inspection Tips Before Selling

Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist

Have a home inspection checklist before you put your house on the market. Make sure you do a walkthrough and fix little tiny things because the little tiny things will lead to buyers looking at your house as imperfect. No house is ever perfect, but it allows you to fix cracks appliances plugs outlets switches, et cetera, to make sure that everything works right when you do bring an inspector in. Had it here and then it disappears because that's just the way the map is but there you go. It's close to it. It's across the street from Camden Ave but still close to the fire range. Something you have to be aware of. And there are always options to look at, but I wanted to look at this because it's a brand-new listing. What you get for 2 million in Santa Clara County, is four bedrooms, two and a half baths, over 2, 000 square feet built in 1972. it's a nice-looking house. Before we bought this house, we were looking at buying a house with the same floor plan. I don't really like it because your entryway is blocked by the stairwell. But that's what you get for 2 million guys. I like the granite countertops. It looks like everything was updated, and remodeled, even including a white, glossy fridge, a nice pool, and a bit dated bathrooms.

FREE HOME BUYER CHECKLIST HERE https://abitanogroup.com/Homebuyerchecklist

But you have a nice pool and a nice pergola to keep the sun off the living area. This is a nice split level. Great for living in the Hills, It's a beautiful house. I love the fact that they have floor plans. If you're going to list a house, make sure your agent puts floor plans into the house because this allows buyers who are on the internet, to take a look at your house and see how it's laid out without having to go to your house. You want them to go to your house anyway, Here's the living room. Here's the entryway and stairwell that's what you get for 2 million in Santa Clara County, This is awesome. Marie Court, four bedroom, two bath, 1400 square feet built in 1970. in Blossom Valley. If you're ready, let's take a look. This thing is beat up, overrun, neglected, and needs a new bathroom. It looks like a hoarder's house. Everything needs to be torn out. I would even go down to studs, and get rid of all that nasty drywall, especially that carpet. Look at that nasty bathroom. Believe that people live like that, but they do even in Santa Clara County. And I think that's the kitchen, which is just amazing to me. These pictures were taken at night. So I'm going to keep an eye on this one. Make sure that see where it goes. I'll report on when it gets into contract and when we sell it. But it's right here in San Jose. Real Estate Market Trends and Insights

What you get for $1MM in SILICON VALLEY

Thursday snapshot. Nothing's really changing. I haven't touched these numbers. All these charts are the same. It shows that we're still in a seller's market. Inventory is down, but the summer was pretty tough This is the median sales price. Remember when we made the news and we went over 2 million? That stopped. We're over 2 million as a median price in May. After that, it kept dropping and now we're back up to 1. 9. However, this is the median price. The average sales price is 2. 2 and change. I follow a guy named Ryan Lundquist. He's an appraiser up in Sacramento and my muse with these charts. So I copy his charts and share them with him so that he knows that I'm copying him. Give him kudos. This is telling. 20 years ago, we had almost 20, 000 units for sale or new listings for sale up to September. That means we went over 20, 000 units for sale 20 years ago.

Inventory And Supply Charts

And then 2008 happened and popped up on the, the inventory happened because of short sales and bank owned and everybody bought bank owned properties for a couple of years. Then inventory started shrinking because People saw real estate as an asset if you had the money and you could afford to keep the house that you were in and you wanted to buy another house You would keep that house rent it take some money out and put it down on another house So that's why we're having problems with this along with institutional Buyers like BlackRock and Vanguard. They're all buying up properties and we're not building a lot of new homes or enough new homes to fill the Gap between People wanting to buy a house, population growth, and people doubling up on houses. So there you go. Conclusion and Final Thoughts That's it for now. I'm Vito with Abitano. Thanks for watching. Have a great fleet week weekend, and we'll see you out there.


Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 We’re Hiring! 408-705-6817 Vito@abitano.com Website: abitano.com https://www.onereal.com/vito-scarnecchia-1 update your home value: https://hmbt.co/bT7qRJ RELOCATION@ABITANO.COM FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents! Book appointments here: https://calendly.com/abitano/15min Home Buyers Course YT YouTube.com/SanJoseLiving IG https://www.instagram.com/abitanogroup/ FB https://www.facebook.com/vito.scarnecchia/ LI https://www.linkedin.com/in/vito-scarnecchia/ Blog http://blog.abitano.com/ POD https://spotifyanchor-web.app.link/e/oxdH1Hwfcvb Professional Photography by Kim E https://photosbykime.com / Local Real Estate Market and Home Value Report https://hmbt.co/bT7qRJ Financial Intelligence https://docs.google.com/forms/d/e/1FAIpQLSc0R5pjHIAPguZ5GDEB-fTbGJXKpWK3coK9Khymv_GTWkMnyQ/viewform?usp=send_form https://www.onereal.com/vito-scarnecchia-1 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg

Fraud, Jason Walter, Homebuyer workshop, Bay Area housing stats, Veteran Home, best time of the year to buy a house, Bay Area Luxury homes, next housing crash prediction, housing market projections, Should I Buy A House Now Or Wait?, should I buy a house now or wait until 2024, Why You'll Regret Buying A House in 2024, Housing Market 2024: 5 Options If You Regret Buying a Home, when will the housing market crash again


Comments

Post a Comment