So you are selling your first home in the Temescal area of Oakland. You informed your Realtor that you want to sell your home “as-is”; you declare that you do not want to credit the buyer on needed repairs that could be discovered during the inspection period. You feel that you and your Realtor have priced your home fairly, and you have strong convictions that no home is perfect. You purchased your home in a strong sellers market and you agreed to the flaws, as you are realistic about home ownership.

So, here is the short of it. You can promote your property as an “as-is” sale. This might not be advisable, as the perception to buyers is, “as-is” equals, “fixer”.

It would be wiser to find out all of the major flaws first, disclose them and price your house accordingly. When a buyer asks about the great price, your Realtor would respond by stating, “The roof will need replacement soon, and the seller took that in to account in regards to price.”

If you decide to sell your home “as-is” both the seller’s and buyer’s Realtors will still suggest inspections. It is highly encouraged that any buyer fully inspect their future home. A home purchase is the biggest investment that we will ever make. So you telling your buyer don’t ask for a credit if there are newly discovered problems is giving your buyer the following choices: walk away from the transaction or accept the house with all of its problems. In real estate everything is negotiable until all of the contingencies have been removed. (Call me if you have questions about contingencies.)

What you as a seller should want in this market is a negotiation. Wouldn’t it be better to share some of the expense, than lose the buyer altogether? Remember, this is a real estate market that favors buyers and real estate finance can be difficult.

Sellers keep in mind that all of the new inspection reports that your buyer just pulled,(from any previous buyer) will need to be disclosed to any new buyer if your house goes back on the market. When houses go back on the market after they have been pending, buyers do not give them as much attention, as they do new listings.

Remember real estate is a negotiation. There is no buying frenzy right now. When selling your home, work with a Realtor who will be honest with you, even when it is uncomfortable.

Is losing a transaction over a few thousand dollars of credit to a buyer worth it, or did you not really want to sell your home?

So, you are ready to buy a home. What will it actually cost in terms of out of pocket expenses. In addition to your down payment, there are closing cost. The approximate cost is 3% of the purchase price of your new home. Here are some of the fees:

Title Insurance – (This insures that you are receiving the property free and clear of liens, except your new mortgage)

Prorated Property Taxes – (You will make sure the property taxes are current, however you are paying the taxes at the sellers tax rate. Within 6-12 months you will receive a Supplemental Tax Bill which is the difference between the sellers property bill and your property taxes. Property taxes are based on the purchase price of your home.)

Any lender fees – Often these fees are minimal

City transfer tax – the city wants their money

The following is a list of the cities in Alameda County and their transfer tax. (Emeryville has No city transfer tax!!!) Typically this tax is divided equally between the buyer and seller, for example if the city transfer tax is $15 per $1000 dollars of purchase price and the purchase price is $500,000 then the buyer and seller will each pay, $3750 in transfer cost as part of their closing cost.

Transfer Tax in Alameda County Cities:

City of Alameda: $12.00 per thousand
City of Albany: $11.50 per thousand
City of Berkeley: $15.00 per thousand
City of Hayward: $4.50 per thousand
City of Oakland: $15.00 per thousand
City of Piedmont: $13.00 per thousand
City of San Leandro: $6.00 per thousand

County transfer tax is $1.10 per thousand and this is generally paid by the seller.

If you are confused at all, call me at 510.693.4253 or email me at deidrejoyner@comcast.net