A HOME BUYER’S GUIDE TO THE BAY AREA
Von Kaenel Giambruno Real Estate Group | 1
0 Cielo Vista Lane, Gilroy • 17428 El Rancho Avenue, Monte Sereno • 918 Marilyn Drive, Mountain View • 16666 Ole s Altos • 5529 Makati Circle, San Jose • 1870 Market Street, #2, Santa Clara • 174 Belwood Gateway, Los Gatos • ve, San Jose • 19680 Old Santa Cruz Highway, Los Gatos • 6658 Catamaran Street, San Jose • 333 Los Gatos Bo se • 3802 Kirk Road, San Jose • 2064 Orestes, Campbell • 8451 Goldenrod Circle, Gilroy • 683 S Genevieve Lan ompson Road, Los Gatos • 14388 Wyrick Avenue, San Jose • 14191 Woodview Lane, Saratoga • 133 Hollywood Ave tos • 3261 Coldwater Drive, San Jose • 121 Escobar Avenue, Los Gatos • 420 Alberto Way, #40, Los Gatos • 22225 s Gatos • 155 Teresita Way, Los Gatos • 153 Holly Hill Way, Los Gatos • 2201 Nobili Avenue, Santa Clara • 1000 Car se • 1345 Poplar Avenue, Sunnyvale • 1415 Settle Avenue, San Jose • 2643 Villa Cortona Way, San Jose • 951 River 2328 Tolbert Court, San Jose • 1985 Edgeview Drive, San Jose • 1071 Holly Hill Drive, San Jose • 1053 Fair Avenue, 786 Murtha Drive, San Jose • 3306 La Terrace Circle, San Jose • 1988 Malden Avenue, San Jose • 419 Serenade W redia Court, San Jose • 4915 Speak Lane, San Jose • 4233 Verdigris Circle, San Jose • 1475 De Rose Way, #0248B ks Avenue, San Jose • 440 Cesano Court, #306, Palo Alto • 889 Cherry Creek Circle, San Jose • 746 Northrup Stre 90 Verano Court, San Jose • 18774 Dundee Avenue, Saratoga • 131 Serra Court, Los Gatos • 1560 Cielo Vista Lane 6666 Oleander Avenue, Los Gatos • 18400 Overlook Road, #28, Los Gatos • 130 Lyell Street, Los Altos • 5529 M s Gatos • 1010 Esparanza Way, San Jose • 1777 Ledgewood Drive, San Jose • 1699 Canberra Drive, San Jose • 1968 tos Boulevard, Los Gatos • 1090 Remsen Court, Sunnyvale • 807 Frederick Common, San Jose • 3802 Kirk Road, S ne, San Jose • 5692 Holland Lane, San Jose • 5951 Glowing Court, San Jose • 20155 Thompson Road, Los Gatos • enue, San Jose • 108 Los Gatos Boulevard, Los Gatos • 95 Church Street, #2204, Los Gatos • 3261 Coldwater Drive, mmit Road, Los Gatos • 17952 Madrone Drive, Los Gatos • 210 Caldwell Avenue, Los Gatos • 155 Teresita Way, Los G enue, San Jose • 2285 Cottle Avenue, San Jose • 4833 Kingridge Drive, San Jose • 1345 Poplar Avenue, Sunnyval ve, San Jose • 800 N 8Th Street, #122, San Jose • 3181 Acorn Way, San Jose • 2328 Tolbert Court, San Jose • 198 se • 16041 Blossom Hill Road, Los Gatos • 5990 Fishburne Avenue, San Jose • 2786 Murtha Drive, San Jose • 330 n Jose • 4881 Trent Drive, San Jose • 714 Blossom Hill Road, San Jose • 307 Heredia Court, San Jose • 4915 Speak se • 527 Elk Ridge Way, San Jose • 17661 Vista Avenue, Monte Sereno • 1745 Hicks Avenue, San Jose • 440 Cesan 0438, San Jose • 1365 Cristina Avenue, San Jose • 13526 Myren Drive, Saratoga • 490 Verano Court, San Jose • 187 se • 16516 Shannon Road, Los Gatos • 120 Plympton Court, San Jose • 4174 Heppner Lane, San Jose • 4859 Clyde 861 S Bascom Avenue, #705, San Jose • 364 Kylemore Court, San Jose • 1024 Hazelwood Avenue, San Jose • 634 nnyvale • 1577 Meadowlark Lane, Sunnyvale • 2320 Allentown Court, San Jose • 228 Chalet Place, Campbell • 1613 , San Jose • 3539 S Bascom Avenue, Campbell • 1017 Edenbury Lane, San Jose • 2595 Bonnie Drive, Santa Clara 6 Inverness , Sunnyvale • 12197 Candy Lane, Saratoga • 359 Boynton Avenue, San Jose • 6172 Tracel Drive, San Jose s Gatos • 455 Curie Drive, San Jose • 6701 Camden Avenue, San Jose • 6440 Hesket Court, San Jose • 530 Cozy fton Drive, San Jose • 140 Hillbrook Drive, Los Gatos • 16428 Englewood Avenue, Los Gatos • 103 Forrester Cour 065 Arnerich Road, Los Gatos • 205 Creekside Village Drive, Los Gatos • 5623 Ravenna Court, San Jose • 1308 Ch se • 181 Benbow Avenue, San Jose • 1244 Fremont Street, San Jose • 5006 Massachusetts Drive, San Jose • 797 Ca ve, Monte Sereno • 105 Sierra Morena Court, Los Gatos • 179 Belvue Drive, Los Gatos • 186 Vista Del Monte, Los nlo Drive, San Jose • 14000 Apricot Hill Court, Saratoga • 18216 Daves Avenue, Monte Sereno • 1367 Scossa Ave k Knoll Court, Los Gatos • 131 Newell Court, Los Gatos • 14065 Arnerich Road, Los Gatos • 5909 Holgate Avenue, Carty Avenue, Mountain View • 5391 Taft Drive, San Jose • 16145 Greenwood Road, Monte Sereno • 184 Villa Aven
eander Avenue, Los Gatos • 18400 Overlook Road, #28, Los Gatos • 130 Lyell Street, • 1010 Esparanza Way, San Jose • 1777 Ledgewood Drive, San Jose • 1699 Canberra oulevard, Los Gatos • 1090 Remsen Court, Sunnyvale • 807 Frederick Common, San ne, San Jose • 5692 Holland Lane, San Jose • 5951 Glowing Court, San Jose • 20155 enue, San Jose • 108 Los Gatos Boulevard, Los Gatos • 95 Church Street, #2204, Los 5 Summit Road, Los Gatos • 17952 Madrone Drive, Los Gatos • 210 Caldwell Avenue, rolyn Avenue, San Jose • 2285 Cottle Avenue, San Jose • 4833 Kingridge Drive, San rside Drive, San Jose • 800 N 8Th Street, #122, San Jose • 3181 Acorn Way, San Jose , San Jose • 16041 Blossom Hill Road, Los Gatos • 5990 Fishburne Avenue, San Jose Way, San Jose • 4881 Trent Drive, San Jose • 714 Blossom Hill Road, San Jose • 307 B, San Jose • 527 Elk Ridge Way, San Jose • 17661 Vista Avenue, Monte Sereno • 1745 eet, #00438, San Jose • 1365 Cristina Avenue, San Jose • 13526 Myren Drive, Saratoga e, Gilroy • 17428 El Rancho Avenue, Monte Sereno • 918 Marilyn Drive, Mountain View Makati Circle, San Jose • 1870 Market Street, #2, Santa Clara • 174 Belwood Gateway, 80 Old Santa Cruz Highway, Los Gatos • 6658 Catamaran Street, San Jose • 333 Los San Jose • 2064 Orestes, Campbell • 8451 Goldenrod Circle, Gilroy • 683 S Genevieve • 14388 Wyrick Avenue, San Jose • 14191 Woodview Lane, Saratoga • 133 Hollywood San Jose • 121 Escobar Avenue, Los Gatos • 420 Alberto Way, #40, Los Gatos • 22225 Gatos • 153 Holly Hill Way, Los Gatos • 2201 Nobili Avenue, Santa Clara • 1000 Carolyn le • 1415 Settle Avenue, San Jose • 2643 Villa Cortona Way, San Jose • 951 Riverside 85 Edgeview Drive, San Jose • 1071 Holly Hill Drive, San Jose • 1053 Fair Avenue, San 06 La Terrace Circle, San Jose • 1988 Malden Avenue, San Jose • 419 Serenade Way, k Lane, San Jose • 4233 Verdigris Circle, San Jose • 1475 De Rose Way, #0248B, San no Court, #306, Palo Alto • 889 Cherry Creek Circle, San Jose • 746 Northrup Street, 774 Dundee Avenue, Saratoga • 131 Serra Court, Los Gatos • 6074 Calle De Amor, San elle Avenue, San Jose • 383 Oleander Drive, San Jose • 103 Baintree Place, Los Gatos 44 Vegas Drive, San Jose • 848 Apricot Avenue, #C, Campbell • 1710 Wright Avenue, 37 Loretta Lane, Los Gatos • 5462 Tyhurst Wk, #2, San Jose • 6970 Gregorich Drive, a • 500 W Middlefield Road, #51, Mountain View • 1831 Ashmeade Court, San Jose • e • 189 Gilbert Avenue, Santa Clara • 976 Gerber Court, Sunnyvale • 184 Villa Avenue, Drive, San Jose • 472 Richlee Drive, Campbell • 1225 Brace Avenue, San Jose • 5106 rt, Los Gatos • 18231 Bancroft Avenue, Monte Sereno • 4131 Houge Court, San Jose • herry Court, San Jose • 758 W Rincon Avenue, Campbell • 6200 Ginashell Circle, San anoas Creek Circle, San Jose • 14861 Blossom Hill Road, Los Gatos • 17523 Blanchard s Gatos • 4207 Quartuccio Way, San Jose • 1471 Hanchett Avenue, San Jose • 6408 enue, San Jose • 1419 Rhine Lane, San Jose • 1082 Valentine Court, San Jose • 15768 , San Jose • 175 La Canada Court, Los Gatos • 16536 Shannon Road, Los Gatos • 651 nue, Los Gatos • 13036 Houston Court, Saratoga • 19806 Merribrook Drive, Saratoga
Experience Matters.
Von Kaenel Giambruno Real Estate Group Service you Deserve. People you Trust.
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Contents
Von Kaenel Giambruno Real Estate Group ... 6
KWBay Area Estates ......................................... 10
Buying in the Bay Area ..................................... 12
The Home Buying Process .............................. 13
Pre-Qualification vs. Pre-Approval ............... 14
The Loan Process ............................................... 15
Writing an Offer ................................................... 16
KnowWhat You are Buying ............................ 17
Disclosures ............................................................ 18
The Escrow Process .......................................... 19
Escrow FAQs ........................................................ 20
Closing Costs ........................................................ 21
About Property Taxes ....................................... 22
Frequently Asked Questions ......................... 23
Testimonials .......................................................... 24
Thank You.............................................................. 26
Von Kaenel Giambruno Real Estate Group | 5
As a longstanding member of the Silicon Valley real estate community, Mark von Kaenel is a seasoned real estate broker with more than 25 years of real estate experience and more than a decade as a Managing Broker of his own brokerage. A driven and motivated professional with a distinguished track record of success, Mark brings a tremendous sense of enthusiasm, dedication, and diligence to every client- and to every single real estate transaction. Whether representing developers, sellers, or investors, Mark works tirelessly to ensure their needs are met and exceeded. Mark began selling real estate at the age of 23, and since then he has become known as an industry leader who brings a sense of positivity and confidence to every deal. Mark is intimately familiar with prominent Silicon Valley neighborhoods and opportunities throughout the Bay Area. He constantly stays in tune with market dynamics and trends in order to offer his clients exceptional and timely advice. Mark has experienced many market changes and cycles in Bay Area real estate. He is quick to recognize trends and adapt strategies to maximize opportunities. He embraces new technology for improving communication and doing business more effectively while holding steadfast to traditional service values. As a devoted husband and father of two, Mark understands the importance of commitment. He gives back to the community, investing in the future by making sure that children are given every chance to succeed. An accomplished business manager, employer, family man, Mark strives to be your real estate agent for life. DRE# 01189869
Mark von Kaenel Broker | REALTOR®
Memberships: CAR, NAR, SILVAR, SCCAOR, MCAR, REBNY, Worldwide ERC, TopAgentNetwork, National Association of Senior Move Managers
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With 17 years of real estate sales experience and more than 6 years as Managing Broker of his own firm and now with one of the largest real estate companies in Silicon Valley, David understands real estate is more than a business; it is about helping people realize their dreams. He has studied the strengths and shortcomings of other real estate firms to form his business model, living by the creed “If the customer is happy, success will follow.” David has experienced many market changes and cycles in Bay Area real estate. He is quick to recognize trends and adapt strategies to maximize opportunities. He embraces new technology for improving communication and doing business more effectively, while holding steadfast to traditional service values. As a devoted husband and father of 5, David understands the importance of commitment. He gives back to the community, investing in the future by making sure that children are given every chance to succeed. An accomplished business manager, employer, and family man, David strives to be your real estate agent for life. DRE# 01365616
David Giambruno Broker | REALTOR®
Von Kaenel Giambruno Real Estate Group | 7
Ben Frieden Partner Agent
Ben Frieden is a growing force within Von Kaenel Giambruno Real Estate Group. Mentored by some of the top real estate teams in the Bay Area, Ben has earned a reputation for being a driven and trusted agent who is motivated, diligent, and knowledgeable in the transactions and marketing of residential and commercial real estate. DRE# 02069026
Stephanie Ramirez Team Manager
Stephanie provides executive level support, administrative and operational management to the team as well as direct support to Mark von Kaenel.
Bryon Zapf Director of Marketing
A real estate executive with vast experience in luxury sales and marketing. As the Director of Marketing for Von Kaenel Giambruno Real Estate Group, Bryon leverages his experience directing the overall marketing, branding, and communications for the group. Bryon’s goal is to ensure that all listings are marketed at the highest level and to drive the most traffic to it.
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Katie Piro Transaction Coordinator
Katie has been in Real Estate for more than a decade. A licensed agent experienced in short sales, REO’s, Commercial and more, Katie has coordinated over 6,000 transactions in her career.
Michelle Santiago Escrow Officer
Michelle has been serving the people of Los Gatos as one of the area’s top Escrow Officers for nearly two decades. Her local knowledge and love for where she lives and works shows in her work.
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About KW Bay Area Estates
Driven by Excellence
In 2015, Training Magazine named Keller Williams the world’s #1 training organization across all industries. Keller Williams is proud to be a client-focused organization that fosters integrity and teamwork, rewards innovation and works to create win-win outcomes. We are thrilled that you are considering Keller Williams as your choice to help you buy what may be your biggest, and most important asset, your new home.
It’s not the brokerage that helps you to find your ideal home, it’s the agent. Keller Williams has consciously created a company culture that attracts, trains, and nurtures the best real estate agents in the world so they will be able to better serve you. Our company culture has been studied in depth by Stanford University and they found that: “Keller Williams is...a company with a unique economic and cultural model, embracing organizational concepts such as profit sharing, shared decision making, open books, and extensive employee training.”
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Why Buy with KW Bay Area Estates?
We help you reach your goals
Technology Leading-edge tech tools and training give us the advantage in effectively finding the perfect home for you. Teamwork Keller Williams Realty model was designed to reward agents for working together with the idea that we are all more successful if we strive toward a common goal, rather than individual interests. I’m confident that every Keller Williams professional will serve you in the best way possible. Knowledge Keller Williams Realty supports every agent in staying ahead of real estate industry trends through its comprehensive, cutting-edge training curriculum and research resources.
Reliability Founded on the principles of trust and honesty, Keller Williams Realty emphasizes the importance of integrity and putting the client’s needs first. My success is ultimately determined by the legacy I leave with each client I have the opportunity to serve. Track Record I’m proud to work with the largest real estate company in the world by agent count. When service is consistently superior, word spreads fast.
• The largest independent real estate franchise
• A network of over 170,000 real estate consultants with a projected growth of 300,000
BAY AREA ESTATES
• 800+ offices in the United States and Canada(50) major markets
• Excellence in cutting-edge real estate training, real estate coaching and real estate education
• Named “Most Innovative Real Estate Company” by Inman News
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Buying in the Bay Area Our winning strategy
Negotiate Negotiating terms for the purchase of what may be your largest personal asset requires a professional who has your best interests in mind. After listening to your needs, we will vigorously negotiate the price, contingencies such as inspections, appraisals, and financing, as well as the best time to close escrow. Coordinate Congratulations! Your offer was accepted and now the race begins. The closing of your home is urgent and time-sensitive with many steps to completion. As your agent and project manager, my team and I will be there with you through the end of the closing process. We will coordinate any needed inspections, escrow, guide you through the escrow process, and help you prepare for the closing of your new home. Improve Once you’ve closed escrow, you’ll have access to our extensive list of handymen, contractors, plumbers, electricians, landscapers, etc to help you personalize your purchase and help make it “home.”
Lifestyle Analysis Finding your ideal home is a process of matching your lifestyle and financial objectives with the right neighborhood. As a Realtor® with vast experience selling in this market, we have the expertise to match you with the home that fits your lifestyle. Whether you want a piece of the city or a quiet neighborhood with the best schools for your children, we have the area insight and knowledge you need to help you find a home that is the perfect “fit” for you. Search Analysis Beyond the MLS and previewing homes online, finding your ideal home is also about leveraging relationships. As your Realtor®, we utilize our extensive network and access to off-MLS (pocket) listings on your behalf. To streamline the process, we also preview homes on your behalf, in addition to touring homes and neighborhoods with you. We will always keep you well informed of new listings that come on the market. Make a Winning Offer The Bay Area housing market is ultra- competitive which is why you need a seasoned professional to give you a competitive advantage and help you to win the bid on your ideal home. We will carefully consider if the home is accurately priced for the size, location, and neighborhood comparative sales. As your consultant, we will advise you on how to best position your offer for quick acceptance, the amount of your down payment, and whether you need to be fully pre-approved prior to bidding.
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The Home Buying Process
Select Your Agent
Obtain Financial Approval
Analyze Your Needs In A Buyer’s Consultation
Select Properties
View Properties
Write An Offer To Purchase
Negotiate Terms
Accept Contract
Obtain Mortgage Financing
Conduct Inspection
Conduct Title Search
Resolve Any Issues
Credit Underwriting
Resolve Any Encumbrances
Appraisal/Survey/Insurance Check
Obtain Title Insurance
Obtain Funds For Closing
Close On The Property
Take Possession Of Home
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Pre-Qualification vs. Pre-Approval
There is a difference
Pre-Approval Pre-approval will give you the exact amount you qualify for and provides other advantages for making offers in a competitive market like the Bay Area. With a pre-approval, the lender takes an extensive look at your financial picture, including two years of your W-2s or 1099s and tax returns, a credit check, your debt/ income ratio and how much you have for a down payment. Being a pre-approved buyer lets the seller know that you are in a position to buy now, which can give you a distinct advantage when there are multiple offers on a home. Not all loan packages are the same. Going through the pre-approval process is a win-win situation that helps your mortgage broker create a loan package that fits your needs.
Pre-Qualification or Pre-Approval: Knowing how much you qualify for is an important first step before starting your home search. Understanding the price range we should focus on, your down payment options, as well as monthly mortgage payment options ahead of time, will help you to find and close on your ideal home quickly. Pre-Qualification Pre-qualification provides you with a general estimate of how much the bank will allow you to borrow. It’s easy and can be done over the phone or online. You provide the mortgage company or bank with information such as your income, debt, and employment information. In return, you will be given a loan estimate.
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The Loan Process A series of steps to reach the finish line
1. Pre-Approval You will be asked to provide personal information such as your social security number, income, assets, debts, credit information and the specifics on the type of property you wish to purchase. 2. Full Application During the application process, the lender will update the information and documentation that has already been submitted. 3. Processing Your mortgage package will be reviewed and completed by the processor. 4. Loan Submission Once the processor has completed the loan package, it is submitted to the underwriter for approval.
5. Loan Approval All parties are notified of the approval and loan documents are completed and sent to both the title and escrow companies. 6. Title The title company ensures that the property title is clear and legitimate. Once this process is complete, title insurance is issued for the property. 7. Funding Once you have s igned the loan documentation, your lender reviews the loan package, and upon approval, funds are wire- transferred to the title company. 8. Recordation When the title company has all the funds needed, they will record the transfer of title and you’ll be recorded as the new owner of the home
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Writing an Offer
What it takes to win
3. While it is important to offer a price that is attractive to the seller, they will often consider other elements before acceptance. How much money you put down on the property, and any contingencies or financing terms are just a few factors that may make the difference. 4. After your offer has been written, we will present it to the seller’s agent and negotiate on your behalf. The seller may accept, reject or counter the offer with changes. 5. You will normally be notified within 24 hours of the outcome. Should the seller counter, we will work with you to review each specific request and move the contract forward to closure.
Historically, the Bay Area is an aggressive and competitive market, requiring you to strategically position yourself in the mind of the seller as the obvious best choice. Here are some general guidelines for writing a strong offer: 1. Together, we’ll review the relevant sales and market conditions before making an offer. Factors to consider include the condition of the home, length of time on the market, competition, and urgency of the seller. 2. Give yourself room to compete. Ideally, you will want to find homes that are below your maximum so you have room to negotiate on price, should the need arise.
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Know What You Are Buying Your opportunity to find out exactly what you’re buying
Section 1 Conditions demonstrating active infections or conditions damaging the property. Active termites, beetles, or wood rot are examples of Section 1 items. Section 2 Conditions not currently causing damage but likely to, if left unattended. A typical Section 2 item is a plumbing leak where moisture has not yet caused fungus decay.
Inspections are an important part of the buying process and allow you to fully understand any issues or challenges with the property before closing the transaction. If the seller has not provided inspections ahead of time, you may decide to write your offer with an inspection contingency. This is one of the more common contingencies that buyers use. A contingency means that you will only go through with the purchase if certain conditions are met. Home inspections should be only done by a certified home inspector. Often, a seller will have inspections completed before placing their home on the market to remove the “contingency” from the buyer’s bid. Ultimately, it is the buyer’s responsibility to assess the condition of the property. Pest Inspections Pest inspections are done by a licensed inspector who will look for wood-destroying organisms, including termites and fungi (“dry rot”). Pest reports classify conditions as Section 1 or Section 2 items.
The inspector is responsible to deliver an unbiased report.
If damage is found in the property, such as a crack in the foundation or a roof that needs to be replaced, we can take these into account in our offer or we may be able to negotiate with the seller on remediation options.
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Disclosures Putting them into English
We’ll walk you through the disclosures, bringing to your attention anything that might affect your desire to buy or howmuch you’re willing to pay. The common disclosures include: Smoke detector, carbon monoxide detector, water heater strapping, Megan’s Law (regarding registered sex offenders), Death on Property (within the last 36 months), Upgrades and Repairs (permitted
or not), Transfer Disclosure Statement, Market Conditions Advisory, Lead Paint, Seller’s Property Questionaire, Plumbing Conservation, Statewide Disclosure, Earthquake and Natural Hazards Advisory, Wire Fraud, Homeowner’s Association docs, Fireplace, Foundation Bolting, and Multiple Buyer Representation.
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The Escrow Process Prepare and present your property
In a real estate transaction, escrow is an independent third party. When opening escrow, the buyer and seller determine the terms and conditions for the transfer of ownership of the property via the purchase contract. Escrow ensures that all mutually agreed upon terms and conditions are met before the transfer of ownership and distribution of funds.
• Providing a title report and title insurance.
• Ensuring that state and local transaction laws and rules are followed.
• Obtaining all necessary and notarized signatures from all parties.
• Ensuring the paperwork is legal and binding.
Escrow protects both you and the seller by managing the following tasks:
• Recording the transfer documents and ensuring their accuracy.
• Holding the buyer’s good-faith deposit (typically 3% of the purchase price).
• Receiving the down payment from the buyer.
• Disclosing escrow and title fees to all parties.
• Receiving funds from the buyer’s lender.
• Paying liens, any overdue tax, and HOA dues.
• Calculating prorated taxes, loan interest, and HOA fees.
• Distributing proceeds to the seller.
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Escrow FAQs
Answered
When do we need to open escrow? The seller will commonly open an escrow when their home is put on the market. After your offer is accepted, you will need to wire your 3% deposit money into escrow. What does an escrow officer do? Your escrow officer will oversee all aspects of your real estate transaction, such as signing paper-work, completing a title search, obtaining hazard and title insurance, and collecting and then distributing money.
Why do properties fall out of escrow? Sometimes, there is a problem with the loan where the appraisal comes back lower than the offer price, or a structural problem is discovered during an inspection. How long does escrow take? The length of escrow is determined by the purchase agreement. Depending on the terms, it can last from a few days to up to 90 days. A typical escrow in the Bay Area is 21-30 days.
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Closing Costs What you need to know
Who Pays What?
Buyer and seller fees
Closing costs are fees paid by the buyer and the seller during the course of the transaction. Early in the process, we will provide a good faith estimate which includes your closing costs and settlement charges. Typically, a buyer’s closing costs are about 1% of the purchase price of your home. A few days before closing, your lender will give you a detailed breakdown in the Closing Disclosure Statement. What’s Included? Closing costs include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees, initial deposit for your escrow account, home-owners insurance, and credit report charges. In addition, there are non-recurring costs and pre-paid costs. Non-recurring costs are one- time fees associated with buying a property or getting a loan. Prepaid costs are those that recur over time, such as property taxes and homeowner’s insurance.
Many fees are negotiable, however:
Buyer typically pays: • Loan and appraisal fees required by your lender • Title insurance premium for your lender • Fire and hazard insurance premium • Inspection fees if not provided by the seller • One-half of city transfer tax, if applicable
Seller typically pays: • Inspection fees
• Real Estate commissions • Any judgments or liens • Any unpaid homeowner’s dues • County transfer taxes • One-half of city transfer taxes, if applicable • Delinquent property taxes
Source: zillow.com/mortgage-learning/closing-costs/
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About Property Taxes
An overview
When do I start paying my property taxes? After change of ownership, a supplemental tax bill may be issued to collect taxes owing for thecurrent tax year based on the difference betweenthe previous and the new assessed values of the real property. The seller is responsible for the payment of taxes due before close of escrow, and the buyer is responsible for the payment of taxes due after close of escrow, including any supplemental tax bill. What are Mello-Roos? Real property can be subject to continuing tax levies under the Mello-Roos Act. Such levies are used to finance certain designated public services and capital facilities. Among the services and facilities typically financed through “Mello-Roos districts” are police and fire protection services, ambulance and paramedic services, parks, elementary and secondary schools, libraries, museums, and cultural facilities.
How is real property assessed? Real property is assessed upon change of ownership and, in certain circumstances, the construction of improvements. The new assessed value is equivalent to the purchase price and is subject to being increased by as much as 2% each year. How are property taxes billed? Property taxes are billed annually and paid in two equal installments. You can also have your taxes impounded monthly. An impound account is managed by your mortgage company. As the homeowner you pay for property taxes and insurance along with your mortgage payment. When your property taxes are due, the mortgage company sends the money to the tax collector or insurance company. When are property taxes due? The fiscal year runs from July 1 thru June 30. The first installment is due November 1 and it is late December 10. The second installment is due February 1 and it’s late April 10. You can remember these dates with this mnemonic device: No Darn Fooling Around = November it’s due, Decemberit’s late, February it’s due, April it’s late. How is the base property tax rate set? Under Proposition 13, passed by California voters in 1976, the base property tax rate is set at 1% of the full cash (or assessed) value of real property.
MARK YOUR CALENDARS! California Property Taxes: Due Dates
FEBRUARY 1st 2nd Installment Due
MARCH 1st Assessment Date
APRIL 10th 2nd Installment Delinquent at 5pm
JULY 1st Beginning of Fiscal Year
NOVEMBER 1st 1st Installment Due
DECEMBER 10th 1st Installment Delinquent at 5pm
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Frequently Asked Questions Answered
How will you tell me about the newest listings available? The Multiple Listing Service Website provides up-to-date information for nearly every home on the market. We constantly check the New on Market list and will send you the latest listings via email at a frequency that’s most helpful for you, daily or in real time. Will you informme of homes from all Bay Area real estate companies or only Keller Williams? We will keep you informed of all homes that come available, including off-market deals, to help you find your ideal home. Can you help me find new construction homes? Yes, we have access to all the newconstruction opportunities in the city and can get you the information you need to make a decision. We will need to accompany you on your first visit with the builder. By using my services with a new construction home purchase, you will receive the services we offer, as well as those provided by the builder, at no additional cost.
How does For Sale By Owner (FSBO) work? Homeowners trying to sell their home without agent representation are usually doing so in the hopes of saving the commission. If you see a FSBO and want the advantages of my services, let us contact the owner for you and make an appointment. Often, the homeowner will work with an agent, even though their home is not listed since the agent is introducing a potential buyer to their property. While you may be successful buying directly from the seller, if they are not a licensed agent, it may be a challenging experience. Can we go back through our property again once an offer is made but before possession? You should complete all of your inspections and walk-throughs before removing any contingencies. If you need to see the property again for any reason, we can make a special request to the seller for access. Just before closing, we will schedule a final walkthrough to verify the condition of your new home has been maintained. What happens after close of escrow? You can celebrate and shift your focus to moving into your new home. You will want to schedule your move, pack items and notify businesses of your address change. We can provide you with a moving checklist to help you remember all the details.
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Mark and his team are fantastic!! We had been looking for a home for months, with very specific criteria, during a time that there wasn’t much inventory. They stuck with us and continued to show us houses until we found our dream home! Mark negotiated a contingency sale on our dream house (virtually unheard of these days!) for the sale of our home in Cupertino. Mark also sold our house in Cupertino in a record 5 days! We had multiple offers that were WAY, WAY over the asking price! We believe that was due to Mark and team’s attention to details like the beautiful brochure they produced, signage, advertising (everywhere!), and Mark’s awesome negotiation skills. If we ever move again, Mark Von Kaenel is who we will call! Thanks Mark! -Carl K. Mark sold us our house in Los Gatos last month, and we ended up using him as our buyer’s agent as well. He is very honest, friendly, knowledgeable, professional and respectful. He does not push you to make any decision in rush, instead, he listed all the pros and cons for you, let you think thoroughly before moving to next step, that’s a part we really like. He even helped us to get our loan through his resource when there was some unexpected issue popping up to our supposed to be no problem loan application. This was above and beyond what was expected of him and was greatly appreciated by us. I would love to recommend Mark -- he is a super agent and has great connections!” -Yoyo W. Testimonials See what others are saying “ “
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Everyone knows that feeling after you receive an upgrade on your flight? That’s the feeling you will receive when you work with David. From our initial meeting with him until he handed us the keys to our new home it is 100% Professionalism. Throughout the process of both selling and buying a home he was always prepared, transparent on what he thought of the properties (both the positives and the negatives), and always offering sound advice. From his video & photography team, to his interior designer, to the other agent that assisted with our open house, all top- notch professionals. The other positive is that David is always wanting your feedback throughout the entire process: How do you think this went? What are your thoughts on this? How did my team do? Sign of a great leader in my book. In our case, both the sale and purchase - true collaboration. Like the feedback from the other reviews, call David first before you sign with another agent he is truly a leader in his field” -Mark F. Mark and his team are very knowledgable of the real estate market in the Bay Area. They are easy to work with and helpful in getting things done beyond the signing of papers. They helped us buy our first home and get it ready for moving in with a great list of vendors (painters, flooring, termite fumigation, etc). We had great success with the Von Kaenel Real Estate Group.” -TomW. “
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Over the past 3 1/2 years, Mark has assisted us with the purchase and subsequent sale of our home in Almaden Valley, as well as the purchase of our most recent home in Los Gatos. He and his team have been invaluable to us for these services. There is no better agent in the Bay Area in terms of market awareness, advertising, the extent of professional contacts, business acumen, people skills, and brute sales force. Mark and his team had our house in Almaden valley listed and under contract within 5 days! He also expertly advised us on how to obtain our new house in the highly competitive Los Gatos market so that we were able to beat out multiple offers within a week of the house being listed. We unequivocally endorse Mark and his team. You would be a fool to not acquire their services!” -Santosh P. If I could afford to have David manage my entire life, I would. He is absolutely the best realtor I’ve ever heard of, seen, or worked with. He helped us buy our first house in the Bay Area and we immediately thought of him when we wanted to sell a few years later. We had to purchase our new house with the contingency of selling our house, and David was the only one we trusted with this tricky situation. David was beyond prepared with comps and research, we listed on a Wednesday, only had two open houses that weekend, and had 6 bids by Tuesday at the amount we wanted. David picked the best stagers and photographers to work with us and we couldn’t have been in better hands from start to finish. And all the while with David’s calming, easy going personality. He is THE BEST!” -Rachael K.
Wow...to say I was impressed with David would be an understatement. From the moment we chose to list our property with him, he was the ultimate professional and clearly at the top of his trade. We put our full trust in his listing strategy (incredible resources and suggestions) and it paid off significantly in the end. Only one open house was necessary- over 100 potential buyers came by, we received multiple offers immediately and throughout the week, finally accepting an offer $80K over asking price. He clearly does his homework and knows the right approach to get a maximum offer quickly (in a newly unstable market). This guy is the real deal, folks. If you are looking for someone to represent you on either side of the real estate transaction, you’d be a fool not to select David. He makes everything look and feel effortless - we could not be more thrilled with our results.
Looking forward to partnering with him on many future endeavors! Simply the best!”
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-Tonya P.
Von Kaenel Giambruno Real Estate Group | 25
Thank You Let’s get started
Again, thank you for the opportunity to present our winning buying strategies to help you find and purchase your new home. We are excited and honored to be helping you on your journey to home ownership.
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Von Kaenel Giambruno Real Estate Group | 27
408.560.9022 | team@vkgre.com | vkgre.com
16780 Lark Ave, Los Gatos, CA 95032
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