Wed04012015

News

Council eyes bond for Hillview center

Council eyes bond for Hillview center


Rendering courtesy of city of Los Altos
The Los Altos City Council accepted an $87.5 million cost model for its preferred layout for replacing Hillview Community Center. Red lines indicate vehicle access points, and yellow lines represent pedestri...

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Schools

Oak students showcase creativity in Destination Imagination competitions

Oak students showcase creativity in Destination Imagination competitions


Courtesy of Jane Lee Choe
The Sharp Cheddars, a team of Oak Avenue School sixth-graders, perform at the Destination Imagination state competition Saturday in Riverside.

A team of seven Oak Avenue School sixth-graders traveled to Riverside last week...

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Community

Heising-Simons Foundation relocates to 400 Main St. property in Los Altos

Heising-Simons Foundation relocates to 400 Main St. property in Los Altos


Bruce Barton/Town Crier
All in the family: Mark Heising, from left, Caitlin Heising and Elizabeth Simons make up the board of the eight-year-old Heising-Simons Foundation, now in its new headquarters at 400 Main St. in downtown Los Altos.

The He...

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Comment

What would Bob do?: Editorial

The recent passing of an extraordinary Los Altos resident, Bob Grimm, has generated a range of heartfelt reaction, from sympathy to fond memories, from all corners. That’s because Bob did not discriminate in his desire to help others with his money, ...

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Special Sections

Cars that are right on track

Cars that are right on track


Courtesy of BMW
The BMW M4 is packed with power, featuring 425 horsepower and 406 pound-feet of torque.

There’s nothing more fun than driving a responsive automobile that feels alive in the curves and eager to go when given more than a touch ...

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Business

First Street's 'Fort Knox' up for sale

First Street's 'Fort Knox' up for sale


Megan V. Winslow/Town Crier
The Los Altos Vault and Safe Deposit Co. is on the market for $4.5 million. Its fortified steel and concrete structure has been compared to the U.S. Federal Reserve’s gold depository.

A downtown Los Altos structure “b...

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Books

'Pope Joan' Book weaves tale around legend of female pontiff

'Pope Joan' Book weaves tale around legend of female pontiff


The idea that there may have a female pope at one time in history has generated much speculation throughout the centuries. “Pope Joan” (Crown, 1996) by Donna Woolfolk Cross, does not answer the question; rather, the author has created a detai...

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People

JOHN BATISTICH

JOHN BATISTICH

John Batistich of Los Altos Hills died peacefully on March 12 surrounded by his family. John is survived by his wife Claire Batistich (Vidovich) of 67 years and children Gary Batistich of Lodi and Gay Batistich Abuel-Saud of Menlo Park. He is also ...

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Travel

Eat, hike, soak: Cavallo Point Lodge offers Marin experience

Eat, hike, soak: Cavallo Point Lodge offers Marin experience


Eren Göknar/ Town Crier
Cavallo Point Lodge comprises former U.S. Army buildings, like the Mission Blue Chapel, repurposed for guests seeking a luxurious getaway.

It used to be a place where batteries of soldiers lived, with officers’ quarter...

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Stepping Out

'Fire' ignites in Mtn. View

'Fire' ignites in Mtn. View


Courtesy of Kevin Berne
The cast of “Fire on the Mountain,” includes, from left, Tony Marcus, Harvy Blanks, Molly Andrews and Robert Parsons.

TheatreWorks is slated to present the regional premiere of the musical “Fire on the Mountain” this wee...

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Spiritual Life

Spiritual Life Briefs

Oshman JCC hosts Judaism and Science Symposium

The Oshman Family Jewish Community Center has scheduled its inaugural Judaism and Science Symposium, “An Exploration of the Convergence of Jewish & Scientific Thought,” 5 p.m. April 12 at the JCC’s ...

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Magazine

Food for thought: Hidden Villa programs offer teens training in sustainability on the farm

Food for thought: Hidden Villa programs offer teens training in sustainability on the farm


/Town Crier It’s not all cute and cuddly for teens participating in the eight-week Animal Husbandry Apprenticeship program at Hidden Villa in Los Altos Hills. Mia Mosing of Palo Alto, left, and Sophia Jackson of Los Altos clean the pigpens – one of...

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Competing with cash offers in the real estate market

It is no secret that even as the local housing market is doing much better these days, it is tough out there for the typical homebuyer – and even tougher for first-time homebuyers.

Because interest rates are still low and inventory is tight, homebuyers are continually losing out to all-cash buyers and investors.

“We are seeing our inventory rise, but not enough to accommodate the demand for homes,” said Carolyn Miller, president of the Silicon Valley Association of Realtors. “Mortgage interest rates are edging upward, and many homebuyers feel they are being squeezed out at a time when they still see a window of opportunity.”

Miller, who has practiced real estate for more than 30 years, has seen more than her share of challenges in the market for all types of buyers and sellers. She said first-time buyers typically face more financial challenges and are less familiar with the complexity of a transaction compared to repeat buyers.

“These homebuyers get so frustrated that they either drop out of the market or make a wrong decision,” she said. “As realtors, it is our job to manage their expectations, help them understand the complexities and financial aspects of a home purchase and prepare them to move quickly in a market where there is a severe shortage of inventory.”

Miller noted that the following strategies may help homebuyers compete in this market.

• Get preapproved. Secure a preapproval letter from a mortgage lender. It is not enough to get prequalified. Getting preapproved is more in-depth than getting prequalified. The process includes an analysis of your credit report and an extensive financial background check. Your lender will be able to tell you the specific mortgage amount for which you are approved and the interest rate you would be charged. You might even be able to lock in a specific rate. Preapproved buyers have an edge with a seller over those who are not preapproved because they have a commitment in writing from their lender. This lets the seller know that they are serious and can afford to purchase the home.

• Check the disclosure documents. When you find a property you like, review and understand the disclosures the listing agent prepares and provides. If you don’t understand something, ask questions and have your agent find the answers. Some realtors schedule inspections when they obtain the listing and use those reports as working documents to prepare the house. There may be differences between what the house is now and what it was then.

• Prepare a clean offer with the help of your realtor. Rather than worrying about the little things, be concerned about the big ones. Be genuine and honest when you make the offer. Remember that obtaining a loan is normal. After all, it’s all cash to the seller at close of escrow, and cash offers don’t always close quickly.

• Write a letter. Write a letter to the sellers telling them why you like the home, why you can see yourselves living there, etc. Owners usually love their homes and want you to feel the same way. Express your heartfelt feelings. Cash buyers may not always want the home for their residence, and that can make a difference to a seller.

• Have your agent present your offer personally. If at all possible, have your agent present your offer in person to the listing agent and seller. Real estate is a very intimate business, and an agent personally presenting a client’s offer can make all the difference.

“Remember that it’s not always all about cash. If you have all your ducks in a row, your offer will be fine,” Miller said.

The Silicon Valley Association of Realtors provided information for this article. For more information, email Rose Meily at This email address is being protected from spambots. You need JavaScript enabled to view it. .

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