July 26th to July 27 9 AM to 3 PM the Goodwill of Silicon Valley and Electronoic recyclers International are hosting a FREE Electronic E-Waste Event today and tomorrow. The E-waste contain hazardous lead and mercury, and these toxic substances eventually leak and contaminate landfills. It is illegal to dispose of e-waste in the trash.

The location will be the following two locations:

Almaden Goodwill Mountain View Goodwill

3069 Almaden Expressway SJ, CA 408 265-5692 855 E. El Camino Real MountainView, CA 650-969-3382

If you need more information please contact 1866-861-4883

The credit score (FICO) score is a number based on the information of your credit profile to show how likely you are going to pay a loan back on time. Obviously, the higher the better. The score can be in between 300 to 850. The higher score you get a better interest rate. What is a good credit score made of? The 35% score is made of the payment history, 30% amount owed and 15% is the length of the history. To start this process, you need to know your credit score.
You may obtain one free copy of your credit report annually. Try the following links: www.annualcreditreport.com or http://www.freecreditreport.com/
or you can call 1877-322-8228 to obtain your own copy.

Once you know your score and you decide to boost your credit score. You may following the tips from the MSN 7 fast tips to improve your credit score:

1. Pay down your credit cards and pay your bills on time. The longer you pay them on time, the better your score will be. The late payments are the major problems. If you have an average score, you can raise it by as much as 20 points by paying all bills on time for 2-3 months.

2. Use your card lightly: What typically report IS the last month payment. If you can lower the charge of the credit cards do help.

3. Check you limit: The credit bureaus typically use your highest balance as a proxy for your credit limit.

4. Dust off the old card: The older your credit history, the better. But if you stop using your oldest cards, the issuers may stop updating those accounts at the credit bureaus.

5. Get some goodwill. If you have been a good customer, a lender might agree to simply erase the one late payment from your credit history. You usually have to make the request in writing, and your chances for a “goodwill adjustment” improve the better your record with that company and credit in general.

6. Dispute old negatives. If you fighted with your phone company over an unfair bill a few year ago resulted in a collections account. You can continue protesting that charge to your credit company also.

Another great article about boosting credit score is do and don’t to boost credit score.

This Cupertino bank own/REO homeis just on the market for $684,5000. This one is lowest priced 3 bedrooms 1 bath and 1 car garage and it is located at the most affordable area Rancho Ricinconada. This area has the excellent Cupertino schools.

 There are many other bank owned listings in the surrounding areas such as Sunnyvale, Santa Clara, San Jose and Campbell. The San Jose has the most bank own and short sales homes available.

There is another bank owned property in this area. It is a 3 years old Sunnyvale home with 1483 sf and 3 bedrooms and 3 baths for $599,900

What short sale is:

• When the owner cannot make the monthly payment and a short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship
• It is pre foreclosure situation.
• The owner’s hardship could be divorce, job loss, sickness, bankruptcy or combination the financial problems all together.
• The owner’s credit will hurt badly, but it is better than a foreclosure.
• The short sale is a long process. It could take 2 – 3 months easily. The closing rate of short sale is improving from 12% January 2008 to mid-year about 40%.
• The short sale is avoidable if the lender offers a loan modification to the owner.

What short sale isn’t:

• Not all the short sale is a bargain. It really depends. Buyers beware. Again location, location, location. Hire an experienced real estate agent to help you buy home.
• It isn’t a way for the owner walk away the loan free without trace. This owner’s credit score will be damaged.

Why the short sale happens:

• It all begins with the owner cannot make the monthly payment.
• The owner pays option ARMS there is no equity build up.
• The owner purchased with 100% financing (another no equity).
• The owner refinanced 100% or above 100% without equity.
• Owner’s economic situation is upside down and the owner missed payment.
• The home was bought over price and it is devalued.
• The owner cannot refinance anymore.

“Short sale” becomes a buzz word nowadays but what is that?

According to About.com the short sale is

A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.

For example: In 2004 said Lisa bought a townhouse in Campbell for $344Kwhen the market is up in either 2005 and 2006. Liza taps into her equality. She borrowed $425K from the home. Something happened she cannot make the payment. The lender filed the notice of default and the lender requests she to pay. Lisa sells her home on the market for sale as $380K. The lender receives less then what was loaned out.

There are a few steps to short sale a home:

1). Contact lenders: To find the exactly what you need to get out the loan and home.

2). Do everything the lenders needs:

That the owner need to provide a personal financial hardship letter, proof of income and assets, Preliminary Net sheet etc.

3).The accepted offer. You have to hire the realtor to sell the home.

4). Submit the offer to the lender and wait for the lender to accept this offer.

The whole process could take up to 2 to 3 months to finish a short because backlog the lender and or asset managers to handle the demands. In the beginning of 2008 the success rate of short sale was about 12%. Now it went up to 40% because the handlers are more experience to do so.

Silicon Valley Single Family Inventory Report as July 1^st 2008 by Kathy Gamch – Chicago Title

# listings Pendings #Active %Pending # short pending #active short sale

Evergreen 516 108 408 21% 50 220

Alum Rock 1000 183 817 18% 71 441

Berryessa 377 101 276 27% 45 104

Milpitas 199 52 147 26% 15 52

Santa Clara 274 70 204 26% 15 42

Central SJ 418 76 342 18% 28 93

Willow Glen 277 67 210 24% 9 20

South SJ 557 140 417 25% 54 248

Blossom Vy 385 90 295 23% 38 103

Almaden Vy 141 34 107 24% 2 9

Cambrian 261 59 202 23% 12 47

Campbell 216 56 160 26% 10 18

Los Gatos 197 44 153 22% 1 5

Los Gatos Mt 79 3 76 4% 0 3

Saratoga 145 28 117 19% 1 1

Cupertino 159 55 104 35% 0 1

Sunnyvale 239 82 157 34% 22 35

Mt View 92 35 57 38% 0 2

LA Hills 87 23 64 26% 1 1

Los Altos 47 8 41 16% 0 1

Palo Alto 110 46 64 42% 0 0

The city of Palo Alto has 110 listings of homes for sale, 46 homes are pending, 64 homes are active, 42% of the homes are in pending. We can see the following has the best real estate market: Palo Alto, Mountain View, Cupertino, Sunnyvale.The Berryessa, Milpitas, Campbell, Los Altos Hill and South San Jose is above the same still in the sellers market. The rest of cities as Los Gatos, Mountain is hardest to sell only 4% listings are pending.

The top of short sales listings are located at the 5 areas of San Jose Alum Rock, South San Jose, Evergreen, Blossom Valley, Berryessa, Central S J.

Usually you will be better off purchasing a single family residence (SFR). The SFR’s tend to appreciate faster and hold their value better than do condos and townhouses. The single family Homes are generally in higher demand, therefore a bit more expensive. You need find out what price you can afford to buy. You will usually get more bang for your buck when you purchased the single family home then condo or townhouse.

However, all depends on your individual circumstances and lifestyle. If you don’t like to do much maintenance, upkeep, don’t want or need to big yard and don’t mind of paying the homeowners’ association (HOA) fees, then a condo or townhouse could be perfect for you. When you consider the number of bedrooms, 3 and 4 bedroom homes tend to be the most desirable, and easier to sell. In average the condos and townhouses are 20 years old but the single family home would be 55 years old and plus. The lighting, design and layout will be different.

When you do make a home purchase, think about how you might sell it (such as positives and negativies /likes and dislikes) before you buy it. Develop a game plan, and follow through it.

You will not only make your American dreams to reality and also make money at the same time.

When the homeowner cannot make the monthly payment. The lender can place a notice of default to this home. The home owner usually can make the following 3 actions:

1) Make the payment

2) Hire a realtor to sell the home

3) Do nothing.

If the home owner hire a realtor to sell the home. a lot of time it is a short sale case due to the homeowner owes more money then he can sell it for example the home owner bought this home with 100% loan and the market is not as much as it used to be.

The lender will receive less then the loan. The owner’s realtor need to negotiate the sale with the lender(s) to get the offer accepted. If the short sale is not successful.

If the short sale is not successful, then the lender can auction it or place it for sale again as a bank owner property. Any buyer can hire a RE agent to buy it. Usually at this time the price is well below the market price. Last two bank owned homes in Santa Clara were sold with 38 and 46 offers because they are such as good deals.

How exciting you are preparing for a wonderful journey.

Here is a task list for you:

1) Ask your friends who purchased home. What they liked about their agents and why?

2) Visit open houses and get a feel for how the agents work.

3) Call and email agents - how responsive are they.

4) Check out the agents’ websites and Blogs.

5) Get referrences from any agent you are considering.

6) Ask the agent for lender recommendations. You meet the lender and get pre approved for a loan. Ask about all the closing cost and your actual monthly cost, including taxes and insurance.

Below are three questions to ask the agent:

1) How can you help me to buy a home? Why should I choose you as an agent?

2) How Long have you been in a licensed agent?

3) What areas to you work in?

You need to be honest with the agent then they will be able to help you with their knowledge. A lot buyer choose an agent based on the knowledge, experience, communication and negotitation skills. When you pick up the right agent then stick to him or her. You will build trust and possible long term friendship,