I found a Cupertino  short sale homes asking only $499K today. I rubbed my eyes to see if I come cross a mistake. It is not a mistake! This small 2 bedrooms and one bath fix upper home with over 6000 sf lot. Considering the  median sales price of $927,500 for 95014 , this small fixer upper is a steal. A real estate short sale is a type of pre-foreclosure sale in which the lender agrees to sell a property for less than the mortgage owed by the owner.

Yes! This Rancho Rinchonada area of Cupertino home price just like the price durning the year of 2002 or 2003. Accordining the Wikipedia that “Rancho Rinconada is a residential neighborhood in the eastern part of Cupertino, California. It is bordered by Saratoga Creek (just west of Lawrence Expressway), Stevens Creek Boulevard, Miller Road, and Bollinger Road. Cupertino High School, Sedgwick Elementary School, and Hyde Middle School.” There are many large newer home up to 1.5 Millions and small home as this one for only $495K. There home owners and flippers built larger homes in this area.

Rancho Rinconda  is a unique area. It is the most affordable area in Cupertino . This area  has blocks and blocks of  inexpensively built homes. As the time goes by some of the larger and newer homes were built in between of those small homes. We all know the value is in the LAND. If you buy this home you can either redevelope or add roomes  to it.

Have you heard of the REO homes? It is also known as Bank Owned property; and they are the investor’s golden dream. These Bank Owned properties (REO) offer many financial advantages while lowering the risk associated with the purchase of a foreclosed property. The REO property offers quick equity due the purchase price is low. You may check a home in SC the investor walked away $108,000 gross in three months of owning this REO home. Those properties will always be vacant. They are ready for rehab, rent and home ownership. There are one in Cupertino, CA. The address is at 10524 S TANTAU AV, Cupertino 95014 (Cupertino)
$579,000 Beds: 2 bedrooms Baths: 1 bath. It was listed by Lydia Kou Alain Pinel Realtors. If you like to buy the bank owned home in Silicon Valley, Please contact me.

There are thousands and thousands of foreclosures in Silicon Valley. The San Jose city official  announced that city has the funds to offer help for the troubled homeowners in

A “Foreclosure Help” workshop will be held April 23 at the Santa Clara County Fairground from noon to 5 p.m. It will feature city, county, non-profit groups, and the real estate and financial industries, offering information and resources on how to avoid foreclosure.“Foreclosure Help” will be a four-pronged approach that targets prevention, intervention, family stabilization and neighborhood stabilization, said San Jose City Mayor Chuck Reed.

Please check into the SJlibrary web page for the other information regarding foreclosure help.

Sunnyvale Bank Owned homeI just found out a great Sunnyvale Bank owned home or REO home at

Sunnyvale just on the market as February 12, 2009.  It is a 4 bedrooms, 3 bath and2 garage with about 1832 sf and 2 story home. Now I will believe there is a gem in REO home.  Some buyers thought there must be some thing wrong with bank owned home. I don’t think so. I do see you have to work with an experienced Silicon Valley Realtor who understands buy or sell a REO home. It is more then ever the buyers need to be aware.The buyer needs to hire an inspector to inspect the home because the bank seller will not and can not give out the seller disclosure. The realtor needs to provide the buyer a written visual inspection report about any visual issues the realtor had found.  Another red flag will be city permit. Is there an non permitted bathroom? I have a buyer almost going to purchase a Sunnyvale bank owned property. We found out that there are additions done without permit and the city knew about it. In another words, the lender will not offer a home like that.

The Fannie Mae has sent out a new update on February 6 2009, to allow the investors to own up to 10 investment properties. Wow! It will start March 1, 2009 to replace to old guide line of 4 properties. In anther words, the investors and 2^nd home buyers can purchase up to 10 investment properties. 1). The borrowers has to purchase those invest properties on or after March 1, 2009.2) The Borrowers must maintain a credit score FICO  at least 720. The maximum L/V to be 70% to 75%.3). The borrowers cannot did not file the bankruptcy or foreclosure. The borrowers do not delinquencies of 30 days or more within a year.

With the new updates it will be a perfect time to load up investment properties.

1).  There are still many REO homes, Short sales and distress sales in

 2). The Silicon Valley rental market is still strong. Due to the side effect of foreclosures is climbing that there more renters then ever need to rent. From the rental survey sources of  Marcus & Millichap Research Services, Real Facts Online. It is still a landlord’s market. 

*Buildings with five or more units. Average rent includes units that range from studios to four-bedrooms. 

Grace Keng, Silicon Valley real estate agent,  member of the Silicon Valley Association of Realtors (SILVAR) and memberships in the National Association of Realtors, (NAR),
the California Association of Realtors, (CAR) and PhD of Realtor - Certified Residential Specialist (CRS).

Before                                                                     After

A Santa Clara  investor  flipped a home in 3 months and walked away with profit.This home is 1865 CABRILLO AV, Santa Clara 95050. It was a bank owned home on May 30, 2008 which is an extremely lowed price for $375,250. It was a clean flat-top roof home with 3 bedrooms and 1 bath the 1 car garage converted to another living quarter with living room and 1 bedroom plus1 bath. The lot size is 7140 sf. I showed it to my client. He did not like the add on. Little I know…It sold in 3 days with 38 offers for $382,000 and it closed on July 2 2008. Two months later the house is painted in and out with new window covering. It is back on the market again for $499K on September 4 2008. It is sold again and closed on October 10 for $490,000.

Let me put the dates as follows:

5/30, 2008 listed $375,250

7/2/2008 closed & closed $ 382,000

9/4/2008 listed again $499,000

10/10,2008 sold & closed $490,000

It is pretty good for an investor to walk away $108,000 (before the cost) in short 3 months. I see the investor are flipping the house but the buyers are waiting.If you are have questions, please email or contact me.

Grace Keng, CRS, Silicon Valley, Northern California Real Estate Residential Specialist 408 733-8887

Rated number #2 featured Cupertino Realtor on Activerain.com and Localism.com. California relocation, local events, homeowner information and fun! For more information on Grace Keng Silicon Valley homes

After I wrote the above article,Santa Clara REO and short sale homes for sale 1 of 2,more buyers have asked me for good real estate deal in city of Santa Clara. The good deal here means good valued home for sale.

I will give you my two picks today.

1).2229 Brown Ave Santa Clara, CA asking for
$477,500 with 4 bedrooms and 2 car garage is converted to another rental unit.

The front yard has about 8 grape vines with purple grapes on it also. The back yard needs some work.

2). 2105 MAIN ST, Santa Clara 95050
$384,900 Beds: 3 bedrooms 1 bath. It is a smaller and cozy home. It do need some repairs which reflect for this excellent price for a single family home in city of Santa Clara.

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Two Cupertino almost identical homes but sold for a lot difference in price.

Yes! There are two Cupertino Rancho homes both are located at the same street Wunderlich Dr.

A street with mixed sized of homes some are about 2000 sf for 1.2 millions and the other tiny homes are about $650,000 range.

The 10415 Wunderlich past owner applied the building permit and approved by city of Cupertino for an addition to become a 3 bedrooms and 2 baths. Will this city permit costs $55,000?? I don’t think so.

There is only one Cupertino bank own/REO homes on the market and two Cupertino REO have sold in pending. This home located 10440 JOHNSON AV, Cupertino 95014. It is only 7 years old, 3 bedrooms and 2 baths and two car garage. It is located at the most affordable area Cupertino Rancho Riconada. This area has the excellent Cupertino schools with Hyde Junior High and Cupertino High School. It has light color hardwood flooring through out with open floor plan. It has high ceilings. The kitchen has nice matching colored cabinets and granite counter tops and island. The master suite comes with his/her sinks, jetted tub, and shower. It does need a special attention. The garage door needs adjustment, missing wall lights. 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. I have another article about the foreclosure homes you may want to read it.

2549 Butch Dr. Gilory CA 95030 5 bedrooms 4+ baths was sold for 2.4 Millions in March 2006.This 3 year new custom home on the hills of Gilroy is bank owned now and the asking price is $1.325 Millions which is about half it was sold in 2005.

Can you picture yourself live in a large home 6207 sf on the lot of 491,792 sq ft for only 1.325 Millions dollars?

It has2 master bedroom suites,beautiful chandeliers almost every rooms , with magnificent foyer,a large swimming w/spa,4 balconies w/mountain &city light view!

If I have the money, I will love to own this mansion.