Buying bank owned homes strategy This Sunnyvale bank owned home 418 S. Mary Ave was sold quickly with over 20 offers. The asking price is $420,750 and the sold price probably will be over $550,000.                                                                                  How to buy a good deal of bank owned own homes, you need to follow the following rules: 1). Price and initial deposit. The price is major issue. If you only qualify to buy $430K and try to put an offer to buy a home for the asking price then you will be disappointed. The asking price is like a teaser price which is not the reflect the real price.You need to ask the your agent to run an Comparable Market Analysis which will show the current value that include of homes on the market, pending sales and sold homes in the neighborhood. The May home’s comps  shows over $600K with good condition. This home’s condition is marginal with non-permitted remodeling work. You need to put a correct purchase price with 3% initial deposit. 2). Contingency period: This the period of time for buyer to inspect the home and find a real estate loan . Don’t take longer then 15 days to do those activities. 3). Close the home to be within 30 days after acceptance. The bank usually likes the home to be close within 30 days All cash offer will be the best to them. Grace Keng of RE/MAX Real Estate Services DRE#00919545  the members of the National Association of Realtors, (NAR),the California Association of Realtors, (CAR), and the Silicon ValleyAssociation of Realtors, (SILVAR),  MLS listings Services, (REIL).

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

Silicon Valley. The banks and assets managers are more skilled in handling those

Silicon Valley short sale, Bank owned homes. You may read another blog of low end of SJ downtown homes are hot.

 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. 

County	2nd quarter, 2007	2nd quarter 2008	Year-over- year change	Vacancy rate
Alameda	$1,337	$1,409	5.4%	4.7%
Contra Costa	$1,250	$1,328	6.2	5.1
Marin	$1,528	$1,591	4.1	2.8
Napa	$1,264	$1,307	3.4	3.7
San Francisco	$1,757	$1,926	9.6	4.0
San Mateo	$1,654	$1,786	8.0	4.1
Santa Clara	$1,569	$1,679	7.0	2.7
Solano	$1,137	$1,164	2.4	5.0
Sonoma	$1,140	$1,212	6.3	5.5

*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).

Sunnyvale Bank own homes for sale

This Sunnyvale Bank own home just cute as a button.

It is at a beautiful trees-lined street in old Sunnyvale.

It has two bedrooms and one bath plus an office in the fornt part of the house. It will be perfectly for the home office. I like the large opened living room with fireplace and remodeled kitchen with granite countertops and oak cabinets, nicely landscaped in front yard. You will fall in love with granite. Move in ready.

 

Another Incredible bank owned

Sunnyvale home. Very low price and could go to the excellent

Homestead high schoo.l List Price in mid $ 500,00. For more information please contactgracekeng1@gmail.com for more information.Grace Keng, 408 733-8887 RE/MAX RES, CRS, Rated number #2 featured Cupertino Realtor on Activerain.com and Localism.com. California relocation, local events, homeowner information Silicon Valley homes, Santa Clara County, San Mateo County of California

Sunnyvale Bank owned home Sunnyvale foreclosure homes Sunnyvle REO homes

 

The “short sale” begins when the seller has trouble of making mortgage payments and the potential sale price is less than the mortgage amount. The seller or their agent approaches the lender asking if the banks or lenders are willing to settle for less if and when a purchase contract is signed. There are good tips for sellers.

1. Select an experienced agents have done short sales. It is not like the normal sale. The seller needs to understand that the bank is the REAL decision maker. If gatekeepers listened your case, you have are much chance to close.

2. Seller prepares to disclose:

The sellers must disclose and produce all liens on the property, taxes (income tax, property tax…), back taxes, HOA dues, financial statements, letter of hardship, proof of income, proof of potential income, proof of future income, etc.

3. Make sure the buyer’s loan and down payment is place.

Short sales can drag on for months. Some of the buyers could buy it now may not do it later. If the buyer has a hard time getting a loan, it could cost the sale and become more expensive. Some lenders could charge $100 per day of delaying fee till closing.

4. Make sure you and your agent get to see all bank documents.

5. Work with a detailed minded title officer. It could make all the difference in the world.

6. The Best scenario of escrow duration is 27 days, but it many last 30-45 days even 2 and three months long.

Thank for SILVAR realtors: Donna Dawson-Schwartz, Neal Schwartz and Scott Fleming to contribute to the valuable short sale information.

Seller advice short sale seller advice Short sales

 

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.

 

Cupetino	inside	bd/ba	lot	COE date	Sold price
10295 Wunderlich Dr 10415 Wunderlich Dr	814 sf 814 sf	2bd/1 ba 2bd/1 ba	4947sf 4947sf	7/28/08 7/28/08	$625,000 $680,000	REO

Cupertino homes Cupertino real estate market

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.