Foreclosure vs. Short Sale

 

 

 

Foreclosure vs. Short Sale

                    

Homeowner Consequences

 

Santa Clara Housing Inventory Snapshot on December 28, 2009

Housing Inventory Snapshot		December 28, 09
	Average List Price	Median List Price	Average Days On Market
Single Family under $1M	$588,521	$569,000	72
Single Family over $1M	$2,394,786	$1,699,000	110
Condo/Townhome under $600K	$356,759	$354,000	76
Condo/Townhome over $600K	$793,523	$725,000	93

Pleck's Auto Parts For Sale, San Jose, CA

Business Opportunity to own an Auto Parts for Free. Considerable Goodwill Value is Free, just buy the wholesale inventory for $79000. Owner would like to retire after over 40 years in the business. Prime location on Keyes, this store has done no advertising or marketing, which could be a nice upside for new owner. Great opportunity to do Auto Parts business. Low rent, owner is also owned the building. The retail space can be used to configure for other businesses. Owner is motivated. Please contact listing Agent Alan Nguyen at 408-835-7743 or email me at alan@i2realty.com for more information.

Bulk REO Investment

Amazing Bulk Investment

34 Single Family Resident in GA, F, IL, OH, MS, PA, and others for $215,000. That is correct, 34 homes for little over $200,000. This is a life time opportunity to own homes at an extremely low low price. Contact me for more information:

Alan Nguyen
Broker, Realtor, Investor
(408) 835-7743
alan@i2realty.com
www.i2realty.com

How to Finance a Bank Owned Property

So you found a bank owned property and you want to finance it with a mortgage loan. Here is the dilemma. Bank owned properties typically need repairs, but sellers want to sell it as-is offer. Meanwhile, your lender wants you to make repairs before they will approve the loan. So what can you do?

Add repair costs into your offer. Ask your lender what items would require to fix so you could get an estimate the cost of repairs. Once you have an estimate, add it to your offer price, then ask the seller to credit you for repairs.

It's essential to ask these consessions at the beginning. Once you have presented the offer, it is impossible to ask for addition consessions. If you make it simple to the seller, it is easier they will entertain your offer.

The Buyer's Market: It's over in San Jose

The media has been telling us it is a buyer market for some time. The real estate community talks about it too. Everyone seems to believe it.

I think the Buyer's Market is over!

A buyer's maket makes buyers to believe that they are in the driver's seat, calling all the shots, and can get homes for 10% or 20% off the market value. No more.

Last Friday, I put in an offer of $400,000 for my client on a traditional listed home for $389,900. It was listed for 4 days and sold for $425000. We now see many offers on bank owned properties. As someone with multiple buyers who have been this drill several times, and who are frustrated, and disappointed...is this a buyer's market? No, at least not in their minds.

"An article in the MercuryNews" can explain this point very well. My point is we need to trully understand our particular markets and individual niches so we do not mislead buyers making decisions based on misinformation.

Alum Rock Bank Owned Single Home for under $300,000

Beautiful home in alum rock area, close to shopping, school, library. 3 bedrooms, 2 baths, 1283 sq ft, newly painted, granite counter tops, tiles flooring in the living room, family room and bathrooms. New carpet in all 3 bedrooms. Garage converted, permit unknown. Please contact me for more details.

Alan Nguyen

Infinite Investment Realty

408-835-7743

alan@i2realty.com

Urgent Housing Market News

The first quarter of 2009 has come to an end and the low end of the real estate market is on fire. I had seen multiple offers on properties that are on the market for less than a week, and offers were a lot more than the asking prices. The median home and average home prices across the country have rising.

The shift in the real estate market has already begun. The buying trend is going to continue, as long as interest rates stay as low as they do. Here are what driving the housing markets:

• Interest Rates are at 40 year lows
• Fewer sellers are putting their homes for sale because they are modifying their home loan instead of selling
• Majority of short sales have now become Bank Owned, which are much easier properties to purchase
• New Administration is showing hope that a recovery is in sight

The housing statistic I have reviewed are showing that some part of the markets will not let prices go lower. Every time we have multiple offers, there are buyers left looking for something else to buy. Regardless of what people are saying, homes are selling in the bay area and we continue to see more demand than supply in the near future. Remember, for each rise in interest rate by 1%, your affordability drops by 10%.

Enjoy the rest of your weekend and if you know of a friend, co-worker or family member who really wants to buy a piece of property and needs some sound advice, let me know by calling me at 408-835-7743, or emailing me at alan@i2realty.com

San Jose 4plex Investment Property for $414,900

Bank Owned. Nice rental property with 4 units, each unit comes with 2 beds, 1 bath, 1 parking space. This San Jose 4plex was achieving $4300 in rent per month in the past. This is a very good deal for an investor who can manage a 4plex well. It was sold in August of 2006 for $795,000. Get it half price, call me for more details.

Bank Owned REO Single Home in San Jose

Warrington Ave at White, 3 bedrooms, 2 baths, 1180 sq ft, 5200 sq ft lot. New tiled flooring, large 2 car attached garage with storage space and updated kitchen carbinets. Great opportunity to own a single home in nice condition for $229,900!!

Let me know if you want to see any of these deals.

Well-Kept San Jose REO Condo for $139,000

Well-Kept condo at Jackson and Mckee. 2 Bedrooms, 1 1/2 Baths, 1000 sq ft. in moving in condition. Good home for 1st time buyer or investor. Hurry, it won't last long!

Plan to Help 9 Million Homeowners

Hi folks, I guess you probably heard the Obama administration's "Homeowner Affordability and Stability Plan" phan. Here the two major components to the program.

• Refinance Program to assists those responsible homeowners who are current on their mortgage payments. You can refinance up to 105% of LTV (Loan to Value). Unfortunately this program will not help many people in my market, especially in the Bay Area, since values are down in half in the last 24 months. In San Jose the house is worth $400,000 and they owe $600,000+.
  
• Modification Program to assist those homeowners who are already behind in their mortgage payments or are facing foreclosure. The loan can modify by:
  - Reduce the Interest Rate
  - Increase the length of the term period of the loan - Reduce the Principle Amount.

To see more details, "read this full guideline"

How to Determine Who Owns Your Mortgage

When trying to contact your lender to work out a payment plan or some other deal, knowing who owns your mortgage can be very helpful. Unfortunately finding out is not as easy as it sounds since more often your mortgage lender is not the one who owns your mortgage. I have my mortgage with Wellsfargo bank, as it turned out, the record shows that Freddie Mac is the owner of my mortgage and Wellsfargo as an investor.

Chances are your loan is backed by either Fannie Mae or Feddie Mac. You can try the following links to check out if your loan is with these two agencies Fannie Mae's Weblink and Feddie Mac's Weblink. You can also call 1-800-7FANNIE and 1-800-FREDDIE.

If you have an FHA loan, contact FHA’s National Servicing Center to determine who owns your mortgage: (800) CALL- FHA or send an email to hsg-lossmit@hud.gov.

One of the most important steps to saving your home from foreclosure is to get in touch with your lender immediately. Better yet, hire a qualified attorney with experience in foreclosures and loan modifications to contact your lender on your behalf, so you have legal representation on your side.

San Jose Bank Owned 3 Bedrooms Condo for $139,000

Nice location off Jackson and McKee, 3 bedrooms, 1.5 bathrooms, offered at $139,900. 1180 square feet of sunny space. Tile & carpet flooring. A little TLC and this will make a lovely dwelling. Low association fee of $215. Sold for $440,000 in May 2006! Great opportunity for a first time home buyer or investor, good deal that won't last. Call me for a tour!