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Bank Owned Santana Row Catwalk Loft Condo for Sale

This is it - a bank owned A-3 model loft condo in the DeForest Building facing Santana Row!
1,250 square feet, 1 bedroom, 1 den, 1.5 bath unit with maple colored cabinets and stained concrete floors. Just hit the market as a Chase Bank owned property. $510,000.

Call Mario at 415-269-6249 to set a showing today.

Call us today to view this property which will sell very fast at this price. This is the condo loft unit you have been waiting for in Santana Row.

Duplex Fourplex Trustee Sales San Jose & Silicon Valley

We are tracking 87 imminent Trustee Sales for duplexes and fourplexes in Santa Clara County. Of these, NONE have Trustee Sales prices that make them attractive for investors. 85 of the 87 are 1st position loans, the other two are 2nds behind large 1sts. Based on our value assessments, none of the 87 are worth considering.
Of the 87, many will have their trustee sales postponed for a variety of reasons (processing a short sale, bankruptcy, loan modification, etc).
Those that do go for auction, will revert back to the bank - unless there are some foolish investors at the auction paying over market rate.
Then we will see these as bank owned properties for sale within the next month or two.
For great guidance in investment properties in San Jose and Silicon Valley, call us today 415-269-6249.

Apartment Investment Update for San Jose and Silicon Valley

San Jose fourplex investments - short sales, REOs or regular sales?

We just toured 7 fourplexes in west San Jose and Campbell - short sales, bank owned and regular sales. The highlights?

1. Best price - $799,000 for 3,984 square feet on a 10,000 square foot lot. Awesome old growth tree landscaping in lieu of tacky patio area.
2. Best location - $770,000 for 2,986 square feet in west San Jose. Corner lot, private access to parking area and a garage for the owner's unit.
3. Worst price - the short sale in Campbell that had the best attributes. Why ask a lofty, over- market price on a short sale that needs to move?
4. Worst comparison - the regular sale identical building $68,000 under the short sale across the street.
5. Best after tour meal - La Pizzeria in downtown Campbell - 4 solid stars on Yelp.

Call us for great deals in the duplex - fourplex market. In San Jose, where there has been sub-prime, low down or no down lending, there is opportunity of short sales and bank owned property.

Santana Row Condos for Sale Update - Bank & Short Sales

Wow - there are condo homes to choose from on Santana Row! Amazingly there are homes on the market in an area where there has not been much to choose from in the last couple years. Both the De Forest and Margo buildings have units for sale - studios, one bedroom lofts and a couple larger units. If you want to own a pied-a-terre on the Row, an investment property or a principle residence, call us today to see the rare homes that are now on the market in Santana Row.

Bay Area Investment Real Estate - Mario Pinedo, CCIM Investment Update O...

Investment Property update for Silicon Valley. Single family home sales and commercial investment opportunities from www.MPIRES.com and Intero Real Estate.

Bay Area Investment Real Estate - Mario Pinedo, CCIM Investment Update

Foreclosures Halted - Bank of America and Wells Fargo in Review

The current issue of reviewing the legality of banks foreclosing on borrowers is going to be a very long mess to unravel. Bank of America halted their foreclosure activity until they can review their procedures. Wells Fargo Bank is also reviewing all its pending foreclosure properties and those that it recently acquired. Does this mean that Bank of America and Wells Fargo are the only banks with liabilities to review? Heck no! Every bank is scrambling on how to best manage this mega mess. The Title Companies are sweating this too. And the real estate attorneys are salivating.
This will have a major impact on the market because home buyers and investors will not have certainty on a large segment of the housing inventory. This segment - bank owned homes in California - accounted for over 43% of sales in the last year!
A winner in this mess will be new home developers and owners of homes that have not been foreclosed on. The short sellers will also benefit because the banks will give them more time since foreclosure is essentially off the table for now. Short sellers may be cautious too because they will be dealing with banks that have more on their mind than the short selling of one person's particular home.
And this too shall pass, but when, that is to be seen...
What do you think this will do?

Silicon Valley Apartments - is there an opportunity to invest?

Most Silicon Valley apartment owners are very happy these days - read: not motivated to sell - because their rents are stable or up and their vacancies are down. Why?

1. Banks have foreclosed on many home owners and this makes them new tenants.
2. Many young people who normally would be buying their first homes are still in the rental market because home financing is more difficult than before.
3. Apartment building financing over 4 units has always been based on the building's net cash flow (not on the owner's income). Therefore, most 5 unit building and above have required 40+% down payments which makes the investment properties very stable.
4. Low turn over in apartment building sales in Silicon Valley - so few buildings sold at the peak of prices a few years ago.

This is why we see so few apartment buildings on the market and especially so few good deals.

Ok - then where shall we invest?

1. duplex - fourplex market has had foreclosures and short sales because financing was loose and investors made uninformed decisions in the last 5 years.
2. Secondary markets to Silicon Valley: East Bay, Napa, Sonoma, Solano Counties - softness in the newer built single family homes has put pressure on rents in apartment buildings.
3. Non-performing note sales of buildings that were over-leveraged based on relationship lending. Many smaller banks lent on buildings outside of the traditional 5+ unit financing guidelines.

Where do you see opportunities in Silicon Valley apartment investments?

Should I sell now or next year?

A friend of mine just posed this question to me. Here is my reply:

That is a question that I cannot answer definitively without knowing more info. Aside from that, here are some things that I know:

1. Between Thanksgiving and NYE is the highest historical average sales price percentage of the year for a seller. (August is the lowest)

2. The market is slow in some areas and some price points and is hot in others. I would want to know what you have and where it is.

3. I am seeing a shift in the bank's strategies as to their defaulting home owners - some major banks are pushing more inventory to foreclosure sooner rather than "extend and pretend". This will start to have a negative impact in the 1st quarter of next year.

- the market cannot be defined in a generality. Each home, neighborhood, city, price point has a different selling strategy. More details helps me guide you to what is best for you, your home, your family and your finances. I hope this helps.

Cupertino Townhouse for Sale in Northpoint complex

See this gorgeous Cupertino townhouse for sale in the fabulous Northpoint complex.
1,060 square feet
End unit, 2 bedroom, 2 bath townhouse model.
2 car garage
Private patio & master bedroom balcony
Wonderful complex off Homestead and Blaney.
Cupertino elementary schools and Fremont High School in Sunnyvale.
Offered at $509,000!

Open house this weekend - call for details

Santana Row Condo New Listing - Hot Buy!

Wonderful one bedroom Santana Row condo for sale in the Margo building. If you are looking for a great deal on a 1 bedroom loft unit in Santana Row, this is it! $499,000 for a unit overlooking Santana Row, great quiet location above LB Steakhouse and facing Burberry. The newly constructed building at 300 Santana Row will most likely have a Spa as the anchor tenant. Perfect place to have a home and walk to your massage. Call for a tour.

Bank Owned Gas Station Coming Soon

We are bringing to market a very new, large, freeway exposure gas station & mini mart in the Pleasanton area. Bank owned facility. Fully operational. Excellent money producing asset. Stay tuned for details!

Just Listed! Bank Owned 4plex in Santa Clara $599,900

Very good deal from Bank of America just hit the market. All 2 bedroom, 1 bath units, 2,888 square feet building with 4 one-car garages. Offered at $599,900. Building is vacant now. Units were all most recently rented for $1,250 per month. It is common for banks that foreclose on rental properties to evict the tenants to eliminate the liability of management. Solid rental neighborhood in Santa Clara and the garages are a great amenity. This deal will go fast.

Non Performing Residential Notes in San Jose - Silicon Valley

Banks are far less apt to sell their residential non-performing or under-performing notes to investors. The world has shifted to hedge funds and other investment groups that are buying bulk notes from banks. These true investor oriented groups see value in parceling off some of their purchases. The arbitrage is won by the local investor who understands more clearly what final sale value a home will have. Typically the hedge fund is making a decision on a geographical area of which it is not familiar. The reliance is on a Broker Price Opinion which may or may not be very good. The typical BPO provider is paid $40 per report - not enough to stimulate precision and accuracy. So, if you can buy a residential non-performing note either at a discount or a par - if your asset's value is clear, then a rational investment decision can be made. Let us know if you are looking for this type of investment.

Bank Owned Commercial Office Condo For Sale in Mountain View

JUST LISTED:

3,600+ square foot commercial office condo for sale in Mountain View. Full office build out. 5 year old property. Property consists of two commercial condos (with separate parcel numbers)built out as one contiguous space. These units can be demised and sold or rented by themselves. Gorgeous commercial business park community.

Configuration as follows: 6 private perimeter offices with glass side panels and top windows, twelve 8x8 cubes, two ADA bathrooms, a server room, lobby entrance, large meeting/conference space and spacious kitchen.

Last comparable sales in the complex are over $220 per foot for simple shell condition space. This well designed and built out space is offered at $699,000 or $192 per foot.

If you run a business in the lower Peninsula or Silicon Valley - this will be a great deal for you. Commercial distress in this location is rare. The high quality of the property adds even more value. Call us for confidential details on this asset.

We expect to have this on the multiple listing services by August 28th.

The MPIRES Group works with banks, servicers and investors to bring commercial/investment opportunities to the market. If you are looking to invest in distressed commercial investment property, let MPIRES Group show you the way. www.mpires.com

Single Tenant NNN Sacramento for Sale

A new construction, twenty year ground lease Taco Bell in Sacramento just came on the market. With a ground lease - the owner of the land has no maintenance obligations - the tenant maintains the building, parking lot and landscaping. This is a great investment 1031 tax deferred exchange replacement property for surety of income and no maintenance responsibilities. 6.5% cap rate. $95,000 in annual rent. Offered at $1,462,000. Call me for details 415-269-6249.

Short Sale Fourplex in Excellent Campbell Location

A great opportunity just hit the market in Campbell. Four units, all 2 bedroom & 1 bath, 3,150 total square feet of living space, common laundry room, carport parking - the building is in good rentable condition. Sold most recently for $930,000 in 2006 - now on the market as a short sale for $680,000! Two units renting for $1,250 each and the other two at $900 per unit. 13.1 GRM. Solid rental street in non-rent control Campbell. Call me as soon as possible to make an offer on this property - it was in escrow before at a higher list price - now back on the market to move.

Commercial REO & Non-Performing Note Sales

The commercial real estate bank owned opportunities will not materialize as did the residential REO market of the last couple years. Most commercial banks have taken a completely different strategy to reducing their bad debt. Few commercial banks are even starting the foreclosure process because they do not want the bad commercial assets on their books. This necessitates increasing cash reserves to offset the bad debt. In lieu of this, the banks would rather sell their non-performing notes to investors, who then can foreclose on the properties without incurring FDIC triggers.

The commercial distressed property opportunities will be even more attractive to investors than the residential deals were. The challenge is how to participate in these opportunities.

My partner, Julie Duong and I have the solution. We are pairing investors with banks to facilitate these transactions. Call us for a consultation so that we can deliver to you the best deals available.

Short Sales Don't Solve All Credit Score Problems!

I spoke to a seller of a home yesterday. She had not paid her mortgage in TWO years! (Actually this is not that unheard of) Interestingly enough, the bank has not wanted to foreclose on the property - think "shadow inventory" here. She decides to move back in to the home to offer it for sale as a short sale in order to "save her credit". Ummm... hello... a short sale will not save your credit if you haven't been making payments for 2 years - I imagine the credit is devastated at this point. The difference between the points hit on a short sale and a foreclosure for this client are minimal. For someone who just missed his first payment on a mortgage and is concerned to limit credit score hit - then a short sale would be preferable over a foreclosure. Keep in mind, the right kind of short sale is what we strive to achieve. The right kind would be a non-deficiency statement from the lender which states that no further collection will happen and the bank is satisfied with the short sale proceeds. Each case is different and each is worth taking the time to review with an attorney, CPA and an experienced foreclosure alternative Realtor.

Commercial Office Property Condo Mountain View Short Sale - Non Performing Note Sale

We have an exclusive opportunity to purchase a non performing note on a commercial office condo in a great park in Mountain View. Approximately 3,650 square feet, 5 year old property, well built out 100% office space, great value in the mid $100s per foot. Great deal for an owner-user in a park that is convenient to 237, the mid Peninsula and south to Silicon Valley.

Short Sale Duplex San Jose under $200 per foot!

Very good deal in San Jose for a short sale duplex. Large 1,936 square feet on a 7,000 square foot lot offered at $380,000. One 3 bedroom unit and one 2 bedroom unit. Central gas heating, building is only 40 years old - comparatively to most duplexes in the Valley which are 50-60 years old. Good roof, fenced patios, strong rental area of south San Jose. This is a very good deal to own.

Santana Row Bank Owned Condo for Sale

Just listed yesterday a Wells Fargo owned condo loft that faces Santana Row. Sitting on the 3rd floor of the DeForest building is a A-1 model, 1099 square feet, no large red "X" structural support in the living room, blond kitchen cabinets with granite counter,washer, dryer, fridge all in the unit. And get this - FOUR parking spaces! Somebody went overboard with parking purchases! Unit is directly over Cocolat and Straits. Offered at $424,900. This unit will sell very, very fast.

Blossom Valley San Jose Large Bank Owned Duplex for Sale

$539,900 for a duplex on a great street in Blossom Valley near Westfield Oakridge Mall. Over 2,100 square feet, 3 bedroom & 2 bath unit and 2 bedroom and 1 bath unit. Large lot, newer roof, open floorplans. The unit would do well with upgrades to the dated kitchen and baths. Perfect investor unit or owner occupant.

San Jose Commercial Property for Sale - Willow Glen $699,900

Excellent owner user building in an excellent area of Willow Glen. Space has high ceilings and roll up doors. Full usable basement. Large lot with very flexible zoning area for redevelopment potential. Possible medical, dental use. Motivated seller - make an offer!

Stunning Santana Row Villa for Sale

Only 21 of these exist and this very well may be the best unit of the lot. Facing directly at the Hotel Valencia's VBar is the main covered balcony of this home. There are 3 other balconies/patios for this unit also! 3 master suites, a spacious living room, dining room and kitchen. All upgraded to the highest standards. If you love the lifestyle and the energy of Santana Row, then you must view this home. Offered at just under $1.9M for 2,288 square feet of luxurious living.

Santana Row Luxury Rental Available

There are only two of these units at Santana Row for lease. Both are amazing 2,900 square foot flats in the heart of Santana Row. They were designed and built to be ultra-luxurious apartments for an amazing lifestyle. One of these flats will be available for move in within the next 2 weeks. Asking rent is $13,000 per month. Definitely a steep rent until you see what you get for the money. Anybody would be impressed. Perfect views of both the pool and Santana Row. A stunning kitchen, living room, family room and balcony. Impressive master suite plus 3 more bedrooms. A private elevator opens directly into the unit. 3 car private garage parking and a 4th space on the pool deck. If urban, luxury living is your thing, then call us for an appointment to view this flat as soon as possible.

Santana Row Short Sale New Listing

2 bedrooms, 2.5 baths, 1,513 square feet on two levels in the DeForest Building. Two parking spaces. $599,000 short sale price subject to bank approval. Currently rented for $2,500 per month. This unit has an outdoor balcony facing West. Great unit and an excellent price. Call to tour.

Bank owned commercial office condos

If you are looking to own office space for business use, this is a very good time to be shopping. As was the perfect storm for residential condos that were built in the last 5 years, the same is true of the commercial office condos that were built at the same time. A lot of new product came on line in the last few years - essentially commercial developers created a new type of office building, parceled out to sell as condos. This was a great concept to provide new office space in small sizes so that businesses could buy their own space. The problem was timing. Some of these developments hit the market at $400-$500 per foot. Now developments in Santa Clara county are selling for the $100-$200 per foot range. We are tracking very good deals in Fremont, San Jose, Sunnyvale and Mountain View to name a few.

New Santana Row Rentals in 2011

Ground has already started moving in a massive way behind the Margo building at Santana Row. A fleet of dirt removing trucks parades in and out of Santana Row excavating what will be the underground parking garage for the new 108 unit building. 10 townhouses will be built plus the normal assortment of flats. The rarity of the for sale units at Margo and DeForest will now be increased with rentals being 65% of the housing stock. Owning a unit at Santana Row may only be possible in the 220+ units that Federal Realty Trust released in 2005-2006.

Update on in-house deals

Office Deals: Berryessa large home, short sale preapproved at $600K, goes on market this Friday.
Townhouse style condo Rose Garden, short sale, $325,000, newer, great location.
Local shopping center - $4.2M, 9.0% cap rate, bank directed short sale - no on market.
2 gas stations - San Jose & Gilroy - both distressed fixers - great traffic locations

Please Dine at Armadillo Willy's to Benefit the Intero Foundation

Short Sale Single Family Home Deliverable in Santa Clara

We have a great opportunity to sell a small single family Kaiser built home near Winchester and Hedding in San Jose at the Santa Clara border. Just over 1,000 sqft, 3 bed, 1 bath on a 6,000 sqft lot. Home was recently remodeled. Sellers are selling short. The deal may be done at approx $470,000 with CMA values in the $515,000 range. This is a great buy and a home that will rent easily. Hold this property forever or sell in 3-5 years for a quick profit. Great neighborhood, easy management, perfect asset to own. Let me show you why you want to own this home.

Bay Area Real Estate Guru Speaks on Wednesday

Carole Rodoni has an amazing insight into the Bay Area real estate marketplace. She is former President of Alain Pinel and CEO of Fox & Carskadon. She now runs Bamboo Consulting. You will want to hear her thoughts if you are a buyer, seller, investor or Realtor. It is truly an honor to have her speak to us.

Wednesday, April 14th from 5:30-7:30pm at the Intero Santana Row office.

Please RSVP to mario@interorealestate.com

Santa Clara County Real Estate Sales Statistics March 2010 Update

Sales Statistics for Santa Clara County
Realist's most recent sale date for this county is 03/19/2010

Single Family Residence

Time Period Number of Sales Median Sale Price

Feb 2010 709 $525,000
Feb 2009 651 $450,000
Jan 2010 676 $510,000
Jan 2009 655 $450,000
2010 YTD 1,461 $519,000
2009 12,637 $520,000

Condominium

Time Period Number of Sales Median Sale Price

Feb 2010 335 $400,000
Feb 2009 258 $400,000
Jan 2010 325 $370,000
Jan 2009 229 $315,000
2010 YTD 695 $383,000
2009 5,276 $377,000

Yulin Lee, Financial Planner & Author to Hold Lecture Series @ Intero Santana Row for Women

Yulin Lee, a local financial planner, is hosting a 4 part series titled: The Life of Francesca at the Intero Real Estate office at Santana Row starting this Saturday morning. Please email me at mario@interorealestate.com to RSVP.

Mixed Use New Construction Cupertino Home

Brand new mixed use construction, single family home plus separate address professional office suite available for sale in Monta Vista area of Cupertino. Gorgeous property of approximately 1,270 square feet single family home, plus a 500 square foot basement and a 400 square foot separate address office suite. Perfect situation for someone who wants great schools and a highly-professional office space. Offered at $899,900.

Apartment or Condo Land for Sale San Jose

Outstanding land for apartment or condo development in San Jose. 18,775 square foot lot with an existing house of over 1,800 square feet - asking $799,995. Very good Santana Row proximity, amidst other apartment buildings and some newer condo developments. House is currently rented for $3,200 per month. This makes a very good investment hold until the for sale condo market returns. $42 per foot for land is very well priced plus the additional house and income in place. Don't wait on this!

Wells Fargo Wachovia Short Sales San Jose & Beyond

Everybody's favorite and most innovative short sale bank has been Wachovia - now under ownership of Wells Fargo. Wachovia realized that they had a large amount of bad loans in their portfolio and they decided to be proactive about heading off the financial crisis within their bank. While most banks were begrudgingly processing short sales - some as long as 4-6 months - Wachovia put into place a single decision maker per region - Sandra Villalpando is our representative in Silicon Valley - to make decisions within 5-7 business days! The real estate industry loves this - it makes the sale of a Wachovia short sale almost as easy as a "normal" sale. Wachovia short sales then started selling at a very rapid pace. The leaders of Wells Fargo now are adopting the Wachovia model and will roll out their quick short sale approval process - and actually using the Wachovia teams to handle the larger workload. Good job Wells Fargo and brilliant job Wachovia!

FHA & Conventional Loan Rates San Jose

Here is the weekly update from Tony Guaraldi of The Loan Source on FHA and conventional rates in the San Jose marketplace:

Mortgage rates for today are about the same as last Friday. We had some improvements though out the week and then getting slightly worse this morning. Things are still looking amazing historically! With the Fed ending the mortgage security purchase program at the end of the this month this would be a great time to capture a refinance or get into contract to buy a home.

The Jobs Report numbers are in, and the headline numbers were not as bad as expected. The media is spinning this as a good number, Stocks are moving higher and Mortgage Bonds are moving lower. The Jobs Report showed 36,000 jobs lost in February, better than the 68,000 loss that was estimated. The Unemployment Rate remained at 9.7%, as the number of people unemployed remained unchanged at 14.9 Million – this was better than expectations of a rise to 9.8%. Adding to the positive tone of the report were upward revisions to the prior two month's reports showing 35,000 fewer jobs lost. These headline numbers were not so great, but exceeded the low expectations, and avoided a potential disaster that some had feared. Helping the numbers were 15,000 temporary census worker hiring. Without this, actual job losses would have exceeded 50,000 for February.

And a deeper look beyond the headlines of the report showed what many consider to be the Real Unemployment Rate to be at 16.8%, a rise from last month’s 16.5%. This rate of unemployment, which the government calls U6, includes both discouraged workers and those who are working part-time that would rather have full time employment. In fact, a large portion of those accepting part time work are doing so out of necessity, to earn whatever they can. And just last month, another nearly 500,000 people accepted part time work, citing economic reasons for doing so. Overall, the report indicates that the labor market continues to struggle, but has shown improvement from its worst levels.

FHA is still available up to a $729,750 loan amount with 3.5% down payment. There is some talk that the down payment requirements and MI costs may increase in the future, so again it would be wise to jump on FHA with today’s guidelines and pricing. You can still buy a condo with FHA but the whole complex must be FHA approved. Townhomes do not need FHA approval. Below a link to look up local FHA approved condo complexes. I suggest filtering the search by State and then by City. If you have a buyer who must use FHA and they are looking at condos, don’t even bother showing them properties unless they are on this list.

https://entp.hud.gov/idapp/html/condlook.cfm

That’s the update for this week! Have a great weekend!
Tony Guaraldi
Mortgage Consultant
The Loan Source

San Jose Bank Owned Homes

I just did a search of future San Jose Bank Owned Homes based on a 5 mile radius scan of Notice of Trustee Sales. The parameters were, 5 mile radius of my office at Intero Santana Row and NTS within a 60 day period. The return was 775 homes scheduled for trustee sale in the next two months. Of course, many of these will be postponed due to short sale offers, bankruptcy filings and mutual agreements with lender & borrower to work through loan modification, etc. This is a very large number given the comparison to the approx 3,500 homes on the market in Santa Clara County. An additional 20% REO or short sale inventory will have a significant impact on pricing. Banks are being cautious not to flood the market. Although, some banks may decide to sell their inventory first at perhaps higher prices than waiting it out.

Shopping Center Note for Sale Silicon Valley

There are some very good investments available outside of the obvious REO deals. In fact, most of the commercial REO investment properties sell at close to fair market value - some even exceed that price point. We are working closely with some banks to bring the better investments to the table. For various reasons (cash reserve issues, publicity, flooding the market, etc) banks are hesitant to foreclose on their bad commercial loans. The solution is a sale of the note/deed of trust to an investor at a discount. This then allows the investor to foreclose or deed in lieu the real property. One deal that we are reviewing is fully occupied and almost a 10 cap rate for an excellent building. We are also looking for investors to pair with these offerings.

Santana Row Villas For Sale

There are a couple Villas for sale in Santana Row. These are very special units - only 21 of them were built. Located in the building directly across from Hotel Valencia. Most of the 21 are approximately 2,300 square foot, 3 story, 3 bedroom, 3.5 bath homes. The most recent sale in the complex was just over $1,500,000 for a home facing away from Santana Row. The better located homes and the ones with more balconies will sell for significantly higher prices. We've seen 1 or 2 homes sell per year in this building, mostly using private marketing efforts. Call for our list of homes that may be available.

Wonderful Home for Sale near Santana Row

Open House Saturday and Sunday, Feb. 27 & 28th, 1-4pm

Downtown San Diego Condos for under $300k?

My San Diego Intero partner just took a great Bank Owned listing in a newer high-rise in downtown San Diego. 2 bedrooms, 2 baths, with spectacular views for $299,000! These same units were selling for over $800,000 just 3 years ago. Let me know if you would consider a great pied-a-terre just a short Southwest flight away!

Bank Owned Commercial Condo at the gates of Silver Creek Valley Country Club

Purchase Defaulting Bank Notes & Concurrent Short Sale

One very effective strategy for commercial property distress purchases is the purchase of a defaulting note at a discount paired with a concurrent short sale approval. Instead of approaching the property seller for a short sale purchase, then presenting to the bank for a short sale approval. A concurrent workout is best. If the seller wants out and the bank would consider an offer on it's distressed note, then an offer to the bank and seller will wrap up everything concisely. This is better than just buying the note and then being in limbo for the borrower to either completely default, cure or for you to start foreclosure procedures. At close of escrow, you now own the property outright.

Bank Owned Strength in Santana Row Condo

Just closed Friday, January 22, 2010 - a bank owned listing in the Margo building of Santana Row. This unit faces Santana Row, approximately across from Burberry. It was listed at $435,000 and closed with multiple offers at $470,000. This was the smallest of three models with one bedroom, den and 1.5 baths at 1,099 square feet. This sale affirms prices are stabilizing on Santana Row. Other units in the same floor plan have closed far lower in the $400s this year. There is one more bank owned unit available for sale in the DeForest building as well as some short sales that are in progress.

90 Day Flip Rule for FHA financing eased

The FHA regulation restricting FHA financing on homes that were "flipped" within the last 90 days has been mostly eliminated. Please read the FHA statement effective January 15, 2010. This will allow investors to buy homes through foreclosure, fix them up and sell them within as soon as possible - typically this process takes less than 90 days. There are still restrictions in place if the subsequent sales price is 20% higher than the acquisition price. That then requires additional lender review, a property inspection and market data justification of the new value. This seems fair - although still a bit "big brotherish".

Gilroy Short Sale Single Family Home $335,000!

4 year old, almost 1,500 square foot single family home, 3 bedrooms, 2.5 baths, large space dedicated to the master bedroom (including walk in closet, separate shower and soaking tub, double sinks), bright throughout the home - all in a wonderful complex with community pool, park and kid's play area. This home just went on the market and will sell quickly. Perfect newer home opportunity in Gilroy.

First Time Home Buyer Workshop January 21, 2010

Our next Intero First Time Home Buyer Workshop is on Thursday, January 21, 2010 from 6:00-7:30pm. Located at Intero, 10275 N De Anza Blvd, Cupertino.

Home Purchase Process Step by Step
Pros and Cons of Bank Owned and Short Sale Properties
New Tax Credits from Federal Government
Credit Scoring Explained
Mortgage Options Currently Available
* Jumbo loans to $2,000,000
* Conforming loans with 5% down
* FHA with 3.5% down
* Min Credit Score 620
Title and Escrow
Tax Benefits of Owning a Home

Please RSVP as soon as possible - this workshop fills up.

Mario Pinedo
415-269-6249
mario@interorealestate.com

Santana Row Short Sale and Bank Owned Listings

The DeForest building has two, almost side by side homes for sale that are excellent values. Facing west, are two units both 1099 square feet, 1 bedroom plus den, 1.5 bath units. The bank REO is listed for $439,000 - there are already two offers on this home after less than a week on the market. The short sale two doors down, is listed for $399,000 and is also generating good activity. These units were selling for over $700,000 just a few years ago. Great time to get a home on one of the most coveted streets in the valley.

Cupertino New Construction Single Home & Professional Office

City Heights Downtown San Jose View Condo Short Sale DEAL

Must find buyer for this great deal in a very nice building in downtown San Jose. $365,000 (or less) for a large 2 bedroom, 2 bath, view condo. Rents are strong in the area if you want this for an investment. Another short sale in the same building sold with multiple offers last week. Call me to review the numbers and the possibilities. Perfect for a owner-occupant too.