Distressed Duplex in San Jose

This short-sale duplex represents a real value for an investor looking to either get into, or expand their portfolio, in the duplex/ four-plex market. The 1,550 square foot San Jose building, which sits on a 5,600 square foot lot, was built in 1956. The current asking price of $425,000 represents a 33% reduction in price from its original 2005 listing price of $638,000. The two unit building has two - 2 bedroom, 1 bath units, both of which are currently occupied, and is in the Campbell Union School District. This won't be on the market long, contact MPIRES Group to schedule a tour or to obtain further information on this exciting opportunity.

Blossom Valley San Jose Short Sale Duplex for Sale!

 

Blossom Valley duplex short sale for sale - large units, great condition, excellent rental or owner-occupied location.  A $500,000 price point for this large of a duplex is an excellent deal. It is 2,599 square feet, 8,400 square foot lot and was built in 1979. Duplexes have great low density which means longer term tenancies on average and a better ownership experience.  Call us to see this property right away before it goes away.

San Jose Approved Short Sale Fourplex

One of best owner-occupied quality fourplex streets is available for sale as an approved short sale with Bank of America.  Offered at less than $200 per foot!  3 bedroom 2 bath owners unit delivered vacant.  The remaining three units are 2 bed, 1.5 bath.  This property will sell fast!  Actually it was in escrow the buyer's loan did not come through.  So, talk to us about this great deal and also about a great lender who can get the financing done.

Guardino Drive Fremont Condo Short Sale Coming Soon

Great investment or first time home buyer property near the Bart station in Fremont on Guardino Drive for Short Sale coming soon!  One bedroom, one bath unit, 693 square feet of living space, built in 1987, pricing should be in the $150,000 range - subject to bank short sale approval.  Very nice ground floor unit in a modern and well-located complex.  With interest rates at all time lows, this is a great opportunity to buy your own home or next investment property.  Call us to set up an appointment on this Fremont short sale.

4 Fourplexes - 3 Short Sales & 1 REO in Silicon Valley for Sale

We like these:

Santa Clara - 4plex - short sale - 3,177 square feet, built in 1962, pre-approved short sale at $665k, 12.3 GRM
Campbell - 4plex - short sale - 3,328 square feet, built in 1962, short sale with offers submitted but not ratified yet - deliverable at approximately $650k, 11.5 GRM
Santa Clara - 4plex - short sale - 3,177 square feet, built in 1962, pre-approved short sale at $630k, 12.7 GRM
Santa Clara - 4plex - Bank REO - 3,120 square feet, built in 1962, vacant property, needs contractor skills to rehab this property.

There are some very good opportunities to invest in foreclosed and short sale 4plexes in the valley right now.  All 4 of these properties sold at or above $900,000 a few years ago.  Most will cash flow with 25% down payment.  IRRs in the 10%+ range before tax.  Some with cap rates approaching 6%.  Let us run the numbers for you and show you how these properties can increase your net worth.

Investment Condo Deal of the Week in Oakland

Short sale of newer condo in Oakland.  It has been rented for almost last two years for $2,000 per month. Now being offered for short sale at $95,000!  Home Owner Association is in litigation, so financing is very difficult.  Best option is to buy this home all cash and keep the tenant. Hurry - this will go fast at this price.  Bank of America short sale with only one loan!

Six short sale apartments for sale in San Jose

These three duplexes and three fourplexes are very good opportunities to buy investment properties at low prices and with a strong rental market.

765 Blossom Hill - duplex San Jose 95123 area - $580,000 short sale. 3 bedroom, 2 bath unit and 2 bedroom, 1 bath unit, 2,332 square feet of living space.
149 Adler, Campbell - no rent control - 4plex, asking $775,000, regular sale, 3,747 square feet, very well maintained building, double pane windows, garages per unit, newer comp roof, regular sale! - this is a nice deal.
581 Nello Drive, Campbell 4plex, 3,957 square feet, $750,000, short sale, very nice condition property at end of 4plex neighborhood development. Two three bedroom units and two two bedroom units.
2095 Lynnhaven Drive, San Jose duplex, 95128, short sale $470,000, 1,790 square feet, nice owner occupant unit with larger unit in the back. Great west valley location.
1332 White Drive, Santa Clara duplex, $499,000, 1,476 square feet, very good El Camino & San Thomas Expressway location, short sale, great rental property.
620 Gamma Court, built in 1977, 4plex short sale, very well constructed, extra parking, larger pie shaped lot, $699,000, 3,510 square feet.

Call us today to talk about which apartment investment in the San Jose area is best for you.

Do You Need to Sell Short?

There are many alternatives to someone who owns a home and cannot make their payments.  One of the options is to request a short sale from the bank.  Some of the other options are bankruptcy, foreclosure, loan modification, refinance, deed in lieu and  more. Everyone's situation is different depending on all factors involved.  A personal residence has certain criteria involved, as does a property held for investment and furthermore, was the loan a purchase money loan or a refinance.  All these factors influence the situation and a solution is not cookie cutter for all.

Many people in the last 5-10 years find themselves owning a home that is now worth less than what they paid for it and possibly less than what is owned on the property.  Others people have loans that have adjusted to payment levels that are unaffordable.  This, coupled with a drop in equity, makes a refinance highly unlikely.  But there are solutions!

Credit is also a concern for many people.  Does a short sale have less negative impact on your FICO score than a foreclosure or a bankruptcy?  But what other factors also impact your credit score?  Late payments compounded month after month will have significant negative effect on your FICO score. This may negate the gravity of a short sale/foreclosure question.

What your home is worth is also a very important factor.   In Santa Clara County alone, there are sub-markets that are very healthy and prices are rising and there are sub-markets that are quite weak.  Your home's value will impact the decision whether to short sell, modify the loan or any of the other options discussed above.

An important step in this process is to sit down with an experienced Realtor to review all your options.  Even if you have received a Notice of Default or a Notice of Trustee Sale, there still may be time to enact a better solution.  Feel free to email  me or call anytime:

Mario Pinedo,CCIM
Keller Williams Realty
DRE 01118365
cell 415-269-6249
mariopinedo@kw.com
Serving buyers and seller since 1991.

For further articles on this topic, I have linked all the short sale articles here.

Silver Creek Valley Country Club Short Sale Home for Sale

There is a wonderful home for sale in Silver Creek Valley Country Club as a short sale. Address is 5233 Pisa Court, San Jose, CA 95138. Offered at a very attractive $1,099,000. 3,480+ square feet on a 9,100 square foot view lot with great valley views from the master bedroom.
Call for a private tour of this short sale Silver Creek Valley Country Club home for sale.

Silver Creek Valley Country Club Short Sale Home for Sale

There is a gorgeous Silver Creek Valley Country Club home for sale as a short sale. It is currently not on the market. Approximately 3,500 square feet, 10,000 square foot lot, 5 bedrooms + den, 3.5 baths, 2 story, upgraded kitchen, paint, flooring, very nice hard-scaped backyard with huge gazebo + outdoor fireplace. Seller is asking $1,100,000 which will require a short sale approval by Bank of America. Please call me for details and a private showing. This is your best opportunity in the Silver Creek Valley Country Club for a very well priced home for sale.

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.

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.

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?

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.

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.

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.

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.

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!

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.

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.