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.

Santana Row Bank REO Loft Condo $435,000

1099 square foot two story loft in DeForest Building now bank owned. These units sold for over $700,000 less than two years ago. Excellent quiet location on the rear top floors facing West. Just came on the market. Make a move to Santana Row while the few short sale and REO properties are available.

1 Bedroom Rental Condo near Los Gatos

2 new short sale listings - not on MLS in San Jose & Gilroy

Two excellent deals for investors or for home buyers who are getting cut out of the market due to "all cash" offers.

1. 4 year old home, zero lot line in Gilroy. 3 bed, 2.5 bath, just shy of 1,500 sq ft. 2 car garage. Excellent condition. One of the few homes in this tract with a full driveway. $325,000.

2. San Jose single family home. Details to come very soon. 1 week away from trustee sale. We have had great success even in these last minute opportunities to have trustee sales postponed. All we need is a listing agreement and an investor or home buyer to write an offer.

Let me know if you have an interest right away.

Wells Fargo Short Sale Success!

Very fast short sale approval process just concluded today with Wells Fargo. This was on an investor owned duplex in San Jose that was 7 days away from trustee sale when we started this project. Trustee sale was postponed when we submitted a ratified offer. All email transaction with the short sale negotiator. Full short sale approval in under 3 weeks - that's including a Thanksgiving holiday. Way to go Wells Fargo! Win for the bank, win for the borrower and win for the new investor.

2 Investment Meetings this Week

Bay Area Apartment Brokers Forum - hosted by Richard Domich and Keith Suddjian at the First American Title Building in San Jose - every 2nd Wednesday of the month - 4th floor - from 8am - 9:30am. This month's meeting is Wednesday December 9th. Strictly a forum for multi-family investment properties - some mixed use buildings tolerated! Actually it is a great meeting that has been in existence for over 20 years. If you want the pulse of apartments in the South Bay - this is it.

The Income Property Marketing Group - hosted by Steven Pugh of Alain Pinel in San Francisco - at the St. Francis Yacht Club - 7:30am - 9:00am every 2nd Thursday of the month. An excellent meeting to discuss real estate investments throughout the Bay Area and Northern California. Heavy emphasis on San Francisco properties for sure. The knowledge base in this room every month is impressive. Small door fee of $5. This month's meeting is Thursday December 10th.

Looking forward to seeing new faces at these meetings. Happy Holidays!

San Jose Retail Strip Center & Fourplex Price Reductions

Just reduced to $1,600,000 - This fully occupied 5 tenant retail strip center at 302-310 Willow Avenue and an adjacent fourplex at 1011 Locust Avenue. Very well maintained property - excellent investment.