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I don’t know how many hours I have spent preparing Los Gatos buyer packages, uploading internet marketing and providing guidance to the Seller in anticipation of the “magic” Open House. Only to show up and find the Seller forgot to do everything that they so eagerly agreed to do after reading “the 26 sellers mistakes”
I should have learned that a plan only lasts until the first detail slips. When that happens the magic is gone. Sort of.
It usually starts at the front door, or more accurately, when I drive up and see they have an alfalfa field instead of a manicured lawn. At the front door, trying to decide what to do with the lawn, with only minutes before the buyers start to arrive, I realize I am done.
The porch is not swept and “Spongebob” decorations from the previous weekend birthday party are still up. Hmm…Wonder if they had Read the rest of this entry »
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Just released, the First Time Home Buyer Tax Credit has changed. Yes, already! The fund, at only $200 million dollars, will not last very long and you had better know the new rules to take full advantage of it.
The $200 million dollar fund still allows a credit amount of 5% or a maximum credit of $10,000, whichever is the lesser amount, based on the final sales price. A very substantial credit!
Previously, the first time buyer was required to have the seller of record sign the tax credit form 3549a prior to submitting the application for the credit. However, on June 1st , changes were made for First Time Buyers of previously owned homes.
According to an email I received from Colleen Graves of Lawyers Title in Southern California, a popular Escrow and Title company, chosen by financial institutions selling their bank owned (REO, Foreclosures) properties throughout California,… Read the rest of this entry »
Buying a Home with Resale Value – Part One
Without doubt, the best time to think of selling your San Jose area house is before you buy it. In fact, there’s a saying in professional real estate circles that, “You make your money when you buy.” Unlike prior generations, today’s home owners will typically sell their house within five to seven years. That may seem like a long time in your own personal life, but it is just minutes in the world of San Jose homes for sale.
Wouldn’t it be nice to go into your purchase with a plan in mind? Here are a few tips on how to choose a San Jose house for resale value, while also finding a home that you absolutely love.
- Purchase Price. Perhaps the biggest lesson learned from the housing crisis is to not overpay for a house. This can be tough when you absolutely fall head over heels for a home. But paying a fair price today means you’ll be able to accept a fair price tomorrow. So check your emotions at the door, and proceed with your head. It’s worth taking time to research pricing trends in San Jose area neighborhoods before committing to a purchase you may regret when it’s time to sell. We have the resources, years of market insight, community knowledge and negotiation skills to ensure all our buyers pay only what they need to for any San Jose home for sale.
This Video (below) is proof many homeowners in all areas are at risk of scammers, including San Jose homeowners. When you ask for help selling your San Jose House, remember, if it sounds too good to be true..Then it probably is!
There are no ‘Magic Wand’ solutions if you find yourself against the wall with your mortgage. Using common sense and a applying pragmatic approach is still the best and most effective way to determine whether you should sell your Los Gatos home or buy a smaller more affordable house in San Jose.
A good rule of thumb is to obtain 3 professional opinions and weigh them one against the other. The first solution may not be the only solution and… Watch This Video!
Wow! These are my 3 picks of the weekend for Los Gatos Homes for sale. New Home Buyers will find they have all the best things to offer.
Some lucky folks are going to be new homeowners in Los Gatos!
Great prices and locations are just the beginning. 17250 Pine St.Los Gatos is a short sale, I know, Yuk. Not really! Look what the fundamentals look like…
Schools: Great! Location: Great! Price: Amazing!
Use ‘the proper strategy and be prepared for a few bumps’ is the bargain hunters code. One may be a foreclosure one a short sale, however what would expect a bargain to look like?
Los Gatos is a tough area to find affordable homes and these 3 are a step in the right direction. Preparing for an opportunity equates to good luck, right?
The 2nd homes for sale in Los Gatos is 15175 El Gato and the 3rd house for sale in Los Gatos that I see as a great first time buyer pick is 
228 Calle Marquerita.
Searching for a Los Gatos foreclosure? This one has a great price for a Los Gatos house and a huge yard of over 13,000sq ft. Your own little orchard!
Buying a Los Gatos foreclosure like this, while taking advantage of the Home Buyer Tax Credit, is a winner all around.
See all the Pics Virtual tour and more for this Los Gatos Foreclosure (REO)
foreclosure related articles…
That FHA mortgage looks like a winner for San Jose home buyers and Los Gatos home buyers. Low Down Payment, Great Interest Rate! What more could you ask for? A short sale?
Well, not much, obviously or , at least, hoping is not going to change the new rule. The upfront costs are going to be a bit higher.
To get that Low Down Payment and Great interest Rate you are going to be required to….
- Pay an upfront mortgage insurance premium of 2.25 percent of the total loan amount, up from the current level of 1.75 percent. A borrower taking out a $200,000 mortgage would pay a $4,500 fee, for example, rather than the current fee of $3,500. Borrowers will still be able to wrap these fees into the total amount borrowed. FHA officials also plan to ask Congress to increase the maximum annual premium that FHA can charge.
So, they may get more expensive. This will reduce the number of buyers who can qualify. There’s more…the credit score benchmarks are changin too, further decreasing the number of buyers a home seller will be able to market their home to.
- Need a credit score of at least 580 to qualify. Many FHA lenders already require a higher score, but there had been no standard requirement across the program. Borrowers with a score lower than 580 will need a down payment of at least 10 percent.
Maybe this is what we should expect all things considered. I want to remind you a HUD approved lender is not like any other and the more experienced they are, the better your chances of a quick approval and subsequent closing.
Yes, you can buy a short sale in Los Gatos or a house in San Jose that is listed for sale as a short sale. Interesting concept.
Do you own a HUD-FHA financed home, and need to do a Short Sale? Here is a summary of the requirements to perform an FHA-insured HUD shortsale or “Pre-Foreclosure” Sale:
- You must be delinquent 31 days or more delinquent at the time of sale.
- You must list the property with an un-related Licensed Real Estate Broker
- You must actively market the property for four months (up to six).For the first 30 days of marketing, the short sale lender Read the rest of this entry »
Q: Short Sale definition. What is a Short Sale?
Answer: In ”short”, a shortsale is when the lender agrees to settle the debt owed on the property for less than the full amount of the debt. In most cases “Settled” means the lender writes off the debt. You usually will receive a 1099 after a short sale for the amount of debt forgiven. The bank is agreeing not to go after you for the money they lost by filing a deficiency judgment in the future. The exception is the HELOC loan where they reserve the right to file a default judgment.
Q: How do I know if I qualify for a short sale?
Answer: If you have a heavy asset portfolio that would cover the amount above the home’s value then the answer is likely to be no. Each case is different and would be better answered after a professional review to help learn how to short sale.
Q: Will a short sale affect my credit?
Answer: There is a lot of misinformation on the internet about this. A short sale is recorded on your credit report as “debt settled for less than the amount owed”. In plain English, this will result in a relatively minor hit to your credit compared to a foreclosure or late payments on your mortgage. A short sale will affect everyone’s credit differently. The more established your credit, the less of an impact it will have on your score.
If you stop making your mortgage payments for 4 months, regardless of whether you do a short sale or not, 4 months of missed mortgage payments will have a significant negative impact on your credit. A short sale will drop your credit 100 points or more.
If you are already behind on your payments, you have already incurred the majority of the hit that a short sale will have on your credit. Moving forward with a successful short sale will insure that your debt is settled with your lender.
However, if you are current on your payments and can stay current throughout the short sale process, you will save your credit to a large extent.
Q: SHORT SALE TAXES: Will I have to pay taxes on the $$ the lender loses in the short sale? Read the rest of this entry »
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