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!

You may be thinking of selling your home by downsizing or moving closer to family, well Proposition 60 and Proposition 90 have to be considered too.  Ask your CPA.

California property owners who are over 55 years of age may qualify to transfer the assessed value of their principal residence home sold in one County to their new principal residence they buy in another County.

A copy of the tax bill from the other county and a copy of the applicant’s birth certificate will be required by the County Assessor to be included in the application.

This website provides property tax answers for property owners who are selling and plan to move.

A Copy of the grant deed for the new purchase along with a copy of the closing statement of both the sale and purchase are also required.

Here is a short summary of the eligibility requirements…

• Either the seller, or a spouse residing with the seller, must be Read the rest of this entry »

Buying a short sale can feel like riding a rollercoaster or worse,  falling out of one?  Scary if you don’t know the short sale process!

Actually, rollercoasters scare the dickens out of me.  I like the idea of knowing what the outcome of something is going to be.  This is where buying a shortsale and riding a rollercoaster  share a similarity.  You never know what’s next!

They are both exciting and both can be frightening.

Changing the course of a rollercoaster, to reduce the scare factor, is impossible, however  you can make that rollercoaster short sale purchase like a ride on the Teacups at Disneyland.

The Teacup ride strategy to short sales should go like this….

• Screen properties for their potential to gain a short sale approval.
• Commit to the process.
• Prepare for a flexibility.
• Hire a Realtor proficient in Distressed Properties and Short Sales.

I think I like tea.

• Screening the properties, for their ability to gain a short sale approval, is a bit like having to do the maintenance inspection to be certain the rollercoaster is safe before you squeeze yourself into the seat.

Just last week I showed a very nice short sale house and the listing agent said they had a 3rd party negotiator. I thought.. great!  Only to learn the agent would not disclose the 3rd party.   Big red flag!   Obviously a ruse that would come back and make the buyer spill their tea.

You need to learn how many banks are holding the mortgage lien(s), which bank(s) and how far upside down are the current owners.   What is the mindset of the seller… Angry, Relieved?   Using these factors  an equation can be arrived at to grade short sales.

Committing to the process is as simple as buckling into the seat.  Once you have screened out the bad properties be prepared for surprises and commit to finding resolutions and making compromises .   Be certain this is what you want to do before you move forward and commit yourself  to the entire process.

Preparing for flexibility simply means you should not set a date certain to move from your current residence.  This is especially important if you are employing a moving company.

You wouldn’t plan to eat lunch at 12 noon and then ride a rollercoaster.  You would leave your lunch plans flexible to prevent a big mess.  Be flexible.

Select a range of dates for your move and make allowances with your landlord or your current home sale.  This will save a ton of stress and related problems.

If you have hired a competent lender you will have additional flexibility in your loan terms, loan lock and room to increase your approved loan amount should it become necessary to pay unforeseen expenses.  A huge problem with short sales in San Jose.

Hiring a multiple listing Realtor, who has extensive short sale experience, is what most buyers fail to do and learn of their error far too late to overcome their mistake.  Kind of  like getting on a broken rollercoaster.

If your short sale of choice is listed with an inexperienced agent,  it will make little difference how good your Realtor is.  This is a huge factor in any short sale equation.

Your Realtor should also have experience in working with a number of different banks,  have proven skill overcoming pitfalls and implementing solutions for those that are unexpected.    Successful short sale listing and selling experience is an absolute must!   If one  says to you  ” I can do it,  it’s easy.”…

….Find another amusement park.

Knowing what documentation to ask of the listing agent, to give you confidence you have committed to the right home purchase, and providing you with a  clear understanding of the progress of the sale, is an important part of your Realtor’s job.

Without this level of  experience and clear communication you will feel like you are on a non-stop rollercoaster.

So what will it be, an exciting ride on the Teacups or a risky rollercoaster ride?

Here is a long list of short sale FAQs and tips to hire a multiple listing realtor.

You’ll find the following Los Gatos property a great value.   An affordable short sale house in Los Gatos….

17250 Pine St, Los Gatos

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• Why 2010 Could Be the Year of the ‘Short Sale’  blogs.wsj.com)

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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:

1. You must be delinquent 31 days or more delinquent at the time of sale.
2. You must list the property with an un-related Licensed Real Estate Broker
3. 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 »

Your neighbor Harry, the one that never shaves and causes you to wonder if he knows that there are still department stores that sell pants that fit, you know who I am talking about.  Harry will be the first one at your door telling you how much he is going to miss you when you move away.

Away.  From Harry.

Maybe you should buy a home in Los Gatos or West San jose.  is that far enough?   Cambrian sounds pretty good.   You need to sell your house first though.

You have decided you are going to save money and do it yourself.    More money for you will help you  get further from Harry.  So, where do you start?

Figuring out what your house is worth is probably what you are thinking.   Not exactly… and…. yes, it is.   Better be  quick.  Harry is getting really Buddy-Buddy since he learned you are selling your house.   Saving that 6% Realtor fee should help get it done faster.

Think about it.   You have more room to negotiate! Read the rest of this entry »

These two Los Gatos homes for sale prove that a listing price is rarely a selling price in our Real Estate market.  We are at a crossroads.   It just isn’t what you might think;

131 Millrich Dr.  this Los Gatos house sold for nearly 1% less than the asking and 411 Clearview Dr., a townhome, sold for nearly 5% over the listing price !

A reminder that ’sweet spotting’ your asking price will always pay off.

The good news….neither property was a short sale.

2 Los Gatos Houses sold this week,

131 MILLRICH DR, Los Gatos 95030 (Los Gatos)Single Family Home 3 bed(s) Baths: 4|1 bath(s)   SqFt: 2,593  Lot: 9,100 sq ft

List Price: $1,449,000     Sold Price $1,332,000.00

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411 CLEARVIEW DR, Los Gatos 95032 (Los Gatos)Townhouse  3 Beds, 2|1 Baths:  SqFt: 2,122 Lot: 2,220 sq ft

List Price: $749,000 Sale Price: $780,000

Assoc. Fee: $428

We see a crossroads ahead…one where the buyers in the Los Gatos Real Estate Market aren’t in the driver’s seat.    Could this mean the homes for sale are in a Seller’s market?

Remember…

Spring is coming and the end of the $8000 First time buyer’s credit is there waiting.   I wonder if will  lead to more vigorous sales?…bidding?

The program was originally designed for First Time Buyers only.  With the extension of the  tax credit came some other great news.  Just released today was the new IRS form for attachment to your tax filing.  Los Gatos home buyers  should be attaching this form when filing.

The new law allows a long-time resident of the same main home to claim the homebuyer credit if they purchase a new principal residence. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. The IRS has stepped up compliance checks involving the homebuyer credit, and it encouraged homebuyers claiming this part of the credit to avoid refund delays by attaching documentation covering the five-consecutive-year period.

what you can and cannot deduct as a homeowner

Get your taxes done FREE

Great short Video Explanation of Credit

The Haitian earthquake reminded me of the 1989 Loma Prieta earthquake and how hard it hit Los Gatos.    I was lucky no one I knew was hurt.   I only had to fix a cracked coupling on my grandmothers gas pipe in the Carlton Meadows neighborhood where she lived.

Think ahead!

I added a couple of links below this post to help you obtain the items discussed here.

‘Safe Up’ your home by addressing these 10 things.

1. Make sure shelves are fastened securely to the walls.
2. Place large, heavy objects on lower shelves or on the floor. They might Read the rest of this entry »

Tait Ave Home Sold In Los Gatos

You can do a detailed search for homes available for  sale in the  the Los Gatos Real Estate market here.