Los Gatos Home sales totaled 341 homes in the Los Gatos Real Estate market Last Year. We have a long way to go with only one sale closing escrow this past week. It was on Tait Avenue though! RARE!
The median Los Gatos Home price is over $2.6mil!
9 Properties in Los Gatos that are available are short sales
6 Los Gatos Homes are listed, for sale, as foreclosures
CLICK IMAGE below to see the only home that closed this month
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.
According to the following article it seems it may become the rule rather than the exception. This always reminds me that a short sale is the only way to go.
Read this article to learn about the possible new trend.
New FHA lender short sale guidelines
You want the Short Sale approved by the Jr. Lien Holder? It can be like a Birthday Party!
Invite the Jr. Lien Holder to the Birthday Party if you want the Short Sale approved.
Remember when you were a kid and went to birthday parties and the Cake never seemed to be divided exactly even? If you saw Johnny get a bigger piece you wanted a bigger piece. The Jr. Lien Holder has the same reaction.
The Jr. Lien Holder knows the HUD1 only allocates to them what the First Lien Holder is willing to serve. All the so called ‘experts’ say they have no recourse. This is wrong in many cases! You must persuade them to accept what the First is offering or find alternatives. They may want the corner piece. Not only is this important to know and execute, there is the question of the second position. Is it a purchase money loan or HELOC (Home Equity Line of Credit)?
If the second mortgage is a purchase money loan, loan used as purchase money at the time of the purchase, then there really is no recourse… IF you do not fall prey to their tactics. But Wait! Is the Second mortgage a HELOC?
In the case of a HELOC their recourse is to leave open the option of a Deficiency Judgement against you. It is important to know the law in your State regarding DJs. Your Realtor and Attorney will know this.
I recently found one of my clients was being led into foreclosure by the HELOC second holder. Not only was there a so called “Short Sale Expediting Company” involved there were 2 different lending institutions involved and the cake was not going to be divided evenly. Birthday parties are always more fun if everyone feels they are getting their fair share of the Birthday Cake. Actually, the SSEC was not doing anything for my new client. They had not even tried to cut the cake. I became involved and quickly learned the Jr. Lien Holder wanted MORE ( Really?) and was not going to settle for what the First was willing to offer. I found that the Jr. Lien Holder would allow items to paid outside of escrow (POC). It became obvious they only wanted to see contributions. They were not necessarily concerned with the size of their slice of cake anymore. The were more interested in the size of the other pieces. Guess they didn’t like butter cream either.
Short Sales with 2 or 3 different lenders, in most cases, have a HELOC in Santa Clara County. How can you convince them that their piece of cake is satisfactory? Talk with an accomplished Realtor and an Attorney if you find this is your situation. Often, you can find a Realtor and Attorney who have a successful record of executed Short Sales and negotiated strongly with HELOC lenders.
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