Sunday, January 24, 2010

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.

Tuesday, January 19, 2010

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.

Monday, January 18, 2010

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

Tuesday, January 12, 2010

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.

Saturday, January 2, 2010

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.