Monday, May 30, 2011

Six short sale apartments for sale in San Jose

These three duplexes and three fourplexes are very good opportunities to buy investment properties at low prices and with a strong rental market.

765 Blossom Hill - duplex San Jose 95123 area - $580,000 short sale. 3 bedroom, 2 bath unit and 2 bedroom, 1 bath unit, 2,332 square feet of living space.
149 Adler, Campbell - no rent control - 4plex, asking $775,000, regular sale, 3,747 square feet, very well maintained building, double pane windows, garages per unit, newer comp roof, regular sale! - this is a nice deal.
581 Nello Drive, Campbell 4plex, 3,957 square feet, $750,000, short sale, very nice condition property at end of 4plex neighborhood development. Two three bedroom units and two two bedroom units.
2095 Lynnhaven Drive, San Jose duplex, 95128, short sale $470,000, 1,790 square feet, nice owner occupant unit with larger unit in the back. Great west valley location.
1332 White Drive, Santa Clara duplex, $499,000, 1,476 square feet, very good El Camino & San Thomas Expressway location, short sale, great rental property.
620 Gamma Court, built in 1977, 4plex short sale, very well constructed, extra parking, larger pie shaped lot, $699,000, 3,510 square feet.

Call us today to talk about which apartment investment in the San Jose area is best for you.

Do You Need to Sell Short?

There are many alternatives to someone who owns a home and cannot make their payments.  One of the options is to request a short sale from the bank.  Some of the other options are bankruptcy, foreclosure, loan modification, refinance, deed in lieu and  more. Everyone's situation is different depending on all factors involved.  A personal residence has certain criteria involved, as does a property held for investment and furthermore, was the loan a purchase money loan or a refinance.  All these factors influence the situation and a solution is not cookie cutter for all.

Many people in the last 5-10 years find themselves owning a home that is now worth less than what they paid for it and possibly less than what is owned on the property.  Others people have loans that have adjusted to payment levels that are unaffordable.  This, coupled with a drop in equity, makes a refinance highly unlikely.  But there are solutions!

Credit is also a concern for many people.  Does a short sale have less negative impact on your FICO score than a foreclosure or a bankruptcy?  But what other factors also impact your credit score?  Late payments compounded month after month will have significant negative effect on your FICO score. This may negate the gravity of a short sale/foreclosure question.

What your home is worth is also a very important factor.   In Santa Clara County alone, there are sub-markets that are very healthy and prices are rising and there are sub-markets that are quite weak.  Your home's value will impact the decision whether to short sell, modify the loan or any of the other options discussed above.

An important step in this process is to sit down with an experienced Realtor to review all your options.  Even if you have received a Notice of Default or a Notice of Trustee Sale, there still may be time to enact a better solution.  Feel free to email  me or call anytime:

Mario Pinedo,CCIM
Keller Williams Realty
DRE 01118365
cell 415-269-6249
Serving buyers and seller since 1991.

For further articles on this topic, I have linked all the short sale articles here.