Guys in Penguin Suits

English: Josh Wood in tuxedo

Something struck me as funny at a recent auction at the Ontario Convention Center – The bidder assistants were in penguin suits (aka tuxedos).

Is hard to believe in 27+ years that I had not attended one of these auctions.  I wanted to know “Are there good deals being made?” Continue reading

Where have all the listings gone?

Victorian Single Family Home
Victorian Single Family Home (Photo credit: dlichaw)

Say – Where have all the listings gone?  The inventory for active listings in Santa Clara County has dropped to 2007 units!  That’s 1482 single family homes  and 525 condos/townhomes. I don’t know if you felt that reduction in listings but these numbers are down 41% from last year’s figures. Continue reading

HAFA short sale – Chase continues to amaze, NOT!

NEW YORK - OCTOBER 14: A sign on the front of ...
Image by Getty Images via @daylife

I have written before about short sales and probably about Chase.  This company is one of the slowest I have had to deal with.

HAFA sales are supposed to be streamlined and go through a lot quicker.

We waited 2 months to get an approval to be a HAFA approved short sale listing. We got the approved price that was needed to be marketable. We put the home on the market. It was sold in 10 days. The contract went to CHASE where I was told it would take 10-14 business days for the final approval of the offer. It took 6 weeks to get that approval verbally!  After a week of getting a verbal okay we got the approval letter which stated that property needs to close in 18 days from now. ARE YOU KIDDING ME?? Chase adds more work for itself. We now need to straighten out the timing to something realistic.  I sometimes wonder about the IQ of the persons making the decisions for Chase.

I think some of us should go into Chase and straighten up the process!!

By the way,  I did a HAFA approved sale through Wells Fargo in days after the contract was received by the negotiator.

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Santa Clara County – 3rd Quarter Real Estate Stats

There’s no doubt many homeowners in Santa Clara County are suffering but we are lucky to be located in an area where we have a better real estate market than most.  The number of listings for Santa Clara County is down.  Down almost 34% over last year!

In this area, the percentage of active distressed single family homes is 29% and for townhomes/condos it is higher at 46% (combined it is 30.6%).  Just to give you an idea Phoenix closed sales were 62% distressed properties!

Guidelines for lending have changed dramatically and they now account for many of the home sales that are not completing.

The need for a knowledgeable Realtor is more important than in past years.  The possible pitfalls to the sale or purchase of a home can be navigated around with a Realtor who has on the ground experience in this market and markets of years past.

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New Trend in Short Sales?

Money
Image by jollyUK via Flickr

What is this trend?  Asking a buyer to pay money toward the seller’s 2nd loan. I am seeing more and more in the private remarks on the MLS “buyer to contribute $**K toward the 2nd loan”.  I saw one last week that asked the buyer to pay $26K to the seller’s 2nd loan.  I confirmed with the listing agent that is what they meant to say.  It was! Continue reading

Lowest Priced Home Sold in Almaden Valley – $98,000

$98,000 for a home in Almaden Valley? Absurd right?

No, I did not leave off a zero in that number.  That home had one very big functional problem which would require an all cash offer.

A tree fell on it.  Or I guess through it…

You have another crazy home sale?  Tell me about it.

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HAFA short sale approvals are not created equal

I had the experience recently on a property with a HAFA short sale approval in place. My client put in his offer and within 72 hours we had the short sale lender approval! FAST. The seller’s loan, by the way, was through Wells Fargo. Continue reading

August closed sales for Santa Clara County were up 18% from last year’s figures!

Location in the state of California
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August closed sales for Santa Clara County were up 18% from last year’s figures!

The August active listings in Santa Clara County were 3289, of that the single family homes were 2438 and condos/ townhomes were 851. These numbers were down 28% from the 8/31/10 figures. This is significantly different than last year. Continue reading