Home Buying in 95123>Question Details

Kim, Home Buyer in South San Jose, San...

1st time buyer, w/ good credit (801), has 10% down. Interested in 95123 area of REO property. 3b/2bth home 300K or less? Any good deal around?

Asked by Kim, South San Jose, San Jose, CA Tue Feb 8, 2011

Help the community by answering this question:


why would you want an REO property? Don't be fooled by the hype of the media or an agent. There is no disclosure, multiple offers are common and the REO counter offer takes away any buyer protection offered in the traditional contract. REO property is very dangerous unless you have a diligent buyer's agent to help you.

Check out my website. I am not your traditional agent.

Guy Berry
Keller Williams
Web Reference: http://www.guyberry.com
0 votes Thank Flag Link Wed Jul 20, 2011
There are a few around if you're willing to do the work
0 votes Thank Flag Link Wed Feb 23, 2011

We handle bank owned properties and get good deals all the time.
To be added to our email list just send and email to REO@RWBP.com

Good Luck to you!!

Rebekah Owen
0 votes Thank Flag Link Mon Feb 14, 2011
Hi Kim,
Have you met with a lender and agent regarding your qualifications? There are first time home programs available to certain income levels. Some cities have redevelopment money which can assist you in purchasing more. For example I worked with a first time buyer last year who was qualified to purchase FHA up to $250,000. That put her in short sale only condos, they were old and very few qualified for FHA. She ended up purchasing a brand new town, larger and included two car garage for $375,000. With the cities contribution programs she qualified and her monthly payment difference between the $250,000 and $375,000 was less than $200 per month. She also qualified for down payment and closing cost assistance. These programs are not available to all but they are out there.

So with that, meet with an agent who will counsel you, get you qualified, and who is familiar with the various first time home buyer programs.

Good luck.
Web Reference: http://terrivellios.com
0 votes Thank Flag Link Thu Feb 10, 2011
Hi Kim, Your buyer can get two homes in So Cal for that price. Come on down!
0 votes Thank Flag Link Tue Feb 8, 2011
High Kim - CJ is right, there are no homes under your price range right now in this Santa Teresa/Blossom Valley area. Not sure if they will hit this price since this area has been getting hot for flippers recently. REO properties that were recently bought for only $360k fixed-up fast and re-listed for $529k. Though I must say the property was in much need of repair as an REO.

You might be able to get into a home (needing much repair) for the price of about $330 but you will be competing with other buyers/investors. Have you talked with a lender about an FHA loan? You might be able to qualify for a decent priced home in this community with such a great credit score!

Check out the link below for more stats for the 95123 area.

Danielle Contreras
0 votes Thank Flag Link Tue Feb 8, 2011
Kim -

Not only are there not any single detached homes in 95123 under $300K now, but in all of 2010 only one home sold for $330K and it was a 2BR/1BA less than 1000 sq ft home. Median price point right now for 95123 is about $440K.

The 3 month list to sales price is slightly over 100%. Meaning on average, most sellers are getting list or over. There are the "shock and awe" pricing by REOs and short sales but guarantee they know where the basic value is and many, many times these homes need a minimum of $10K of "cosmetic" repairs.

The two zip codes with most inventory in that price range and 3BR/2BA =
95127 - 12 homes
95111 - 18 homes
95116 - 11 homes

A condo or townhome may be a good option. If you can pull off 20% down even better as many condo/thomes are not FHA certified.

Hope this helps.
Web Reference: http://www.TalkToCJ.com
0 votes Thank Flag Link Tue Feb 8, 2011
Hi Kim,

Depending on your income level and household size, I've recently been informed of some programs that could be very beneficial for you as a 1st time home buyer and in the areas you are currently interested in. If you'd like the details of these programs, please feel free to contact me. I'd be happy to answer all questions you may have regarding real estate and send you to the right people who have expertise in other areas if needed.

To Your Success Too~
Dina Ree
Realtor, e-Pro
Intero Real Estate Services ~ Silicon Valley
DRE No. 01760142

direct | 408.239.DINA (3462)
e-Fax | 408.521.0513
email | Dina@DinaRee.com
website | http://www.DinaRee.com
Web Reference: http://www.DinaRee.com
0 votes Thank Flag Link Tue Feb 8, 2011
One thing to keep in mind when looking for homes under $400k is understanding how much work you're willing to put into a house to make it your home. There is much to consider including the cost to repair and remodel the home along with understanding the standard of living you'd like to maintain.

This is a good time to buy. Even when the home price is in range, do as much as you can to make sure the costs to maintain the home are also in your budget.

Good Luck,
Feel free to contact me with any question you may have.

-- David Sciplin, Realtor, SFR
0 votes Thank Flag Link Tue Feb 8, 2011

There are several ways to finance this with very little down payment.

We have FHA financing (3.5% down), and some local programs that allow us 3% down where there is NO mortgage insurance. This scenario is with two loans, a first and a second mortgage. the second mortgage does NOT require a mortgage payment and is a very attractive way to get into a home with limited cash.

Each lending program has some restrictions, so contact me and we can review these as well as arrange for a pre approval that will allow you to make competent offers.


Eric Nelson
Sr. Mortgage Planner
SVC Funding
DRE # 01258488
NMLS #120412
0 votes Thank Flag Link Tue Feb 8, 2011
Hello kim,

I live and work in 95123.

To date you will find lots of condo in your areas of interest and in your price range but only 1 house. There are still 156 single family homes listed under 300K in San Jose.


0 votes Thank Flag Link Tue Feb 8, 2011
Hello Kim, For zip 95123, in that price range, you will be looking at a townhome or condo. Occasionally, a short sale will come on market for $300k or less but they usually end up selling for over listed price. I can send you current listings and then set you up for auto email as new properties come on market. If you'd like to provide me your email address for this purpose, please contact me through my Trulia profile. Kind regards.
0 votes Thank Flag Link Tue Feb 8, 2011
Hi Kim, Your best answers below are those that suggest that you gain the expertise and guidance of a full time professional Realtor. Absolutely the best advice in your situation.

In my humble attempt to clear a a path for you....

Interview a handful of Realtor's (phone or in person) and choose one that you feel has your best interests in mind and would best represent you.

0 votes Thank Flag Link Tue Feb 8, 2011
Hello Kim,

There is 1 single family home in the 95123 market under $300,000 with 3 bedrooms which is pending short sale. There are 3 townhomes available for sale which are not short sales.

There is an additional townhome in the 95123 market which has pending sale working. Sometimes these sales don't close and are anxious to re-sell again. I will be happy to check it's status for you.

Finally, there are 11 other townhomes for sale or pending sales which are short sales. Occassionally, a short sale will fall out of contract. The next buyer may have a much quicker close of escrow. Often there are some great deals to be had in this group.

Feel free to look at the MLS for yourself, in real time, by going to our blogsite. It's free and does not request any information from you.

Let me know if we can help.

Mike Walters
Web Reference: http://CaHomes411.com
0 votes Thank Flag Link Tue Feb 8, 2011
Hi Kim,

For 300K you can buy a townhouse or condo ( not a 3 /2 single family home) in this area. If you are interested in a condo or townhouse in that price range, please give me a call.

Kevin Vo
0 votes Thank Flag Link Tue Feb 8, 2011
Just to clarify my response, the other agents are correct. There are now single family homes availalbe. The active listings I mentioned are either townhomes or condos. I searched on both single family homes and townhome/condos as you did not specify what type of home you were interested in.

April Tavares, GRI, REALTOR
DRE License #01742179
Web Reference: http://www.AprilTavares.com
0 votes Thank Flag Link Tue Feb 8, 2011
Hi Kim,

At present there are no REO single family homes in the zip 95123, however, you should get together with a Realtor like myself and discuss your requirements and needs. This way as and when an opportunity comes you will be ready to move forward. Also, sometimes you might find a good opportunity in a regular sale as well. It is worth looking at the homes in the market to make an educated decision.

Monica Goyal
DRE 01781926
0 votes Thank Flag Link Tue Feb 8, 2011
Hi Kim,

What do you consider a good deal? I am sure it is based on a combination of factors like condition, location and price. Currently, there are 12 active listings with a list price of $300k or less and have a minimum of 3 bedrooms and 2 bathrooms. Of those active listings, 3 are bank owned.

You should partner with a Realtor that can learn and understand your needs in more detail. A Realtor can help you evaluate REO's and neighborhood comps and provide you with a perspective based upon experience. A first-time home buyer can benefit tremendously from the experience of a Realtor. There are many things that will need to be considered in an REO purchase. An organized Realtor along wiith a loan officer will help you achieve success with your REO purchase.

All the best,
April Tavares, GRI, REALTOR
DRE License #01742179
Web Reference: http://www.AprilTavares.com
0 votes Thank Flag Link Tue Feb 8, 2011
Hi Kim,

As Allyson mentioned, there are no SFR in that zip code at that price. Feel free to contact me and we can go over your needs and see if we can find the perfect fit for you. Thanks

0 votes Thank Flag Link Tue Feb 8, 2011
Hi Kim,
Not at the moment, there are no SFR under 300k in zip code 95123, but there may be some in the future.
Log onto my web site ( see below ) and put in your criteria or email me and i will put it in for you, and when something comes up we can go look at it.
At your service,
DRE# 01397256
0 votes Thank Flag Link Tue Feb 8, 2011
Hi Kim,

I have a search engine on my website where you can set up a search. Log in to http://www.GabeTheRealtor.com and you can do a search by zip code. Once you see something you like I can take you to visit the properties you are interested in viewing.

Good luck with your search!

Gabriel Heredia
408 425-5826
0 votes Thank Flag Link Tue Feb 8, 2011
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