Home Selling in Sunnyvale>Question Details

upram123, Home Buyer in Fremont, CA

2 bed 2 bath condo sunnyvale ,ownership

Asked by upram123, Fremont, CA Tue Feb 12, 2013

Hi

I have a 2 bed 2 bath condo in sunnyvale bought in 2007 for 530k @ 6.25,since I out grew the condo I bought a new one and moved out.
since it's not eligible for HARP (loan not backed by fannie/freddie) and last sold price in Dec is around 460k.
I am looking for way to refinance it or sell it.
so if anyone is interested to share the ownership with 20% down please let me know.
it's good unit for firsttime home buyer or rental value of min 2k.
it's close to 101 freeway

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15
upram123,

It may make sense to you but how does it make sense to a buyer? If a buyer buys a share of your property hoping for future appreciation that is a risky investment for that buyer. What would make it worthwhile? A discount from CURRENT market value would make it attractive. In other words, if I wanted to buy ½ of the property I would not be willing to pay ½ of today’s value for it. I could spend the same money somewhere else and not have to share and worry about a partner who may not be on the same page as me in the future.
0 votes Thank Flag Link Wed Feb 13, 2013
that's buyer's call and I will respect that but here I am to say that if anyone is interested in ownership for full price we can talk further.
Flag Wed Feb 13, 2013
John

I am trying to break even not looking for cash, given the market I would like to keep the ownership
but it make sense financially for me to share the ownership.



Terri, Marcy

the time to sell and other iffy things can be put in contract thru a lawyer.
0 votes Thank Flag Link Wed Feb 13, 2013
You want to sell a share in a property in which you have no equity. How does that make sense? A buyer would be buying a share in an underwater property. You would get cash and the buyer would get an interest in a property in which there is no equity. That is just as good as buying ocean front property in Arizona. Are you willing to sell an interest in the property for a substantial discount so that a buyer actually sees a value in making the purchase?
0 votes Thank Flag Link Wed Feb 13, 2013
Hello Upram,

I am writing this comment after seeing your second comment. In today's extremely low inventory, you should be able to sell it quickly and with a good price. I can run comps for you, with no obligation, to determine the value of your home. Depending on that value you can determine whether to hold off for few months to sell or sell now. I am extremely familiar with Sunnyvale area and can help you with any other questions you may have.

Regards,
Nila
408 636 3806
0 votes Thank Flag Link Wed Feb 13, 2013
The concern in a Tenant In Common is Trust (TIC) between partners. What if one partner stops paying their portion and they don't agree on repairs, sale date and terms?

As Marcy stated, usually this is between family members as there is some history and knowledge of the other party. TIC is common in vacation properties where there is structure to the time and use of the property, your condo in Sunnyvale may not fit that profile.

What you may be considering is an Equity Share, which was very common back in the 80's and fell out of favor. It can be desirable for a buyer who is cash down poor, and when the Seller or a Partner is willing to put down the Equity Stake, then the Buyer makes the mortgage payments. This would have a partnership agreement on how the Equity would be shared.

Since your believe there is no equity in the Condo where is the value to the buyer, except for the opportunity to purchase a property in a very strong seller's market.

You did state you are getting ready to sell, so perhaps you are aware of our low inventory and increased equity, and it doesn't hurt to have a second opinion from a professional.

I just sold a condo where I was involved in all three transactions , Buyer paid $255,000, then sold it 18 months later for $325,000 and 4 months after that I got the Seller $401,000. The most recent sale in the complex was $340,000.

If you are not listed and want that second no obligation opinion call me.

Have an amazing day!
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Wed Feb 13, 2013
Sounds like your primary objective is to find a buyer that will share ownership with you. Typically that would be as Tenants in Common (TIC) . I am working with two other clients on TIC sales.

If you hire my team & I we will find you a Buyer. Essentially you are listing 50% of your home for sale. We would put it on the MLS, build a Virtual Tour, advertise it on 20+ other sites, prequalify & manage potential Buyer tours, etc... etc... represent you for sure and perhaps the Buyer in the writing of a purchase agreement, negotiations on price & terms, etc...

Call or email me to discuss further.

Here are some links to learn more about me

resume http://stucarson.com/AboutTheTeam

references http://stucarson.com/testimonials


Stu Carson
408-209-0849
http://www.GetRealRealtor.com
http://www.JustMyProperties.com
0 votes Thank Flag Link Tue Feb 12, 2013
Upram,
Interesting idea of selling partial ownership. That was a more common practice in the 80's, but fell out of favor because it was too difficult to get both parties to agree as to when to sell. Now this mostly done within families.

Marcy Moyer
Keller Williams Realty
marcy@marcymoyer.com
DRE 01191194
650-619-9285
Web Reference: http://www.marcymoyer.com
0 votes Thank Flag Link Tue Feb 12, 2013
Hello

Thanks all for the reply.

I will be listing my property soon.

I just want to see if I can find a buyer to share ownership, instead of selling it out right.
0 votes Thank Flag Link Tue Feb 12, 2013
Prices have gone up since December. As others have stated, you may want to ask one of us to give you a free market price analysis. What loan balance remains on your condo? In a few months the market value may rise enough for you to sell.
0 votes Thank Flag Link Tue Feb 12, 2013
UPram123:

Interesting. I think your real question at this point should be, can you afford to keep the house, with say a renter in it till you can sell it for net $530k, which won't be that much time from now, or do you need to get rid of it now? If you must bail out of it now, then a short sale may be in order. If you have enough cash to buy down the principle so you can re-finance, then that might be what you want to do and then rent it out.

This public forum is not a place to discuss your private financial condition. I am both a realtor and a bank loan officer with years of experience in short sales and in your particular possible situation of a "buy and bail". (You bought a home and now may need to "bail out" of this home.) I would be happy to sit down with you and advise you as to what is possible for you regarding refinancing, selling, or renting and holding. You can call me at 408-639-0211 or email me at mitchell@handsonrealtor.com.

Mitchell Pearce
0 votes Thank Flag Link Tue Feb 12, 2013
Upram,
The market is crazy right now. We are experiencing more and more appreciation every week. Values are back to 2007 levels and higher, despite the last sale being 460K.

If you want to sell this would be a good time to do it and come out whole. If you want to make money on the condo then you might make more if you wait till later in the year or next year. If you rent it for a year you may get more, but if interest rates go up you may not.

It is a great idea to have a current market analysis done and see if it is worth enough to sell. There is a condo building in Mountain View right now that had a sale last fall in the high 200K range and the one for sale this week looks like it will sell for almost 100K more. Same for another building where the last sales were in the high 300K range now going for over 500K.

Marcy Moyer
Keller Williams Realty
marcy@marcymoyer.com
DRE 01191194
650-619-9285
Web Reference: http://www.marcymoyer.com
0 votes Thank Flag Link Tue Feb 12, 2013
Hi Upram,

Please get i touch with me, I would like to connect you with my Lender for Re-Fi. I have had several friends and clients re-fi with him at a great rate...... perhaps if you can do so, and then Rent it, you may be able to keep it! Unless you NEED to Sell it......I closed one in Dunsmuir last year but prices have gone UP everywhere!! You may want a Realtor to do a Current Market Analysis for you, then make a choice! Let me know if i can help.
Be well and safe, regards,
Nina Daruwalla
DRE# 01712223
Ph: 408-7773823
0 votes Thank Flag Link Tue Feb 12, 2013
Hi Upram,
I would agree with Steve, it might be helpful for you to have an updated market analysis, and to keep a close eye on market activity.
The market is extremely buoyant in this area right now, and the sales in December are not necessarily an indication of current values. Prices have risen around 14% since June of last year, and December is never really the best time to try and sell a home - many potential buyers are simply concentrating on other things at that time.
You'd also have to ask about the previous sales..were they in nice condition? Was the seller financially distressed? All of these things can affect the sales price, but may not affect your property or your selling experience.
I'm working in the Sunnyvale/Mountain View market every day, and I am a little surprised recently at the jump in pricing over the last few months.
Call me if you'd like to chat more - no obligation.
Cheers,
Aileen
650-917-4259
0 votes Thank Flag Link Tue Feb 12, 2013
Hi upram123,

If I were you I would ask your Realtor® to perform a CURRENT MARKET Comparative Market Analysis.

You just might find your 2/2 Condo to be a nice cash-flow investment you should keep if you can Refi and reduce its carry cost.

Right now we are in a Sellers’ Market in most of the SF Bay Area - I would monitor the market through the 3rd quarter and be ready to act if there's market support to Refi; or, sale.

-Steve
0 votes Thank Flag Link Tue Feb 12, 2013
Are you talking about a partnership in the ownership of this condo? Or do you want to rent it?
http://www.SunnyvaleHouseFinder.com Born, raised, live and work right here in Sunnyvale. If you want this place sold for top dollar in a very short period of time let me know I have many buyers waiting to buy in Sunnyvale.
0 votes Thank Flag Link Tue Feb 12, 2013
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