Home Buying in Berryessa>Question Details

EC, Both Buyer and Seller in Santa Clara County, CA

Need a SUPER AGENT to help sell 2 properties and buy 1 in SJ

Asked by EC, Santa Clara County, CA Sun May 25, 2008

I'm dying to take advantage of the low home prices in our current market. However I have a somewhat complicated situation and need a SUPER agent to help me sort through it to see if I can buy a home in North San Jose.
Here goes: I currently own 2 properties, a 2bd condo in San Jose and a 4bd house in Merced. I would like to buy a house in San Jose but because I have these other properties my debt to income ratio is too high. What I would like to do or be willing to do is sell both of those to buy 1 house here. In this market I would probably only sell each for 20-30 more than what I owe on each because the equity has gone down so much. I have a great credit score and could other wise qualify if I didn't have these properties over my head.
If you could help, please let me know or if you have any advice I would definitely appreciate it!

Help the community by answering this question:


Hello EC, I realize it has been 2 years since you posted this message, however, I was wondering if you ever sold your condo in SJ and home in Merced? Your goal was to sell those properties to buy a home in North San Jose. I have a listing for sale in North San Jose right now. You can view it hear on Trulia and also on my website. The address is 2832 Monte Cresta Way, San Jose, 95132. Thank you.
0 votes Thank Flag Link Sun Sep 26, 2010
It is a lot easier to dispose your SCC condo and put the Merced on the market.
If the condo is priced correctly you should be able to close in in 60-80 days. The Merced may be problematic
requiring some experiment or may be hold on to it a bit longer. I have a property in Mariposa County. Last 1 year I had 1 call. The other options are get some income from Merced property to pay for mortgage in the mean time.
Good luck,
Sam Shueh, mba
0 votes Thank Flag Link Thu Sep 17, 2009
I would also recommend Alana Lam of Intero. When she puts on a cape she can actually fly and fight evildoers!
0 votes Thank Flag Link Sun Jun 1, 2008
Hi Evelyn,

Here are some suggestions:

1. After reviewing your tax situation, if it is determined that you can sell both, before looking for the 3rd home, you may want to make sure both homes are sold first in this market because it can be tricky the do all 3 transactions at the same time (it can be done, but having 2 homes on the market makes the outcomes less predictable)

2. All the numbers can be crunched with different scenarios such as optimistic, most likely , and pessimistic to give you a better idea of the range of outcomes you can expect if your homes sold for a certain price. Running through all the scenarios would give you a better idea of the next best steps.
0 votes Thank Flag Link Sun Jun 1, 2008

The first thing that i would do is sit down with a good lender and tax specialist to see whether you need to sell the condo or merced home to make the purchase in North San Jose. With good fico scores and if your property break seven (including rents), you may want to keep the properties as investments and add a third to your budding real estate empire.
Any agent worth his/or her salt could sit down with you and run through different senarios. For example, depending on how long you have owned the investment property you may have taxes to pay when you sell it. It could make sense to sell the invesment property and buy the home in north San Jose with any proceeds for the sale. Then rent it for two tax years and then move into it. Or, it might make sense to sell both properties, pay any taxes owed and buy the North San Jose home. None of us can make specific suggestions except to get a good tax specialist because you might need one in the loop to make the transition less taxing (sorry for the bad pun). Good luck.
0 votes Thank Flag Link Thu May 29, 2008
HI Evelyn,

If you have not chosen your Realtor I would be happy to help out. Not only putting you in touch with an agent in the Merced area I know but also helping you with your options for financing. I have a strong team of people I work with from lending, preparation for sale, and ,who would work with you throughout each step of each process and in finding your new home that best suits your needs. I am available to my clients 7 days a week. Feel free to contact me any time.

Lisa Huse
0 votes Thank Flag Link Thu May 29, 2008
I am part of a 5 person team here in San Jose with Keller Williams Realty and we have excellent KW offices in the valley that can meet your needs. Our team would be glad to meet with you and help you figure out the best and most effective way to meet your goals. If you are still looking for help, please contact us and we would be glad to meet with you.
Have a great Memorial Day!

0 votes Thank Flag Link Mon May 26, 2008
Evelyn: I'd be happy to help you find a Realtor in Merced (in our Coldwell Banker office there) who could help you get that property sold. Even in this market, buyers are buying...since they, like you want to take advantage of the low interest rates and new FHA loans that are available. At the same time, we could market your 2 bedroom condo here and get you on the path to home ownership in San Jose. Give me a call and we can see if we can work together to acheive your goals.
Lea Ann Hernandez, CRS, GRI
Coldwell Banker
0 votes Thank Flag Link Sun May 25, 2008
My suggestion would be my ultra-super residential partner Alana Lam of Intero. Let me introduce you. She has worked miracles in this market.
0 votes Thank Flag Link Sun May 25, 2008
Mario Pinedo,…, Real Estate Pro in Cupertino, CA
Hello Evelyn,
Congratulations on your decision to move in to your new home in north San Jose. Hiring a Realtor who can help you achieve your goal is the foremost important step. I'd be happy to present to you my plan to enable you achieve your goal. Please contact me at your convenience to set up a meeting so I can present to you my experience, skills and references.

Ali Moein
0 votes Thank Flag Link Sun May 25, 2008
Hello Evelyn,

I am a San Jose Realtor and I work as a team with John Motter. He is Broker and Owner of John Motter Realty. He has over 35 years experience and he is a Certified Residential specialist. I am a e-PRO and specialize in San Jose residential real estate. Feel free to Google us and check us out. We would be happy to help you!
Web Reference: http://www.TrishaMotter.com
0 votes Thank Flag Link Sun May 25, 2008
More than happy to help you...please feel free to contact me direct and we can talk. In the mean time, Google me for more info on how I work.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Sun May 25, 2008
The Hagley G…, Real Estate Pro in Pleasanton, CA
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