Hi Experts, I am looking for a house in 95124 area only. I got a pre_approve for amount of 417k loan....

Asked by Hien Nguyen, Sun Jan 25, 2009

The house's price prefers under 500K and/or in move-in condition

If you know an experience/honest realtor; Please post.



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Yvonne Yang, Agent, Cupertino, CA
Mon Feb 16, 2009
Hi, Hien:

95124 is a nice area with quite good school. Yes, finding the property under $500K and move in condition is a big challenge. But I would say the oppertunity still exist.
I am actively working with some buyers lately to search for the house with the same criteria. If you like to gather more information about me. please visit my website at


0 votes
Norman Aless…, Agent, San Jose, CA
Mon Jan 26, 2009
Hi Hien,
It should be no problem getting a new pre-approval letter if you already had one. It looks like you are interested in REO/Short sales as in that price range thats what you will get. I am experienced in the purchasing side and have been very successful in helping buyers make purchases.
If you would like go to my web page and check me out, also you can put in a FREE REO/Short sale search.
If you have any other quetions or would like to know more feel free to contact me.
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Steven Ornel…, Agent, Fremont, CA
Sun Jan 25, 2009
Hien, a rate lock does not occur until you have an accepted contract on a home with a property address. You may have only been quoted a rate for your Pre-Approval. Also, unless you provided copies of all your income documents to the BOA rep you only achieved a Pre-Qualification, not a true Pre-Approval (some people use these term interchangeably, but there is a difference between the two).

Please review this document to gain the knowledge on how to properly choose a Mortgage Broker:

Best, Steve
0 votes
Hien Nguyen, Home Buyer,
Sun Jan 25, 2009
I pre-approved 417k with rate lock 5.125 from BOA for the house of (123 street 95124) ; but some one bid over me;and I miss a chance to buy that house; May I still use that approval to qualify for another house?

This is a follow up my previous question regard of 95124; I prefer house in 95124 only and under 500k; I lost from last bid on short sale; and another lost from reo sale; someone bid price over the opening house price..

thanks again.

0 votes
Steven Ornel…, Agent, Fremont, CA
Sun Jan 25, 2009
Hi Hien, congratulations on your Pre-Approval. Honestly, if it were my own money I would not buy right now unless you have to, it's an understament to say that we are in uncharted waters concerning the housing market and its recovery. From an BUYER perspective the following may be of interest in helping you to pick the right time to buy your new home.

JOBS: Local net jobs growth rate (local jobs growth rate – local unemployment rate) is THE early predictor for housing recovery in any specific area. The larger the “net jobs growth rate“, the greater the "velocity" of the recovery in an area. With jobs creation comes a heightened demand for housing, allowing prices to stabilize. Eventually, housing appreciation will develop. Right now we are hearing of job cuts.

LOAN RESETS: Barring any successful government intervention, the end of 2011 is when the brunt of “questionable loans” is flushed from the financial system. While the predominate amount of foreclosures tied to “subprime” loan products has passed, we're not in the clear. By Jan of 2013 it’s all gone, but my sincere hope is housing appreciation occurs well before 2011 and with enough zest to allow some homeowners to refinance out of these final loans and into more affordable loans prior to the currently projected reset schedule.

Option/Alt-A/Unsecuritized ARM loans are the next phase to provide a destabilizing economic affect. We have taken on some of the projected Option ARM pain earlier than is shown in the reset schedule. The following chart shows how the resetting of these loans has shifted due to valuation based resetting and I have also provided an explanation.

HISTORICALLY, since 1968 there has only been one time where California housing had consecutive years of price decline. That would be 92-96. Note that after this period the entire decline had been made up within the following two years (92-96 total decline of 12.2%, 97-98 total increase of 12.5%). While past performance is not a 100% predictor of future performance, I believe in the resiliency of California as an international destination location for work and living.

Confirm that you are in fact Pre-Approved and NOT Pre-Qualified, see: http://www.Steven-Anthony.com/default.aspx?pp=39377 for the difference between the two. This is important so you can be ready to act when you need to, or be aware of any issues that may prevent you from buying when you want to.

I'm suggesting my buyers hold their cash until the end of Q109 and then reassess the direction of the economy. I don’t see anything concrete indicating Q2 will be better. The resulting reduction in jobs will lead to less demand for housing and more distressed supply, FURTHER REDUCING PRICES.

A Comparative Market Analysis (CMA) gives you the best representation of market activity/direction - for the specific property details you search on. DO NOT rely on median and average-based statitics, these measures are meaningless for targeted selling/purchasing as they have no regard for any of the specifics you may be searching for and can be skewed by segments of market activity not matching your individual situation.

Your Realtor should start by meeting with you and your family to establish your housing needs. I would like to start collecting the specifics of your target criteria/area, and then use Comparative Market Analysis reports to monitor the best time to buy for you. Using your search criteria, I can also set up an automated "search agent" for you so you get notifications automatically via email as soon as they are made on the MLS. Please contact via cell/email if you would like to get started.

Best Regards,

Steven A. Ornellas, MBA, GRI, ABR, e-PRO, CMPS, RE Masters
REALTOR® / Mortgage Banker-Broker
0 votes
Vinicius Bra…, Agent, Cupertino, CA
Sun Jan 25, 2009
Hi Hien,

Congratulations on your pre-approval. Currently there are number of opportunites in 95124 Cambrian area of San Jose. Most are short sales and you should definitely understand what they entail. However, there are quite a number of bank owned properties in that area and judging by the number of short sales and notice of defaults in that area there will be more bank owned properties to come.

Being a buyer in this market is great. Since there are so many home buying opportunties it can also be a bit overwhelming as well. If you are a first time home buyer you may not know whether a particular property is a good deal or not based on the amount of work needed.

My approach when helping buyers is to find out what their needs are. Based on those needs we can determine the right area and right type of property. I also provide counsel on home locations, floor plans, and other factors that affect a homes value.

Also I have a very good background in construction and home remodelling, and assist my buyers my making sure they understand the costs and issues involved when buying homes with the intention of making repairs or remodeling.

I would be happy to meet with you in person for a buyer interview so that we can discuss your objectives, and I can provide you some insight and experience with several options on how to obtain your objective.

You may want to read the article below I wrote on short sales to develop some familiarity with what they entail.

What to know about Short Sales in Santa Clara County:

Good luck to you.
0 votes
Roland Barcos, Agent, San Jose, CA
Sun Jan 25, 2009
Hello Hien,
If you only want 95124 for under $500K, there are 22 homes listed. 14 of those are short sales and I would not recommend these unless you are really aware of the problems associated with short sales. Of the remaining 8, 2 or 3 could meet your needs, but we need more information about what you are looking for and what you really wouldn't want. I agree that widening the search opens up many more possibilities. If you consider a wider search, I would look at 95125(Willow Glen) and 95118(Cambrian) which have a total of 55 listings, 8-10 of which you might like, but we need to know why you only want 95124. For instance, if it's for schools, they don't follow zip code boundaries.As I said before, we need to know a lot more about what you really want in a home. Please contact me if you would like help finding the best home.
Take care,
Web Reference:  http://www.apr.com/rbarcos
0 votes
Andrea Wince…, Agent, Milpitas, CA
Sun Jan 25, 2009
Hello Hien, there are about 9 bank owned homes available in 95124 that are approx. or under your $500k price range, however, they may not be in move-in condition because the banks do not fix up before putting on the market. They will not make any repairs but often pay some of my buyers closing costs. Sometimes just need paint and cosmetic fix-ups but the good price in premium zip code reflects condition. I negotiate good price on your behalf. If you want me to email you the property list, please go to my website below and click on "Send Email" or call me. Kind regards, - Andrea.
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Erica Glessi…, Agent, Palo Alto, CA
Sun Jan 25, 2009
Dear Hien,

My name is Erica M Nelson, and my clients do describe me as an expert and a person with ethics.

In that specific zip code, the major proportion of homes available are short sales. Have you researched short sales yet? You also see a lot of homes on Meridian and other busy streets.

In lower prices like $380,000 to $400,000 there are a few foreclosures, on Hallbrook, Brighten, Wema. You can search on http://www.REIL.com to see what I see on the multiple listing service, except with less information per home.

I would be happy to set you up on an update e-mail where every day when something new in your price range goes on the market, you receive an update. It can also be designed for one time per week or every other day.

You also may like 95125 (other areas of Willow Glen), but if you are firmly committed to 95124, then you may want to research short sales and how to thrive in a short sale. Because approximately 23 of the 27 homes under $525,000 in 95124 with at least three bedrooms & two baths are presently short sales!

I am a successful agent at navigating these, although I would typically guide my clients to foreclosures as a first option (or homes that are for sale that are not foreclosed or short sales) because you can control your escrow more effectively.

Good luck! If you want to talk more, my e-mail is EricaNelsonEstates@gmail.com and my web site is http://www.EricaNelsonEstates.com. Cell 408-416-7090.

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