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Foreclosure in Sunnyvale : Real Estate Advice

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  • Local Info34
  • Home Buying195
  • Home Selling23
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Activity 7
Thu Jan 26, 2012
Ricky Ablaza answered:
Hi Sunny,

I am an experienced foreclosure, short sale agent working in the Bay Area. I am an accredited REO listing agent for Bank of America, IAS-REO, EMC, and Chase. I have sold numerous REO / Short Sale properties in the Bay Area (email me at rpablaza@comcast.net for a list of my sold REO's / Short Sales).

As REO / short sale agent, I know the commitment of time and financial resources required to be successful in this business. I am highly experienced in the transaction process required of REO / Short Sale properties which is critical to the success of an REO / Short Sale property closing.

For the past 13 years I successfully managed the homes of countless buyers and sellers to the closing table including a large amount of REO's and short sales.

I also have a FREE website designed for buyers and sellers of real estate. You can search exclusively for foreclosure and short sale properties on this site. My sites URL - www.buyorsellhomesinthebayareaca.com.

Or Call (408) 316-0793 or email rpablaza@comcast.net if need help to set up your search critiera or if you want me to do the search for you or if you want to preview a foreclosed or short sale property.

I am quite busy but will always have time for you, your family and your friends.

Thanks
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Sat Oct 15, 2011
Ruth and Perry Mistry answered:
Hi Carmen:

Clearly, Chase wants you to pursue every option.

These options being Loan Modification, a Short Sale by working with a Realtor.

Regert to learn that your are $200K below. Do get in touch if you need help.

http://www.trulia.com/blog/perry_mistry/2011/10/silicon_valley_real_estate_and_home_trends_in_sunnyvale

Best regards
Perry
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Wed Oct 12, 2011
Ruth and Perry Mistry answered:
Hi Carmen:

Regret to hear of your problem.

Ruth and I are Certified Distressed Property Expert and HAFA specialist,
we should be able to help you.

Give us a call.

Best regards
Perry
408-656-5343

http://www.ruthandperry.com
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Thu Oct 6, 2011
The Stephen FitzMaurice Team answered:
The bank may prohibit you from participating in the actual auction, but there are other channels in place where you could make arrangements with the bank to keep your property, though you would very likely be required to work out a way to fulfill your original agreement with them over time. ... more
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Sun Apr 10, 2011
Judi Monday, CRS answered:
Hi Tmd,

I am so sorry to hear about your situation. First and foremost consult with a Real Estate Attorney. As an aside many lenders offer "cash for keys"--in other words they will pay you to vacate the property. It may help to make the vacate notice easier to swallow--ask them what they will pay YOU to leave the premises.

Best Of Luck,
Judi
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Mon Feb 23, 2009
Erica Glessing answered:
I have two clients receiving REO list updates from me already, if you would like a copy (it generates automatically and then sends an e-mail to you with new foreclosure listings every day), just let me know.

As you are reading through the realtytrac data, you can become misled pretty easily because only certain information is released. For instance, a home in Los Altos may show up with a $350,000 default amount. You may not know the amount owed on the 2nd loan (many times homes have junior lienholders). And, homes will be priced to what the banks discern the market will bear, when they are actually for sale.

So you can spend a lot of energy being interested in homes that have begun to go into default that are not for sale when you look at all of this data (some of this information on defaults is also available on Trulia).

Realtors can send you homes that are for sale now -- or you can also find them yourself at www.REIL.com, the professional site that is updated every 15 minutes.

Good luck! Let me know if you'd like to be blind copied on the list I'm already sending! I grew up in Palo Alto (on the Peninsula) and I have to say that I am not seeing homes at the $250K price point except in EPA and Redwood City. I'm seeing this price point in areas of San Jose like 95116 (downtown) 95127 (east side, but not in the hills yet) and 95122 (near Santa Teresa/Silvercreek) and 95111 (Senter Road). Santa Clara has one home for $385K. Sunnyvale had one for $399K but it's gone (listed last week). Cupertino had one foreclosure for $599K but it's gone. Los Altos had one foreclosure for $945K recently.

At the price points you describe, on the Peninsula, we're seeing homes in East Palo Alto and Redwood City for the most part.

Erica Nelson
www.EricaNelsonEstates.com
408-416-7090
EricaNelsonEstates@gmail.com
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Sun Jan 4, 2009
Erica Glessing answered:
I am actively showing homes in 94087, and I am seeing some softening in pricing, mostly because of days on market for the homes that need some work. One home on a 9,500 SF lot is available now for under $800,000.

The more days on market, the softer the "list price." The nice, fixed up homes with very little needed to move in, are still selling within two weeks. There is almost nothing on the market! The homes in the $1M range are selling very quickly when they pop on the market in Cherry Chase.

I believe one factor that will influence this neighborhood is not so much the propensity of the foreclosures but the fact that most banks for loans over $625K are requiring 20 to 25% down payment. So at $1 million break-in for a nice home with about 2,000 square feet, you are looking at needing $250,000 down, potentially. This decreases the numbers of buyers, and ultimately, this will have a price influence. The more available buyers putting pressure to buy into a neighborhood, the stronger the home values and the higher the market values.

You are not seeing the kind of foreclosure action that you are seeing in 94085 and 94089 areas of Sunnyvale in 94087, for several reasons. Some have owned in this area for a very long time.

I have one listing at 1278 Parkington Avenue in Cherry Chase, not on the MLS yet, that is in OK shape but needs a kitchen remodel. We are pricing the listing around $840K although the seller is flexible. I'm very interested in watching what the market does when it goes on the MLS in a few weeks.

In Cherry Chase, the quality of the schools (Cherry Chase, Sunnyvale, Homestead High) will likely keep this area free of foreclosures for the near future. Homes in duress can sell before they foreclose -- there is a 90-to-120-day period where the seller knows he or she might lose his or her house. Because so little is available, we are not seeing many homes last on the market without selling.

Good luck! Please do contact me if you would like a sneak preview of the home on Parkington. It is not on the MLS yet, I am waiting for the owner to move out -- but it is technically available for sale. More is available on my website under "featured listings."

Erica Nelson http://www.EricaNelsonEstates.com
408-416-7090
EricaNelsonEstates@gmail.com
Web Reference: http://www.ericanelsonestates.com
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