San Jose Distressed Property Market Report

San Jose Single Family homes

Active Short Sale Listings:  371

Active Bank Owned Homes: 77

Pending Short Sale Homes: over 578 (mls stops counting at 500 and there are more than 500 San Jose Short Sales waiting for bank approval, 41 bank approved waiting for buyer to remove contingencies, and 338 just waiting to close)

Pending Bank Owned Homes: 127

Sold Short Sale Homes, Last 6 months 378

Sold Bank Owned Condos/Townhomes: 378

That is an amazing coincidence!

San Jose Condo Townhomes

Active Short Sale Listings: 166

Active Bank Owned Condos:  78

Pending Short Sale Condos/Townhomes: 578

Pending Bank Owned Condos/Townhomes: 104

Sold Short Sale Condos/Townhomes:  210

Sold Bank Owned Condos/Townhomes 314

So, if you add up all the short sale activity there are/were 2281+ for short sales and 1078 bank owned transactions.

My conclusion: even there has been a lot of press recently about how foreclosure filings are up in California right now short sales are dominating the distressed property market in the city of San Jose.

If you have any questions about short sales or foreclosures anywhere in Santa Clara or San Mateo Counties please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales

What Happens If I Want to Buy A Palo Alto Condo and There are MOre Than30% Rentals?

Buying a condo can be complicated. There are many things a buyer and lender will look at to determine if it is the right place to buy and if the lender feels it is a safe investment.  Some of the considerations for the lender are:

1. How many delinquent HOA dues are outstanding?

2. How many recent foreclosures or short sales?

3. Is all of the needed insurance in place for full replacement?

4. How well funded are the reserves?

5. Is there any outstanding litigation?

6. And now a very important question is what is the percentage of owner occupied to rental units?

If you are trying to buy or sell a condo in a development with higher than 30% rental units and the loan is going to be sold to Fannie Mae, then they will want to do a full approval of the HOA before agreeing to make the loan. This will take about 3 weeks after they receive all the HOA documentation, so you will need to be patient.

If you are the seller it is a good idea to have your realtor order the HOA docs as soon as possible and if you are the buyer make sure your lender gets started on this right away.

And for both parties, understand and accept that this may take longer than expected so plan accordingly.

If you have any questions about buying or selling condos in the Silicon Valley please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales