Recipe for a good deal:
Find a development that was completed 4 or 5 years ago. A majority of the properties in the development will be underwater, where values are below mortgages. You can expect that there will be defaults in some cases these complexes have higher rates of default than other complexes. This will cause the supply [...]
This week I submitted two offers for REO properties for two separate clients. One was a single family 3 bedroom 2 bath home in Santa Clara that was listed at $400,000. The home was in poor condition but the price reflected it. My experience with REOs (bank owned properties) is that they are seldom i [...]
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I always review the Santa Clara County home sales at the end of the week by checking the pending sales. This is a good way of checking the strength of the market in terms of buying activity. I usually compare from the previous year’s figures to gauge performance. It appears that 2009 has started out [...]
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Most Foreclosures Not On The Market
The flood of new foreclosures might ebb for a while as major lenders GMAC, Bank of America and JP Morgan Chase suspend filings in 23 states due to sloppy procedures.
But like a finger in the hole of a broken dam, these actions — and any possible political reactions — are unlikely to stop the pressure [...]
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