Correct link...good news on the housing market and where we are headed

http://bit.ly/sOfqb1

Some good news on South Bay home prices

http://bit.ly/rPuhk7

South bay making news with increasing projected home prices. Would love your thoughts...

Auction experience Part Two

As the "bike messenger" announced the various properties, in every neighborhood from Saratoga to South San Jose, no one bid on the properties.  So when no bids were received the bank just took the property back and the foreclosure sale was complete on those properties.  That happened with 99% of the list.  However, when the home my client was interested in was announced, there were three different bidders.  The auction bids started at 245K and the winning bid was 245,100.  The bidder did not have to go higher and that lucky investor won the property.  As my client went largely to see how the process worked he did not move forward on the bid.  I would still be cautious before investing in an auction home unless you have done a previous title search.  It can be costly to clear secondary liens and tax liens and those must be cleared or satisfied for title to be clear and to transfer title to a subsequent buyer in a flip. 

If you are an investor with a team of rehab specialists and with some title support, then an auction may be a good option.  My advice, gather as much information on the property prior to auction and then move forward with eyes wide open. 

Thoughts...?

 

One-Hour Improvement Projects

http://aol.it/vXEROT

"I always like to see a front door with a fresh coat of paint. It makes a home really welcoming. Just sand down any old lumps or peeling paint patches, then brush on some exterior paint (semigloss) in a color that stands out."

What to do with the Pumpkin that remains...Squash and Pumpkin Soup

http://bit.ly/tldIcx

There are so many beautiful (and strange-looking) squash at the market right now. Sure, they’re great for a table centerpiece for Thanksgiving, but why not cook with them as well? Turn acorn, butternut, fairytale (yes, fairytale) and more into a delicious fall soup. Add in some pumpkin and you’re cooking the best of what fall [...]

Buying a home at auction...different experience

I accompanied an investor client recently to the courtroom steps in downtown San Jose.  He had his eye on a Victorian that was going to auction.  The home was recently sale pending at a price of $300,000 but the bank was auctioning the home for $245,000.   The experience itself is one worth noting.  As there are many steps in the process to buying a home at auction, I will be sharing the process in several blogs and would love to hear of anyone else's auction experiences.  As a Realtor, this is not our stage, but many of my clients are now purchasing at Auction and then holding the properties as investments or selling them for a profit (aka flipping). 

When we arrived we were the only ones at the back of the courthouse downtown and there was no indication that this was the place.  After awhile, a gentleman who looked like a bike messenger joined us.  He did not indicate that he was the auctioneer, a competing buyer or otherwise.  He just showed up.  As 10am approached, the auction hour published by the trustee...several more people arrived, it was a very eclectic group.  At 10am, the "bike messenger" opened a black notebook and announced that he would read the properties for sale at auction that day, and he told us quickly that a prospective buyer would need to present good funds, a cashiers check, for the exact bid amount.  As a Realtor, this was all a bit suspicious, this did not appear to be a person licensed to sell or auction Real Estate, no business cards, no name tags, no company reputations to give us any sense of security.  Yet, my client was expected to present his cashiers check to this gentlemen and then be prepared to take ownership immediately.  There are no disclosures, no title reports, no tax statements, Nada!    I suppose that goes against my grain as the details are the key to protecting my clients.  Stay tuned for more of the auction experience.  Again, I welcome your comments.

A Few Tips for Homeowners Before You Begin the Short Sale Process:

http://bit.ly/w4V79d

  As a homeowner you should carefully consider your options as soon as you experience challenges when it comes to your financial ability to  maintain your home (see “Know Your Options” on this website).  Many of the  options are geared … Continue reading →