The San Jose, Silicon Valley real estate market is once again heating up. The current housing market frenzy is due to the availability of low interest rate loans, high buyer demand, and a very low number of homes on the market. More and more, buyers are finding themselves in multiple offer situations. A pre-approval letter… Continue Reading
Author Archives: CJ Brasiel
Can a tenant receive relocation assistance in a short sale?
The newly revised guidelines for the HAFA program does allow for tenants or “non-borrowers” to receive up to $3000 dollars toward relocation expenses. The premise being the seller is eligible for the HAFA program and the lender (and or investor holding the note) approve the short sale under HAFA guidelines. This change was made to… Continue Reading
Which Home Addition can increase its resale value?
Q. I just purchased a 900 sq. ft. 2 bedroom, 1 bath home back in April near Los Angeles. I am considering either adding an additional full bathroom off the master bedroom and/or enclosing the patio to make a sun room. My questions are: 1. What is the better addition to make in terms of… Continue Reading
How is the Brickyard Condo complex in San Jose area?
Q. How is the Brickyard Condo complex in San Jose area? I like this complex design a lot. The units have some unique features and different layouts, not so cookie cutter style. I think it is a great space with community rooms available for residents that promote the kind of “live/work” idea. It is a… Continue Reading
What date is valid for starting the contingency period?
Q. We’re buying a short sale. There have been differing points of view from the selling and buying agents, greatly impacting our contingency timeframe. If anyone can offer insight, that would be great. The California Association of Realtors Short Sale addendum form leaves some ambiguity in regards to “acceptance” of a short sale approval is… Continue Reading
Rents heading up. Affordability for home owner ship at 15 year best. Time to buy a home?
The Wall Street Journal reports stronger lure for prospective home buyers with the monthly cost of owning a home more affordable now than at any point in the past 15 years, homeownership is becoming less expensive than renting in a growing number of cities. The Wall Street Journal’s third-quarter survey of housing-market conditions in 28… Continue Reading
My Bank of America short sale offer was accepted. How long until the short sale is approved?
Q -So I just made an offer on a short sale where the seller received a NOD almost 60 days ago. The seller agreed to the terms, so my question is how long do I have to typically wait to see if the seller’s lender disapproves or approves the offer. Their lender is BofA and… Continue Reading
Where are the real estate deals in San Jose?
Recent housing reporting has been all over the place. The price range between $300,000 – $600,000 is still very competitive with some listings going for 101% to 103% to list price. But there are strong indicators that the above $700,000 market is going to start feeling price pressure. Why? When the housing bust started, the… Continue Reading
Risks of extending loan contingencies?
Q. The buyer on my home asked to extend the removal of the loan contingency. What happens if we extend and they still don’t remove the contingency? A. In this lending market, it is not uncommon to have delays regarding loan approval. Sometimes, for no other reason than a back-up on the underwriting side or appraisal… Continue Reading
Shadow Inventory – Myth Busted by Foreclosure Radar.com
The number of “notices of defaults” (NODs) are climbing and climbing. But the reality is the current home buyer is not the one being able to take advantage of these returned homes.… Continue Reading
How’s the Housing Market in Willow Glen – San Jose?
The market barometer that indicates whether or not the Willow Glen area is in a buyer’s market or seller’s market. Currently, there is only about four months of inventory on hand which would lean toward a seller’s market. … Continue Reading