Q. Is there any chance of selling a home in east San Jose (between Story and Tully of Mclaughlin) and getting anything for it?
There is no doubt the East Side is suffering in this market. There are a lot of short sales and foreclosures in the area you mention and that has had a huge effect on prices in the last 6 months. If you take a look at ForeclosureRadar.com you can see up to 20 houses around your location that are in pre-foreclosure or foreclosure. Unfortunately, foreclosures will be playing the biggest role in prices for next period of time.
Whether or not you can get the money you owe out of the home in this market is going to depend on the actual street and surrounding neighborhood, the presentation of the home, and of course -how much you owe. If you purchased your home after 2004 it will be difficult to get the monies back.
Most important is to sit down with a couple of Realtors and see how they value the house. The only way to know what your house is really worth is to talk to professionals in the area. I would be glad to help you evaluate the home.
Got a real estate question? Talk to CJ!