Archive for the ‘Bowers Crest’ Category

New Listing: 2208 Santa Cruz Ave., Santa Clara – Bowers Crest

Thursday, February 4th, 2010

I just listed this single family home in Santa Clara.  This is a Bower’s Crest home.  Its a very simple tract home that I feel was well designed and incorporates many details that you want in a single family home.

The issue with many small older tract homes is the design.  Many homes have living areas in the front and bedrooms toward the back of the home.  The doors enter right into the living room, so every time you open your door you feel like the whole neighborhood can see inside the house.  Also many of these smaller homes have a regular door providing access to the backyard and not a sliding glass door.  These homes are generally dark and have tiny kitchens with limited counter space and cabinetry.

Although this Bower’s Crest home doesn’t have a large kitchen by modern standards it offers plenty of work space for two people to prepare a good sized meal and ample cabinetry for storage.  What I also like is the sliding glass door to the back yard which is adjacent to the dining and living area.  This allows for a lot of light to enter making it a fairly bright home, and sliding glass doors are ideal for back yards access.  Believe me, its not common to find sliding glass doors in many small home tracts, next time you are out home shopping see for yourself.

Other desirable tangibles are the three interior closets, the attached garage, and the quiet neighborhood.  I really feel that this is one of the best lower cost neighborhoods in Santa Clara.

2132 San Rafael Avenue – Santa Clara – Bowers Crest

Wednesday, September 23rd, 2009

2132 San Rafael Ave, Santa Clara - Bowers Crest

Immaculate Santa Clara home in Bower’s Crest neighborhood in Santa Clara.  This home is updated and well maintained and features refinished hardwood floors, updated bathrooms, new fixtures, and six panel doors.

Street: 2132 San Rafael Ave.
City: Santa Clara
Bedrooms: 3
Bathrooms: 2
Price: $525,000
Size: 1,078 Sqft.
Lot: 5,000 Sqft.
Virtual Tour: http://www.santaclaravalleyliving.com/2132sanrafael/
Property Flyer: Property Flyer for 2132 San Rafael by Vinicius Brasil

Challenges in Getting a REO Contract Accepted in Santa Clara

Friday, February 6th, 2009

santa clara reo, santa clara bank owned, santa clara homeThis 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 in good condition, so a little extra work was no big deal for my client.

We submitted an offer at $407,000 and there were 4 other offers at that time.  In this Santa Clara neighborhood alone there were 3 other bank owned properties on the market, the next lowest in price was $461,000 and needed just about the same amount of work.

The response from the seller was a highest and best counter in the form of an email.  For those of you who are unfamiliar with this strategy, the seller comes back to all the interested parties and asks them to submit their highest and best offer.  We responded knowing that this home was under priced and offered $420,000 as our highest and best.  That was 3 days ago and are still waiting for a response from the bank.

Santa Clara Buy of The Year…So Far.

Thursday, January 29th, 2009

santa clara home, santa clara bowers crest, santa clara reo3265 MACHADO AVE, SANTA CLARA

Beds: 3
Baths: 2
List Price: $399,900
List Date: 1/28/2009
Lot Size: 5000.00 SF
SqFt: 1078
Age: 54

Year Built: 1955

School District: Santa Clara Unified

Another great deal being offered by the bank, this time in Santa Clara which isn’t ground central for foreclosures.  $400K will get you this simple 3 bedroom 2 bath home in a nice quiet Santa Clara neighborhood.  This same home sold for around $650K three years ago, albeit in much better condition.  Not much has been done to this Bowers Crest home, but these homes are relatively inexpensive to update.  They feature small bathrooms, but adequate room sizes.  The 3rd bedroom works well as an office.  The living room is large, and kitchen is a meduim sized galley kitchen.  It aslo features a 2 car garage, and some back yard space helps to make it a simple and functional single family home.  At $400K don’t expect to see this on the market for very long.

Santa Clara Home Short Sale

Tuesday, January 27th, 2009

santa clara home, bowers crest, short saleI just got my short sale listing 2122 Ventura Place in Santa Clara in contract.  The sellers and I initially tried to sell the home where the sellers could possible come out clean without a short sale on their record.  As the market deteriorated however, this proved to be an impossible venture and eventually we all agreed that this is the best course.

Now begins the time consuming task of working with the lender, in this case Countrywide Home Loans, to get the short sale approved.  For those of you who are unfamiliar with short sale properties,  short sale occurs when the proceeds from the sale of a home will not cover the loans or liens against the home.  In this situation a seller, in order to sell the home, would have to bring money into closing or negotiate with the lien holders to take less than the amounts owed.  The motivation for the secondary lien holders to negotiate would be to get some money as opposed to none.  In the event of a foreclosure the primary lien holder would take title, and the property would become an REO or Bank Owned.

In many cases it is to the lender’s benefit to work with a short sale as opposed to waiting for the home to be foreclosed.  This is assuming the seller’s are in default and have stopped paying the mortgage.  This Santa Clara home has only one loan which makes the negotiation much easier than dealing with two two loans and possibly two separate lenders.

Now that I have received an offer I can submit it to the lender to get the short sale approved.  I need to provide the lender a summary of the seller’s monthly earnings and expenses.  In addition the lender will also need a copy of the purchase contract, estimated net-sheet, two months of pay check stubs and 3 months of bank account statements.  This is referred to as the Short Sale Package, and different lenders require different items.  Now that I have submitted the package, I will follow up tomorrow to ensure that they received it in its entirety, and wait for the approval.  I will continue to update this blog as the transaction progresses.