Santa Clara Valley Living » santa clara reo

SANTA CLARA REO HOME FOR SALE – GREAT DEAL

vbrasil — Sun, 24 May 2009 00:15:18 +0000

2338 SAN RAFAEL COURT, SANTA CLARA – SINGLE FAMILY SANTA CLARA HOME REO

Single Family Res

Type: Detached Single Family
Status: Active
List Date: 05/17/09
Price: $474,500
Last Modification Date: 05/18/09
Location: 2038 SAN RAFAEL CT, Santa Clara, CA 95051 (map)
Area: 008 – Santa Clara
Bedrooms: 3
Bathrooms Full: 2
Bathrooms Half: 1
Approx. Sq. Ft.: 1534
Approx. Lot Size: 5,795.sf
Approx age: 51
MLS#: 80924264
Old MLS# (6 digit): 80924264

This bank owned home is a great buy in Santa Clara. Its the popular 3 bedroom 2.5 bath Windsor floor plan in Darvon Park. The home is in move in condition. The kitchen was remodeled some years back, both bath rooms are very client and have new vanities with granite countertops. The back yard is very good sized, the home has expansion options which leave plenty of space in the back yard.

Downsides are that there has been some settling which is typical for these older homes, but this one has a bit more than typical. The roof needs replacement, the windows are old, and the back yard and front yard need some attention. Overall for a price of $475K, this is a good Santa Clara home at a very good price.Similar Posts:

Rivermark Santa Clara- REO’s & Short Sales

vbrasil — Sun, 15 Mar 2009 18:04:39 +0000

It’s no surprise that any newer developments in the Santa Clara County as of the past 5 years are going to experience a high number of Short Sales and REO or Bank Owned properties. Rivermark in Santa Clara is no exception.

Rivermark Townhome Short Sale

Rivermark is a master planned community developed in 2002 by Lennar, Centex and Shea Homes encompassing over a 1500 single family and town home units. Also around the Rivermark development is the Miraval Homes Luxury condo development and Mission Gardens single family homes, townhomes, and condo’s.

Many of these units have resold in the last few years since their initial releases, leaving some home owners at peak prices resulting in short sales and no opportunity to refinance.

Currently in the Santa Clara Rivermark location there are 14 condo short sales and 1 bank owned condo. There are no single family short sales or REOs at the moment.

Miraval Condo

A good portion of these short sales are in the Miraval Condominium Complex. Miraval is a Luxury condo complex providing nicely appointed units with great amenities in the complex. Currently there are 5 short sale units for sale in Miraval. One bedroom units starting at $280K and 2 bedroom units at $400K.

As for the Rivermark development currently there are only townhomes availables. Which says alot about Rivermark and the fact that the single family home values have not been hit too hard. Many times buyers offten ask what is a better investment a townhome or a single family home. As you can see single family homes rarer in Rivermark have held up very well so var with all the market pressures.

For a list of active short sales and bank owned properties in the Santa Clara Rivermark area follow the link below.

Rivermark Short Sale TownhomesSimilar Posts:

Experience in Buying an REO in Santa Clara & San Jose

vbrasil — Fri, 06 Feb 2009 15:18:12 +0000

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 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.

The other property was in the San Jose East Valley. A 3 bedroom two bath home listed at $225,000. There are a number of REOs (bank owned homes) in this part of San Jose. Most need quite a bit of repair and have unpermitted additions, converted garages and all sorts of code violations. A unique characteristic about this San Jose REO is that it only had a garage conversion that could easily be converted back. Other than the garage conversion the home was very close to move in ready and was certainly the best home in that area of San Jose for the price.

This San Jose REO received a total of12 offers. We are currently awaiting response from the bank. This experience is very common as active buyers in Santa Clara County that are targeting these REO deals have slim pickings for homes that do not require too much repair. As a result, they often get quite a bit of interest when priced low and will often sell at market prices. This is not to discourage you from trying, rather to set your expectations on pursuing REOs.

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Buy of the Year So Far

vbrasil — Sat, 31 Jan 2009 02:01:42 +0000

3265 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

Neighborhood: Bowers Crest
School District: Santa Clara Unified

Another great deal that being offered by the bank. $400K will get you a simple 3 bedroom 2 bath home in a nice quiet neighborhood. This same home sold for around $650K three years ago. Not much has been done to it, 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 medium sized galley kitchen. A 2 car garage, and some back yard space make it a simple and functional single family home. At $400K don’t expect to see this on the market for very long.

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