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 How do we purchase this Cupertino bank owned home without stove? 

Pay all cash to buy it.

Apply for 203 rehab loan : the qualified home needs to be 1-4 units, owner occupancy, and the maximum mortgage amount cannot exceed 100 percent of after-improved value.

Is there any risk of buying a Cupertino bank owned home or REO home? Yes! Don’t  pay too much to buy it and don’t spend too much to fix it.

Grace Keng,  Silicon Valley realtor who cares for the client’s need. want to know more about her…this is just part of her  Grace Keng qualification . Cupertino Ca Bank owned home deal this week can read more at www.santaclarahomestoday.com or http://www.stopforeclosuressanjose.com

We're sorry, but we couldn't find MLS # 81107324 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Buying bank owned homes strategy

This Sunnyvale bank owned home 418 S. Mary Ave was sold quickly with over 20 offers. The asking price is $420,750 and the sold price probably will be over $550,000.

How to buy a good deal of bank owned own homes, you need to follow the following rules:

1). Price and initial deposit. The price is major issue. If you only qualify to buy $430K and try to put an offer to buy a home for the asking price then you will be disappointed. The asking price is like a teaser price which is not the reflect the real price.You need to ask the your agent to run an Comparable Market Analysis which will show the current value that include of homes on the market, pending sales and sold homes in the neighborhood.
The May home’s comps  shows over $600K with good condition. This home’s condition is marginal with non-permitted remodeling work. You need to put a correct purchase price with 3% initial deposit.

2). Contingency period: This the period of time for buyer to inspect the home and find a real estate loan . Don’t take longer then 15 days to do those activities.

3). Close the home to be within 30 days after acceptance. The bank usually likes the home to be close within 30 days All cash offer will be the best to them.

Grace Keng of RE/MAX Real Estate Services DRE#00919545 the members of the National Association of Realtors, (NAR),the California Association of Realtors, (CAR), and the Silicon ValleyAssociation of Realtors, (SILVAR),  MLS listings Services, (REIL).

The new buyers will assume all the responsility. If the neighbors complain to the city for this addition. then  the city  building code inspector  would decide if the structure stays or goes. Some of the cities will require the buyer to convert the garage back as an orginal garage. Some cities will allow you to  retrofite up to the current building code and issue you a code compliance.

Buying a Unpermitted alternation homes do have some risk involved.

• Finding a good realtor: A good realtor will help you find the home and assist you to submit the offer.
• Prepare the financial statement: Unless you can pay all cash home then you need a direct lender to write a pre-approval letter . You meet with a few lenders to find out one can offer you the best interest rate and term and just work with one.
• Determine the market value of the home: Ask the realtor to prepare a Market Analysis for this home. You use the current available homes, pending homes and sold within 1 years near by homes. Don’t low ball the home. Usually the bank owned home are low. If you think you can still negotiate on top of them you will not get it.
• AS IS condition: Most of the bank owned homes sold “AS IS” condition and without seller’s disclosure either. It is very important to allow yourself time to inspect the home before you commit to buy. That means what you see is what you get. The biggest rish of buying “AS IS” condition home: there are hidden damage to the home. It could be the broken foundation, leaky roof, or unpermitted addtion etc.  You need to look carefully before you submit an offer.

• Sweeten the deal: You may shorten the inspection period. Offer to pay half the title insurance cost. Make sure the buyer’s agent follow what  requirement was set up by the listing agent. If the listing agent required using BOA to qualify you, you have to do so. This home a work sheet is required, then your agent has to prepare the work sheet.

I found this Sunnyvale Bank owned home in CA is interesting.

555 BALSAM AV, Sunnyvale CA94085.It is a 3 bedrooms and 2 baths home with pretty good size (1425 sf) was listed for the price $429,900 and it is listed today by Susanne D. Gomez of Coldwell Banker. Last time is was sold on October 16, 2006 it was sold for $696K. It short 3 years the home value has dropped $267K for about 35% of the original value. I found out the homes under $455K about 90% of them are either short sale or REO home (bank owned home).

A lot of Silicon Valley buyers are timing the market to buy into the real estate. I think the time is now. Last month I have one client bought a San Jose single family home for $250,000. He is very happy to buy a home at the low point of the market. I noticed the real estate market is very active for lower end as $500,000. Those homes sold quickly with mutiple offers. My another buyer puts an offer to a San Jose home asking for $355K. In a week the seller received 13 offers and the best offer has forwarded to the bank.

You can use the this link to research the homes price and market etc. http://activerain.com/blogsview/1061060/Real-Time-Market-Data-What-Do-You-Offer-Your-Readers

As I research the real estate market. I found other realtors report for other market.