Grace Keng, CRS, e-pro

My buyer bought a Silicon Valley short sale home on January 29,2009. After we agreed to pay $20,000 more than asking price. The bank approved our offer. However, the bank requested the seller to bring $2000 at the escrow. The seller has no money so he started ignoring the listing agent. You can tell the bank never get any money from the seller. Last Tuesday my buyer wired all cash to the escrow account . We are ready to close on last Friday. The title surprised with the news that the seller has a 3rd lien from the bail bond company just one day before the close, We were in dark for many days don't know when we be on title. My question is' "We have a 3 month long escrow. How come the the title company did not know this 3rd lien early? We know the seller usually has the financial problem so he or she cannot make the mortgage but how come the seller went ahead to get himself in trouble and did not pay the bail bond company and kept his month shut to the rest of the world. Today It went through a special recording and we did close. The above short sale photo is from http://foreclosed-sandiego.com/consumer-advice/what-is-a-short-sale/

From last July 1, 2008 there are 93 Sunnyvale REO Homes for sale.

There are 67 out of 93 REO homes sold. Three are only 8 of them active and the rest of them pending. The price range from $375K to $700K. I blog a propert at 1507 BEDFORD AV, Sunnyvale The best part of this home is located within the Cupertino schools district. The West Valley elementary is about 2 blocks away, Cupertino Junior High is close and same as Homestead High school.Those 3 schools combination can be one of the best trio schools inSunnyvale.That home sold for $925K.

That home is listed by RE/MAX RES in Cupertino on 12/19/08 and closed on 03/10/09. That above home was listed as $949,900 and sold for $925K. That home is listed by RE/MAX RES in Cupertino on 12/19/08 and closed on 03/10/09. This home is highest REO home at the same period of time.

This Sunnyvale REO home is currently the highest Sunnyvale REO listing. It is large corner lot with 4 bedrooms 2 baths but the kitchen has all gone! Yes! I mean no kitchen counter tops, no kitchen cabinets and no appliances. The addition of home may not follow the City of Sunnyvale guide line. All the buyers need to contact the city of Sunnyvale building department to check the details.It was listied by Plaza Real Estate

Sunnyvale Calfornia Single Family Homes Market

An overview of Sunnyvale’s Single Family Real Estate market of March 2008 compared to March 2009 shows some interesting economic changes:

1.) The homes inventory rose to 182 this year from last year’s 168.The sold homes are lower from 47 last March to 31 this year.

2.) The average price of Sunnyvale homes this year has lowered to $610,762 from last years’ $953,963. The median price on Sunnyvale homes has dropped from 940,500$ to $520,000.

3.) It takes average 61 days to sell a Sunnyvale home, but last March was 39 days.

With all the numbers that show we have more Sunnyvale homes for sale and less of them actually sold. The average and median price for Sunnyvale homes dropped about 30-40% this year from last March to March. The price dropped due to a lot of lower end homes sold. The following graph shows the Sunnyvale sold price in thousands from March 2008 to March 2009. The above information came from the multiple listing services www.reil.com

The Cupertino Square mall is on the news again. The only three leveled shopping mall in Cupertino of California which is the home of the Cupertino AMC 16, Strike, JC Penny, Sears, Macy...In year 2005 a local group of the investors purchased this mall. It went through a few major renovation since then. In year 2006 Cupertino residents voted against rezoning part of the Vallco property to condominiums. The mall encountered the financial problems due to loss of this expected revenue. Those investors sold the mall to the Orbit Resources, Inc.

The Orbit Resources has visions of infusing Cupertino Square with some elements of a lifestyle center and a focus on entertainment, it is in Chapter 11 bankruptcy from September 2008. According today's San Jose Mercury News that If the U. S. Bankruptcy Court judge approves the plan to re-organize the mall in the hearings on March 16 and April 23 2009, then the Cupertino Square will emerge from Chapter 11 bankruptcy. In this plan, the Orbit Resources, Inc, the mall owner, stuck a deal with the Gramercy and the United Commercial Bank which loaned to the mall $195 million of the renovation in 2006 and is still owed $113.8 millions. A shell company, Newco which is under the Orbit's control, will buy the mall from the Gramercy, UCB and Orbit's investors. The opening offer would be 108.6 million and it would be subject to overbids.

The hot retailer Steve & Barry's and Munich's beloved beer hall are in the Cupertino Square also. There are coupons at the Cupertino Square e-maginzine also.I knew the mall is working very hard to fill the empty especially at this economic down turns.As the long time Cupertino realtor I really like to see the Cupertino Square runs well. The local residents have another place to eat, shop and hang out.

Grace Keng, Silicon Valley real estate agent, (408) 799-8887 creator of www.GraceKeng.com , member of the Silicon Valley Association of Realtors (SILVAR) and memberships in the National Association of Realtors, (NAR),
the California Association of Realtors, (CAR) and PhD of Realtor - Certified Residential Specialist (CRS).

The cover page of Santa Clara Valley Valley Water news said " California is in a drought. We must save water now." This issue shows the saving water tips in home.

1). In the kitchen; Fix the leaky faucet. this simple in expensive repair can save 15+ gallons per day per leak.

2). Install a kitchen faucet aerator in the sink that will save water every day.

3) Only operate the dishwasher when is full. Don't let the water keep running while rinsing.

B) In the Bathroom:

1). Install a low flow shower head and faucet aerator that will save 16 gallons per day per house.

2). Fix a leaky toliet

3). Install a high efficiency toliet and save 25 gasllons per day per toilet.

C) Outdoors

1). Water in the early morning. You can save 20 to 24 gallons per day.

2). Adjust your sprinklers so only your lawn is being watered.

3). Apply a layer of organic mulch around plants to reduce moisture loss and keep weeds down and save 20-30 gallons per day.

There is a FREE new toilets and installation for appartments and businesses throught the Santa Clara County. There is another FREE site evaluations to assist property owners to better manage their landscape water use.

Grace Keng, Silicon Valley real estate agent, (408) 799-8887 creator of www.GraceKeng.com , member of the Silicon Valley Association of Realtors (SILVAR) and memberships in the National Association of Realtors, (NAR),
the California Association of Realtors, (CAR) and PhD of Realtor - Certified Residential Specialist (CRS).