Leanna Scott

I have a listing in the Shasta Hanchett Park Neighborhood of San Jose, CA. and I love it! The joy of living where I work is priceless. I got a fantastic $1m listing in my farm area. There's only one seller who lives in a 2,800 square foot loaded with beautiful antique furniture and things. I was able to coordinate, supervise, spear head ("crack the whip"---as my seller put it :-) the preparation of the house to put on the market in 10 days. That's about 30 days worth of work in 10. Because I live just minutes from this home (and I work out of my home), I was able to drop by the house 2-3 times a day to meet with landscaper, window and house cleaners, check in on handyman work, painting and packing. I truly acknowledge my seller for being so respectful of my time and schedule with other clients. He never called and demanded that I drop everything and come over with a minute's notice just because I live so close. I did when the situation called for it but I was able to schedule my work efficiently and wisely.

I set the pace for the work to be done and monitor it like a hawk. In ten days, 70% of the stuff in the house was packed and moved into the garage, the bulk of painting was done, all annoying issues were fixed (i.e., leaky faucet), cleaned from top to bottom, landscaped, power washed and lightly decorated. Doing the decorating myself was one of the fun perks of this listing. Seller has beautiful antique decors for me to choose from and everything came together splendidly. I didn't have to buy anything to decorate but some new linen and towels.

Having 50+ parties come to a twilight tour exclusively for neighbors on a Friday evening was just a joyous and fabulous way to introduce the home to them. I had a table set up in the front yard with an attractive table cloth displaying wine, cheese, crackers, fruits and cookies. Neighbors came pouring in. Many complimented on the look and feel of the home. It was rewarding to see the fruits of my labor being enjoyed by so many people. I slept very well that night when I got home after a 14 hour day spent mostly marketing this lovely home.

Area Summary Report

Summary Statistics

High Low Average Median

List Price: $1,600,000 $517,800 $783,175 $674,500

Sold Price: $1,627,500 $478,000 $787,610 $667,500

Single Family Residential

Sold (Closed Sale)
MLS # Area Address List Price SqFt $/ SqFt DOM Sale Price $/ SqFt

80908493 1274 Randol Avenue $1,600,000 7,200 $222.22 455 $1,627,500 $226.04
81015785 1280 Emory Street $1,049,000 2,090 $501.91 126 $1,000,000 $478.47
81008166 616 Morse Street $800,000 2,008 $398.41 9 $935,000 $465.64
81014063 1324 Randol Avenue $719,000 1,748 $411.33 8 $705,000 $403.32
81020707 175 Tillman Avenue $699,000 1,280 $546.09 74 $685,000 $535.16
81010053 1263 Yosemite Avenue $650,000 1,376 $472.38 130 $650,000 $472.38
81026995 1349 Sierra Avenue $650,000 1,740 $373.56 48 $645,000 $370.69
81032710 1130 Martin Avenue $627,000 1,548 $405.04 165 $624,600 $403.49
81017037 1261 Naglee Avenue $519,950 1,737 $299.34 16 $526,000 $302.82
81037520 1186 Shasta Avenue $517,800 1,282 $403.90 16 $478,000 $372.85

Average: $783,175 2,201 $403.42 105 $787,610 $403.09

Regards,

Leanna at LeannaScottHomes.com

HomePath is a fantastic home loan program for buyers who love to buy a fixer upper and who have very little money for a down payment or want to save their money to fix up the home. Here are the program benefits:

*You only need 3% down. Example-on a $275, 000 home, you need $7,500 in down payment to buy.

*No mortgage insurance premium. This can save you hundreds of dollars a month. Mortgage insurance premium is what you pay the bank to offset the risk to them when you put down less than 20%.

*No property appraisal. This makes getting financing significantly easier than from regular loan programs that require an appraisal (a report of what the current value of the home is based on comparable homes sold in the area). This also saves you the cost of an appraisal which is about $400-$500.

Here's an example of a home payment for a home that qualifies for this program:

$250,000 sales price for a condo or townhome.

2 bedrooms 2 bathrooms

1,000 square feet

monthly HOA fee $275

Interest rate of 4.5%

30 year fixed loan

Monthly Payment (total housing expense) =$1,795.

If you would like to get a list of homes where you can use this loan program, just me a call.

Happy house hunting!

Leanna

If you're a homeowner who's trying to decide whether to go through bankruptcy, foreclosure, or short sale, here are some food for thought:

How long must you wait before obtaining mortgage financing after a bankruptcy, foreclosure, or short sale?

Conventional Loan:

Chapter 7 Bankruptcy 4 years from discharge.

Chapter 13 Bankruptcy 2 years from discharge date or 4 years from dismissal date.

Foreclosure 5 years from completion date.

Deed-in-lieu of foreclosure 5 years from completion date.

Short Sale 2 years from completion

Fannie Mae

Bankruptcy (chapter 7 or 11) 4 years.

Bankruptcy chapter 13 2 years from discharge date or 4 years from dismissal date.

Multiple Bankruptcy Filings 5 years if more than one filing within the past 7 years.

Foreclosure 7 years-after a prior foreclosure to be eligible for a new mortgage loan eliigible for sale to Fannie Mae, unless the foreclosure was the result of documented extenuating circumstances, which only requires a 3-year waiting period (with additional requirements).

Deed-in-Lieu of Foreclosure 2 years-80% max loan-to-value ratios

Pre-foreclosure Sale 4 years-90% max loan-to-value ratios

Short Sale 7 years-Loan-to-value ratios varies.

FHA (Federal Housing Administration-government backed/insured loans)

Chapter 7 Bankruptcy 2 years from discharge date.

Chapter 13 Bankruptcy 1 year from the payout must elapse and payment performance must be satisfactory-buyer must receive permission from the court to enter into a mortgage.

Foreclosure 3 years from completion date.

Short Sale -No time restriction if the borrower was current at the time of the short and all mortgage and installment payments were made within month due for the previous 12 month period prior to the short sale application date, and the proceeds from the short sale serve as payment in full.

-3 years from completion date if default at time of short sale.

Some good news hiding in the bad news this week in the San Jose, Silicon Valley Area. I'm sure if you've been current on this week's real estate update (housing sales dropped, job market didn't grow, etc.), you'd feel like it's all doom and gloom. But there are silver linings! There are at least 2 sides to every story and at least one party who would benefit in any seemingly undesirable situation.

If you're a first time buyer, right now is a great time to enter the market. Lower prices combined with approx. 4.5% rate for a 30 year fixed from from FHA (only 3.5% down) is a steal! Some of my buyers are finding themselves buying a bigger home or a better location relative to 2006, the height of the market.

If you currently own a home and don't want to sell, but want to upgrade to a bigger home, then you have a superb option...rent your current home. The rental market has been going up this year due the increase in people who have lost their home to foreclosure or short sale. They still need a place to live, so they're renting. Renting your currrent home and buying another allows you to enjoy the best of both worlds.