Rivermark Homes & Real Estate » Short Sales

Closed Short Sale in Rivermark Park Development

vbrasil — Thu, 27 Oct 2011 19:48:57 +0000

Short sale home deals are closing and good deals can be had by buyers. We just successfully closed escrow on 4536 Laird Circle, a Park Plan 3 town home. The unit was nicely upgraded and sold for $640K. Comparable units are being sold close to $680K in that area.

With little inventory in Rivermark even these short sales are getting quite a bit of attention. The key to closing these deals is just persistence, as lenders are motivated to get these deals done but are bogged down by the volume of short sales and policies designed to prevent fraud.

As a buyer of a short sale home you need to understand that typically these transactions take time and may end up not getting approved. The latter is not as likely some want you to think. Every short sale I have been involved with has been approved. Mainly because the buyer and seller were motivated to make it happen. The bank would create conditions where the buyer or seller would need to bring in some additional funds, and generally something would be negotiated.

The key to having a successful short sale is understanding the motivation of all the parties involved. The seller is motivated to avoid foreclosure. The lender is motivated to also avoid foreclosure. The short sale negotiator is motivated to get these deals closed and get as much money as they can to mitigate the loss. Simply, buyer is motivated to get a good deal. If the buyer isn’t getting a good enough deal for all the hassle and uncertainty then the buyer will move on to the next home.

So often I see short sale deals where there will be multiple offers and the seller will take the highest offer, just to have the deal fall apart a few weeks or months later because the buyer found a better deal or felt it was no longer worth the hassle.

As a buyer sometimes the best deals are when these deals fall through and you are there to jump in as the buyer, for that you need to move fast and have an agent who can inform you as soon as possible.Similar Posts:

Short Sale Rivermark Townhome in Santa Clara

vbrasil — Tue, 29 Jun 2010 05:47:28 +0000

4497 Laird Circle
Santa Clara, CA 95054
3 Bedroom 3 Bath
1,588 Sqft.
2 Car Tandem Garage

Rivermark Townhomes are selling quickly, especially these Park Plan 2 floor plans, which feature 3 bedrooms and 3 bathrooms, with one bedroom at the living room level. This is the only floor plan in the Rivermark development which features a bedroom on the same level as the living room and kitchen level.

The master bath is also spacious featuring dual vanities and seperate tub and stall shower. Eventhough this unit is a short sale it will sell quickly and close. For more questions or showings please contact me.Similar Posts:

Short Sale – Another Wonderful Park Plan 2 Rivermark Townhome

vbrasil — Wed, 20 Jan 2010 22:40:56 +0000

4464 Laird Circle - The Park Plan 2

Rivermark – The Park Plan 2

Townhouse
MLS#: 80945817
List Date: 09/22/09
Price: $575,000
Location: 4464 LAIRD CI, Santa Clara, CA 95054
Bedrooms: 3
Bathrooms Full: 3
Approx. Sq. Ft.: 1588
Approx. Lot Size: 2,178.sf
Approx age: 5

Short sales are still a reality in Rivermark, as I mentioned in my previous posts there are a number of properties still in default and will ultimately result in short sales or eventually REO or bank owned properties. This is a wonderful opportunity for a buyer who may be able to purchase this unit below market. For those opportunistic buyers out there looking in Rivermark you will have to prepare to move quickly on opportunities like this. Expect this property and listings like it to sell quickly with currently low inventory levels.Similar Posts:

Rivermark Notice of Defaults, Notice of Trustee Sale and Bank Owned

vbrasil — Sat, 22 Aug 2009 22:45:04 +0000

Currently in Rivermark there are 17 homes in some form of distress, either owners in default, trustee sales that have been scheduled and properties that have already been foreclosed and are currently bank owned. Out of the seventeen distressed properties, 2 are single family homes and 15 are town homes.

Some of the distressed homes are already short sales pending sale, some are bank owned homes that are listed or pending sale. Leaving about 11 homes that are in some form of distress that may come up for sale.

Conversations with my buyers about foreclosure moratoriums and pent up foreclosures that will hit the market in the coming months just are not the case in Rivermark. As you can see there are only 11 homes left that may eventually come to sale. Keep in mind some of these home owners my successfully modify their mortgages, in a rare occasion they may become current on their mortgage, or eventually opt for a short sale and avoid foreclosure.

If you have any questions about the Rivermark development please call me and I will be happy to assist you.

Foreclosure Lingo:

Notice of Default: Letter sent to party as reminder loan has not been paid; may include a grace period and penalties for failing to cure the default. May lead eventually to a Notice of Trustee Sale.

Notice of Trustee Sale: Non-judicial action in which trustee may auction and sell property secured by a deed of trust subsequent to default in terms and conditions of loan.May lead eventually to a Trustee’s Deed.

Trustee’s Deed: Type of deed issued to buyer at foreclosure by trustee. In this case it is the primary lien holder generally the first primary bank or lender.
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Rivermark, Santa Clara NOD – Notice of Defaults

vbrasil — Wed, 18 Mar 2009 16:23:39 +0000

Currently Santa Clara has 194 Notice of Defaults filled on properties. A notice of default gets filed on a property in Santa Clara County when the owner is behind on the mortgage by 2 or 3 months. This is the first stage of the foreclosure process referred to as pre-foreclosure.

Rivermark Townhome Short Sale

In order remove the notice the owner must make the home current and pay back the mortgage owed.

Newer developments have seen a higher rate of defaults due to the recent sales within the last 5 years of these homes. Home owners are unable to refinance their properties since many owe more than the current market values.

In Rivermark alone there are several short sales and 11 homes that have notices of defaults filed and 7 condo’s in the Miraval Complex. Many of these Rivermark home owners have already engaged in trying to sell their home as a short sale. Others may be attempting to renegotiate with their banks to stay in their houses, others perhaps bracing for foreclosure.

When confronted with this reality the homeowner needs to contact their bank and try to work out a resolution. This is where your persistence will pay off. Lenders seldom give any concessions to anyone let alone a debtor, but if you are persistent and can show hardship and willingness and ability to pay you should be able to modify your loan.

The other avenue is to sell your home short. The process is similar. The bank wants to know your financial situation before it can agree to any deficiency sale. Essentially you have to prove you can no longer afford your home or that you are forced to sell due to relocation or some other factor.

Both of these options have become more viable to home owners, so their is no reason why homeowners should be foreclosing these days.

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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: