Homeowner Short Sales with H.O.A.'s - Know what you are responsible to pay...

If you have a Silicon Valley property that you are considering selling because you are unable to make the house payment for whatever reason. The banks & lenders are definitely accepting short sales and eating the losses on their mortgage notes with many homeowners. In most short sales the bank/lender will take whatever the market will pay for your home and they also will cover the Property Taxes and Escrow fees as well. This is a huge relief to the homeowner but you can not walk away with 1-cent of profit from the transaction. Also, you are 100% personally responsible to the Homeowners association (HOA) for all your monthly fees and any special assessments that have been issued prior to the sale of your home.

Short Sales and Bank Owned Properties (commonly referred to as REO's) are still the majority of all listings throughout Santa Clara County.

I consider myself as an expert in this 'Short Sale' and 'Bank Owned (REO)' properties.

Please feel free to contact me with any questions...

Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085

Happy Halloween!

Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085

Haunted House at St. Joseph's of Cupertino School

This is an excellent family event put on by the 8th grade students & parents. Their is also Games, Pizza, drinks and a Movie for all to enjoy.

The event cost are down right CHEAP!

$3 for the Haunted House (3 trips through are included)

$3 for a large slice of pizza (Cheese & Pepperoni)

$1 drinks

$0 for the Movie - 'Monster House' on a large projection screen

When: Saturday October 25th from 7:00-10:30

Where: St Joseph's of Cupertino

10120 North DeAnza Blvd., Cupertino, CA 95014

(at the corner of Steven's Creek & De Anza Blvd)

I hope to see you there!

Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085

Detailed Real Estate Market Statistics for Santa Clara County

These are the most up to date, extensive real estate market statistics broken down by city and even down to zip code for the larger cities. The real estate statistics are all updated weekly.

Real Estate Market Statistics includes both Single Family Homes and Condo/Townhouses as separate charts.
The statistical charts include: Median Price, Inventory, Average Days on Market, Median Market Action Index (Buyer vs. Seller Market), Median Price Per Square Foot, Quartiles (broken in four segments), Summary of latest data at the top of each page.

Click Here to visit this website. Don't forget to bookmark this one.

Sample Chart: Sunnyvale Real Estate Median Home Prices by zip codeThis is a section of my website that is currently being updated with much more information so please come back to see all the new features over the next few weeks.

If you are looking for something that I don't currently have please let me know and I will do all I can to provide this information to my ThomasonTeam.com website.

Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085

Great Downtown Sunnyvale House For Sale!

$815,000
for a 5-year new house located just 2.5 blocks from downtown Sunnyvale that is currently under a major renovation. This home is in a very quite neighborhood with a private backyard with a fountain. Original owner that took maticulous care of this home as it feels like a brand new home. Completely landscaped, Granite kitchen counters, open floor plan that is extremely light & bright throughout. I Hope to see you this weekend.

Virtual Tour with Floorplan: Click Here

Open House Sat & Sunday October 18 & 19 from 1:30-4:30

Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085

Has the Value of Your Silicon Valley Home Declined?

Get property tax relief now and likely for years to come!

If you have purchased a home in Santa Clara County in the last few years and you think your assessed value has declined, you may be eligible for a property tax reassessment under California's Proposition 8 (Decline-in-Value Reassessment). I have provided a link to go directly to the Santa Clara County Assessor's Office, Proposition 8 Temporary Assessment Relief, More Information. This site has all the detailed information that you will need to see if you qualify and to submit a form to the county assessor to have your property taxes adjusted appropriately.

Check your County Assessor property tax bill to see if they have assessed your property too high.

Please take action if you qualify!

Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085

MORTGAGE UPDATE
Are you interesting in buying a property but don't have much money for a down payment? There are programs available for qualified buyers. Here is some information that may help you get into your own home.

Conventional Financing
Wells Fargo offers financing up to 90% of the purchase price for a conventional conforming loan of $417,000. This means that you can purchase a property for $463,333. There are some ifs, ands, or buts with this, though. Most lenders, including Wells Fargo, are reducing loan to value ratios of the offered programs by 5% if the property is in a declining market, which in some cases means that you may need to come in with a 15% down payment. Mortgage insurance is required as well.

CalHFA
CalHFA has their own underwriting guidelines, so please call me to see if this program will work for you.

The California Housing Finance Agency (CalHFA) has recently retracted many of their loan programs. The 30 Fixed Rate Mortgage is still available, and at a rate competitive with current traditional mortgage rates.

CalHFA Program Snapshot

• First Time Homebuyers Only (cannot be on title for the prior 3 years)
• Primary Residence Only
• Loan Program: 30 year fixed rate mortgage
• Purchase Price Limits (existing resale properties: $729,750)
• Income Limits ($127,320 for households with up to 2 people, $148,540 for 3+ people)
• Down Payment Assistance (income limits apply from $88K up to $167k depending on number of people in the household).
• Some city down payment assistance programs available (city's may offer their own programs with their own guidelines).
• Mortgage insurance required on loans greater than 80% loan to value.
• Maximum loan to value: 95% and (up to 102% when combined with down payment assistance from CHDAP and other city down payment assistance programs).

FHA
FHA has a complex set of underwriting guidelines. It is difficult to determine whether or not a client will qualify until all aspects of the transaction are known. Please call for more information.

FHA Program Snapshot

• First Time Homebuyer status not required.
• Loan Programs: Wells Fargo offers the 15 year fixed rate, 30 year fixed rate, 3 year ARM, 5 year ARM (other lenders may offer the 1/1, 7/1 and 10/1 ARMs, Wells Fargo does not offer these at this time)
• Purchase - Primary residence only, up to 97.15% loan to value up to $729,750*.
• Minimum investment = 3% (downpayment and closing costs)
• Refinance - Rate and Term
• Refinance - Cash Out: up to 85% loan to value for loans up to $729,750*, and up to 95% loan to value for loans up to $417,000.
• FHA allows renegotiated 2nd liens to be subordinated behind a new 1st FHA loan. Loan to value limits apply.
• Mortgage Insurance required on all loans.

* The higher loan limit of $729,750 expires on 12/31/08. The new loan limit is expected to be $625,500.

Please do not hesitate to call or email me with any questions you may have.

Sally Audet
Wells Fargo Home Mortgage
CELL: 408-981-1089
EMAIL: sally.audet@wellsfargo.com
WEBSITE: www.wfhm.com/sally-audet


I'm Mark Thomason and I support this message!
Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085

Web Cam on the New Mary Ave Walking Path Over Hwy 280

If you haven't seen this suspension walking path currently being built over highway 280 Connecting Sunnyvale & Cupertino. You need to check out this web-cam, it also has a pretty cool time-lapse feature that you can select at the top left side of the page. This is taking still shot pictures at about 15-20 intervals.

The walking path is being built to allow easier access to Homestead High School in Sunnyvale to the residents of Cupertino that belong to that school district. The homeowners and residents have been asking for this for many years. This will also help with students accessing De Anza College from the Sunnyvale side as well.

Click Here to take a look yourself, don't forget to click on the 'Time-Lapse'.

Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085

Foreclosure filings slowing down in California or are they?

The Notice of default filings with the county recorders office are what mark the beginning of a home foreclosure process have fallen just over 60 percent in September compared to August and fell about 36 percent compared to the same month last year in California.

The California Senate Bill 1137 in which seeks to reduce foreclosures in the state by requiring lenders to reach out to homeowners prior to initiating foreclosure proceedings, requiring a waiting period, and other provisions. It seems to of had a chilling effect on foreclosures in the state in September. BTW...Good luck getting your lender to take or return your call. Lender's are buried in paperwork and are unable to create the time to resolve issues until they are on fire. This senate bill is pretty much a joke as the lender's don't have the staff to really address the concerns of the consumer. I would love to here that someone has had success because of this bill.

But the slow-down is very likely to be short-lived as this may just be delaying (not stopping) many Notice of Defaults from being filed with the county. Let's see what happens in the next few months. Then we will have a realistic understanding if things are getting better or not.

Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085

MORTGAGE MARKET INFORMATION

The markets (stock, bond, mortgage, currencies, precious metals, you name it!) continue to be extremely volatile. The Mortgage Bankers Association reports that the current weekly purchase index declined by 1%, while refinances rose 12%. Average rates for the previous week rose to 6.47%, up from 5.99% for 30 year fixed rate mortgages. Apparently, everyone jumped on the bandwagon when the rates dipped.

Mortgage rates are driven by the pricing that occurs in the Mortgage Backed Securities market (MBS), which normally moves in the opposite direction of the stock market. That pattern has been broken by the current economic situation. Pricing of MBS fell when today's economic data was released along with the DJIA drop of 400 - 500 pts. In more normal times, investors would seek a safe haven by rushing into safer investments such as treasuries, bonds and MBS when the stock market declined. Keeping an eye on the MBS pricing data is the best way to see what's happening with rates but with our current whipsaw market activity, it's hard to tell what will happen next (for example, pricing ranged from -8/32 to +20/32 in the first 4 hours of trading today).

LENDING UPDATE

With the continued volatility in rates, many people are choosing to get their loan application underwritten and await the next downturn in rates. This makes a lot of sense because there is an absolute flood of applications submitted when rates fall resulting in very long underwriting lead times . The best plan is to submit the application, get underwriting approval, and float the rate until it dips.

Did you know that the higher conforming loan limit of $729,750 will expire on 12/31/08? All loans using this temporary loan limit must fund by 12/31/08. A rush of borrowers seeking this program is expected as we near year-end, so get your application in as early as possible if your situation requires the higher loan amount.

What will the conforming loan limit be after 12/31/08? The new conforming loan limit of $625,500 is expected to be ratified by Fannie Mae, Freddie Mac, and FHA in November. I'll keep this blog updated on the status of the new loan limits

Why are loans taking so long to fund? Many people seeking financing are amazed at the scrutiny given to every detail of their financial situation. Underwriting guidelines now require full disclosure and that every aspect of the application is solid (income, assets, and credit). Appraisals are reviewed. Documentation is being validated through independent sources (ie, going directly to the financial institution to verify balances, pulling IRS transcripts to verify W2's/income). This is why underwriting is taking so long (especially when there is an influx of loan applications due to a dip in rates).

Are you interested in finding out what your refinance options are in this market? Are you considering purchasing a home and need to know what you are qualified to purchase given today's dynamic lending environment? Please call me. I'm available to help you navigate this market!

Please feel free to contact me if you have any questions regarding the information provided here.

Sally Audet
Wells Fargo Home Mortgage
CELL: 408-981-1089
EMAIL: sally.audet@wellsfargo.com
WEB: www.wfhm.com/sally-audet




Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085

The stock market still can't find the bottom

We went well below 9000 today, almost getting to 8500! This is crazy...

I know we are all in disbelief of the financial world collapsing in almost every possible way around each of us. I can't see how anyone is shielded from the effects of this economic melt down.

After adding about 150 points early on, the Dow Jones Industrial Average is at 8,579.19, -678.91, -7.3% to close today. Another record low! When will the bleeding stop?

What does this all mean to our Silicon Valley Real Estate investments? More on this issue when I can answer the question.

Let's hope tomorrow brings all of us a brighter day!

Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085

Things to do this weekend...
If you are struggling on what you can do this weekend, I have put together a things to do this weekend that might help you out.
Click here to view the information.

Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
www.ThomasonTeam.com
408.850.3085

Sunnyvale Downtown Redevelopment Project

Get up to date on all the progress that has been made on the Sunnyvale real estate downtown development project. Click Here

Check out the live web cam that is over looking the construction. Once on this site you will need to click on the "Live Camera" button on the top right. Click Here

Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085

Here's a chart of the Median Home Prices for the different zip codes in Sunnyvale over the past year (click on the chart to display a larger one). We'll be posting more charts for other cities to this blog.