Infinite Investment Realty

Bank of America Cooperative Short Sale

On April 11, 2012, In Uncategorized, by Alan Nguyen

The Bank of America Cooperative Short Sale. The Bank of America Co-op is what Short Sales should be.
■ Low to no documentation from the Seller.
■ Pre-approved pricing with aggressive price reductions.
■ $2,500 cash to the Seller at closing.
■ Full Waiver of Deficiency.
■ 6% Commission.
■ Can be an investment property.
It’s basically HAFA [...]

The Bank of America Cooperative Short Sale. The Bank of America Co-op is what Short Sales should be.

■ Low to no documentation from the Seller.
■ Pre-approved pricing with aggressive price reductions.
■ $2,500 cash to the Seller at closing.
■ Full Waiver of Deficiency.
■ 6% Commission.
■ Can be an investment property.

It’s basically HAFA without all of the paperwork and time delays. One key point is that you want to be sure to go through the Co-op approval process prior to placing the property on the market.
Once you have these things in, the process is very straight forward.

■ List the property at the approved price.
■ Sell it.
■ Upload the contract and HUD into the Equator system.
■ Received the final approval. Usually within 15-30 days
■ Close the transaction.

Please contact me at alan@i2realty.com or call me at 408-835-7743 if you want to do a short sale.

Alan Nguyen, Broker
www.i2realty.com

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Alan Nguyen

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San Jose Short Sale Does Not Rule Out New Purchase

On March 29, 2012, In Short Sales, by Alan Nguyen

If you never missed a payment during your Short Sale, your credit should still be reasonably good and there are banks that likely will lend you money right away. However, most people who complete short sales fell behind on payments, and it takes 2 years before they can get another loan. So if you want to unload your upside down home and purchase a lesser home, you have a choice. Obviously, if you’re paying cash, there’s nothing stopping you from buying a home at any time.

If you have any other thoughts, please email me at alan@i2realty.com or call 408-835-7743

Alan Nguyen
http://www.brokeralan.com

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Alan Nguyen

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Is A Strategic Short Sale for You?

On September 2, 2011, In Short Sales, by Alan Nguyen

Is A Strategic Short Sale for You?
During the height of short sale activities in the past 3 years, I was often trying to qualify sellers to short sale their home and a lot of them did not qualify because they did not have a financial hardship. Starting around this year, I began seeing a [...]

Is A Strategic Short Sale for You?

During the height of short sale activities in the past 3 years, I was often trying to qualify sellers to short sale their home and a lot of them did not qualify because they did not have a financial hardship. Starting around this year, I began seeing a new form of short sale… the Strategic Short Sale.

First, let me define Strategic Short Sale. A Strategic Short Sale is when the owner can afford the mortgage and current on the payment but is upside down on the property and wants to unload it. There is no hardship at all. You make a strategic decision to sell the property and offer your mortgage lender less than what is owned as a settlement of your debt. If your lender accepts your offer, you have just completed a Strategic Short Sale.

So is this the right thing to do?

I do not believe that a Strategic Short Sale is an irresponsible on your part. A Strategic Short Sale is a business decision to try and settle your debt with a creditor. You are not trying to avoid or walk away from it. A Strategic Default is a walk away. You’re walking away from your financial obligation and eventually getting foreclosed on. It is not a smart move. A Strategic Short Sale is negotiating with your creditor. It can be a smart move if you’re hopelessly upside down a lot on your mortgage.

Of course there are negatives on doing a Strategic Short Sale, just like any other regular Short Sale. You will mess up your credit for awhile. Your lender may ask for a cash contribution. You may owe income taxes on the forgiven debt, and you will no longer owning the property.

So if you look at it as a business decision, afterall, you are in the business of looking out for your family’s welfare. Weigh the pros and cons, make the best decision for you and family.

Any Questions? please contact me at alan@i2realty.com or call me at 408-835-7743

Alan Nguyen, Broker
Brokeralan.com

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Alan Nguyen

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Bank of American San Jose Short Sale Improving with New Guideline

On August 17, 2011, In Uncategorized, by Alan Nguyen

Bank of America is making a change in it’s short sale process that could make the transactions easier than ever before. Bank of America now allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale. This means you will no longer have to initiate a new short sale; instead, you can continue with the original transaction in Equator and still work with your same short sale specialist. This change will save you time by not having to repeat a number of process steps.
Statistically, 50% of San Jose short sale contracts the first offer fails because the buyers walk away. The delay’s caused by starting the process all over again with a second offer made things frustrating for the sellers, buyers and their agents. This guideline will save time and I welcome the new change. I hope other lenders will followe Bank of America’s lead and allow short sale agents to work on backup offers if the original offer felt through.

Think about short sale in San Jose and greater Bay Area? Please write to me at alan@i2realty.com or call me at 408-835-7743

Alan Nguyen, Broker
Brokeralan.com

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Short Sale in San Jose Just Became So Much Easier

On August 11, 2011, In Short Sales, by Alan Nguyen

Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to [...]

Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units.

The main point to take home from this Senate Bill is if the first and 2nd Trust Deed Lender agree to the short sale, they’re also agreeing to waive their right to collect on the deficiency balance!

This law is fully set forth as Senate Bill 458 (Corbett) at www.leginfo.ca.gov

Think about short sale in San Jose and greater Bay Area? Please write to me at alan@i2realty.com or call me at 408-835-7743

Alan Nguyen, Broker
Brokeralan.com

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New California Law Against Short Sale Deficiencies

On July 16, 2011, In Short Sales, by Alan Nguyen

In a major victory for REALTORS®, Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units.

Exceptions to the new law include a lender seeking damages for a borrower’s fraud or waste; a borrower that is a corporation, LLC, limited partnership, or political subdivision of the state; a lien secured by a bond as specified; a public utility lien; and additional rules apply if a note is cross-collateralized by more than one property.

This law is fully set forth as Senate Bill 458 (Corbett) at www.leginfo.ca.gov

Think about San Jose short sale? Please write to me at alan@i2realty.com or call me at 408-835-7743

Alan Nguyen, San Jose Shortsale Broker
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Can you finance more than 4 Properties?

On July 30, 2010, In Mortgage News, by Alan Nguyen

The answer is yes you can, but it is a matter of finding a lender who offers the 5-10 properties program.
In 2009, Fannie Mae raised the maximum number of financed properties from 4 to 10. However, most lenders are not offering the 5-10 properties program, even though Fannie Mae says it will buy the [...]

The answer is yes you can, but it is a matter of finding a lender who offers the 5-10 properties program.

In 2009, Fannie Mae raised the maximum number of financed properties from 4 to 10. However, most lenders are not offering the 5-10 properties program, even though Fannie Mae says it will buy the loans. Here is why:

The underwriting of a 5-property-owning is hard work. Paperwork submissions with complex tax returns, rental properties, and other more detail to verify make it rather unattractive. It is no surprise that most banks don’t do it, but a few of the nation’s banks will. You just have to know where to find them.

In order to purchase and finance a home through Fannie Mae with more than 4 existing financed properties, San Jose investors must meet all of the following criteria:

•Own between 5-10 residential properties with financing attached
•Make a 25 percent downpayment on the property; 30 percent for 2-4 unit
•Minimum credit score of 720
•No mortgage lates within the last 12 months on any mortgage
•No bankruptcies or foreclosures in the last 7 years
•2 years of tax returns showing rental income from all rental properties
•6 months of PITI reserves on each of the financed properties

Call me at (408)-835-7743 if you have questions about mortgages with 5 or more properties financed.

Alan Nguyen, Broker

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Refinancing your mortgage

On March 11, 2010, In Uncategorized, by Alan Nguyen

I just refinanced 2 of my three investment properties. I pay the same mortgage but trimmed 6 years off of the previous mortgages. That is over $100K of saving per properties, and my payments to principles are increased monthly. So the question is, is refinancing your mortgage worth the cost?
There’s no hard-and-fast rule; it [...]

There’s no hard-and-fast rule; it depends also on your balance. A 1 point drop on a $50,000 balance wouldn’t be as good as a half-point drop on $500,000.

What you really need to look at is how long it will take you to recoup your refinancing costs. These costs vary by lender and by the amount of your loan. Let’s say you got a $157,000 loan three years ago at 6.25 percent for 30 years. Your payment would be $967, and you’d have a balance of about $150,000.

If you refinanced that at 5 percent, your new payment would be $805. That would be a savings of $162 a month. If your closing costs were $3000, it would take you 15 months to recover your costs. Assuming you planned to be in the house for at least a little more than a year, the refinancing would be worth it.

Alan Nguyen, Broker

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Neighborhood Convenience Store in Hayward

On February 22, 2010, In Business Opportunity, by Alan Nguyen

This convenience discount store carries snacks, candies, soda, energy drinks and coffee, ice cream chest, household items. A Healthy Cash Flow Which Can Be Further Increased By Adding Check Cashing, Paying Of Utility Bills & Western Union, wines and beers.
The store is operated by the owner and his wife, with no employees. The owner [...]

The store is operated by the owner and his wife, with no employees. The owner has health issues and wants to sell. Purchase price includes all of inventory. It’s a cash business. This business is a great opportunity for energetic person with desire to grow and expand.

Please contact Alan Nguyen, Broker for more information on this business opportunity at (408) 835-7743 or email alan@i2realty.com

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California home sales, median price rise in December

On January 27, 2010, In Housing Market News, by Alan Nguyen

Sales of existing, single-family homes rose 1.7 percent in December, while the median price rose 8.4 percent compared with the prior year, according to C.A.R.’s latest sales and price report. The median price of an existing, single-family detached home in California during December 2009 was $306,820, an 8.4 percent increase from the revised $283,060 [...]

“As expected, the large year-to-year sales gains have diminished substantially compared with earlier in the year,” said C.A.R. President Steve Goddard. “However, home sales in December were strong, and were comparable to sales of late 2008. Activity in December can be attributed in part to the extension and expansion of the home buyer tax credit, as well as near-historic highs in affordability due to current price levels and low interest rates.

Alan Nguyen, Broker

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Page 1 of 312 3 »

Infinite Investment Realty

Bank of America Cooperative Short Sale

Alan Nguyen

San Jose Short Sale Does Not Rule Out New Purchase

Alan Nguyen

Is A Strategic Short Sale for You?

Alan Nguyen

Bank of American San Jose Short Sale Improving with New Guideline

Alan Nguyen

Short Sale in San Jose Just Became So Much Easier

Alan Nguyen

New California Law Against Short Sale Deficiencies

Alan Nguyen

Can you finance more than 4 Properties?

Alan Nguyen

Refinancing your mortgage

Alan Nguyen

Neighborhood Convenience Store in Hayward

Alan Nguyen

California home sales, median price rise in December

Alan Nguyen

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