Saratoga Fixer Upper
Are you in the market for a Saratoga fixer upper? Do have $2m of cash and lot of patience?
Well, that’s the minimum requirements to be able to flip properties in Silicon Valley including some of the hottest markets such as Saratoga and Los Gatos. Below are the top 5 sources of fixer upper homes in Saratoga:
Craigs List: Some agents and owners market their homes with Criagslist. The challenge with Criaglist is the massive volume of posts that prevents anyone from effectively managing the information posted on it. For instance, if the ower forgets to post their Saratoga Fixer Upper every 3 days, then it will practically disappear. and have taken the initiative to market their own home on CraigsList. But the poor user interface is not an excuse to ignore Craigslist when you are searching for Saratoga fixer uppers.
Auctions: As you know California is a Trustee Sale States where homes that are being foreclosed are auctions at the Court House. But buying homes at auction is not child play and requires serious knowledge of deed, title, escrow and loan seniority. Without such knowledge you could get yourself into serious trouble.
In fact, we have developed series of articles on the potential of winning at auctions in different cities including San Jose, Los Gatos, Los Altos, Redwood City, Milpitas just to name a few that you can read.
Short Sales: Our last San Jose Short Sales which closed this month was approved in 15 days. So, Short Sales are good sources of fixer uppers, but because of the recent rise of home prices, the odds of finding a home seller in trouble with his home loan is slim. But there are more than 4,500 home owners whose Wells Fargo loan is still underwater. Add other lenders to the mix, then you should have a decent size inventory to focus on.
REOs: Even though REOs are selling at market prices, they still represent a decent opportunity for the investors who know how to negotiate with the banks on these sales. But the inventory of Saratoga REOs has declined and it’s rare to find a Saratoga REO. Keep in mind that a lot of Saratoga homes sell at the auction so they rarely become REOs unless the bank set much higher open bids.
FSBO: For Sale By Owner properties can offer decent opportunity to buy fixer uppers. Depending on the condition of the home, you might be able to quickly rehab and flip these homes. Our recommendation is however, to have a Realtor draft the purchase contract and help you with the escrow.
Finally, we also have cash and pre-approved buyers who can close on your San Jose Fixer upper without inspection very quickly. So, Contact Leila if you would like to sell your San Jose fixer upper.