Sunnyvale Real Estate Blog

Hey Gary! Hey Robert! Can you help me do a short sale?

Can you help me do a short sale in Sunnyvale? You bet we can; in fact, we’ve been certified as experts! A short sale occurs when the sale price of home will be insufficient to pay off the loans on the property (this is also known as being “upside down”). In a short sale, we negotiate with the lender, on the seller’s behalf, asking them to accept less than the full amount owed to them.

Why would a lender consider it? To save time and money.

Let’s say the seller has lost his job, and can no longer make the payments on his loan, or his adjustable rate loan has adjusted upward and he can’t afford the higher payment. For instance, we’ll ask the lender to accept $50,000 less than the amount owed in order to allow a sale to go through. If the alternative is for the lender to foreclose, and we can show them it will likely cost $100,000 or more to do it, many times they’ll consider it, and we can prevent a “foreclosure” from being stamped on the seller’s credit report. If you know of anyone who might need our help on this, please have them give us a call or send an email!

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Alliance Title Company Closing It’s Doors

Alliance Title Company announced on Dec. 13, 2007, that it is shutting down all 230 of it’s offices in California, including the Corporate offices here in Santa Clara County. The “unofficial” word is that they’re merging with Financial Title Company. This closing is further evidence of the slow down in real estate sales here in Sunnyvale and and elsewhere around California.

The SV Home Team has been using Alliance Title for most of our closed transactions in the Sunnyvale area. We would like to assure our clients that this closing does not affect the title policies issued by Alliance Title. Alliance Title and Financial Title are both owned by the same parent company, Mercury Companies, Inc. The underwriter of the title policies will not change.

Alliance Title employs many wonderful people, who are good at what they do; the SV Home Team is confident these employees will be picked up by either Financial Title or one of their competitors, and we wish them the best.

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