Kapowich Real Estate

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Market Wise Q&A: Why Would Buyers ask for Repairs on an As-Is Sale?
November 15th, 2010 · No Comments

Pat Kapowich for the San Jose Mercury News
Q: We sold our home in a multiple-offer situation. The offer we chose had an “As-Is” contract. Now, after the buyers had inspections conducted, they are asking for a list of repairs to be completed. We’re both shocked and dismayed. Is this a tactic buyers use to get into contract knowing full well they will renegotiate when the other buyers have moved on?

A: Yes, but not always. In any case, buyers are typically rushed through a purchased contract and are often unpleasantly surprised at the terms and conditions of their offers. So asking the buyer’s agent, “What part of “As-Is” did your buyers not understand?” will be met with a blank stare. In all fairness, the contracts used today have a mechanism where buyers can ask for repairs during the inspection period of a sale.
Many sellers who own homes that appear in good condition, particularly ones without pre-sale inspections, are caught off guard by negative items noted in buyer inspections. Complicating matters, seller’s reps often do not provide their clients with realistic expectations concerning “As-Is” or “Present Condition” transactions prior to entering the market. If they had, sellers would be more likely to fully inspect and disclosure their properties. That’s one more way to reduce the chances of renegotiation when the seller is supposed to be packing

By Pat Kapowich, SiliconValeyBroker.com owns Kapowich Real Estate in Cupertino. E-mail questions to him at pat@SiliconValleyBroker.com

→ No CommentsTags: Buyer & Sellers · Distressed Properties · Market Wise Q&A in SJMN

Silicon Valley Real Estate Housing Sales for the Cities of Sunnyvale, Santa Clara and Campbell ~ October 2010 ~ Stats, Pics & Graphs

The October 2010 Completed Sales Report for Sunnyvale Single-Family Homes saw a closing of 28 sales receiving 100.36% of list price. These closings represented a median price of $748,000 and an average price of $700,232. There were 68 new listings reported for October. Total Sales: $19,606,516

The October 2010 Completed Sales Report for Santa Clara Single-Family Homes saw a closing of 36 sales receiving 99.06% of list price. These closings represented a median price of $592,500 and an average price of $601,137. There were 68 new listings reported reported for October. Total Sales: $21,640,21,640,950

The October 2010 Completed Sales Report for Campbell Single-Family Homes saw a closing of 10 sales receiving 96.78% of list price. These closings represented a median price of $732,750 and an average price of $756,100. There were 25 new listings reported reported for October. Total Sales: $7,561,000

October 2010 ~ Sunnyvale Condos/Townhouses had 17 closed sales receiving 96.22% of list price. These closings represented a median price of $560,000 and an average price of $486,342. There were 28 new listings reported for October. Total Sales: $8,267,815

October 2010 ~ Santa Clara Condos/Townhouses had 17 closed sales receiving 98.18% of list price. These closings represented a median price of $390,000 and an average price of $400,787. There were 35 new listings reported for October. Total Sales: $6,816,388

October 2010 ~ Campbell Condos/Townhouses had 10 closed sales receiving 98.17% of list price. These closings represented a median price of $492,000 and an average price of $487,700. There were 15 new listings reported for October. Total Sales: $4,877,000

October 2010 ~Single-Family Homes in Sunnyvale had an average of 60 Days on Market (DOM). Condos/Townhouses had an average of 50 DOM.
October 2010 ~Single-Family Homes in Santa Clara had an average of 45 DOM. Condos/Townhouses had an average of 103 DOM.
October 2010 ~Single-Family Homes in Campbell had an average of 56 DOM. Condos/Townhouses had an average of 103 DOM.

KAPOWICH REAL ESTATE derives many benefits from its memberships in the National Association of Realtors, the California Association of Realtors, the Silicon Valley Association of Realtors, and the Santa Clara County Association of Realtors. Not the least of which is their statistical information on real estate transactions.

→ No CommentsTags: Buyer & Sellers · Market Stats & Graphs

Carol’s Studio
KAPOWICH REAL ESTATE is a proud sponsor of The Association of Clay and Glass Artists of California is dedicated to establishing and maintaining high standards of craftsmanship and design in clay and glass. The ACGA began as the Association of San Francisco Potters in 1945. We now have over 500 members including clay and glass artists, students, patrons and supporters, galleries, network organizations and corporate sponsors from throughout California.

→ No CommentsTags: Buyer & Sellers · Support Local Artists

Real Estate Attorney Anthony Ventura speaks out on Distressed Properties ~ Part 2 of 2 ~ Program #173 of Kapowich on Real Estate
November 14th, 2010 · No Comments

# 173 Anthony Ventura ~ Kapowich on Real Estate produced by Pat Kapowich on WellcomeMat
Tony Ventura is a real estate attorney representing buyers, sellers and real estate professionals in residential and commercial real estate matters. In his practice, Tony represents clients in litigation disputes in both civil actions and arbitrations. Tony also serves as a counselor to his clients providing transactional and corporate advice. Tony also counsels individuals in foreclosure sales, short sales, and loan modifications. Tony also represents real estate professionals in administrative actions filed by the Department of Real Estate.
Tony has learned from his clients that, whether serving as a litigator or counselor, his clients want an attorney that quickly responds to questions with a legal analysis and options to consider. In his litigation practice, Tony provides his clients with a preliminary legal analysis of the case that includes an estimated budget and available options so that his clients can determine strategies and goals from the inception of the dispute. In transactional matters, Tony analyzes contracts and the legal issues involved so that clients can close the deal or decide to walk away. Tony performs these services in accordance with his clients deadlines and prides himself on his responsiveness to clients questions.
Miller, Morton, Caillat & Nevis, LLP

→ No CommentsTags: Buyer & Sellers · Distressed Properties

Emergency Preparedness: How often do you think about emergencies or disasters? by Anastasia Ellis SERVPRO of Santa Clara

How often do you think about emergencies or disasters? Maybe after it happens to someone else, but other than that, probably not very often. Taking just a few steps can give you the tools to help ensure your family and your business stay safe.
According to the 2009 Citizen Corp National Survey, only 36 percent of individuals believed there was a high likelihood of a natural disaster to ever happen in their community. But disasters happen every day in many different forms from hurricanes to earthquakes, and even localized events such as floods and power outages. Many people think that it will be easy to grab items from your pantry if disaster strikes. But what if you arent at home? What if your family is separated? What if you have to leave quickly? What about your elderly neighbor? The Ready Campaign and Citizen Corp encourage you to take few extra minutes to plan for any emergency. Emergencies will happen, but taking action now can help us minimize the impact they will have on our lives. SERVPRO of Santa Clara provides help to individuals, families, and communities to be prepared for any disaster. Make a plan, put together an emergency supply kit and stay informed. Together we can make strides to help ensure our loved ones stay safe.
Please review your emergency supply checklist.
Recommended Items to Include in a Basic Emergency Supply Kit:
Water, one gallon per person per day

Manual can opener
Battery operated radio, preferably a NOAA Weather Radio with tone alert and extra batteries
Flashlight and extra batteries

Plastic sheeting, garbage bags and dust tape
Wrench or pliers to turn off utilities, if necessary

Important documents such as copies of insurance policies, identification and bank account information

→ No CommentsTags: Buyer & Sellers · Seniors and Real Estate Issues

Market Wise Q&A: Why Weren’t We Informed of the Details of the other Offers, too?
November 9th, 2010 · No Comments

Q: We lost out on a property to a competing buyer. We noticed after the closing of the sale that the sale price and closing date were identical to the terms in our purchase offer. That cannot be a coincidence. Could the seller’s agent disclose our offer to competing buyers and their agents? If so, why weren’t we informed of the details of the other offers, too?

A: Welcome to residential real estate. Experiencing the unsuccessful end of negotiations can be unsettling, especially if a buyer feels unfairly treated. The seller’s agent has numerous techniques to deal with buyers’ agents with regard to ratification of a home sale. Some methods are more amicable than others, including sharing the details of a competing offer. All the more reason why seller reps must provide well-mannered open lines of communication at all times. The most successful negotiations result when the “losing” buyers and their reps know they were treated respectfully at every juncture; something a skilled negotiator can do effortlessly.

Real Estate Attorney Anthony Ventura speaks out on Distressed Properties ~ Part 1 of 2 ~ Program #172 of Kapowich on Real Estate

# 172 Anthony Ventura ~ Kapowich on Real Estate produced by Pat Kapowich on WellcomeMat

→ No CommentsTags: Buyer & Sellers · Distressed Properties · Experts Interviewed ~ Videos

Market Wise Q&A: Why Did a Listing Agent Ignore His Own Offer Deadline?
October 31st, 2010 · No Comments

Q: We were prepared to wait almost a week to make an offer on a property because the listing agent said offers would be reviewed Wednesday at 4 p.m.. The day before the offer deadline, the home was designated a pending sale on the Multiple Listing Services consumer Web site. We thought we were upset, but our buyers agent was absolutely livid. Our agent complained to the listing agents managing broker who apparently couldnt care less.
Is such behavior by the listing agent acceptable; or is this unethical sequence of events punishable by some governmental agency?

A: If both licensees are members of all the local, state and national associations of Realtors, then your buyers agent can file a grievance against the sellers agent at the local level. If the grievance has merit it will be forwarded to a Professional Standards Committee for a hearing where all parties will be present. If a licensee is found in breach of the Realtor by-laws or code of ethics, he or she can be fined and/or have their membership suspended or revoked.
Real estate attorneys agree that the listing agents actions would not warrant a legal action or a hearing at the Department of Real Estate. However, that said, many licensees will bring a real estate attorney to a committee hearing.

De Anza College Class with our Guest Speaker Real Estate Attorney Peter Brewer!
October 29th, 2010 · No Comments

Buying & Selling Distressed Properties
Managing Risk, Expectations & Results with Lender Controlled Properties
Guest Speaker: Real Estate Attorney Peter Brewer
Buyer and Seller Beware: Only prepared buyers and sellers should enter into transactions involving distressed properties. Short sales, pre-foreclosures and foreclosures are fraught with potential missteps and ramifications that are normally not found in an already stressful situation ~ the buying or selling of a home. Banks have become more aggressive toward buyers, sellers and their representative. Learning all sides of a transaction is paramount when negotiating, especially when the banks have loss mitigation departments that are overwhelmed and/or ill prepared.

Dealing with Multiple Lenders
Real Estate Attorney Peter Brewer is a specialist in lending, escrow, title and bank controlled properties. Pat Kapowich is the Broker/Owner of Kapowich Real Estate in Cupertino. Pat is also a contributor to the Saturday Q & A column Market Wise in the San Jose Mercury News.

→ No CommentsTags: Buyer & Sellers · Classes/Forums/Seminars · Distressed Properties

Real Estate Attorney Jonathan Bishop comments on Buyer Mistakes ~ Kapowich on Real Estate #166

#167 Kapowich on Real Estate w/Attorney Jonathan Bishop produced by Pat Kapowich on WellcomeMat