“Buying/Selling Real Estate in Today’s Market: What You Really Need to Know”

Guest Speaker: Real Estate Attorney Julia Wei

Date: July 11th, 2009

Time: 11AM to 12PM

Q&A/Refreshments to follow!

Description: The number one mistake made when negotiating a residential real estate transaction is when participants lack understanding of the responsibilities of all of the parties and their representatives. Learn how to negotiate a state-of-the-art sales transaction from A to Z.

Dedicated Seminar Room

Location: KAPOWICH REAL ESTATE

RSVP ~ Complimentary Event

Art Filled Seminar Room

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408.245.7700

404 East Evelyn Avenue

Downtown Sunnyvale!

(3 Blocks East of Historic Murphy Avenue)

KAPOWICH REAL ESTATE is a leading real estate brokerage for buyers and
sellers in Silicon Valley, providing an unparalleled level of research, education
and service. The father/son team has extensive experience in single-family
and townhouse/condo buying and selling. Their specialty is “move-up” and
“down-size” transactions for clients who wish to sell a home and buy a
replacement simultaneously.

Q ~ We sold our house in August 1998. Before the sale, an inspection
of the bathroom floor revealed some water damage. The inspector
did not find structural damage. We replace the vinyl and wood under
the floor. Later the inspector cleared the bathroom and the buyer
signed off on it. In June this year, the buyer returned and said the
work was unsatisfactory. He wants us to pay for additional work.
Should we?

A ~ If you completed the work, the termite company only states the
home is free of infestation and will not warranty any of the workmanship
or materials. Your contract should hold your answer. Did the contract
have a repair clause? If so, did it say all the work must be completed by
a licensed contractor, using good materials, workmanship, building codes
and permits? Did the buyer have a right to inspect the work and approve
the completed results? Home sellers often try to save money on repairs
that often come back to haunt them. More than 90 percent of real estate
disputes involve buyers going after sellers in a case similiar to your own.
Let your contract be your guide.

by Pat Kapowich, Broker/Owner
Excerpted from the San Jose Mercury News, SJMN

Do you have a question for the new real estate Q&A Market Wise column in the SJMN? If so, please email them to: info@SiliconValleyBroker.com

by Ryan Kapowich

The May 2009 Completed Sales Report for Zone 9, Central San Jose Single-Family Homes saw a closing of 48 sales receiving 96.89% of list price. These closings represented a median price of $324,000 and an average price of $345,955. There were 83 new listings reported reported for May.

May 2009~ Zone 9 Condos/Townhouses had 33 closed sales receiving 98.04% of list price. These closings represented a median price of $359,100 and an average price of $343,501. There were 31 new listings reported for May.

Total Sales: $11,335,544

May 2009~Single-Family Homes in Zone 9 had an average of 48 DOM and 98 CDOM. Condos/Townhouses had an average of 33 DOM and 93 CDOM.

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

KAPOWICH REAL ESTATE is a leading real estate brokerage for buyers and
sellers in Silicon Valley, providing an unparalleled level of research, education
and service. The father/son team has extensive experience in single-family
and townhouse/condo buying and selling. Their specialty is “move-up” and
“down-size” transactions for clients who wish to sell a home and buy a
replacement simultaneously.

The May 2009 Completed Sales Report for Saratoga Single-Family Homes saw a closing of 19 sales receiving 94.15% of list price. These closings represented a median price of $1,515,000 and an average price of $1,502,404. There were 57 new listings reported reported for May. Total Sales: $28,545,688

May 2009~ Saratoga Condos/Townhouses had 3 closed sale receiving 97.97% of list price. These closings represented a median and an average price of $446,000.There were 5 new listings reported for May. Total Sales: $1,393,000

May 2009~Single-Family Homes in Saratoga had an average of 19 days on market (DOM) and 80 cumulative days on market (CDOM). Condos/Townhouses had an average of 3 DOM and 161 CDOM

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

KAPOWICH REAL ESTATE is a leading real estate brokerage for buyers and
sellers in Silicon Valley, providing an unparalleled level of research, education
and service. The father/son team has extensive experience in single-family
and townhouse/condo buying and selling. Their specialty is “move-up” and
“down-size” transactions for clients who wish to sell a home and buy a
replacement simultaneously.

Excerpted from the San Jose Mercury News, SJMN

Market Wise Column
Saturday, January 3, 2009

Q: We made an over-list price offer on a short-sale listing that was still occupied by the sellers. Our offer collected dust for more than seven weeks on the desk of the lender’s loss mitigator. Frustrated, we pulled our offer. Sure enough, the poor family went through the foreclosure process. Now it’s been relisted as a “bank owned” home with a different realty company for $30,000 less. once again, we put in an over-list price offer, which is also collecting dust on someone’s desk. What is going on?

A: Loss mitigators supposedly know all about real estate financing and can help prevent a foreclosure. They think they are saving their bank thousands of dollars in additional losses on the disposal of each property by employing deft negotiating skills.

Unfortunately, every day these individuals convince the real estate community and their clients that they actually cost banks big money. Their delays result in losing the best buyers and sale prices, which also repeatedly create lower prices in a given neighborhood. The vanguard of this housing mess was the army of commission-only loan officers who were handing out the bank’s lousiest loans. This resulted in the lender’s having to pay for outside asset management companies or in-house loss mitigators. It is bad business to engage in risky lending. It’s also bad business for the banks that should have hired a small force of better-trained loss mitigators. Had they done so, neighborhood values would have improved and so would the bottom line of lenders.

by Pat Kapowich

Excerpted from the San Jose Mercury News, SJMN

Market Wise Column
Saturday, January 3, 2009