141 Red River Way, San Jose

Status: 
9/3/10: First day on the market.
9/11/10: Open house on 9/11 and 9/12 has been cancelled. We apologize for the inconvenience.
9/13/10: Received 2 offers.
9/16/10: Received a total of 4 offers.
9/20/10: Received a total of 6 offers. Sellers should be responding to offers by the end of the day.
 
Showing Info: 
Seller request to show on 9/14 from 6:00-8:00 PM only. Please do not disturb sellers.
 
Disclosures:
Since this is a short sale, no inspections were conducted by the seller. However, the disclosures can be retrieved by visiting the following site:
 
Offer instructions:
The deadline to submit an offer is Friday, September 17, 2010 at 5:00 PM. The property is a short sale with 2 loans (Both from Wells Fargo). Seller may not counter so please email your highest & best offer to homes@TRArealty.com. Include the following with your offer:
 
- buyer’s proof of funds
- copy of the earnest money deposit check to Old Republic Title
- loan pre-approval from a major lender
- short sale addendum.
 
 
Tran, Rullamas and Associates has an experienced team of agents who have successfully negotiated and closed many short sales. Our philosophy maybe different than that which you are used to and therefore, we have created this outline to assist you in deciding if making an offer on this listing is right for you. If you are not able or willing to follow these guidelines, DO NOT make an offer on this property. If you have questions regarding any of these requirements, please feel free to email us at homes@trarealty.com and he will be happy to answer them for you.
 
Tran, Rullamas and Associates
(888) 810-4482
 
We are looking for COMMITTED, QUALIFIED and PATIENT Buyers as well as COOPERATIVE agents representing them. We accept ONE offer to submit to the bank, so please make your highest and best offer (especially if there are multiple offers). We report the property a "pending sale" upon acceptance. This assures the Buyer that we are also committed to a successful closing and they will not fear being bumped out by other offers without an opportunity to match or beat a higher offer that should come in after the property is reported a pending sale.
 
If your Buyer intends to make offers on other properties, DO NOT MAKE AN OFFER ON THIS HOME! We require an earnest money deposit to be deposited into Escrow at Old Republic Title Company. If your buyer does not want to have their deposit money deposited, DO NOT WRITE AN OFFER ON THIS HOME! A minimum of 1 % deposit or $1,500 (which ever is greater) will be required upon acceptance. An increased deposit to 3% of the sales price will be required upon bank(s) approval of the short sale.
 
REQUIREMENTS FOR SUBMITIING YOUR SHORT SALE OFFER:
  1. Use a CAR Contract Only (CAR form RPACA 4/10) - PRDS will not be Accepted.
 
·         Clause 1D - Close of Escrow - do not put a specific date. Put in the total number of days as needed.
 
·         Make earnest money deposit payable to Old Republic Title Company.
 
·         Be sure Clause 3(C) is completely filled out with maximum interest rate, loan terms, etc.
 
·         Clause 3(G) - provide verification of down payment and all funds necessary to close escrow with your offer (i.e. current bank statement).
 
·         Clause 5(B) - Occupancy shall be delivered at 5:00 pm on COE.
 
·         Clause D(6)- Do not ask the seller to pay for a Home Warranty.
 
·         Property to be sold in AS-IS CONDITION.
 
  1. You must include a Short Sale Addendum  (CAR form SSA 4/09)
    • Clause A - put a date in of at least ~ 60 days out.
 
    • Clause B(1) - Time Periods - check box (ii) that time periods will begin the day after the Seller delivers to Buyer written notice of Short Sale Lender's consent.
 
    • Clause B(2) - DO NOT check clause B2(ii) - we require an earnest money deposit on all Short Sales!
 
  1. Selling Agent will need to submit Cooperating Broker Compensation Agreement and Escrow Instructions (CAR Form CBC 4/08)
 
    • Check the box on 3A (iv) - "Short Sale Confirmation of Compensation in MLS" with the offer.
 
4        Your offer must include a Buyer Pre-Approval Letter with all the loan officer's contact information listed.
 
·         Lender Name, Loan Officer Name, Address, Email and Cell Phone and Direct Line phone numbers.
 
5        Selling Agent and Buyer must be patient during the process The timeline to navigate through the bank's processes can and will vary. But in general, the process will take between 45-90 days to get approvals.
 
6        Once we have accepted the best offer with a fully committed Buyer that shows the greatest chance of closing escrow, we will immediately report the property on the MLS a "pending status".
 
7        If another offer comes in after an accepted offer is received, we will only consider it if it's higher than the accepted offer at which time, we will go to the first Buyer and give them a chance to increase their offer If they choose not to, we will submit the higher offer to the bank.
 
8        We will update the Selling Agent on the progress of the negotiations every 7-14 days via phone and email.
 
 
If you have any other questions or concerns, please feel free to email us at homes@trarealty.com.