No, sorry, there aren’t a lot of distressed homes for sale in the Saratoga and Los Gatos areas. Would be bargain hunters email me regularly, hoping to find lots and lots of short sales and bank owned (REO – real estate owned by the bank) houses for sale in high end west valley neighborhoods.
There just aren’t many of them!
As of today, in Los Gatos (95030 and 95032 zip codes) and Saratoga (95070) , there are 185 single family homes (houses, perhaps a few “duet homes”) for sale. Of the 185, a mere 14 of them are distressed properties (6 bank owned, 8 short sale). That is just 7.5%! For those who want Los Gatos or Saratoga Schools (not Campbell, Union, or Cupertino), the odds are even worse. Only two of those homes go to the Los Gatos-Saratoga High School District. (Prices of all distressed properties currently available in these areas range from $699,000 to about $3 million.)
There are some good deals to be found in addition to this very small pool of bank owned properties and short sale listings in Saratoga and Los Gatos. Often the best deals are found among homes which have been on the market a long time but aren’t selling due to cosmetic issues. Homes which need changes such as fresh carpet, paint, or “easy” updating and remodeling (like new countertops, light fixtures, etc.) can be the best bargains around, particularly if the seller is truly motivated. So don’t lose heart – just broaden your strategy a little and you’ll be far more able to locate a suitable home.