Buying or Selling a Santa Clara Probate Sale: Don’t Let Little Things Get Blown Out of Perspective

My most recent Santa Clara probate sale has some issues.  The home is old and dated. I did as much staging and cosmetic fix ups as possible, but it is still old and dated.  The windows are single paned, the hardwood floors need refinishing, the bathrooms have old tile and one has only a bathtub and no shower, and to top it off the owner died in the house.  This is very bad luck for many of the buyers in this neighborhood.  After three weeks on the market we got a signed contract. The average marketing time in this neighborhood is 47 days.  The home had just had a price reduction and the offer was for full price at that reduced price.  Needless to say I was ecstatic. However, a few days after the contract was signed the buyer was at the house and for some reason got very worried because there was no key for the door from the garage to the side yard.  The executor of the estate only gave me one key and I was not sure if it opened that door or not.  The realtor said we had to give them a key before closing escrow.  The next day I went to the house and discovered the front door key opens that door as well. However, before trying it I told her if it did not work I would get a new key for that door.  Problem solved.

So what was really the issue here? These buyers are purchasing a Santa Clara probate sale which must be sold “As-Is”  They were willing to accept the condition of the house and the fact that there was a death on the property. However, for some reason the small issue of the key rubbed them the wrong way. This is very common in all transactions. I was guilty of it myself once when selling my own house. A $200 issue made me crazy. The real issue is that this is a huge financial transaction, and since you have so much at risk and many things that are out of your control, whether you are a buyer or a seller, it is easy to focus on a small issue where you do have some control.

But the real truth is that these buyers are getting a Santa Clara Probate for a great price and my sellers are getting a home they need to sell to settle the estate and all of the tax advantages for selling now.  So these smaller issues need to acknowledged for what they are, solvable. Someone will step up and be the grownup, hopefully one of the realtors, and let the principals move on with their major goals. This is an emotional time for all parties so do not be surprised if some small problem takes on a life of its own.

Marcy Moyer

Keller Williams Realty

marcy@marcymoyer.com

www.marcymoyer.com

650-619-9285

Silicon Valley Short Sales: How Can They Help The Seller?

Silicon Valley Short Sales: How Can They Help the Seller?

If you are a seller who is behind in your house payment, or are about to be you may be wondering what are your options and which is best for me.  Let me start out by saying that I am not trying to give legal or tax advice.  It is always best to ask a lawyer or accountant about your options.  But as a Santa Clara County short sale realtor I can offer some broad strokes that may apply to your situation.

If you can not afford your mortgage you can:

• Try to get a loan modification.  You can ask your bank to lower your interest rate, decrease your principal, or lengthen to time period for your loan.  Please keep in mind that you need to qualify for the new loan. So, if you can not afford your mortgage because you lost your job, you probably will not qualify for a loan mod because you will not have enough money to pay your mortgage.
• If you do not qualify for a loan modification you can attempt to short sell your home.  You can sell your home for market value and if current market value is less than your mortgage the bank may agree to take less than what they are owed.
• You can stay in house until you are foreclosed and the bank evicts you or offers you a deed in lieu of foreclosure.

So what are the advantages of a short sale for the seller?


Here are a few:

• There is going to be a hit on your credit, but it is usually less than what it would be with a foreclosure.
• You can buy a house again usually within 2 years instead of the 5-7 years you have to wait after a foreclosure.
• If you can negotiate with your bank about not pursuing a deficiency judgment  if they have a legal right to do so. With a foreclosure the bank does not negotiate on this point. Also, since the house will be in better condition if it is a short sale rather than a vacant foreclosure it will sell for more and the deficiency will most likely be less.
• If you are foreclosed it may affect your security clearance which can affect some jobs.

So, if you, like so many millions of other people are having trouble making your mortgage payments, it is a good idea to talk to a Santa Clara County short sale realtor and discuss your options and what might be right for you.

Marcy Moyer

Keller Williams Realty

marcy@marcymoyer.com

www.marcymoyer.com

650-619-9285

Open House This Weekend! Location, Location, Location...

Welcome to this lovingly upgraded 2 story Midtown Palo Alto townhome in a fantastic location.  

Exterior View 

OPEN HOUSE THIS SATURDAY AND SUNDAY, 

September 25th & 26th,  1-4 PM.

OWNER PAYS YEAR OF HOA DUES

This home boasts pergo flooring throughout the home, corium kitchen counters, stainless steel appliances, a built in entertainment center, granite faced fireplace, granite vanity top in the half bath, and a spectacular back patio and deck. 

Additionally there is a large kitchen, separate dining room, step down living room, and three bedrooms plus 2.5 baths. The complex has all new hard scape with gorgeous walkways and planters.  


There is also a pool and spa, and underground parking with an elevator to the main level. The HOA fee of $575 covers exterior maintenance including the roof, painting, pool, and landscaping, water and garbage, and earthquake and fire insurance.  

Fantastic schools include Palo Verde Elementary, JLS Middle School, and Palo Alto High School (buyer to verify.) 

Come see this gem, you will not be disappointed!

Why I Love Almaden

I have some clients who want to buy a home in Campbell or Cambrian in the $750 to 900K range.  We have been looking about a month and they have not found anything that fits all of their criteria.  So, being the flexible realtor that I am, or strive to be, I went to look in Almaden Valley. It has been a couple of years since I have looked at houses there and I forgot how much I like it. It is beautiful with wide street, gorgeous mountain views, and lush landscaping.  I was struck by how much nicer the neighborhoods fell than in the more crowded cities like Santa Clara or Campbell. I was also struck by the relatively good values you can find in Almaden.

I looked at a number of homes on Oak Canyon  and Cerro Verde among others and for eight hundred to nine hundred thousand you can get 2500 square feet, nicely remodeled homes on 7,000 to 9,000 square foot lots.  The schools are excellent and recreational and cultural amenities abundant. And the scenery is breath taking.  

My clients agreed.  I do not know if they will end up buying one of the homes they saw today, but they loved what they saw and were very happy to be exposed to this lovely community.

Santa Clara CA Open House This Weekend: A Great Home in a Great Location!

Front View

OPEN HOUSE THIS WEEKEND

Saturday September 16th 1-4

Sunday September 17th 1-4

Are you looking for a home in an idyllic neighborhood with great schools, close to conveniences, and with plenty of recreational activities?  

If so, the 3126 Ryan may be the home you have been waiting for. Here you will find 3 bedrooms including a master suite, 2 bathrooms, and separate family room, living room, and large eat-in kitchen plus a fully landscaped 6,000 square foot lot, attached 2 car garage, and a place to make wonderful memories.  





There are hardwood floors in the living room and 3 bedrooms, pergo in the family room, a new kitchen counter and floors, new dishwasher, and fresh interior paint. The excellent Santa Clara Schools include Sutter Elementary, Buscher Middle, and Santa Clara High. (buyer to verify)  


The neighborhood includes a swim club, ample shopping, and is convenient to major transportation routes.  

Don’t miss out on your opportunity to live the “California Dream.”

Palo Alto CA Open House This Weekend: Owner Pays a Year of HOA Dues!

Welcome to this lovingly upgraded 2 story Midtown Palo Alto townhome in a fantastic location.  

Exterior View 

OPEN HOUSE THIS SATURDAY AND SUNDAY, 

September 16th 1-5, & 17th, 1-4PM.

OWNER PAYS YEAR OF HOA DUES

This home boasts pergo flooring throughout the home, corium kitchen counters, stainless steel appliances, a built in entertainment center, granite faced fireplace, granite vanity top in the half bath, and a spectacular back patio and deck. 

Additionally there is a large kitchen, separate dining room, step down living room, and three bedrooms plus 2.5 baths. The complex has all new hard scape with gorgeous walkways and planters.  


There is also a pool and spa, and underground parking with an elevator to the main level. The HOA fee of $575 covers exterior maintenance including the roof, painting, pool, and landscaping, water and garbage, and earthquake and fire insurance.  

Fantastic schools include Palo Verde Elementary, JLS Middle School, and Palo Alto High School (buyer to verify.) 

Come see this gem, you will not be disappointed!

The Sophie’s Choice for the Short Sale Seller (My apologies to Meryl Streep)

Elizabeth Weintraub, Short Sale Guru, wrote an amazing blog about the short sale process from the seller’s perspective.  

She discusses the issue that when the buyer walks they do not lose anything and can go on and buy another house, but the seller potentially loses everything. They can try to get another buyer and another stab at selling the home, or they could get foreclosed. Getting fore-closed is getting to be the more likely scenario as many banks are refusing to postpone the foreclosure trustee sale or auction once the date is set.  Since so many sellers wait to initiate a short sale until they are really unable to make their payments and are close to foreclosure it does not give them unlimited time to go through the short sale process. Some banks are getting the sales through quickly, but others are still taking many months, especially if there are multiple investors on the loan.

There are two different groups of buyers who are interested in short sales. One is the all cash investor looking for a good deal for future appreciation or current rental cash flow. The other is the end user buyer who is going to live in the home.  There is a lot of debate over which one makes a better buyer.  Some of the pros and cons  for the seller are:

Investor Pro: 

• All cash so can close faster once short sale is approved
• Do not have to worry about buyer not qualifying for loan
• Not going to live in the home so can usually wait for approval

Investor Cons:

• Sometimes the all cash does materialize (they lose it in the stock market or their investor partner says no)
• They find a better deal and walk
• They have no emotional attachment to the home and will only buy if the numbers work for them so if the bank says no they may not budge even a few thousand dollars

End user buyer Pros:

• They want to live in the house so may be more committed to paying what the bank demands if they qualify
• They picked this home out of many others so there is probably something about this home that they want and it is not just a numbers game. This could possibly make them more committed to stick out the waiting period.

End User buyer cons:

• They may need a place to live and not be able to wait for the bank’s answer
• They may not understand the nature of a short sale and have only agreed to buy because they thought it was a good price for what they want.
• They may not get the loan

So what is the seller to do when faced with choices as to whose offer to sign and send to the bank?

There are no guarantees in this business, but there are some things that can help a seller keep a sale together.

Things to do before putting the home on the market that help:

• GET INSPECTIONS.  I know this is difficult financially but someone should put up the money to have a property and termite inspection.   Since the buyer needs to buy the house as is, and many are unwilling to do the inspections before the bank gives approval if the seller or the agent get them done a head of time it is to everyone’s advantage. That way after the bank does give approval there is not another battle of what has to be fixed and how that factors into the price offered and accepted.
• If your home has problems that could make it difficult to get a loan then tell the potential up front .

Things to do after the seller gets an offer:

• Have an open escrow. If the potential buyer will not put money into escrow for a deposit they are unlikely to stick around if the process is delayed.
• Ask for the property contingency to be removed 2 weeks after the offer is signed by the seller.  Make sure that the buyer is ok with the property so that the transaction does not fall apart after the  bank approval due to dry rot, a broken heater, or some other problem. If the buyer is not willing to do that they may not be the right one for the property.
• If there is a loan make sure the agent speaks with the buyer’s lender and that they produce an approval from the bank that is actually making the loan. Unfortunately too many people have been burned by some mortgage brokers issuing pre-approval letters that were not worth the paper they were written on.  If the buyer wants to use a mortgage broker who is unfamiliar with the agent then ask for an approval from a direct lender as well.

None of these things will guarantee that the buyer never walks but these steps do help weed out the buyers who are not great candidates for short sale purchases.

So back to who is better, an investor or an end user.  My personal experience is that a well qualified end user buyer is more likely to stick it out, but when these steps are followed, the difference is not that great.

PALO ALTO CA Open House This Weekend! Location, Location, Location...

Welcome to this lovingly upgraded 2 story Midtown Palo Alto townhome in a fantastic location.  

Exterior View 

OPEN HOUSE THIS SATURDAY AND SUNDAY, 

September 11th & 12th, 1:30-4:30.

This home boasts pergo flooring throughout the home, corium kitchen counters, stainless steel appliances, a built in entertainment center, granite faced fireplace, granite vanity top in the half bath, and a spectacular back patio and deck. 

Additionally there is a large kitchen, separate dining room, step down living room, and three bedrooms plus 2.5 baths. The complex has all new hard scape with gorgeous walkways and planters.  


There is also a pool and spa, and underground parking with an elevator to the main level. The HOA fee of $575 covers exterior maintenance including the roof, painting, pool, and landscaping, water and garbage, and earthquake and fire insurance.  

Fantastic schools include Palo Verde Elementary, JLS Middle School, and Palo Alto High School (buyer to verify.) 

Come see this gem, you will not be disappointed!

A Great Home in a Great Neighborhood: Santa Clara Ca Open House This Weekend

Front View

OPEN HOUSE THIS WEEKEND

SUNDAY September 12th 1:30-4:30

Are you looking for a home in an idyllic neighborhood with great schools, close to conveniences, and with plenty of recreational activities?  

If so, the 3126 Ryan may be the home you have been waiting for. Here you will find 3 bedrooms including a master suite, 2 bathrooms, and separate family room, living room, and large eat-in kitchen plus a fully landscaped 6,000 square foot lot, attached 2 car garage, and a place to make wonderful memories.  





There are hardwood floors in the living room and 3 bedrooms, pergo in the family room, a new kitchen counter and floors, new dishwasher, and fresh interior paint. The excellent Santa Clara Schools include Sutter Elementary, Buscher Middle, and Santa Clara High. (buyer to verify)  


The neighborhood includes a swim club, ample shopping, and is convenient to major transportation routes.  

Don’t miss out on your opportunity to live the “California Dream.”

I See Dead People or Why is a Probate or Trust Sale Like an REO?

My sister in law as executor of the estate just sold my mother and father in law’s house.  She chose a realtor who lived in the neighborhood who also was an reo realtor without a lot of reo inventory right now. (Not an unusual situation)  She turned out to be the perfect agent for the job because of her REO background.  She took a home that was filled to the brim with things that no one in the family wanted, had it cleaned out, trashed out, secured,  on the market at an aggressive price, and sold in 2 weeks.  I couldn’t have done better myself, except I would have staged it, but that is a separate story.

Getting a probate or trust sale ready for market is very similar to an REO.  When a homeowner dies his or her personal property must be disposed.  Things of value need to be appraised for tax purposes and are distributed accorded to the terms of the will, or in the case of no will sold and the money distributed according to state law.  There is often much left over that is not of value and someone needs to trash the home out, much the same way as an REO home is trashed out.  This job is often left to the realtor. The home will almost always be vacant, and again the realtor will need to make sure it is secure.

While probates and trusts do have some differences in the technicalities of sale from an REO, many of the disclosure exemptions are the same.  The executor is exempt from the  transfer disclosure, the seller’s questionnaire, the smoke detector requirement, and signature on the natural hazard report, but not exempt from providing the report.  If the realtor knows anything about the property he or she does have a duty to disclose anything that is material.

Homes that are sold through probates or trusts are very often not perfect.  There may have been a death on the property or there could have been many years of deferred maintenance when the owners got older.  They may even have been left empty for a period of time while the owner was in assisted living or a nursing home.  Like an REO property the realtor must make adjustments to the suggested price based on these issues which are common to both kinds of sales.  (Generally the death on the property is not found in REO properties, but it can happen.)

The other big similarity is that both REO homes and trust or probate homes have to be sold.  They are not owned by people who have the luxury to test the market and sell if they get the price they want.  They need to be sold, either to settle an estate or in the case of an REO to mitigate a loss.  As a result they are a wonderful opportunity for a buyer to get a home at a great price or a realtor to get an assured sale.  Both sides win in these types of sales.

So why the comparison?  If you are an REO realtor and add probates and trusts to your repertoire then many of the skills you have learned are very useful.  If you are an investor it is a good place to look when REO inventory is not getting you everything you want.  If you are an end user buyer these homes are worth exploring because of the motivation of most of the sellers.

A Great Home in a Great Neighborhood: Santa Clara Ca Open House This Weekend

Front View

OPEN HOUSE THIS WEEKEND

SATURDAY September 4th 

AND 

SUNDAY September 5th 1:30-4:30

Are you looking for a home in an idyllic neighborhood with great schools, close to conveniences, and with plenty of recreational activities?  

If so, the 3126 Ryan may be the home you have been waiting for. Here you will find 3 bedrooms including a master suite, 2 bathrooms, and separate family room, living room, and large eat-in kitchen plus a fully landscaped 6,000 square foot lot, attached 2 car garage, and a place to make wonderful memories.  







There are hardwood floors in the living room and 3 bedrooms, pergo in the family room, a new kitchen counter and floors, new dishwasher, and fresh interior paint. The excellent Santa Clara Schools include Sutter Elementary, Buscher Middle, and Santa Clara High. (buyer to verify)  


The neighborhood includes a swim club, ample shopping, and is convenient to major transportation routes.  

Don’t miss out on your opportunity to live the “California Dream.”

A Striking Townhome for Rent in Whisman Station, Mountain View CA

148 Holly Court, Mountain View, CA

EXPERIENCE THE LIGHT.

FOR RENT: 2200 

Welcome to this striking townhome in the popular Whisman Station Development. 

You will delight in the modern amenities, convenient location, and wonderful life style options available to you if you live here.

Some of the lovely features include a fenced yard, central heat and air, new carpet and paint, attached 2 car garage, kitchen with granite counters, a center island, and gas stove, family room/kitchen, high ceilings, and, and rich cherry laminate floors.

Add to that wonderful Mountain View Schools and a great community with pools, parks, and easy access to light rail, freeways, and major emplyment centers. Don't miss this wonderful home buying opportunity!

Marcy Moyer
Keller Williams
650-619-9285
marcy@marcymoyer.com
https://twitter.com/marcyagent
DRE # 01191194