My Week In Silicon Valley Short Sales

This was not a terrible week for me with short sales. In fact, it was pretty good. Here's the summary:

1. Closed a Menlo Park Short Sale with Bank of America, I represented the buyer.  It was smooth, and took 3 months start to finish.

2.  Another buyer is buying a short sale in Sunnyvale.  The file had been lost in bowls of HAFA, (government assisted short sales), but the listing agent managed to find it, get it back to a tradional sale, and we are waiting for a negotiator to be assigned.  we are 6 weeks into it.

3.  My Menlo Park Short Sale Listing with Chase has been in and out of escrow 4 times now.  the investor for Chase wants more money than the house is worth based in its condition.  After being with the latest negotiator 6 weeks we got another response from the investor asking for more money now than what they approved last time.  The buyer has now agreed to the previously approved price and we are waiting to hear back from teh negotiator.

4.  My Santa Clara Short Sale Listing was submitted 5 weeks ago.  It finally got a negotiator this week.

So all in all it has not been a bad week.  Short sales are still long, and can have problems, but all in all there are a lot of yeses so they are worth pursuing if you can not keep your home and want to avoid foreclosure.

If you have any questions about short sales in Santa Clara or San Mateo County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

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1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Santa Clara Open House April 30/Sun May 1 1-4

Santa Clara Open House 

Are you looking for a large home with 4 bedrooms, a dining room, gas kitchen, family room, wood floors, air-conditioning, a first floor bedroom, private back yard, quiet street, not too old, in a convenient location, and under $700,000? It is possible to have it all, at this lovely home in the heart of Santa Clara. Just 20 years young and nicely dressed, this is beauty may be just what you are looking for. Come take a look! It is waiting for a new owner to enjoy all these creature comforts for the next 20 years.

Offered for $685,000

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Open Sat/Sun April 30/May 1 1-5 Midtown Palo Alto

Virtual tour Link

http://www.visualtour.com/shownp.asp?T=2461575 

Midtown Palo Alto At its Finest

Welcome to 2992 Ramona St. where you can enjoy all the best that Midtown Palo Alto has to offer.  This attractive home features 4 bedrooms  and 3 baths with one bedroom and a full bath downstairs.  The lovely white kitchen with green granite opens up into a spacious family room and then onto the newly landscaped back yard.  The lovely home is ideally located on a 5,200 sq ft lot on a cul-de-sac. The master bedroom and bath are luxurious and there is even a bonus paly room.  Excellent Palo Alto schools include El Carmelo, JLS, and Palo Alto High (buyer to verify)

Offered for $1,598,000

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

What To Do About a Cash Poor But Rich House Palo Alto Estate

Home prices in Palo Alto have skyrocketed over the last 30-40 years.  There are many homeowners who bought in Palo Alto in the 50's and 60's for $15,000-$35,000, paid off their mortgages, and stay in their homes until they die.  In the 50's and 60's if you worked for the city you were required to live here, and many teachers, police officers, firefighters, and other city employees bought modest homes, often in south Palo Alto. Sometimes these homeowners have very little to leave their heirs other than a home worth a million dollars or more. 

If you inherit one of these homes you may be faced with the prospect of inheriting a large sum of money, but do not have the ready cash on hand to pay for the expenses needed to settle the estate.  There may be bills to pay for utilities, lawyers, gardeners, haulers, appraisers, and fix up costs.  There may even be a mortgage that is needed to be paid. If this happens you may be able to borrow money from a local bank until the estate is settled.  You may have to have a listing agreement in place before you can get the loan but this can vary with the bank in question.

Fortunately, the market in Palo Alto and surrounding areas is very strong, so a home that is properly priced and marketed in the Silicon Valley and Peninsula should sell quickly and not use up a lot of interest that would otherwise go to the heirs.

If you have any questions about selling a home in Probate or Trust please feel free to contact me. If I can not answer your question I will find the appropriate professional who can.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

 

Palo Alto Market: Multiple Offers

For anyone following the Palo Alto Market, especially in South Palo Alto, things are pretty crazy.  Homes are once again getting multiple offers and there are many more people trying to buy right now, than there are homes to buy.  For some buyers this can be very discouraging if not downright maddening.  Many do not understand why their wonderful offer at or above asking is not getting accepted. What does it take to "win" in one of these multiple offer situations? How much risk are you willing to take to buy a Palo Alto home?

These are not easy questions to answer.  So as usual, I want to look at facts first.  

Summary Of Comparable Properties Single Family Residential   Address City Beds Bath DOM LOE SqFt $/SqFt Lot(SqFt) List Price Age Sale Price   SOLD  510 Jefferson Dr   Palo Alto   4   3|0  10   26   2,818   $691.98   11,400   $1,895,000   62   $1,950,000    675 Kellogg Av   Palo Alto   4   3|0  1   22   3,303   $590.37   5,600   $1,950,000   21   $1,950,000    820 Arroyo Ct   Palo Alto   5   3|1  5   27   3,095   $621.97   9,193   $1,899,999   12   $1,925,000    639 Homer Av   Palo Alto   3   3|0  1   32   1,925   $1,000   3,333   $1,925,000     $1,925,000    754 San Carlos Ct   Palo Alto   4   3|1  9   28   2,986   $644.68   9,200   $1,645,000   8   $1,925,000    593 Chimalus Dr   Palo Alto   4   3|1  5   36   2,405   $790.02   6,135   $1,850,000   3   $1,900,000    5 Phillips Rd   Palo Alto   3   2|1  6   30   2,220   $810.81   11,550   $1,695,000   63   $1,800,000    870 Garland Dr   Palo Alto   3   2|0  7   34   1,938   $890.09   6,962   $1,699,000   55   $1,725,000    3650 La Calle Ct   Palo Alto   3   2|0  7   29   1,659   $994.58   13,395   $1,495,000   70   $1,650,000    2207 Greer Rd   Palo Alto   5   3|0  7   14   2,304   $694.44   7,902   $1,249,000   54   $1,600,000    595 Homer Av   Palo Alto   3   2|1    8   1,500   $1,066.67     $1,575,000     $1,600,000    225 Wilton Av   Palo Alto   4   3|1  7   27   2,304   $690.1   5,970   $1,590,000     $1,590,000    975 Stanley Wy   Palo Alto   3   2|0  1   18   1,394   $1,111.91   9,364   $1,298,000   61   $1,550,000    959 Mears Ct   Palo Alto   4   2|0  7   27   2,447   $628.52   12,100   $1,538,000   42   $1,538,000    797 Cereza Dr   Palo Alto   3   3|0  8   34   2,022   $751.73   8,250   $1,500,000   61   $1,520,000    2036 Emerson St   Palo Alto   2   2|0  7   8   1,502   $1,006.16   5,000   $1,445,000   52   $1,511,250    889 La Para Av   Palo Alto   3   1|0  8   33   1,169   $1,267.75   9,738   $1,349,000   70   $1,482,000    828 Esplanada Wy   Palo Alto   3   2|0  8   41   1,765   $793.2   11,186   $1,470,000   53   $1,400,000    4012 Scripps Av   Palo Alto   5   2|0  6   35   2,078   $673.72   7,650   $1,395,000   56   $1,400,000    620 Saint Claire Dr   Palo Alto   3   2|0  10   31   1,365   $975.09   6,100   $1,295,000   58   $1,331,000    233 Creekside Dr   Palo Alto   3   2|0  7   27   1,674   $776.58   7,260   $1,299,000   57   $1,300,000    3193 Bryant St   Palo Alto   3   2|0  10   33   1,408   $919.74   6,750   $1,300,000   62   $1,295,000    3624 Bryant St   Palo Alto   3   2|0  7   35   1,318   $963.58   6,111   $1,175,000   59   $1,270,000    724 San Carlos Ct   Palo Alto   3   2|0  11   29   1,714   $740.96   9,450   $929,000   65   $1,270,000    3256 Clifton Ct   Palo Alto   3   2|0  8   15   1,122   $1,114.08   8,400   $998,000   59   $1,250,000    2046 Edgewood Dr   Palo Alto   3   2|0      1,589   $774.07   8,911   $1,199,000   55   $1,230,000    982 Lawrence Ln   Palo Alto   4   2|0  9   31   1,603   $767.31   6,420   $1,088,000   60   $1,230,000    670 Marion Av   Palo Alto   2   1|1  7   15   1,291   $952.75   7,475   $980,000   65   $1,230,000    3249 Morris Dr   Palo Alto   4   2|0  10   32   1,660   $739.76   6,400   $1,168,000   59   $1,228,000    836 Kipling St   Palo Alto   3   2|0  7   21   1,274   $961.54   2,800   $1,248,000   95   $1,225,000    14 Roosevelt Ci   Palo Alto   3   2|0  7   28   1,410   $852.48   6,080   $1,088,000   60   $1,202,000    886 Moreno Av   Palo Alto   2   2|0  9   14   1,480   $810.81   7,800   $988,000   65   $1,200,000    3837 Carlson Ct   Palo Alto   3   2|0  8   40   1,560   $737.18   7,000   $1,098,000   58   $1,150,000    931 Clara Dr   Palo Alto   3   1|1    3   1,302   $883.26   9,970   $1,150,000   58   $1,150,000    711 Kingsley Av   Palo Alto   3   2|0  8   29   1,215   $925.93   3,900   $1,125,000   91   $1,125,000    743 Moreno Av   Palo Alto   2   1|0  6   30   988   $1,062.75   6,600   $895,000   64   $1,050,000    1125 Oregon Av   Palo Alto   3   1|0  2   33   1,093   $743.82   6,000   $775,000   61   $813,000    741 Ellsworth Pl   Palo Alto   2   1|0  7   21   880   $875   4,596   $749,000   62   $770,000    111 Washington Av   Palo Alto   2   1|0  8   15   1,113   $664.87   5,625   $749,000   79   $740,000    575 Oxford Av   Palo Alto   1   1|0  10   6   600   $1,050   3,969   $599,950   57   $630,000     AVERAGE VALUES     7   26   1,712   $850.26   7,476   $1,308,974   57   $1,390,756       AVERAGE VALUES FOR ALL     7   26   1,712   $850.26   7,476   $1,308,974   57   $1,390,756

Quick Statistics ( 40 Listings Total)   Min Max Median List Price $599,950 $1,950,000 $1,296,500 Sale Price $630,000 $1,950,000 $1,315,500

So as you can see for homes on the market less than 12 days the average sale price was about ninety thousand dollars more than the average list price.   So, if you are in a multiple offer situation you may have to offer more than the asking price if you are going to get the house.

I am not saying that to do so is a great idea in all cases. but if you want to buy in Palo Alto right now in some cases that is the reality.

Next time I will go into some of the other considerations in a multiple offer situation.

Please feel free to contact me if you have any questions.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E  01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales